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Imdaad receives 2016 ‘IMA ME Finance Team of the Year Award’

  Dubai / Emirates Business Imdaad has been named this year’s recipient of the “IMA ME Finance Team of the Year Award.” Through this award, IMA identifies and honors the contribution of finance teams in the overall success of their organizations based on the foundations of outstanding performance, management accounting excellence, business partnering and innovation. The recognition is awarded to ...

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UAE’s non-oil private sector shows uptrend

  Dubai / Emirates Business In line with the recent trend, the UAE’s non-oil private sector expanded at a steady pace in June. Higher output and new orders were key factors behind the overall improvement in business conditions. That said, the respective rates of growth were subdued compared to those seen over the course of 2014 and 2015. Both employment ...

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EU balances weighing Spain, Portugal fines

  Bloomberg The European Union is in a political bind as it looks into the unprecedented step of slapping sanctions against Spain and Portugal for breaching budget-deficit limits. The European Commission is seeking the go-ahead from finance ministers to propose fines and a suspension of some EU regional-development funding after concluding that Spain and Portugal took inadequate steps to narrow ...

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Serena’s Wimbledon prize worth $380,000 less after UK’s EU exit

  Bloomberg Count tennis champion Serena Williams among those who have lost money in wake of last month’s Brexit vote. Williams beat Angelique Kerber 7-5, 6-3 in Saturday’s Wimbledon final, her 22nd major title, tied with Steffi Graf for most in the Open Era. The winner’s prize is worth $2.59 million when converted to U.S. dollars, about $380,000 less than ...

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Property, bank sectors race to curb Brexit fallout

  London / AFP Britain’s referendum vote to quit the European Union is starting to bite hard, with the property sector fast losing investor confidence and banks offered a helping hand to boost lending. Data meanwhile has shown the British economy taking a knock already in the run-up to Brexit, with business confidence hitting a 3.5-year low in June, according ...

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Leave vote hurts outlook for UK fisheries as trade uncertain

  Bloomberg The U.K.’s vote to leave the European Union will make it harder for British seafood exporters to compete with other countries, according to the United Nations’ Food & Agriculture Organization. Four of the top five importers of British seafood exports are nations in the EU, according to data from industry group Seafish. While it’s uncertain what kind of ...

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Australia’s PM faces tough road ahead after re-election

  Sydney / AFP Australia’s Prime Minister Malcolm Turnbull on Sunday declared victory for the ruling conservatives after the Labor opposition conceded defeat, but faced a tough time ahead after the narrow mandate in the closely fought election. The declaration ended eight days of uncertainty about the new government’s identity. A tight race between the two major parties left neither ...

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Abe set to win majority in upper house poll: NHK

  Bloomberg Japanese Prime Minister Shinzo Abe’s conservative ruling coalition and its allies appear set to win a majority in Sunday’s upper house election, an NHK exit poll showed, though it’s unclear if they’ll gain the two-thirds majority allowing him to press ahead with plans to revise the pacifist constitution and assemble a package of fiscal stimulus. Abe’s Liberal Democratic ...

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IS territory shrinks 12 percent since start of 2016: IHS

  Beirut / AFP The IS extremist group lost 12 percent of the territory it holds in Iraq and Syria in the first half of 2016, according to an analysis by British think-tank IHS. The analysis published on Sunday says the extremist group, which proclaimed its self-styled “caliphate” in the two countries in 2014, is continuing to lose ground after ...

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