News

Bloomberg GAM Holding AG forecast a large loss, scrapped its dividend and plans to eliminate 10 percent of jobs as the firm struggles to contain a scandal prompted by the suspension of a star fund manager. Shares of the Swiss asset manager fell as much as 17 percent after the company outlined a 925 million-franc ($931 million) loss for the ...

Bloomberg Cosco Shipping Holdings Co’s sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group LP and KKR & Co, people familiar with the matter said. EQT Partners and an arm of Macquarie Group Ltd have also been studying a deal for the asset, the people said, asking not to be identified ...

Bloomberg Johnson & Johnson is willing to pay more than $400 million to settle some of the thousands of consumers’ allegations that the company sold defective artificial hips and hid the health risks of the devices, people familiar with the negotiations said. The world’s largest health-care products maker has settled, or is in the process of settling, about 3,300 of ...

ABU DHABI / Emirates Business The ninth edition of Sial Middle East, the fastest-growing food, beverage and hospitality event in the region, and the fourth edition of Abu Dhabi Date Palm Exhibition concluded on Wednesday at the Abu Dhabi National Exhibition Centre, facilitating 135 trade deals valued over AED5 billion ($1.36 billion) during its three-day run. The event drew the ...

ABU DHABI / WAM Dubai Aerospace Enterprise (DAE) on Wednesday announced that it has signed a new four-year unsecured revolving credit facility arranged by Emirates NBD as sole mandated lead arranger and bookrunner. The initial commitment of $535 million is from a group of eight regional banks. The accordion feature allows the facility to be increased to up to $600 ...

DUBAI / WAM Dr Matar Al Neyadi, Under-Secretary of the Ministry of Energy and Industry in the government of the UAE, opened the three-day 22nd Middle East Iron and Steel Conference in Dubai by discussing ongoing regional and international trends, and how the iron and steel sectors of the GCC could work towards mitigating risks inherent in a turbulent international ...

Emirates Business The Federal Tax Authority (FTA) asserted that all preparations were complete by the system operator ahead of launching phase two of the tax refunds for tourists scheme next Sunday (December 16), whereby the scheme would cover 12 air, land, and sea ports across the country. Phase two comes on the heels of the previous phase of implementing the ...

Dubai / Emirates Business Leading economic and business experts portrayed a positive outlook for 2019 at the Arab Strategy Forum (ASF) 2018 in a session titled “Arab World Economy…What’s Next”. Navigating the existing economic challenges facing the region, including the need to create employment opportunities, adapting to technology and fluctuating oil prices, the session posed a question: “Do economic considerations ...

Dubai / Emirates Business “Dubai has emerged as the newest member among the most significant global cities, a stable city that the world can rely on, and it should embrace its role as the anchor of West Asia,” said leading geopolitical expert Parag Khanna, at the concluding session of Arab Strategy Forum (ASF) 2018, remarking on the continued efforts made ...

Dubai / Emirates Business “Arab nations continue to be heavily reliant on oil, which can have a severe impact on the economic and political growth of the region,” said Dr Nasser Saidi, former Lebanese Minister of Economy and Trade, during a session titled ‘The State of the Arab World Economy in 2019’ at the Arab Strategy Forum (ASF) 2018, moderated ...