09292016Thu
Last update: Thu, 29 Sep 2016 06am

Business & Finance - Industries & Sectors

RwandAir says sees passenger numbers rising to 1mn in five years KIGALI: Rwanda's national airline said it expects the number of its passengers to rise to one million over the next five years, boosted by the launch of new routes after the acquisition of new Airbus planes.On Wednesday the carrier, RwandAir, received an A330-200, one of two new jets it contracted Airbus to supply a year ago. The second, an Airbus A330-300, is expected to arrive in November. John Mirenge, the company chief executive officer, said at a ceremony to receive the plane at Kanombe International Airport in the capital Kigali that the new planes would allow RwandAir to launch new routes to Europe, India and China."(In) five years we are looking at more than a million passengers," he said. They would start flying on the new routes as soon as the second aircraft arrived, "probably by the beginning of the year", he added. For the year ending July 2017, Mirenge ...


Business & Finance - Banking & Finance

SEC says UBS to pay $15mn over sales practices NEW YORK: UBS Group AG has agreed to pay more than $15 million to settle US Securities and Exchange Commission charges that its failure to properly train brokers led to customers buying hundreds of millions of dollars of unsuitable securities. The SEC said on Wednesday that UBS from 2011 to 2014 sold about $548 million of "reverse convertible notes," derivatives tied to individual stocks, to more than 8,700 retail customers who were relatively inexperienced and ...

Business & Finance - Banking & Finance

Turkey central bank sees recovery in economic activity from Q4 ISTANBUL: A recovery in Turkey's economic activity is seen from the fourth quarter, Central Bank Governor Murat Cetinkaya said in a statement on Wednesday. He also said the reformation of Turkey's food committee showed the determination to fight inflation and that the committee would make an important contribution to reducing price volatility. The statement was released by the central bank as Cetinkaya started speaking at an event in Istanbul. Copyright Reuters, 2016

Business & Finance - Industries & Sectors

Lufthansa to buy remaining 55pc of Brussels Airlines BERLIN: German carrier Lufthansa on Wednesday said it would buy the 55 percent of Brussels Airlines it does not already own, completing a long-mooted takeover and stepping up its battle against low-cost rivals.Shareholders in Brussels Airlines must still agree to the deal, the statement said, adding that managers expect to complete the transaction by early 2017.Lufthansa has owned 45 percent of Brussels Airlines owner SN Airholding since 2009 and kept an option to buy the ...

Business & Finance - Banking & Finance

Fed may change stress tests, capital buffers for US banks: Yellen WASHINGTON: The Federal Reserve is considering changes to the annual stress tests it gives US banks to move to a more risk-sensitive, firm-specific approach that would raise capital requirements for big banks based on their test results, according to its chair, Janet Yellen. Testifying at a House of Representatives Financial Services Committee hearing on Wednesday, Yellen said the Fed is "now considering making several changes to our stress testing methodology and process."The stress tests aim ...

Business & Finance - Industries & Sectors

Forward curve hits year-high on tight French nuclear supply, oil PARIS: European forward electricity prices surged to a year-high on Wednesday on the back of tight French nuclear power supply and bullish oil futures which lifted other energy contracts including coal and gas. Oil prices rose nearly 2 percent on speculation oil producers gathered in Algeria could lay the foundation for an output-limiting deal in November, and on the possibility of another draw in US crude stockpiles. Traders said the power market was already short ...

Business & Finance - Industries & Sectors

German airlines leave logic in the ejector seat LONDON: In most sectors, a heavily loss-making company with liabilities that exceed its assets would disappear. Yet German carrier Air Berlin is still airborne, and Lufthansa may take on a chunk of its fleet. Aviation bosses continue to think they can defy financial gravity. Copyright Reuters, 2016