February, 2016

• 20 February

  IMF gives Lagarde second term as MD

  

  WASHINGTON / AP The International Monetary Fund (IMF) said it is giving managing director Christine Lagarde a second five-year term. Lagarde, the first woman to hold the post, was the only candidate nominated. Her new term starts July 5. Lagarde, 60, was named the IMF’s 11th managing director in 2011. She has led the multinational lending agency through the European ...

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• 20 February

  Le Pen Party taps Russian banks to fund 2017 election campaign

  MOSCOW / Bloomberg Marine Le Pen’s National Front party is reaching out to Russian banks for the 25 million euros ($27.7 million) it needs to bankroll its 2017 presidential campaign, the party’s treasurer Wallerand de Saint Just said. “I will look for funds where I know I might get them,” Saint Just said in a telephone interview. “I found some ...

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• 20 February

  BofA’s Thompson to remain at bank, Vice Chairman

  Bloomberg Bank of America Corp.’s Bruce Thompson, who stepped down as chief financial officer last year, will stick with the company in a role dealing with the lender’s biggest corporate clients. Thompson, 51, was set to pursue opportunities at another firm after Paul Donofrio, 55, was named CFO in July, people with knowledge of the situation said at the time. ...

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• 20 February

  Vintage decors woo Emirates

  

  Sunaina Rana / EMIRATES BUSINESS With a dream to set up a public space dedicated to art decorative in UAE, like what Le Louvre museum has done in Paris or what Design Museum has done in Milano, world-famous art collector Guillaume Cuiry is contributing remarkably in enhancing the art scene of the Emirates. He is undoubtedly one of the main ...

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• 20 February

  Business networking is taking centre stage

  

  Our Correspondent / Emirates Business Aiman Kabli is CEO and founder of Lunchmatcher, a professional networking app. Prior to this Kabli has been a seasoned global HR professional with over 12 years’ experience in international staffing and human resource management. He holds an MBA in strategic management from the University of North Texas, and has recruited for large multinationals in ...

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• 18 February

  UAE backs freezing of oil output

  

  ABU DHABI / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said that the UAE supports any initiative to freeze the oil production ceiling by consensus of the members of the Organisation of Petroleum Exporting Countries, OPEC, and Russia. Several OPEC-member countries and others have recently agreed to freeze production at last January’s levels in a move ...

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• 18 February

  Instability prompts OECD to cut 2016 growth forecast to 3%

  

  Paris / AFP The OECD on Thursday cut its 2016 economic growth forecast to 3.0 percent from 3.3 percent owing to disappointing data, sluggish demand, weak investment and a high risk of financial instability. “Financial instability risks are substantial,” the 34-member Organisation for Economic Cooperation and Development said in its latest interim outlook, urging a strong collective response to combat ...

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• 18 February

  UAE urges ‘economic action’

  Cairo / WAM Sultan bin Saeed Al Mansouri, Minister of Economy of the UAE, has called for stronger joint pan-Arab economic action to counter current challenges, eliminate obstacles to intra-Arab trade and investment and speed up innovation and creativity to achieve economic diversification, development and prosperity. The UAE takes great interest in the issues of joint Arab action as a ...

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• 18 February

  Emirates REIT asset $469mn

  Dubai / Emirates Business Emirates REIT (CEIC) Limited on Thursday announced its results for the year ended December 31, 2015. Emirates REIT delivered a strong financial and operating performance during 2015, consolidating its position as a leader in the UAE property asset management industry. By year end, the net asset value of the REIT stood at $469.6mn, an increase of ...

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• 18 February

  China buys US firm for $6bn

  Shanghai / Afp A Chinese firm has splashed out $6 billion for a US tech firm that distributes products for Apple and Microsoft, the latest eye-popping acquisition by a Chinese company seeking greater profits abroad as the economy slows down at home. HNA will pay the enormous figure for Ingram Micro, a company statement said Wednesday, making it among the ...

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