News

  Dubai / Emirates Business Once again, Mashreq won at the Banker Middle East Industry Awards, scooping three awards in 2016. The first award was ‘Best Regional Retail Bank’, which Mashreq has been privileged to receive four times in the last five years. The Bank also received the ‘Best Banking Innovation’ award which is the second time Mashreq wins this ...

  Abu Dhabi / Emirates Business Abu Dhabi Ports, the master developer, operator and manager of ports and Khalifa Industrial Zone (Kizad) in the Emirate, has announced the launch of the second phase of Kizad Logistics Park (KLP) — Non Free Zone warehousing. KLP has high-quality warehouses in Kizad’s logistics cluster and is set to become one of the leading ...

  Bloomberg Greek Prime Minister Alexis Tsipras braces for yet another vote on additional austerity measures, as European creditors remain at loggerheads with the International Monetary Fund about how much debt relief the country will get for its pain. Lawmakers in Athens were scheduled to vote Sunday night on an omnibus bill that includes measures ranging from the taxation of ...

  Berlin / AFP German regulators suspect that Italian-American auto maker Fiat Chrysler, like Volkswagen, used illegal software to cheat on emissions tests, a newspaper report said Sunday. The German Federal Motor Vehicle Office (KBA) had sent a report voicing the suspicion to the European Commission and to Italian authorities, according to Germany’s Bildam Sonntag newspaper. The news report came ...

  Bloomberg What looks set to become Denmark’s biggest initial public offering in more than a decade may add to pressure on the krone at a time when the exchange rate is already testing levels last seen during a 2015 speculative attack. With 15 percent of Dong Energy A/S slated to be sold to the public next month, the potential ...

  Bloomberg Production at three Total SA refineries in France was disrupted following a vote by workers to stop the plants amid discontent over the government’s handling of a proposed labour law. A number of production units at the Gonfreville refinery in Normandy, Feyzin near Lyon and at Donges, close to Nantes, have been shut down, industry group Union Francaise ...

  Bloomberg Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels such as oil sands. A majority of parties in Norway’s parliament want to tighten guidelines that prevent the $850 billion fund from owning companies that base more than 30 percent of their ...

Bloomberg Switzerland is preparing for a final round of negotiations with the European Union on immigration in the 13 days following the U.K. vote on EU membership, Swiss newspaper Tages-Anzeiger reported, without saying how it got the information. Switzerland’s chief negotiator with the EU, Jacques de Watteville, informed the government on Wednesday about his plan for talks on limiting the ...

  San Juan, Puerto Rico / AP Holders of bonds from Puerto Rico’s Government Development Bank are suing to challenge aspects of a debt-moratorium law that island officials say is crucial to maintaining essential services as the U.S. territory struggles under a nearly $70 billion debt load. The amended federal lawsuit filed late Friday in the U.S. District Court in San ...

  New York / AFP A guitar given to Elvis Presley by his father in 1969 went under the hammer for $334,000 in New York during an auction that also saw a Michael Jackson vest fetch $256,000. Vernon Presley is said to have changed the finish of the Gibson Dove acoustic guitar to ebony after his son earned his black belt ...