February, 2016

• 16 February

  Credit Suisse Russia CEO Hellman resigns

  Bloomberg Steven Hellman has stepped down as chief executive officer of Credit Suisse Group AG’s Russian business after heading the Swiss bank’s business in the country since 2010. “We’re going through a very difficult transitional period for the industry and that’s exacerbated in Russia by the particular political and other issues the country is facing,” Hellman said in an interview ...

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• 16 February

  Singapore Banks can’t be relaxed about rig-building woes

  

  Bloomberg It’s not clear how much of Singapore’s bad loans for 2015, the highest since 2009, are due to low commodity prices, because banks don’t give a detailed industry breakdown of their assets. Given the city’s focus on becoming a global rig-building hub, chances are there’s a link. Another report Monday from Sembcorp Marine, the world’s second-largest maker of offshore ...

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• 16 February

  Germany brings its gold hoard home

  

  Frankfurt / DPA Germany is slowly bringing home its gold, lodged outside the country in vaults in New York, Paris and London during the years of the Cold War. Germany’s central bank possesses the second-biggest hoard of gold bars in the world, and conspiracy theories have multiplied over the years, based around the fact that only a tiny number of ...

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• 16 February

  Pathogen plagues Italy’s olive trees

  

  Gallipoli / AFP Italian olive grower Federico Manni is at the end of his tether. “You see this one,” he says, waving in the direction of a majestic but diseased olive tree on his property near Gallipoli on the Salento peninsula on Italy’s heel. “It is over one thousand years old. Fires and wars failed to kill it, but that’s ...

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• 16 February

  Promoting Dubai on the world stage

  

  Our Correspondent EMIRATES BUSINESS As the media partner for the Government of Dubai, Dubai Media Incorporated (DMI) is responsible for disseminating important news and information about the Emirate to the widest possible audiences by means of high quality broadcast, print and electronic media. Established to provide the very best entertainment, education and news offerings and to promote Dubai on the ...

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• 16 February

  Committed to growth in diversified sectors

  

  Our Correspondent / Emirates Business The Al Habtoor Group has grown with the UAE. Started out as a small engineering firm in 1970, is today one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors. The Al Habtoor Group has earned itself a solid reputation both locally and internationally due to ...

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• 15 February

  Abu Dhabi Executive Council reshuffled

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued an Emiri decree appointing His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as Chairman of the Executive Council of Abu Dhabi. In another ...

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• 15 February

  Aldar profits surge by 49% in 2015

  

  ABU DHABI / EMIRATES BUSINESS Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, on Monday announced net profit of AED 2.6 billion for the financial year ended 31 December 2015, up 13% from AED 2.3 billion in 2014. Net profit for the fourth quarter rose 4% to AED 750 million, from AED 718 million in Q4 ...

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• 15 February

  Dubai Exports buoys economy

  

  DUBAI / WAM Dubai Exports, the export development agency of the Department of Economic Development (DED) in Dubai, is set to connect exporters in the UAE to new and strategic markets across Europe, Asia and Africa in 2016 after its target sectors and overseas offices across six countries brought remarkable outcomes in 2015. With local exporters and manufacturers venturing successfully ...

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• 15 February

  Crowd-pulling show gives Sharjah’s education hub status a huge boost

  

  Sunaina Rana / EMIRATES BUSINESS If you had been to the recent International Education Show (IES) in Sharjah, you would have been amazed to see a bevy of leading universities and visitors flocking to the event. It was a massive draw. Witnessing the show from close quarters, it became quite apparent that Sharjah is on the fast track of becoming ...

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