Bloomberg Southwest Airlines Co. said it would stop overbooking flights, after the forcible removal of a United Airlines passenger from a packed plane sparked worldwide outrage. Overbooking is tentatively set to end May 8, Southwest said. That would be about a month after a 69-year-old United customer was dragged from a jet by airport police for refusing to surrender …
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DUBAI / Emirates Business The Japanese discount chain has opened a new store in Doha Festival City. The fourth Daiso Japan store in Qatar is the latest in several store openings in line with the company’s extensive regional expansion plans, bringing the count to 48 stores in the Middle East. In the Middle East, the brand is part of …
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Bloomberg HSBC Holdings Plc is set to strengthen its position in Saudi Arabia with the potential merger of its local venture with Royal Bank of Scotland Group Plc’s. RBS’s Alawwal Bank and HSBC’s Saudi British Bank are exploring a potential merger to create the country’s third-largest lender with $78 billion in assets, they said, without revealing details of the …
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Bloomberg Credit Suisse Group AG Chief Executive Officer Tidjane Thiam is bowing to investor pressure to keep the bank’s biggest profit generator and instead will bolster capital by selling stock in a rights offer. The bank will raise 4 billion francs ($4.03 billion) in the sale and said it’s abandoning plans for the partial initial public offering of its …
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ABU DHABI / Agencies Abu Dhabi Commercial Bank (ADCB) reported on Sunday AED1.1 billion in net profit attributable to equity shareholders, marking an 8 percent increase from the AED1.02 billion recorded in the same quarter of 2016. The bank said the rise in profits was driven by healthy volumes and a strong non-interest income combined with a well-managed cost …
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Abu Dhabi / WAM Net foreign and corporate investments at UAE stock markets surged to AED 613 million during April 2017 despite the relative volatility of some stocks over the past four weeks. The increasing liquidity is attributable to the hike in foreign purchases, specially by non-Arabs, which hit AED 4.813 billion in April, with sales for the same …
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SHARJAH / WAM The UAE Ministry of Economy has revealed the signing of a new cooperation agreement with the Korean Intellectual Property Office (KIPO) aimed towards improving the UAE’s patent system. The agreement falls within the framework of completion and implementation of the terms of MoU signed by two parties in October last year. Highly qualified technical experts and …
Read More »Dubai / Agencies Deyaar Development announced on Sunday that its net profit amounted to AED 32 million in Q1 of 2017. A company statement said real estate development revenues more than doubled to AED 142 million in the first three months of the year, from AED 60 million in Q1-16. Deyaar reported a strong year-on-year increase in revenues to …
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Dubai / Emirates Business His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Font, Microsoft’s first font to be created by a city and named after it, in line with the UAE’s vision to become a regional and global leader in innovation. On this occasion, …
Read More »Dubai / WAM In implementation of the directives of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Hussain Nasser Lootah, Director General of Dubai Municipality, issued a directive to use the “Dubai Font” in all Municipality transactions with immediate effect. Lootah has asked the Municipality officials to begin to implement this font in the Municipality’s …
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