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Bloomberg South African Airways, Kenya Airways Plc, Air Mauritius Ltd. and RwandAir are in talks to create an alliance, as they face mounting competition. “Air Mauritius took the initiative to join forces with three other African airlines in a bid to create an alliance that would develop air connectivity in the region,” Chief Executive Officer Somas Appavou said. “In a ...

Bloomberg Bankers meeting to discuss financing for Sears Holdings Corp.’s impending bankruptcy erupted in disbelief when a headline crossed their smartphone screens. Its subject: them. A breaking news report said the bankers, gathered on October 11 at the Manhattan offices of law firm Weil Gotshal & Manges, were pushing to liquidate the American retail icon instead of saving it with ...

Bloomberg A majority of bondholders accepted Mexico’s offer to buy back $1.8 billion in debt used to fund the construction of an international airport that President Andres Manuel Lopez Obrador has said he’ll cancel. There was “overwhelming” acceptance by bondholders, said Mexico’s Finance Ministry. The acceptance by bondholders will allow the government to avoid a mandatory repayment of all $6 ...

Bloomberg Johnson & Johnson paid a steep price this year for claims that its celebrated baby powder was contaminated with asbestos. Problem is, 2019 could be even worse. A jury ordered the company in July to pay $4.69 billion to 22 women who blamed the talc-based product for causing their ovarian cancer. The prospect of similar judgments helped erase $45 ...

Bloomberg / Agencies Saudi Arabia plans to tender or award six water-related projects in 2019 as it pushes ahead with a privatisation programme. The cabinet has approved the tendering of seven desalination and wastewater projects. One was awarded this week, three are in various stages of tender process and three more will be offered to investors next year, the government’s ...

RIYADH / WAM The official spokesman for the coalition to restore legitimacy in Yemen, Col. Turki Al-Malki has renewed coalition states’ support for the UN resolution regard-ing the Sweden Agreement on Yemen. The Saudi Press Agency quoted Al Malki as saying at a press conference on Tuesday that the UNSC resolution ensures the territorial integrity of Yemen in line with ...

Dubai / WAM Participants in the UAE-Kazakh Business Forum highlighted the importance of reinforcing trade and investment ties between the two countries. The forum, held at the Dubai Chamber of Commerce and Industry, saw discussions and presentations by the Ministry of Economy, the Ras Al Khaimah Chamber of Commerce and Industry, and the Ministry of Investment and Development of Kazakhstan. ...

SHARJAH / WAM HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council (SEC), on Tuesday chaired a meeting of the Council, at the Ruler’s Office in Sharjah, in the presence of HH Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman ...

DUBAI / WAM The Ministry of Community Development (MOCD), and the Abu Dhabi Islamic Bank (ADIB), signed a Memorandum of Understanding to enhance the participation of ADIB in the ministry’s community projects and initiatives. As such, the ADIB will provide financial assistance of AED1,200,000 to establish social day clubs in the centres of community development in Dubai, Fujairah, Sharjah and ...

Dubai / WAM The Dubai Municipality has organised the “Safety Tent” activity as part of the “Zero Accident Construction” challenge initiative, which aims to provide a safe and stimulating environment for workers by raising their awareness and enhancing a safety culture in construction sites. Director of Building Control Department Abdullah Al Shezawi pointed out that the most important feature of ...