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Bloomberg China’s ambitious $55 billion infrastructure project that’s underway throughout Pakistan is in danger of becoming a non-event for the South Asian nation’s banks. President Xi Jinping’s multi-billion dollar economic corridor, part of his ‘Belt and Road’ initiative, has been viewed as a game-changer for Pakistan. Yet while local banks are keenly waiting to get their share of the pie, ...

Bloomberg America’s passenger carriers have discovered that it’s getting more expensive to run an airline these days. While summertime profits were fine, and travel demand remains robust, a number of airlines are facing higher bills from a variety of factors: labour contracts, significant airport renovation projects, technology spending and fleet upgrades. The increase in expenses is creeeping into 2018 and ...

Bloomberg Bombardier Inc. will likely fall short of the full-year delivery target for its cutting-edge C Series jet amid a shortage of available engines, analysts said. Delivery of 12 planes that had been scheduled for this year will probably slip into 2018, said Konark Gupta, a Macquarie Capital Markets analyst. That would mean Bombardier delivers 18 of the jets this ...

Bloomberg Shoprite Holdings Ltd. is in talks to open its first stores in Kenya by filling retail space left empty by the struggling Nakumatt Holdings Ltd. chain. “We are currently in talks with some of the property owners but nothing has been signed,” Shoprite director Gerhard Fritz said. Africa’s biggest food retailer is awaiting the outcome of merger talks between ...

Bloomberg The next sales pitch for one of the world’s fastest-growing airlines may turn out to be: No runway? No problem! SpiceJet Ltd., an Indian budget carrier that’s seen its stock zoom 899 percent in three years, wants to open up the third-biggest aviation market even more. That means targeting the billion Indians who’ve never flown before, either because they ...

Abu Dhabi / WAM The net profits posted by 14 Emirati banks during the first nine months of 2017 grew by 2.8 percent to AED21.9 billion, from AED21.3 billion during the corresponding period last year. The positive performance of most of the national banks that announced their financial statements are attributed to improved global oil prices, which reflected favourably on ...

Abu Dhabi / WAM Driven by increased buoyancy in non-oil sector, Abu Dhabi’s gross domestic product (GDP) surged by 6.7% in Q2 2017, against the corresponding period last year, according to a Statistics Centre – Abu Dhabi (SCAD) report. The non-oil sector contributed 70.2 percent to the emirate’s GDP during Q2, while the oil-sector accounted for 29.8 percent only, said ...

DUBAI / Reuters Abu Dhabi’s new airport terminal is 86 percent complete and on course to open by the fourth quarter of 2019, the airport operator’s chairman said on Sunday. Local media reported in March the opening of the AED10.8 billion Midfield Terminal at Abu Dhabi International had been pushed back two years to 2019, but did not say by ...

SHARJAH / WAM Sharjah’s plans to boost regional connectivity were high on the agenda at a meeting held recently between Sheikh Khalid bin Issam Al Qassimi, chairman of the emirate’s Department of Civil Aviation (DCAA), and a team from Oxford Business Group (OBG). Sheikh Khalid told OBG that given its firm foundations, the local aviation industry was well placed to ...

ABU DHABI / Emirates Business Leading nuclear energy experts from the International Atomic Energy Agency (IAEA) and senior UAE officials visited the Barakah Nuclear Energy Plant in Abu Dhabi, witnessing the significant progress being made across all four units. The delegation observed all of the key updates to the construction of the units which are being developed to the highest ...