News

  Umm Al Quwain / Emirates Business The Government of Umm Al Quwain and Sobha Group, a leading luxury real estate developer, announced the launch of “Firdous Sobha”, an integrated world-class resort and residential island development in Umm Al Quwain. Aimed at setting new heights in destination living, the agreement will see the two parties collaborate to develop an island ...

  Sunaina Rana / Emirates Business Abu Dhabi-based National Central Cooling Company, Tabreed announced an increase in its 2016 first quarter results. Tabreed has witnessed a robust growth of 4 percent and posted AED63 million in their quarterly financial results. Considering the financial performance of the company, it seems to continue its drive towards strong and effective operations across the ...

  Dubai / Emirates Business Mashreq ‘Salaam Rewards’ Customer Loyalty Program by Mashreq, UAE’s leading financial institution, was awarded two of the top awards for its continued efforts to offer enhanced customer experience; “Best Customer Experience Initiative” award at this year’s MEFTECH Innovation Awards – one of the MENA regions’ largest and most prestigious financial innovation gatherings and “Best Customer ...

  Dubai / Emirates Business Mohammed Bin Rashid Al Maktoum Foundation (MBRF) – a member of the Mohammed Bin Rashid Global Initiatives – announced the expansion of its knowledge initiatives and projects to consolidate its efforts in the dissemination, transfer and localization of knowledge in the region. The enhanced initiatives were unveiled in line with the announcement of His Highness ...

  ASTANA /EMIRATES BUSINESS Prime Minister of Kazakhstan Karim Massimov, on Thursday, opened the 7th session of the Ministerial Conference of the Organization of Islamic Cooperation (OIC) for food security and development of agriculture. Kazakhstan’s candidacy for the post of chairman of the General Assembly of the Islamic Organization for Food Security was endorsed at the session. Karim noted Islamic ...

  Tokyo / AFP Sony posted a $1.4 billion annual profit on Thursday, boosted by strong sales of its PlayStation console, but analysts warned that slowing smartphone demand could hit a lucrative business that makes key parts for mobile devices. The company’s full-year profit —only its second since the 2008 global financial crisis preceded years of eye-watering losses —may be ...

  Seoul / AFP Booming sales of home appliances and televisions helped South Korea’s LG Electronics report a surge in first-quarter profits on Thursday, despite a continued slump in smartphone sales. Net income for January to March amounted to 198 billion won ($173.9 million), up 415 percent from a year ago, the Seoul-based company said in a statement. The tech ...

  Beijing / Bloomberg China’s biggest bank ICBC on Thursday announced mounting problem loans, after International Monetary Fund staff argued that the world’s second-biggest economy needs a more “comprehensive” plan to tackle bad debts The Industrial and Commercial Bank of China (ICBC), believed to be the world’s largest bank by assets, said its non-performing loan ratio rose to 1.66 percent ...

  Tokyo / AFP All Nippon Airways (ANA) and Japan Airlines (JAL) announced robust annual profits on Thursday, thanks to healthy demand on China and other international routes as well as falling fuel costs. Japan’s top carriers benefitted from a record number of foreigners visiting Japan with mainland Chinese being among the most conspicuous as they flock to Japan for shopping ...

  Tokyo / Bloomberg Nippon Steel & Sumitomo Metal said on Thursday its annual profit dived by a third as it pointed to a “severely depressed” market owing to a slowdown in China and other overseas markets. The Tokyo-based firm, one of the world’s biggest steelmakers, posted a net profit of 145.4 billion yen in its fiscal year to March, ...