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An American Airlines passenger jet approaches Ronald Reagan Washington National Airport in Arlington, Virginia, in this May 9, 2019 file photo. — AFP
American Airlines earnings rise despite Boeing MAX hit
NEW YORK — American Airlines rode strong demand for flying in the traveling public to higher earnings on Thursday despite mounting costs connected to the prolonged grounding of the Boeing 737 MAX.Fuller flights amid a good consumer environment enabled American's profits to soar 14.2 percent higher in third-quarter to $425 million. Revenues increased three percent to $11.9 billion.Chief Executive Doug Parker said he was pleased with the earnings growth, but conceded that "our results should have been better."Parker cited the hit from the MAX grounding — in the wake of two tragic crashes — as well as ongoing operational challenges tied to contentious labor talks with maintenance workers.American now estimates the MAX grounding will shave pre-tax profits by $540 million in...
October 24, 2019

American Airlines earnings rise despite Boeing MAX hit

TMS Tanker Conference breaks new records
DUBAI — This year’s The Maritime Standard (TMS) Tanker Conference, held at The Atlantis, the Palm, Dubai, reached a new attendance record. The one-day event, which took place on Tuesday, attracted close to 300 delegates, the highest yet.Trevor Pereira, Managing Director, was clearly delighted. He said, “The fact that so many people took time out from their busy schedules to attend shows that this conference is a much needed opportunity for tanker industry professionals to meet with their peers and discuss and debate key issues. The big rise in delegate numbers shows the topics that we selected for the agenda were relevant were the things that people wanted to come and talk about.”This year the theme of the Conference was Opening up New Horizons, reflecting an underlying sense of...
October 23, 2019

TMS Tanker Conference breaks new records

DIFC receives delegation from US-UAE Business Council
DUBAI — Dubai International Financial Centre (DIFC) hosted a delegation from the US-UAE Business Council - US FinTech Mission, reinforcing its strategic emphasis on innovation and financial technology to drive forward the future of finance at the global top 10 international financial center in Dubai.Arif Amiri, CEO of DIFC Authority welcomed the delegation supported by Mohammad Alblooshi, Sector Head of FinTech at DIFC Authority, who introduced the DIFC and FinTech Hive to global technology companies. DIFC and FinTech Hive emphasized the lucrative growth opportunities for FinTech startups that use Dubai as a base for scaling up their businesses in the Middle East, Africa and South Asia (MEASA) region. — SG
October 23, 2019

DIFC receives delegation from US-UAE Business Council

Russian President Vladimir Putin and Ethiopian Prime Minister Abiy Ahmed meet on the sidelines of the Russia-Africa Summit and Economic Forum in Sochi, Russia October 23, 2019. Sergei Chirikov/Pool via REUTERS
Ethiopia businesses doing good as economy opens up
ADDIS ABABA — From women making jewelry out of bullet casing to drones delivering blood, rising numbers of businesses with a mission to help address social problems are emerging in Ethiopia as the economy opens up.An estimated 55,000 social enterprises operate in Ethiopia, the second-most populous country in Africa and fastest growing economy in the region where about a quarter of 109 million people live below the poverty line, according to the World Bank.But the number of ventures set up to do good is on the rise since Prime Minister Abiy Ahmed came in 18 months ago and vowed to open the economy to private investment, raising hopes of official recognition for the sector and easier access to funds.Kibret Abebe, one of Ethiopia's best-known social entrepreneurs, said the sector would...
October 23, 2019

Ethiopia businesses doing good as economy opens up

(FILES) In this file photo taken on March 12, 2019 the Boeing logo is pictured at the Boeing Renton Factory in Renton, Washington.  Boeing reported on October 23, 2019 a sharp drop in third-quarter earnings due to the 737 MAX grounding, but said it still expects regulatory approval this year to return the plane to service. The aviation giant, which has been in crisis mode following two MAX crashes that killed 346 people, said it
Boeing trims 787 jet output
NEW YORK — Boeing cut its production plan for the 787 jet after receiving fewer orders than expected from China, which has been locked in a trade battle with Washington since last year, the company's chief executive said Wednesday.The US-China trade situation "has presented challenges for our wide-body production plans," Chief Executive Dennis Muilenburg said during a conference call with analysts.The company announced Wednesday it would pare back production of the "Dreamliner" planes from 14 per month to 12 in late 2020."The lack of orders from China in the past couple of years has put pressure on the production rate," Muilenburg said.The move came after the United States announced on Oct. 11 that it had reached "phase one" of a trade pact...
October 23, 2019

