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Bloomberg For department stores, the fight for New York is fiercer than ever. In a sign of retrenchment ahead of rivals’ expansion, luxury retailer Saks Fifth Avenue is shutting the doors of its women’s store at Manhattan’s Brookfield Place this week — a location it opened just two years ago. While Saks’s smaller men’s store will stay open, the failure ...

Bloomberg After Apple Inc.’s shock profit warning, investors were quick to make the connection: if Chinese consumers are cutting back on iPhones, Louis Vuitton handbags could be next. Apple’s sales revision cascaded through global markets, hitting suppliers and rivals, but also a raft of luxury-goods companies that rely on the same clientele that likes to splurge on Apple’s latest products. ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) is among the top 10 most influential companies and organisations in the energy sector, a new ranking from research and intelligence firm GlobalData found. The only Middle Eastern company featured on the GlobalData’s list, Adnoc was ranked sixth, and third among big oil firms, after Exxon Mobil and China’s ...

Abu Dhabi / Emirates Business Kizad, one of the fastest growing industrial zones in the Middle East and part of Abu Dhabi Ports, on Sunday launched Kizad Polymers Park, which will form an integral part of the polymers conversion ecosystem in the emirate. The park aims to be a major economic driver for the UAE, producing 300-400 kilo tonnes of ...

DUBAI / Emirates Business Emirates NBD announced the launch of a new VAT-based enhanced loan solution for small and medium-sized enterprise (SME) customers. The new loan program makes it easier for SMEs to apply for financing by providing copies of their VAT (value added tax) returns filed with the UAE’s Federal Tax Authority to serve as validation of business turnover ...

ADEN / WAM The Houthi militia has seized and looted 65 percent of the humanitarian aid sent for the people of Yemen through the port of Hodeidah, according to the Yemeni Minister of Local Administration, Abdul Raqeeb Fatah. “Over the past three years, the Houthis have been showing wilful disregard for the tough humanitarian circumstances being faced by the Yemeni ...

Islamabad / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday held talks with Prime Minister Imran Khan, focusing on strengthening the relations between the UAE and Pakistan, in addition to the current regional and international developments. His Highness Sheikh Mohamed affirmed his keenness ...

New Delhi / WAM The Hindi edition of Bibi Fatima and the King’s Sons, a novel by HH Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, was released at the New Delhi World Book Fair on Sunday. Simultaneously, an English version of the book was also released as part of the opening ceremonies of ...

Dubai / WAM Smart Dubai is gearing up to launch the third round of the Global Blockchain Challenge, organised in partnership with successful local accelerator, the Dubai Future Accelerators (DFA), and is an initiative of the Dubai Future Foundation (DFF). The Challenge seeks to source innovative Blockchain start-ups from around the world and bring them to Dubai, which, in turn, ...

Dubai / WAM The Dubai International Airport (DXB), welcomed 6.9 million customers in November 2018, bringing the hub’s year to date traffic to 81.4 million passengers. In a statement issued on Sunday by DXB, the Airport said, “The number of customers served was 6,897,169 in November (-0.8%) taking DXB’s year to date numbers to 81,426,428 (+1.3%).” Baggage volumes of 5.8 ...