March, 2016

• 6 March

  Lotte shareholders vote in support of Shin

  

  TOKYO / Bloomberg Shareholders of Tokyo-based Lotte Holdings Co., a key unit of Korean-Japanese retail conglomerate Lotte Group, voted to oppose a measure to remove Chairman Shin Dong Bin at an extraordinary general meeting on Sunday. Family-controlled Lotte Group is in the midst of a power struggle between Shin Dong Bin and his older sibling who was stripped of his ...

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• 6 March

  TPG to write down J Crew stake by 84pc as revival hopes dim

  Bloomberg David Bonderman’s TPG Capital cut the value of its stake in struggling clothing retailer J. Crew Group Inc. by 84 percent at the end of 2015. The private equity firm, which led a 2011 leveraged buyout of the company, told investors that its $478.6 million equity holding in J. Crew was lowered to $76 million, according to documents obtained ...

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• 6 March

  Cathay Pacific seen posting wider hedging loss as oil prices dip

  

  Hong Kong / Bloomberg Crude oil’s plunge to the cheapest level in more than a decade helped the global airline industry boost profit forecasts. One airline that hasn’t fully benefited is Cathay Pacific Airways Ltd. The marquee Hong Kong airline reported an unrealised fuel-hedging loss of HK$7.42 billion ($954 million) as of end-June — and oil prices have slumped a ...

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• 6 March

  Perfect destination to relax and tour

  

  Sunaina Rana / EMIRATES BUSINESS An architectural triumph acting as the centerpiece of Yas Island, Yas Viceroy Abu Dhabi hovers over land and water and spans the Yas Marina Circuit, the favoured racetrack for Formula 1 legends. Beneath the hotel’s light canopy, Yas Viceroy presents guests with a new perspective for a resort, perched between city sophistication and jet-setting island ...

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• 6 March

  Corum: Showcasing aesthetic appeal with technical excellence

  

  Our Correspondent / EMIRATES BUSINESS Montres Corum is a Swiss watchmaker based in La Chaux-de-Fonds, was founded in 1955, it makes high-quality and high-price watches. Following the luxury brands popularity around the globe, Corum collaborated with Ahmed Seddiqi and Sons and Al-Fardan Jewellery to enter UAE market. With more than 15 years’ experience in this field, first with Bvlgari then ...

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• 5 March

  FAO official hails UAE’s food security model

  

  ABU DHABI / WAM Mehdi Al Idrissi, the FAO Representative in the UAE and Sub-regional Coordinator for the GCC and Yemen, has commended the role of the UAE in promoting food security locally, regionally and globally. He praised the country’s efforts in strengthening the role of the United Nations and international organisations in general and FAO in particular. Idrissi told ...

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• 5 March

  Dubai Taxi revenue reaches AED1.4bn

  

  ABU DHABI / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), has revealed that total operating revenues of the Dubai Taxi Corporation (DTC) at the RTA reached AED 1.481 billion in 2015 compared with AED 1.311 billion reported in 2014. The total profits posted by the DTC last ...

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• 5 March

  China eases fiscal stance to meet 7% growth target

  

  Bloomberg China unveiled a record fiscal deficit and pledged to accelerate the restructuring of its bloated state- owned industries while still setting a weaker growth target for this year. Premier Li Keqiang announced a 6.5 percent to 7 percent expansion goal on Saturday, down from an objective of about 7 percent last year and the first range the government has ...

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• 5 March

  ISNR 2016 to go big on meetings, deals

  

  ALKESH SHARMA / EMIRATES BUSINESS A slew of industrial deals and MoUs are ready to be inked at ISNR 2016 that kicks off from March 15-17. ISNR’s Business Connect team is putting in place arrangements to hold over 3,000 meetings between government, private sector buyers, and exhibiting companies in this year’s edition. This is a 60-percent growth over the 2014 ...

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• 5 March

  CABSAT 2016 to focus on ‘content’

  

  Ritika Sharma / Emirates Business By creating one-of-its-kind dedicated platform for TV and film content industry to buy, sell and explore co-production business opportunities for the Arabic market, the 22nd edition of CABSAT 2016 has shown the right way. Although the industry recognises the fact that content is the ‘KING’ in the world of media and entertainment, not much has ...

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