U.K. Prosecutor Drops Two From Airbus GPT Saudi Investigation - Bloomberg:
"The U.K. Serious Fraud Office dropped its investigation into at least two employees at Airbus Group SE’s GPT unit who were questioned in 2014 in relation to bribery allegations in Saudi Arabia, according to people with knowledge of the situation.
The white-collar crime prosecutor informed GPT Special Project Management’s one-time commercial director Richard Moody and Chief Financial Officer Laurence Bryant in recent months it’s not pursuing charges against them, said four people who asked not to be named because the decisions aren’t public.
Another former employee, Malcolm Peto, was told by the SFO that prosecutors weren’t in a position to make a decision yet on his case, according to his lawyer, Miranda Ching. Jeff Cook, who like Peto was a managing director in the division, is still under investigation, the people said."
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Friday, 10 February 2017
Emirates Says Flight Was Delayed After Delta Withheld $300 Spare Part - Bloomberg
Emirates Says Flight Was Delayed After Delta Withheld $300 Spare Part - Bloomberg:
"Emirates, the world’s biggest long-haul airline, said a flight from Seattle to Dubai was delayed for more than six hours after it was unable to obtain a $300 spare part from Delta Air Lines Inc., which has led a campaign against the expansion of Mideast carriers in the U.S.
A Boeing Co. 777 due to depart the American city at 9 a.m. on Feb. 2 was held up by a mechanical issue requiring the replacement of a minor hydraulic component, Emirates says. While the part was sourced from Delta’s local engineering office and installed on the plane, a senior manager at the U.S. carrier’s Atlanta base later ordered that it be removed, it claims.
“It is sad, in our view, that any airline would deny such standard technical assistance to another carrier based on orders from headquarters that had nothing to do with maintenance or cost, but seem clearly to have been intended to inflict harm on the airline and its customers,” Emirates said in an e-mail."
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"Emirates, the world’s biggest long-haul airline, said a flight from Seattle to Dubai was delayed for more than six hours after it was unable to obtain a $300 spare part from Delta Air Lines Inc., which has led a campaign against the expansion of Mideast carriers in the U.S.
A Boeing Co. 777 due to depart the American city at 9 a.m. on Feb. 2 was held up by a mechanical issue requiring the replacement of a minor hydraulic component, Emirates says. While the part was sourced from Delta’s local engineering office and installed on the plane, a senior manager at the U.S. carrier’s Atlanta base later ordered that it be removed, it claims.
“It is sad, in our view, that any airline would deny such standard technical assistance to another carrier based on orders from headquarters that had nothing to do with maintenance or cost, but seem clearly to have been intended to inflict harm on the airline and its customers,” Emirates said in an e-mail."
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Exclusive: EU sharpens competition tools to face Gulf carrier challenge | Reuters
Exclusive: EU sharpens competition tools to face Gulf carrier challenge | Reuters:
"The European Commission is set to revamp a law enabling it to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines, as it seeks to counter rising competition from Gulf carriers. In a draft proposal seen by Reuters, the European Union executive aims to guarantee fair competition between airlines in the bloc by tackling unfair business practices by foreign airlines and their governments which cannot be addressed through open skies agreements. These include illegal government subsidies or favorable treatment when it comes to slot allocation, ground handling services, airport charges and refueling, among others. "
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"The European Commission is set to revamp a law enabling it to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines, as it seeks to counter rising competition from Gulf carriers. In a draft proposal seen by Reuters, the European Union executive aims to guarantee fair competition between airlines in the bloc by tackling unfair business practices by foreign airlines and their governments which cannot be addressed through open skies agreements. These include illegal government subsidies or favorable treatment when it comes to slot allocation, ground handling services, airport charges and refueling, among others. "
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Saudi sovereign fund says it's not considering stake in Six Flags | Reuters
Saudi sovereign fund says it's not considering stake in Six Flags | Reuters:
"The Public Investment Fund (PIF), Saudi Arabia's top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp (SIX.N). In a statement late on Thursday, a spokesperson for the fund also said reports that the PIF had conducted talks with the company about the purchase of a stake were "baseless". Quoting unnamed sources, Bloomberg reported on Wednesday that the PIF was considering taking a stake in Six Flags."
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"The Public Investment Fund (PIF), Saudi Arabia's top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp (SIX.N). In a statement late on Thursday, a spokesperson for the fund also said reports that the PIF had conducted talks with the company about the purchase of a stake were "baseless". Quoting unnamed sources, Bloomberg reported on Wednesday that the PIF was considering taking a stake in Six Flags."
