Air Arabia announces direct flights from Sharjah to Milan

  Sharjah / WAM Air Arabia, the low-cost carrier (LCC) operator, marked the inauguration of its direct flights from Sharjah to the city of Milan in Italy. An event was held at Sharjah International Airport ahead of the inaugural flight and the aircraft was received at Milan Bergamo Airport with a traditional water cannon salute. The new direct flights will ...

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Adex seals AED92m financing deal with Togo

  GAZA / WAM The Abu Dhabi Exports Office (Adex) signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohamed bin Zayed Solar Park in the country from the current 50 megawatts to 70 megawatts. In addition, the financing will help procure 4MWh solar energy production storage system. Under the agreement, the ...

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Universal Carton Industries invests AED55m to expand in Rakez

  Ras Al Khaimah / WAM Universal Carton Industries (UCI), one of UAE’s leading corrugated cardboard box manufacturing companies located in Ras Al Khaimah Economic Zone (Rakez), is investing AED55 million to expand its production volume to meet the growing demand for sustainable packaging solutions in the UAE and overseas. This expansion will increase UCI’s production capacity by threefold to ...

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Southwest reinstates dividend after coronavirus suspension

  Bloomberg Southwest Airlines Co said it would reinstate its dividend following a pause of more than two years, becoming the first major US carrier to resume the shareholder payouts after they were suspended during the pandemic as a condition of receiving government aid. Southwest’s board approved a quarterly dividend of 18 cents a share to be paid on January ...

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China’s jet lessor Calc weighs $3b asset sale

  Bloomberg China Aircraft Leasing Group Holdings Ltd (Calc) is considering selling some of its assets outside greater China that could raise about $3 billion in a transaction, according to people familiar with the matter. The Hong Kong-listed company is looking to divest around 40 aircraft and approximately 180 aircraft production slots, said the people, who asked not to be ...

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India proposes curbing import of private jets, copters to plug deficit

  Bloomberg India has proposed curbing the import of private jets and helicopters as the South Asian nation seeks to plug a widening trade deficit, according to a document from the country’s aviation ministry seen by Bloomberg. Any import of planes weighing more than 15,000 kilograms (33,100 pounds) unladen as well as turbo jets are also “non-essential” and shouldn’t be ...

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Fragrance industry remains luxury standout over demand

  Bloomberg Glassmaker Pochet du Courval SAS has been making perfume bottles for the world’s top beauty brands since before the telephone was invented, through countless consumer booms and busts. Executives at the French company say they have never been busier than they are right now. “The demand is just so strong that we can’t keep up,” said Yves Bouquier, ...

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Steinhoff ex-CEO’s insider trading fine cut to $1.2m

  Bloomberg A fine against former Steinhoff International Holdings CEO  Markus Jooste for insider trading has been cut by almost 90% after a local tribunal set aside the original penalty. The Financial Sector Conduct Authority has issued a revised penalty of 20 million rand ($1.2 million) against Jooste, down from the 162 million rand announced in October 2020, it said ...

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‘Air France, Airbus not liable for Rio crash’

  Bloomberg French prosecutors won’t seek convictions of Airbus SE and Air France-KLM’s French unit over the deadly crash of a plane in the Atlantic en route from Brazil to Paris more than a decade ago. Both the planemaker and airline are standing trial for involuntary manslaughter, but the prosecutor’s office said it’s “not in a position” to request conviction, ...

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Oil rallies as major US pipeline shuts because of a leak

  Bloomberg Oil snapped a four-day drop amid an outage on a major US pipeline and optimism over China’s reopening. West Texas Intermediate climbed as much as 4.8% in New York, surpassing $75. The Keystone oil pipeline, which can haul more than 600,000 barrels a day of crude from Canada into the US, was halted after spillage into a creek. ...

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