Industry Update

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 help chefs easily identify what items are routinely wasted and adjust their purchasing lists and menus to cut down on costs.

Source: https://www.arabianbusiness.com/technology/427077-how-the-uae-is-using-ai-to-reduce-food-waste

Softbank Vision Fund shed 4.9 million shares of high-flying Guardant Health Inc. as the fund’s other investments faced valuation and regulatory turmoil. The Guardant shares were sold for $77 a piece on Wednesday, according to a Friday filing. That’s below the cancer-testing company’s record-high close of $110.30 in August, but still a hefty hike from last year’s $19 initial public offering price. The fund remains Guardant’s largest holder with more than 20 million shares, according to data compiled by Bloomberg.

Source:https://www.bloomberg.com/news/articles/2019-09-14/softbank-fund-sheds-guardant-shares-as-other-investments-drubbed?srnd=premium-europe

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 plans to account for its 1-year trial for TV+ as a ~$60 discount to a combined hardware and services bundle,” wrote Goldman analyst Rod Hall, in a note.

Source:https://www.cnbc.com/2019/09/13/goldman-sachs-just-dramatically-cut-its-outlook-for-apple-predicts-26percent-downside.html

UAE teleco du on Sunday announced the appointment of Johan Dennelind as its new CEO, replacing Osman Sultan, who was at the helm for almost 14 years. Johan will take up his appointment in early 2020. Johan brings 25 years' experience in the telecommunication/internet industry. Recently he has been the Group CEO of Telia Company, the largest Nordic telecoms operator and one of the largest internet carriers in the world, with 8 billion Euro revenues and operating across 7 countries; which has 25 million customers and over 21,000 employees.

Source: https://www.khaleejtimes.com/business/local/johan-dennelind-replaces-osman-sultan-as-new-du-ceo

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, Etihad Aviation Group, said: “As one of the world’s most innovative and punctual airlines, we are proud to mark the launch of this great partnership between two leading brands who are world renowned for style, quality and precision.”

Source:https://www.arabianbusiness.com/transport/427757-etihad-airways-announces-breitling-as-official-timekeeper

Home-sharing company Airbnb Inc.’s most-recent financial data shows its strong cash position and a first-quarter growth rate above 30%, both key metrics that will draw investors as the startup positions itself to go public next year. The San Francisco-based travel company had about $3.5 billion in cash on its balance sheet as of March 31, according to multiple people familiar with Airbnb’s finances. Source: https://www.wsj.com/articles/airbnbs-first-quarter-financials-show-strong-growth-rate-cash-reserves-11565998183

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 by Arab Financial Services (AFS) in partnership with Batelco.

Source: https://www.arabianbusiness.com/banking-finance/427998-bahrains-bwallet-expands-to-include-uk-transfers

Despite a 0.7% drop in tourists during the first half of the year, Kenya is expecting to grow tourist numbers by 10% compared with last year and reach 2.2 million by the end of 2019, says Cabinet Secretary for Tourism, Najib Balala. The number of international visitors in the first half of this year was 921 090, a 0.7% drop compared with 927 797 in the same period last year. Arrivals from Germany, Italy, the United Kingdom, India and South Africa dropped in the first half, partly due to the January 15 Dusit D2 terrorist attack. Source: http://www.tourismupdate.co.za/article/194363/Kenya-expecting-2-2m-tourists-in-2019

Thomas Cook has said it is "focused on completing" a rescue deal amid reports that some lenders could vote against the terms of the agreement. The troubled travel firm is understood to be in last minute negotiations with bondholders to approve a takeover by Chinese firm Fosun Tourism. The deal needs the backing of three quarters of bondholders to succeed. Thomas Cook wants to delay a meeting with them to give it more time to negotiate, the Financial Times said. Thomas Cook 'racing to finalize rescue deal'.

Source: https://www.bbc.com/news/business-49707230

Islamic banking will grow substantially in Commonwealth of Independent States (CIS) countries in the next five years from a very low base, driven by government initiatives to nurture the sector according to a report by global rating agency Moody’s. Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan are set to lead this expansion of Islamic banking,” said Svetlana Pavlova, AVP-Analyst at Moody’s. “These countries have large Muslim populations, and are notable for their governments’ commitment and progress in establishing better legal and regulatory infrastructure for Islamic finance.” Source: https://gulfnews.com/business/banking/cis-is-the-next-frontier-for-islamic-banking-expansion-moodys-1.65827299