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Oil overhang points to need for extended OPEC output cuts | Reuters
Oil overhang points to need for extended OPEC output cuts | Reuters:
"An OPEC-led production cut may well be accelerating a drawdown in global oil stocks that began last year, but implementing the reduction for just six months means the producer group will fall short of achieving its objective of rebalancing the market.
The Organization of the Petroleum Exporting Countries and non-OPEC producers in December reached their first deal since 2001 to curtail oil output jointly, by around 1.8 million barrels per day.
In the months leading up to the deal and after it was struck, OPEC ministers said tackling an overhang in crude and oil product inventories that has depressed oil prices for over two years was one of their main objectives."
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"An OPEC-led production cut may well be accelerating a drawdown in global oil stocks that began last year, but implementing the reduction for just six months means the producer group will fall short of achieving its objective of rebalancing the market.
The Organization of the Petroleum Exporting Countries and non-OPEC producers in December reached their first deal since 2001 to curtail oil output jointly, by around 1.8 million barrels per day.
In the months leading up to the deal and after it was struck, OPEC ministers said tackling an overhang in crude and oil product inventories that has depressed oil prices for over two years was one of their main objectives."
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Trump presidency poses threat to global economy, warns Fitch | US news | The Guardian
Trump presidency poses threat to global economy, warns Fitch | US news | The Guardian:
"Donald Trump’s presidency poses a risk to the global economy, a leading credit ratings agency has warned, highlighting his unpredictability, his administration’s aggressive tone and his break with established “norms” in international relations. Less than a month into a presidency characterised by frequent Twitter tirades and an executive to order to ban citizens from some Muslim-majority countries from entering the US, Fitch said Trump posed a threat to global economic conditions. Fitch is one of three big ratings agencies that assign credit scores to governments based on their perceived ability to repay debts. It said in Friday’s strongly worded statement that the new US administration could damage those scores, known as sovereign ratings."
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"Donald Trump’s presidency poses a risk to the global economy, a leading credit ratings agency has warned, highlighting his unpredictability, his administration’s aggressive tone and his break with established “norms” in international relations. Less than a month into a presidency characterised by frequent Twitter tirades and an executive to order to ban citizens from some Muslim-majority countries from entering the US, Fitch said Trump posed a threat to global economic conditions. Fitch is one of three big ratings agencies that assign credit scores to governments based on their perceived ability to repay debts. It said in Friday’s strongly worded statement that the new US administration could damage those scores, known as sovereign ratings."
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Trump rhetoric rattles Iranian business
Trump rhetoric rattles Iranian business:
"As soon as Iran’s nuclear deal with world powers took effect, Majid Zamani and his partners set up an investment boutique with the aim of tapping into the flood of foreign business they hoped would flow into the Islamic republic.
Progress was initially sluggish as overseas investors took a cautious approach to Iran, yet Mr Zamani, a US-educated former World Bank consultant, remained confident about Kian Capital Management’s prospects.
But the election of Donald Trump and his bellicose rhetoric towards Iran has triggered a surge of uncertainty and forced him and other Iranian businessmen to recalibrate their plans. They no longer expect the foreign investment to flow easily and instead are refocusing on their domestic market."
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"As soon as Iran’s nuclear deal with world powers took effect, Majid Zamani and his partners set up an investment boutique with the aim of tapping into the flood of foreign business they hoped would flow into the Islamic republic.
Progress was initially sluggish as overseas investors took a cautious approach to Iran, yet Mr Zamani, a US-educated former World Bank consultant, remained confident about Kian Capital Management’s prospects.
But the election of Donald Trump and his bellicose rhetoric towards Iran has triggered a surge of uncertainty and forced him and other Iranian businessmen to recalibrate their plans. They no longer expect the foreign investment to flow easily and instead are refocusing on their domestic market."
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Germany warns the City over Brexit risk - BBC News
Germany warns the City over Brexit risk - BBC News:
"One of Germany's most senior banking regulators has warned London that it is likely to lose its role as "the gateway to Europe" for vital financial services.
Dr Andreas Dombret, executive board member for the German central bank, the Bundesbank, said that even if banking rules were "equivalent" between the UK and the rest of the European Union, that was "miles away from access to the single market".
Mr Dombret's comments were made at a private meeting of German businesses and banks organised by Boston Consulting Group in Frankfurt earlier this week."
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"One of Germany's most senior banking regulators has warned London that it is likely to lose its role as "the gateway to Europe" for vital financial services.
Dr Andreas Dombret, executive board member for the German central bank, the Bundesbank, said that even if banking rules were "equivalent" between the UK and the rest of the European Union, that was "miles away from access to the single market".
Mr Dombret's comments were made at a private meeting of German businesses and banks organised by Boston Consulting Group in Frankfurt earlier this week."
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