May, 2016

• 17 May

  Egypt top bank sells $169mn special certificates to woo foreign currency

  

    Cairo / Reuters National Bank of Egypt (NBE), the country’s largest state bank, sold 1.5 billion Egyptian pounds ($169 million) worth of special certificates that were launched in March to attract foreign currency into the banking system, its deputy chairman said. NBE was one of three state banks to launch the certificates on March 14, the day Egypt’s central ...

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• 17 May

  1,800 jobs shed as BPM, Banco Popolare merge

  Milan / AFP Banco Popolare and Banca Popolare di Milano (BPM) said they would shed seven percent of their 25,000 staff as they merge to create Italy’s third-largest bank by assets. The 1,800 jobs are to be cut via voluntary departures, and 800 other employees will be reassigned to other jobs. The number of branches will be cut by 14 percent ...

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• 17 May

  PBOC gears up as China revamps regulation

  

    Tokyo / AFP As China’s leaders consider ways to improve market oversight and avoid the kind of boom and bust in equities that shook investors around the world last year, the nation’s central bank is already extending its oversight to areas beyond its traditional focus. The People’s Bank of China (PBOC) this month expanded its powers to cap cross-border capital ...

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• 17 May

  Tragedy turns into lifeline!

  

    Sidoarjo / AFP Harwati forces a smile as she guides visitors around a bubbling mud volcano in Indonesia, pausing as they snap selfies on the bleak wasteland she once called home. These disaster tourists are a lifeline for the single mother who lost everything when the earth beneath a paddyfield near her village opened up without warning ten years ...

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• 17 May

  Dutch greenhouse grows Martian and Lunar veggies

  

    Wageningen / AFP Establishing a human colony on the Moon and travelling to Mars has been the stuff of dreams since the dawn of the space age.But these visions face many hurdles. How can humans survive for months or years in the ultra-hostile environment of space? What, for instance, will they eat? Agricultural researchers at a Dutch university say ...

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• 17 May

  The modern luxury destination

  

    Our Correspondent / Emirates Business Whether you seek the tranquility of the sea or the dynamic bustle of a modern city, Coral Beach Resort — Sharjah, a 4-Star hotel, is ideally located to offer both. Haytham Aziz, Hotel Manager, Coral Beach Resort Sharjah, said, “Coral Beach Resort offers an authentic local experience with modern luxuries that discerning business and ...

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• 17 May

  Unique range of fashionable eco-friendly artificial stones

  

    Our Correspondent / EMIRATES BUSINESS FlexStone is a decorative concrete system with a unique technology developed for designers and the evolution of the construction industry. Inspired by nature and its splendid beauty, FlexStone offers a wide range of modern and classical cladding options suitable for both exterior and interior application. With an endeavor to make a green product where ...

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• 16 May

  Emirates NBD, du strike co-location services deal

  

    DUBAI / WAM Emirates Integrated Telecommunications Company, du, has entered into a ten-year co-location agreement with Emirates NBD to provide the organisation with third party data centre co-location services in the UAE. Emirates NBD will benefit from du’s ‘always-on’ and resilient data centre infrastructure which is supported by high-speed connectivity. Besides optimising operational expenses, Emirates NBD also gains direct ...

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• 16 May

  UAE at Belt and Road Summit

    ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, is leading the UAE trade and economic delegation to the Belt and Road Summit, which will be held in Hong Kong from May 18-19. The delegation includes Juma Al Kait, Assistant Under-Secretary for Foreign Trade at the Ministry of Economy; Saed Al Awadi, CEO of Dubai Export ...

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• 16 May

  $1bn Aramco contracts for L&T

    KHOBAR / Reuters State oil giant Saudi Aramco has awarded a $1 billion-plus contract to India’s Larsen & Toubro (L&T) and Singapore-based Emas AMC for the expansion of the offshore Hasbah sour gas field, industry sources said. Increasing its supply of gas is a top priority for Saudi Arabia. Many industrial firms have complained about a shortage crimping expansion ...

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