April, 2016

• 25 April

  Deutsche Bank co-CEO, ex-officials cleared in Munich fraud case

  

    Bloomberg Deutsche Bank AG co-Chief Executive Officer Juergen Fitschen and four former bank officials were acquitted of charges that they lied to judges during a more than 14-year-old dispute with a German media mogul. The men were cleared after almost one year of trial at a Munich court Monday. The charges against defendants including former CEOs Josef Ackermann and ...

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• 25 April

  China mulls lower bad loan coverage ratio

  

    Bloomberg China’s regulators are discussing a possible reduction in the amount of provisions that the country’s banks must set aside for their bad loans, the chairman of China Construction Bank Corp. said on Monday. A reduction in the bad loan coverage ratio to about 120 percent to 130 percent would be “reasonable” and “possible,” Wang Hongzhang told Bloomberg News ...

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• 25 April

  Whose bankers are best?, asks Gadfly

  

    BLOOMBERG Pity the poor investor trying to stack up one set of investment bank results against another. The big European banks begin reporting first quarter earnings this week. Trading will be weak. Transaction volumes are down. It ain’t going to be pretty. But trying to discern whose investment banking business is best—or worst—is an ugly task. First, whereas investment ...

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• 25 April

  Daman accounts for 35% of Emiratis in UAE insurance sector

  

    Abu Dhabi / Emirates Business The National Health Insurance Company-Daman, announced its achievement of 19 per cent Emiratisation within the company. According to the figures presented to the Federal National Council by Sultan Saeed Al Mansouri, Minister of Economy, currently 883 UAE nationals are employed in the insurance sector in the UAE, which constitutes 11 percent of the sector’s ...

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• 25 April

  Beauty blogger on top of UAE’s influencer index

    Abu Dhabi / Emirates Business SERMO, the first global network of communications agencies specialising in lifestyle and luxury, has published its Digital Influencer Index. Following last year’s Blogger Index, the report updates the network partners’ intelligence on working with digital influencers and identifies the most influential bloggers, vloggers, Instagrammers and other social stars in the luxury and lifestyle space. ...

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• 25 April

  Injaz, Honeywell join hands to empower Emirati youth

  

    Dubai / Emirates Business INJAZ UAE, a member of Junior Achievement Worldwide (JAW), and Honeywell have signed a three-year agreement to support the skills development of Emirati students through science, technology, engineering and mathematics (STEM) focused work-readiness training programs. Honeywell will provide volunteer mentoring to science and engineering students through an annual series of STEM themed Innovation Day Camps. ...

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• 25 April

  Souq.com announces expansion across its fashion portfolio

  

    Dubai / Emirates Business Capitalising on the upward growth rate of fashion e-commerce, Souq.com, the number one online retail and marketplace platform in the Middle East, has announced remarkable expansion across its fashion portfolio. Forty new fashion brands and a phenomenal 198,000 new products have been added to the assortment making the market leader Souq.com, a one-stop-shop for widely ...

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• 25 April

  Takaful Emarat shareholders ok first cash dividend of AED8 mn

  

    Dubai / EMIRATES BUSINESS Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life and health insurer, recently held its Annual General Meeting (AGM) on April 21, 2016, during which shareholders voted for a proposed cash dividend of AED8 million , equating to 5.33 percent of its paid-up capital. The Company’s first ever dividend payout, proposed by the board of directors, ...

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• 25 April

  Dubai records 4.1mn overnight visitors in Q1, up 5.1% year on year

  

    Dubai / Emirates Business Dubai welcomed 4.1 million overnight visitors in the first three months of 2016, a 5.1 percent increase over the same period last year, backed by strong double digit growth from its top two proximity markets, the GCC and India, according to figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism). The GCC ...

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• 25 April

  Kuwaiti telco Zain’s Q1 net profit plunges 9%

    DUBAI / Reuters Zain, Kuwait’s biggest telecommunications operator by subscribers, reported a 9 percent year-on-year fall in first-quarter profit on Sunday, extending an earnings slump as foreign exchange losses increased. The former monopoly, which operates in eight countries in the Middle East and Africa, made a net profit of 37 million dinars ($123 million) in the three months to ...

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