07302016Sat
Last update: Sat, 30 Jul 2016 09pm

Business & Finance - Industries & Sectors

Air France strike grounds 20pc of flights PARIS: Air France on Saturday cancelled around 20 percent of its flights on the fourth day of a strike by flight attendants during the peak summer travel season, the airline said. The French carrier said it expected around the same level of service on Sunday with some 80 percent of flights still scheduled.However, "last minute cancellations and delays cannot be ruled out," the airline added in a statement."Difficulties with the composition of the crews could also lead to limits on the number of passengers per flight," it said.For security reasons there must be one flight attendant for every 50 passengers on board.On Friday the airline cancelled a flight to New Delhi at the last minute because of a lack of personnel.Unions representing around half of the strikers called the stoppage, which began Wednesday, after marathon talks failed to reach a breakthrough on renewing a collective labour accord on rules, pay ...


Business & Finance - Industries & Sectors

China's Fosun to 'acquire' Brazil investment firm SHANGHAI: China's Fosun on Saturday signed an agreement to acquire Brazil-based investment management firm Rio Bravo, according to a statement, just a day after the Chinese conglomerate announced another massive overseas deal.Fosun, which has interests ranging from property to mining, said it will buy the controlling share of privately-owned Rio Bravo Investimentos, but did not give a value for the deal. Fosun did not immediately respond to request for comment.The Chinese government is encouraging companies ...

Business & Finance - Banking & Finance

US agencies subpoena Goldman Sachs in 1MDB Malaysia probe NEW YORK: US regulators have issued subpoenas to Goldman Sachs for documents related to the investment giant's dealings with the 1MDB Malaysian state investment fund, a source close to the probe told AFP on Friday.Subpoenas were issued a few months ago by investigators from the Department of Justice and Securities and Exchange Committee (SEC) the source said, speaking on condition of anonymity.The investigators also want to interview a Goldman Sachs employee over the bank's role, ...

Business & Finance - Banking & Finance

No clean bill of health for EU banks in stress test LONDON: Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region's banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc's economy.Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe's banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting ...

Business & Finance - Industries & Sectors

Air France strike hits 140 Paris hub flights PARIS: Air France had to scrap 139 long- and medium-haul flights Friday at its Charles de Gaulle-Roissy Paris hub on the third day of a strike by flight crew, airport sources said.The weeklong stoppage began Tuesday and Friday saw Paris' other main airport Orly cancel 20 percent of the carrier's flights with further medium-haul cancellations likely later in the day, the sources said.Roissy was maintaining more than nine out of ten long-haul and three quarters ...

Business & Finance - Banking & Finance

Bank of Japan deflates with 'disappointing' stimulus TOKYO: The Bank of Japan deflated investor spirits Friday with underwhelming tweaks to its giant stimulus plan that fanned worries its monetary policy arsenal is almost empty.The central bank did not expand a massive bond-buying programme -- a cornerstone of its years-long battle against deflation -- despite hopes for a one-two punch to boost the sluggish economy, after Tokyo unveiled a huge spending package this week.Japanese officials are under pressure as the fate of Prime ...

Business & Finance - Banking & Finance

Russian central bank holds key rate over inflation fears MOSCOW: Russia's central bank on Friday held its key lending rate at 10.5 percent as inflationary pressures weighed off against trying to spur a faster economic bounce back. The Bank of Russia said in a statement that it made the move as "the decline in inflation expectations has stalled" but insisted that it remained on target to meet its long-term targets of 4 percent inflation by the end of 2017. The majority of economists predicted ...