Bloomberg A venture between JPMorgan Chase & Co and private-equity firm Lone Star Funds is the leading bidder to buy Propertize BV, the Dutch bad bank that holds 5.5 billion euros (US$6.1 billion) of loans and real estate, according to a person with knowledge of the matter. Propertize may reach a deal to sell the firm in the next ...

  Bloomberg Investigators have linked malware used by Russian and eastern European cyber-gangs to a string of bank heists that culminated in the record-breaking theft of US$81 million from Bangladesh’s central bank, according to people familiar with the probe. The tools used in some of the attacks on as many as 12 banks, mostly in Southeast Asia, match those deployed ...

  Bloomberg The Bank of Canada is running experiments on interbank payment systems using blockchain-type technology to better understand how it works. The central bank has no plans to issue any digital currency for public use, Senior Deputy Governor Carolyn Wilkins said in an e-mailed statement. Blockchain refers to the technology that underpins distributed ledgers, which are used for verifying ...

  Our Correspondent/ Emirates Business In the Middle East, the HP brand is synonymous with quality and reliability, but that has not come overnight. Recognised as one of the original founders of Silicon Valley, Bill Hewlett and Dave Packard founded the company in 1939 in a one-car garage in Palo Alto. In a country where more than a third of ...

  Our Correspondent EMIRATES BUSINESS Swiss watchmaker Raymond Weil belongs to the lizmited circle of independent family companies creating elegant and refined watches for men and women. Founded in 1976 and now under the leadership of the founder’s grandson, Elie Bernheim, the Geneva-based company continues to develop and consolidate its status among the leading names of the Swiss watch industry. ...

  ALKESH SHARMA / Emirates Business Digital transformation is the crucial key to success of businesses in the Middle East. However, the journey towards digitalisation also calls for state-of-the-art and ultra-secure systems, which can prevent cyber-attacks. According to the experts, with corporates hunting for maintainable diversity and innovative resources of growth through cutting-edge digital strategies, enterprises in this region are ...

  Sharjah / Emirates Business ‘Maktaba,’ an imprint of Kalimat Group, and the UAE Board on Books for Young people (UAEBBY) recently organised an Iftar and reading session for children from the Social Child Care Centre. Arranged in line with the holy month of Ramadan, the event provided literary entertainment for the youngsters and sought to instill within them hope ...

  Sunaina Rana / Emirates Business The luxury sector in the Middle East continues to grow undeterred by any economic hurdles. It has been ranked among the top 10 luxury markets globally, with a spending of around AED34 billion in 2015. The overall industry — as tracked by Bain & Company — comprises 10 segments, led by luxury cars, luxury ...

  RITIKA SHARMA / Emirates Business Generating a total of $653 million per year, the Meetings, Incentives, Conferences and Exhibitions (MICE) industry in the Emirates is expected to witness an annual growth rate of over 7 percent yearly till 2020. The MICE industry, which is considered the backbone of many economies globally, has emerged as one of the key growth ...

  Abu Dhabi / Emirates Business The Masdar Institute of Science and Technology and Lomonosov Moscow State University (MSU) have announced they have signed an international scientific and technological cooperation agreement to collaborate on conducting educational activities, research and innovation. The agreement was signed on the sidelines of the 20th St. Petersburg International Economic Forum (SPIEF 2016) by Mohamed Jameel ...