Boeing trims 787 jet output

Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on
Zuckerberg open to scaling back Libra plan
WASHINGTON — Facebook chief executive Mark Zuckerberg opened the door Wednesday to scaling back plans for its digital coin Libra if it cannot win approval as a new currency for global exchanges.Zuckerberg made the comments as he faced a torrent of criticism at a congressional hearing over the planned cryptocurrency it is seeking to roll out next year."We clearly have not locked down exactly how this is going to work yet," Zuckerberg told a hearing of the House Financial Service Committee."The goal of Libra is to build a global payment system rather than a currency."This could result in digital payment systems using individual currencies, which would be less ambitious than a new coin linked to a basket of major currencies."I personally am much more focused on...
October 23, 2019

Zuckerberg open to scaling back Libra plan

china
China makes business easier from Jan. 8
BEIJING — China will implement new regulations that aim to make it easier to do business from Jan. 1, 2020, China's state planner said on Wednesday, amid increasing pressure on the world's second largest economy.The new policies will guarantee equal market access and protect fair competition in the market. They also promise to strengthen existing protections under the law.Foreign companies operating in China have long complained of unfair treatment when it comes to market access, burdensome red tape and weak law enforcement. China's private firms, which have a harder time accessing financing than state-owned enterprises, have also been harder hit by the economic slowdown.The measures said that foreign and domestic companies should be treated equally, as should all types of...
October 23, 2019

China makes business easier from Jan. 8

Abu Dhabi’s hotel sector stays robust
DUBAI — According to JLL’s latest UAE Market report, the Abu Dhabi hotel market maintained healthy performance levels over the past quarter associated with the recent government initiatives aimed to promote tourism within the capital. In Dubai, the residential sector remained relatively stable over Q3 while further declines in performance were recorded in the office, retail and hotel markets.Abu Dhabi has continued to focus on boosting visitor numbers and overall investment in the tourism sector through a series of high profile events, conferences and activations during the past quarter.Driving global awareness and international visitation was the UFC-themed Abu Dhabi Showdown Week, which offered a range of entertainment events focused on health and fitness. Abu Dhabi also saw a large...
October 23, 2019

Abu Dhabi’s hotel sector stays robust

Art exhibition to empower women, foster gender parity
DUBAI — Women in Leadership (WIL) Economic Forum will provide a platform to a group of local artists to showcase their works in a collective art exhibition dedicated to promoting a gender-balanced world. The 2-day show will run parallel to the conference at the Address Sky View Hotel Dubai on Oct. 28- 29 and is being supported by 2XL Furniture & Home Décor and Art4You Gallery.Jesno Jackson, Art4you Gallery Founder and Curator, said “when it comes to art, it is still very much a man’s world. We are proud to be part of the WIL Economic Forum. In the UAE one can discover and connect with diverse cultures and people. Each one having a different and unique voice. When we explore and engage with different cultures and gender through art, we learn something not only about the artist but...
October 23, 2019

Art exhibition to empower women, foster gender parity

MUFG and SAGIA promote Japanese investment in Saudi Arabia
TOKYO – MUFG Bank on Wednesday announced it has signed an agreement with the Saudi Arabian General Investment Authority (SAGIA) to promote Japanese investment in the Kingdom of Saudi Arabia.The agreement is part of the Framework for Co-operation between SAGIA and MUFG Bank, which has been offering support to Japanese corporations and investors in the Kingdom since 2017, when the first Framework between the two parties was signed. The new agreement allows MUFG Bank to further enhance the bilateral cooperation in new areas, and to work with SAGIA on promoting Japanese investments in the Kingdom, as well as to provide a broader range of on-the-ground services to corporate clients.SAGIA is a government body whose main objective is to oversee investment affairs, including foreign investment,...
October 23, 2019

MUFG and SAGIA promote Japanese investment in Saudi Arabia

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