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Bloomberg Switzerland dismissed a proposal to radically change the way banks lend money, a victory for the financial establishment including central bank chief Thomas Jordan. Vollgeld, as the plan is known in German, was the latest in a string of national ballots in recent years that critics argued were reckless and would make Switzerland unattractive for businesses. Swiss National Bank ...

Bloomberg Hainan Airlines Holding Co. plans to raise as much as 7 billion yuan ($1.1 billion) by selling shares to investors, including an arm of Singapore state investment company Temasek Holdings Pte., as part of a restructuring planned by the unit of Chinese conglomerate HNA Group Co. The Haikou, Hainan-based carrier is selling up to 20 percent of its Shanghai-listed ...

Bloomberg V-Mart Retail Ltd., India’s most-profitable department store chain, is planning to sell apparel and other goods online in a bid to attract youth in villages and small towns. The retail store, which runs medium-sized stores that sell clothes, accessories, footwear and everyday staples, is also planning to add 30 to 40 stores every year to its current 177 stores, ...

Bloomberg Rolls-Royce Holdings Plc’s engine-durability crisis worsened as the company revealed it has detected new issues that will require extra repair shop visits on a further batch of turbines that power Boeing Co.’s 787 airliner. The glitch concerns the intermediate pressure compressor on a “small number” of Package B Trent 1000 engines for the Boeing plane, London-based Rolls-Royce said in ...

Bloomberg A stretching studio. Guided meditation sessions. Shower suites with light therapy. They sound like the features of a New Age spa. But all are elements of Qantas Airways’ new international transit lounge at the Perth Airport. And they’re all designed with one purpose in mind: helping you combat jet lag. For the Australian carrier, this is an especially relevant ...

ABU DHABI / WAM The Khalifa bin Zayed Al Nahyan Foundation has sent a ship loaded with humanitarian and food aid to the Yemeni island of Socotra. The move follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the follow-up of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs ...

ABU DHABI / WAM Smart Government applications generated savings of AED8 billion in three years, according to a study conducted by the Telecommunications Regulatory Authority (TRA). The study addressed the impact of the UAE Smart Government on the Sustainable Development Goals (SDG) from 2015 through 2017, during which e-services contributed to cutting 377,000 tonnes of CO2 emissions, primarily thanks to ...

DUBAI / WAM Dubai continued to be the destination of choice for businessmen and investors as the Depa- rtment of Economic Department (DED) issued 1,689 new licenses and completed 26,184 transactions relating to business registration and licensing in the emirate during May 2018. Renewal of existing licenses accounted for the largest share of the total transactions as their numbers reached ...

NEW DELHI / WAM A landmark agreement signed in February between the UAE and India expanding their bilateral energy relationship has started bearing fruit. India’s state-owned oil exploration company, ONGC Videsh Ltd (OVL) annou-nced receipt of the first tranche of equity oil cargo from Abu Dhabi’s Lower Zakum oilfield. A shipload of Das blend crude oil has reached New Mangalore ...

DUBAI / WAM Master developer Nakheel has signed a contract worth AED66 million for a choreographed fountain at The Pointe, its new AED800 million waterfront dining and entertainment destination on Dubai’s world-famous Palm Jumeirah. The developer has appointed one of China’s largest fountain specialists, Beijing Water Design, to deliver and operate the fountain, which will cover a 12,000 square metre ...