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Bloomberg Cathay Pacific Airways said geopolitical and trade tensions are likely to damage the business after the airline rebounded to a profit in the first half. Protests in Hong Kong cut inbound passenger traffic in July and are “adversely” affecting bookings, Cathay said in a statement Wednesday. First-half net income was $172 million compared with a year-ago loss of HK$263 ...

Bloomberg Walmart is reportedly looking to sell ModCloth, the women’s apparel site it acquired two years ago, as it looks for ways to pare losses at its online business. “I can confirm that Walmart has received outside interest from buyers for ModCloth,” the site’s CEO Silvia Mazzucchelli told Glossy magazine. “We are in the process of exploring potential opportunities.” Recode ...

Geneva / Emirates Business The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), decreased by 4.8 percent in June 2019, compared to the same period in 2018. This marks the eighth consecutive month of year-on-year decline in freight volumes. Signs of a modest recovery in recent months ...

ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), an Abu Dhabi Ports subsidiary, has waived the charges for over 75 percent of its services, in line with the Abu Dhabi Government directive to encourage further investment into the emirate. In an ongoing commitment to the growth and success of operations at Kizad, three-quarters of services will be offered ...

Dubai / WAM Dubai Aerospace Enterprise (DAE) reported on Tuesday its financial results for the six months ended on June 30. According to the aerospace corporation the first half of 2019 saw total revenues of $726.9 million compared to $711.4 million during the same period last year. DAE’s net profits reached $197.1 million, compared to $195.2 million in H1 2018. ...

Bloomberg Mastercard Inc agreed to buy a payments platform owned by Denmark-based Nets for 2.85 billion euros ($3.19 billion), using its biggest-ever acquisition to help extend a push into faster payments. With the purchase, Mastercard is getting an electronic-billing platform and clearing and instant-payment services, according to a statement on Tuesday. The company said the purchase will hurt profit for ...

Bloomberg Brent oil slid below $60 a barrel for a second day as investors weighed the prospects of a prolonged standoff between the US and China, following the Trump administration’s labelling of the Asian nation as a currency manipulator. London-traded futures erased an earlier rally to fall about 0.5 percent on Tuesday. A move by the People’s Bank of China ...

Abu Dhabi / WAM The number of licences issued for the top ten economic activities in the UAE totalled 3,976 from the start of the year to the end of July, according to the National Economic Register. Public trade continued to be the most active economic sector in the UAE during the first seven months of the year, reflecting the ...

ABU DHABI / WAM The Federal Customs Authority (FCA) has implemented a unified customs electronic system that will reinforce customs control methods across the Emirates. FCA has signed an agreement with the General Customs Authority — Abu Dhabi and a memorandum of understanding (MoU) with Dubai Customs under the framework of implementing common systems across UAE borders and customs administrations. ...

Sharjah / Emirates Business Zulekha Hospital, Sharjah takes pride in being the first private hospital in UAE to be certified with the Baby Friendly Hospital Initiative (BFHI) accreditation by UNICEF and WHO. The Baby-friendly Hospital Initiative (BFHI) was launched by WHO and UNICEF in 1991, following the Innocenti Declaration of 1990. The initiative is a global effort to implement practices ...