Bloomberg Wells Fargo & Co. is poised to spread pain to the rank and file. That’s the view from analysts, who say the bank’s leadership almost certainly must announce more aggressive cost-cutting targets on Thursday when hosting an annual investor briefing. After a bogus-account scandal spooked new clients and crimped profitability, Wells Fargo will probably eliminate more branches and …

  Dubai / Agencies The private sector in the Emirate of Dubai gained momentum by the beginning of Q2 2017 as business conditions improved in key platforms, according to the latest Emirates NBD Dubai Economy Tracker Index. The index is a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy. The data …

  DUBAI / WAM This year’s Arabian Travel Market (ATM 2017) witnessed a 10 percent increase in visitors from the GCC and a 7 percent increase in international visitors to the event, which was held in Dubai World Trade Centre from April 24 to 27, organisers said. For the second year in a row, visitor numbers smashed through the 28,000 …

  DUBAI / WAM A joint venture between Dubai master developer Nakheel and leading Spanish hospitality group RIU Hotels and Resorts has moved a step closer with the release of a construction tender for an 800-room, beachfront resort and water park at Deira Islands. With an investment value of AED670 million, the resort – RIU’s first in the Middle East …

  ABU DHABI / Emirates Business Etihad Rail, the developer and operator of the UAE’s multi-billion dollar national rail network, announced the signing of MoU with Al Safa Transport, a trucking and transportation services provider with operations across the Middle East. Signed by CEO of Etihad Rail, Eng. Faris Saif Al Mazrouei and Managing Director of Al Safa Transport, Nabeel …

  DUBAI / WAM The National Central Cooling Company, Tabreed released its 2017 first quarter financial results. Tabreed’s performance benefited from the new connections made last year, in addition to over 20,000 refrigerated tonnes, RT, added during Q1 2017. These new connections, combined with Tabreed’s existing presence in the GCC, resulted in net profit increasing by 19 percent to AED75.4 …

  Dubai / WAM Emirates SkyCargo and Luxembourg-based Cargolux Airlines on Tuesday signed a Memorandum of Understanding, (MoU), for a strategic operational partnership in air cargo transportation. This unique and ground breaking agreement, the first of its kind in the air cargo industry between a mainline airline and a specialised freighter operator, will allow cooperation between two carriers with complementary strengths …

  Abu Dhabi / WAM The Telecommunications Regularity Authority (TRA), held the first meeting of the committee for the 5G project. This meeting aimed to provide a platform to discuss all aspects related to the use cases and verticals for the 5G networks including the Internet of Things, IoT, Intelligent Transport Systems, ITS, and new applications that rely on these networks. …

  Dubai / WAM Expo 2020 Dubai has chosen leading global logistics firm UPS to handle the logistics operations for Expo 2020 Dubai, which is expected to attract millions of visitors over its six-month duration. With more than 180 countries expected to participate and hundreds of thousands of visitors on peak days, the next World Expo will be one the most …

  Abu Dhabi / WAM The UAE funded a shipment of basic humanitarian relief items, at a cost of over AED1.6mn, dispatched to Uganda for the displaced South Sudanese there. The gesture follows the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai and his wife, HRH Princess Haya Bint …