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Bloomberg The European Union may consider the UK Labour Party’s idea of the country remaining in a customs union after Brexit acceptable—but it would come with conditions attached. The opposition party’s plan, set out by leader Jeremy Corbyn in a speech on Monday, heaps pressure on Prime Minister Theresa May who has ruled out such a move and whose Brexit ...

Bloomberg Carillion Plc’s former finance director sold shares in the UK construction company worth about $1.1 million months before it imploded, according to parliamentary committees. Richard Adam cashed in shares for 534,000 pounds in March 2017, less than three months after he retired, and then sold long-term incentive awards in May 2017 on the day they vested for 242,000 pounds, ...

Bloomberg As WeWork Cos. has grown to 200 buildings across the globe, the company said its increased size is helping cut costs for everyday needs like glass, wood flooring, aluminum and light fixtures. Early signs of financial improvement are encouraging for a co-working business that critics say is overvalued and spends with abandon. The New York-based startup generated about $900 ...

ABU DHABI / Agencies The UAE’s largest fuel and convenience retailer has reported strong Q4 and full year 2017 results, as Adnoc Distribution undertakes a major transformation program to improve performance even further. Adnoc Distribution, which listed on the Abu Dhabi Securities Exchange in December, posted an AED1.8bn profit for the year 2017 on revenue of AED19.8bn, the latter jumping ...

DUBAI / WAM According to the Global Competitiveness Report 2017-2018, the UAE has ranked first globally in 50 indices related to many vital community, services and development sectors. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said, “in 2007, after launching our first federal strategy, we took on ...

DUBAI / WAM UAE ambassadors and heads of the country’s missions abroad have praised the progress made in preparing for the Expo 2020 Dubai during a visit to the project site in Dubai. The visit was held on the sidelines of 12th UAE Ambassadors and Mission Heads Forum held in Abu Dhabi from February 18-22. The ambassadors were received by ...

Bloomberg The United Arab Emirates denounced Djibouti’s cancellation of DP World Ltd.’s contract to run the Doraleh Container Terminal, calling it an “arbitrary” flouting of a signed agreement. “Djibouti government’s seizure of the Doraleh port is regrettable,’’ Minister of State for Foreign Affairs Anwar Gargash wrote on Twitter, in the UAE’s first official response to the cancellation of the Dubai ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB) has successfully concluded its annual General Assembly Meeting on Sunday at FAB’s head office in Abu Dhabi. During the meeting, the distribution of 70 percent cash dividends — AED0.70 per share — for registered, entitled shareholders for the financial year ended December 31, 2017 were approved. Owners of FAB shares registered ...

BRUSSELS / WAM The UAE has reiterated its commitment to support the G5 Sahel Joint Force, comprising Mali, Chad, Niger, Burkina Faso and Mauritania, to promote development, stability and combat terrorism and extremism. This announcement was made during the participation of a UAE delegation, led by Reem bint Ibrahim Al Hashimy, Minister of State for International Cooperation, Minister of State ...

Abu Dhabi / WAM Manuel A. Gonzalez Sanz, Minister of Foreign Affairs and Worship of Costa Rica, will begin his seventh visit to the UAE, invited as a key speaker at the 2nd Dubai Chamber Latin America Business Forum in Dubai, which will be held on February 27 and 28 at Dubai’s Atlantis Hotel, with connectivity, trade and investments in ...