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Bloomberg Debt-laden UK travel giant Thomas Cook Group Plc secured the backing of its lending banks and bondholders for a $1.1 billion bailout led by Chinese investor Fosun Tourism Group. Fosun will provide half of the total in return for control of Cook’s tour-operator arm and a stake in its airline, the London-based holiday firm said. Banks and noteholders will ...

Bloomberg American Airlines Group Inc is stepping up damage-control efforts with customers who have suffered multiple delays or cancellations as flight disruptions linger from a work slowdown by mechanics and bag handlers. Operations have improved each month since June, Kerry Philipovitch, senior vice president-customer experience, said at an aviation conference in Las Vegas. That’s when a federal court issued a ...

Bloomberg Uganda Airlines made an inaugural flight to neighbouring Kenya, reviving a national carrier founded by former dictator Idi Amin and liquidated almost two decades ago. The carrier, initially founded in 1976 and wound up in 2001, plans commercial flights to major cities in Kenya, Tanzania, South Sudan and Somalia, Cornwell Muleya, a technical adviser at the carrier, said by ...

Bloomberg Struggling pizza maker Papa John’s International Inc appointed Arby’s President Rob Lynch as chief executive officer, naming an outsider as it further breaks from its controversial founder John Schnatter. Lynch, a fast-food industry veteran, will replace Steve Ritchie. It’s the biggest shakeup since activist shareholder Starboard Value set its sights on the pizza company. In a statement, Chairman Jeff ...

Bloomberg Oil rose after four days of losses as President Donald Trump gave mixed signals on resolving the US-China trade dispute. Futures in New York increased as much as 1.7 percent after falling 4.8 percent over the previous four sessions. Trump struck a more conciliatory tone at the Group of Seven meeting in France, praising the willingness of China’s top ...

VIENNA / WAM The Joint Ministerial Monitoring Committee (JMMC) announced that countries participating in the ‘Declaration of Cooperation’ between Opec and participating non-Opec oil producing countries achieved an overall conformity level of 159 percent in July 2019. The ‘Declaration of Cooperation, was reached at the joint Opec-non-Opec Ministerial Meeting of December 10, 2016. The July conformity was 22 percent higher ...

Dubai / Emirates Business Chinese steel manufacturer Maanshan Iron and Steel Co Ltd (Masteel), has formally established Masteel Middle East FZE in Jebel Ali Free Zone (Jafza). Qian Haifan, General Manager of Maanshan Iron and Steel Co. Ltd (Masteel), and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World, UAE Region, jointly inaugurated the facility. Masteel Middle East ...

DUBAI / Emirates Business The digital textile printing industry will touch AED20 billion by 2023 with a compounded annual growth rate (CAGR) of 11.6 percent, according to a report by Smithers Pira. Players within the industry in the GCC can capitalise on the market growth triggered by the e-commerce industry and the exponential demand by the millennials and the rising ...

ABERDEEN / WAM Petrofac, the UAE-linked international service provider to the oil and gas produc-tion and processing industry, has been awarded a contract by Hess, a leading independent energy company, for the well-plugging and abandonment of four wells within the Rubie and Renee oilfields in the Central sector of Britain’s North Sea. The wells lie offshore around 200 km north-east ...

ABU DHABI / WAM The UAE — via the Khalifa Bin Zayed Al Nahyan Foundation — has begun immediate relief operations in Sudan to help those affected by severe floods sweeping the country. At least 62 people have died as a result of flash flooding which devastated some 26,000 homes, with the worst affected areas include the White Nile State ...