SHARJAH / WAM His Highness Sheikh Dr Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued an Emiri decree on the supplementary grant for the insured beneficiaries and salaried persons in the emirate of Sharjah. The decree stipulates that eligible beneficiaries of insured persons under the Sharjah Social Security Fund and those receiving salaries from ...

DUBAI / WAM Emirates Islamic, a leading Islamic financial institution in the UAE, has reported a record net profit of AED601 million for the first three months of 2023, reflecting a remarkable increase of 76% year-on-year. The bank’s total income surged by 74%, driven by higher core revenues due to improved financing and deposit mix with higher profit rates, coupled ...

ABU DHABI / WAM Under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, the Ministry of Tolerance and Coexistence is set to celebrate International Workers’ Day with all workers in the UAE. The event will take place at Manarat Al Saadiyat in Abu Dhabi on Sunday and will be attended by several ministers, senior ...

SHARJAH / WAM Expo Centre Sharjah and Microtec Educational Services have joined forces to bolster cooperation in the educational and professional exhibitions and conference sectors. The two entities signed a partnership agreement to organise events jointly at the International Education Show hosted by the centre in collaboration with the Sharjah Chamber of Commerce and Industry (SCCI), the Ministry of Education ...

BLOOMBERG The European Union (EU) reached a deal to spur the use of more climate-friendly jet fuels in a bid to gradually start bringing the aviation sector in line with its green goals. Negotiators from the European Parliament and member states agreed that the share of sustainable aviation fuels made available in the region’s airports should total 6% by 2030, ...

BLOOMBERG ANA Holdings Inc reported operating income of 120 billion yen ($897 million) for the  full year through March, its first annual profit since the 12 months ended on March 2020 thanks to a rebound in travel demand. Japan’s biggest airline also gave a better-than-expected forecast for the coming year, saying operating profit should rise to 140 billion yen, compared ...

BLOOMBERG Puma SE reported rising sales on demand for sneakers in Europe and its first growth in China in two years, while cautioning that profit margins will remain under pressure from higher costs. Revenue climbed 14% to €2.19 billion ($2.41 billion) in the first quarter, the company said, slightly ahead of the average analyst estimate. Still, the gross margin narrowed ...

BLOOMBERG  First Republic Bank is exploring divesting $50 billion to $100 billion of assets as the beleaguered lender attempts to rescue itself from the turmoil that engulfed the industry in March. The sales, which include long-dated mortgages and securities, are aimed at reducing the mismatch between the bank’s assets and liabilities — one of the factors that has left First ...

BLOOMBERG  Deutsche Bank AG plans to cut about 800 senior back-office staff as Chief Executive Officer (CEO) Christian Sewing steps up cost reductions amid a slowdown in the trading business that has fuelled much of the lender’s growth. Deutsche Bank announced the steps alongside first-quarter earnings that showed revenue from fixed-income trading slumped 17%, one of the worst performances among ...

BLOOMBERG  Citigroup Inc’s India unit is planning to offer sustainability-linked deposits in the coming months to its corporate and institutional clients, making it the first-of-its-kind product offering in the country, according to people familiar with the matter. Money raised from these deposits will be invested by Citi to help multinational customers meet their environmental, social and governance (ESG) obligations in ...