Bloomberg Big Texas-based department-store chain seeks new leader: must be willing to tackle sluggish sales, failed fashion and $4 billion in long-term debt. JC Penney Co., once again, is searching for a new chief executive after Marvin Ellison was poached by home-improvement retailer Lowe’s Cos. on May 22, a surprise exit that sent JC Penney’s stock down to historic lows. ...

Bloomberg Marks & Spencer Group Plc owned up to its mistakes, saying it needs to close more stores and catch up to rivals in e-commerce as Chairman Archie Norman tries to pull the UK retailer out of a crisis that has dragged on for more than a decade. A decline in sales of food and clothing in the fourth quarter ...

Bloomberg By most accounts, Dubai’s biggest bank got a good deal when it agreed to buy Turkey’s Denizbank AS for $3.2 billion. Emirates NBD PJSC is buying the lender from Russia’s Sberbank at a time when the country is struggling with a plunging currency, a wave of debt restructurings, looming elections and political meddling in the finance industry. The purchase ...

ABU DHABI / WAM The Central Bank announced that the Money Supply aggregate M1 increased 1.3 percent, from AED510.6 billion at the end of March 2018 to AED517.4 billion at the end of April 2018. The Money Supply aggregate M2 increased 1.5 percent, from AED1293.8 billion at the end of March 2018 to AED1313.1 billion at the end of April 2018. ...

ABU DHABI / WAM Mohammed Thani Murshid Al Rumaithi, Chairman of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry, praised the decisions of the UAE Cabinet related to the full ownership of Emirati companies by international investors and companies. This move will encourage more international companies to do business in the UAE and benefit from ...

Bloomberg Sony Corp. is buying EMI Music Publishing, getting its hands on a catalog of 2.1 million songs from Beyonce, Carole King and other artists as it embarks on a new growth plan built on content and services. The Japanese company will buy about 60 percent equity interest from a consortium led by from Mubadala Investment Co. for about $2 ...

ABU DHABI / WAM The actual expenditure of UAE federal government departments amounted to AED48.572 billion during 2017, with a 100 percent execution rate, according to the financial performance report issued by the Ministry of Finance. Spending on the general public services sector reached around AED16.190 billion, accounting for 33.3 percent of total expenditurein 2017, with the public order and ...

DUBAI / WAM The Dubai Financial Market (DFM) and Nasdaq Dubai have been certified with the ‘ISO 22301: 2012’ for Business Continuity Management System (BCMS), from Lloyd’s Register Quality Assurance (LRQA). The certificate is a key standard for business continuity that recognises the effectiveness of the system’s design and application in response to disaster recovery when facing any disruptive events. ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has said the UAE, in cooperation with other Arab and Muslim countries as well as religious scholars, is forging ahead with its efforts to promote the quintessential Islamic values and principles of peaceful co-existence, ...

Dubai / WAM The Emirates Centre for Transport and Leasing of Emirates Transport (ET), has completed a series of new and renewed three- to five-year contracts signed in April with major customers from the government and private sectors, which are valued at around AED60 million. Tariq AlSedawi, Manager of the Centre, stated that the ET’s expertise and accomplishments, its commitment ...