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Bloomberg Wow Air Hf has gone out of business, stranding thousands of passengers and creating potentially huge risks for Iceland’s tiny economy and its growing reliance on tourism. The discount carrier is the eighth European airline to have failed since the summer as margins are pinched by fluctuating fuel costs and over-capacity that’s sparked a continent-wide fare war. Wow’s demise ...

Bloomberg Troubled Jet Airways India Ltd missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totalling $140 million that the company took from HSBC in 2014, according to the people, who asked not to be identified ...

Bloomberg Investigators of an Ethiopian Airlines crash have concluded that the same system that malfunctioned in an earlier accident off Indonesia was activated, and they are searching for a key piece of equipment that might explain why, according to people briefed on the probe. Preliminary flight data from the Boeing Co 737 Max jet’s black-box recorder indicates that a new ...

Bloomberg American Airlines Group Inc halted flights to Venezuela, indefinitely extending a temporary suspension that began two weeks ago. While the company said it was committed to reestablishing service “when the conditions are right,’’ it didn’t provide an estimate of when flights would restart. “We don’t have a set time frame,’’ American said. The decision cut off the last remaining ...

Bloomberg Ascena Retail Group Inc continues to clean out its closets. The parent of Ann Taylor and Lane Bryant is exploring options for its lower-priced women’s clothing chain, Dressbarn, according to people familiar with the matter. It’s shopping the chain to potential buyers, said the people, who declined to be identified because the process isn’t public. The company didn’t reply ...

Bloomberg Employee unions at British Airways (BA) urged members to reject the airline’s latest pay proposal and said they will begin preparing for a potential industrial action. The biggest airline of International Consolidated Airlines Group SA has been facing a coordinated campaign for bigger salary increases from pilots, cabin crew and ground staff since November. The effort is challenging British ...

Abu Dhabi / WAM The value of exports through Abu Dhabi ports increased by 36.6% from AED 12.6 billion in Q4 2017 to AED17.2 billion in the same period of 2018, according to the figures released by Statistics Centre —Abu Dhabi. The business sector increased by AED4.0 billion (32.6%), the government sector by AED 518.4 million (726.1%), and the individual ...

Bloomberg Saudi Aramco, the world’s biggest oil producer, will buy a majority stake in local chemical giant Sabic from the kingdom’s sovereign wealth fund for $69.1 billion, transferring a big slug of cash from one arm of the state to another to help finance Crown Prince Mohammed bin Salman’s economic agenda. The Middle East’s biggest ever deal was first mooted ...

SHARJAH / WAM HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Sup-reme Council Member and Ruler of Sharjah, launched the ‘Sharjah Sustainable City’ project on Wednesday. The AED2 billion project is the first urban mixed-use project in the emirate, which meets the highest standards of green economy and environmental sustainability. The project is the outcome of a strategic partnership between ...

RAS AL KHAIMAH / WAM Ras Al Khaimah Tourism Development Authority (RAKTDA) is holding a series of roadshows targeting key Eastern European countries to promote the destination, highlight the emirate’s latest product developments and unique offerings. A delegation from the authority visited cities of Budapest, Bucharest, Bratislava, Moscow, Kazan, Novosibirsk and St. Petersburg over the course of two months, and ...