Lloyds shareholders lose legal fight over HBOS

A group of Lloyds shareholders have lost a multi-million-pound action against the bank over its purchase of rival HBOS in 2009.The 5,803 former Lloyds TSB shareholders claim they were "mugged" when the bank took over HBOS, which was laden with bad mortgages. Lloyds was forced to accept a £20bn state bailout and the government continued to own a...

MasterCard’s stock rallies nearly 50% this year, boosted by strong consumers

The world’s second-largest payment processor is approaching a decade-long run for the company’s stock. Shares of MasterCard are getting a boost, as U.S. consumers embrace the secular shift from cash to card, and more recently card to digital. MasterCard’s stock is up 46% this year, compared to the S&P 500 which is up about 20%. Even mo...

Meraas strikes joint venture with Brookfield

The Dubai Government owned master-developer Meraas has struck an alliance with Brookfield Asset Management to jointly own and operate retail destinations in the UAE and elsewhere in the Gulf. Brookfield is one of the biggest names globally in fund management, with interests spanning continents. It has $385 billion in assets. The joint venture - ...

How the UAE is using AI to reduce food waste

The UAE's Ministry of Climate Change and Environment (MOCCAE) has revealed how it is using artificial intelligence (AI) to tackle food waste. A new AI-enabled product, called Vision, allows kitchens to automatically track food wastage by leveraging AI, state news agency WAM reported. Food tech company Winnow launched the product that aims to hel...

Dubai retail giant launches new rewards programme

UAE-based retail giant Majid Al Futtaim on Wednesday launched a new app-based lifestyle rewards programme which allows customers to earn and spend points at 2,300 outlets in its 16 shopping malls and 11 hotels. The SHARE rewards programme is designed to encourage people to share more great moments with family and friends through a selection of s...

Goldman Sachs just dramatically cut its outlook for Apple, predicts 26% downside

Goldman Sachs just dramatically cut its outlook for Apple, predicts 26% downside Goldman Sachs just significantly slashed its price target for Apple, predicting 26% downside for the shares because of a “material negative impact” on earnings for the accounting method the iPhone maker will use for an Apple TV+ trial.“We believe that Apple pl...

DEWA CEO: 10% of Dubai homes to be made 'self-sufficient'

Dubai is developing a programme that will allow 10 percent of its homes to be self-sufficient in terms of water, food and energy – mainly with the help of clean solar projects, said a government official. “The achievement of this goal will help change lifestyles and contribute to the preservation of our environment. We aim to create a new ec...

Etihad Airways announces Breitling as official timekeeper

Etihad Airways has announced a new partnership with Swiss luxury watchmaker Breitling, who will serve as the airline’s official timekeeper. The announcement was made by the airline during New York Fashion Week, where it hosted two exclusive VIP events celebrating three years as an official sponsor. Robin Kamark, chief commercial officer, Etiha...

Walmart ceases e-cigarette sales

Walmart has said it will no longer sell e-cigarettes in the US, amid mounting calls to ban the products entirely. The retailer said its decision was due to "uncertainty" about the rules governing e-cigarettes, which US health authorities have linked to more than 500 cases of lung injury. US President Donald Trump last week said the US would proh...

Bahrain's bwallet expands to include UK transfers

Bwallet is available throughout Bahrain, in retail businesses, cinemas, hotels and F&B and entertainment outlets. Bahrain’s first digital mobile wallet, bwallet, now includes money transfers to bank accounts in the United Kingdom. The digital mobile wallet, the first of its kind to provide peer-to-peer money transfer, was launched in 2018 ...

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