News

  Bloomberg Almost a decade after the global financial crisis, the fate of another $2 billion from the wreckage of Lehman Brothers Holdings Inc. is about to be determined. The failed New York investment bank is seeking to recoup the cash from one of its old derivatives trading partners, Citigroup Inc. In a trial that started this week in Manhattan ...

  ABU DHABI / WAM With the inauguration of the high-tech jack-up rig Al Lulu, National Drilling Company (NDC), an Abu Dhabi National Oil Company (ADNOC) Group company, has celebrated the completion of its AED6 billion acquisition of nine state-of-the-art offshore rigs. The celebration, which took place in the Hamriyah Free Zone in Sharjah on Thursday, in the presence of ...

  PARIS / Reuters OPEC wants oil inventories to decline further and is working to ensure a policy-setting meeting in May reaches consensus, the group’s secretary-general said on Thursday in comments pointing to an extension of a global supply cut. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to curb production by 1.8 million barrels ...

  DUBAI / WAM DP World has handled 16.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2017, with gross container volumes growing by 5.7% year-on-year on a reported basis, and 5.0% on a like-for-like basis, well ahead of the industry estimate of 2.6% throughput growth for Q1 2017. The first ...

  DUBAI / WAM The UAE continues its deep commitment and involvement in the Kimberley Process, KP, following its successful tenure as KP Chair in 2016. Set up as a joint initiative between the Ministry of Economy and DMCC, the aim of the UAE Kimberley Process Taskforce is to support and reinforce multilateral cooperation regarding the import, export, and transit ...

  Dubai / Emirates Business The online shopping space in the UAE has been blooming and the competition with traditional retailers is eminent. The going, often gets tough with the low margins, increase in fierce competition and customer retention and acquisition. There are cloud communication companies like Knowlarity, which come in to save the day. Pioneering ecommerce stores are harnessing ...

  Hannover / Emirates Business UAE-based industries are playing a leading role in employing women and advancing capacity development agendas among women, said HE Ali Majed Al Mansoori at the UAE Pavilion at Hannover Messe, ahead of the WoMenPower conference. WoMenPower is an annual career conference at Hannover Messe that is dedicated to discussing the latest trends regarding women in ...

  Abu Dhabi / Emirates Business Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) has been awarded the Best Partner Award by Big Bus Middle East, the largest operator of open top-sightseeing tours in the world, during the 2017 edition of the Arabian Travel Market (ATM) The Best Partner Award is the first ever award to be given out ...

  Dubai / Emirates Business His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, on Thursday presented the Mohammed bin Rashid Global Water Award to Masdar Institute of Science and Technology, part of Khalifa University of Science and Technology. A ceremony was hosted by the award organizers where Dr. Peter Armstrong, Associate Professor of Mechanical ...

  Dubai / WAM Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, and Frank Horch, Hamburg Minister for Economic Affairs, Transport and Innovation, discussed means of developing cooperation in the economic and trade areas. The meeting took place in Hamburg on the sidelines of the Hannover Messe exhibition, and focused on potential areas ...