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The Credit Suisse AG spy scandal was supposed to be a one-off incident, albeit an astonishing one. It turns out it wasn’t. Worse, the Swiss bank is in the surreal situation of confirming that it now knows it tailed multiple people, but that its board and management were completely in the dark, and that Chief Executive Officer Tidjane Thiam definitely ...

The shipping industry is getting serious about cutting sulfur dioxide emissions. People who live along busy shipping lanes will see health benefits from reduced particulate emissions and a reduction in acid rain when new regulations come into force on January 1. But the sulfur particles help offset some of the warming caused by powering the ships, so the rules may ...

Bloomberg Mexico’s decision to cancel a $13 billion airport has made investors hungrier to participate in the expansion of Peru’s main air terminus, according to the project’s director. Anton Aramayo, who is overseeing the plans at Lima Airport Partners, said dozens of international companies are interested in bidding for around $1.2 billion of works to build a second runway and ...

Bloomberg The South Korean business dynasty that gained notoriety with the “nut-rage incident” is generating turbulence again. Heather Cho, 45, the eldest daughter of the founding family’s late patriarch, voiced her discontent over how her brother has been running the Hanjin conglomerate, whose units include flag carrier Korean Air Lines Co. Walter Cho, the 43-year-old chairman of Hanjin Group and ...

Bloomberg Even as global consumer brands grow more dependent on Asia for sales of everything from fancy handbags to baby formula, European retailers keep retreating from the world’s fastest-growing markets. The UK’s Tesco Plc, which said this month that it’s weighing a sale of its Thailand and Malaysia operations, is just the latest. Earlier this year, Germany’s Metro AG and ...

Bloomberg An American Airlines Group Inc. mechanic pleaded guilty to attempted destruction of an aircraft for tampering with a critical flight-monitoring device on a jet in Miami. Abdul-Majeed Marouf Ahmed Alani, 60, entered the plea in federal court in Miami to a single count, the US Attorney for the Southern District of Florida said in a statement. Alani told investigators ...

Bloomberg Boeing Co.’s incoming boss David Calhoun faces a daunting task when he takes over as chief executive officer next year: rescuing the 737 Max while mending the company’s fractured relationship with US regulators. But that’s just the first of the hurdles awaiting him. Calhoun, who takes the reins January 13, will be leading a once-proud company whose reputation for ...

Abu Dhabi / WAM The UAE cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the UAE strategy of advanced industries, mainly those that are in line with fourth industrial revolution and its applications, with the aim of promoting industrialisation and fourth industrial revolutions applications ...

Bloomberg Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output. Their agreement allows for “the resumption of oil production from the joint fields,” the Saudi energy ministry said on Twitter. The oil fields in the so-called neutral zone can produce as much as 500,000 barrels a day — ...

Bloomberg Emirates Airline President Tim Clark plans to retire in June after 16 years at the helm of the Dubai-based carrier, the world’s largest by international traffic. The 70-year-old will stay on in an advisory role even after stepping down, Chairman Sheikh Ahmed bin Saeed Al Maktoum said in an internal memo seen by Bloomberg. Clark joined Emirates’ founding team ...