February, 2017

• 27 February

  MAG 5 PD unveils new project within its Dubai South Development

  

    Dubai / Emirates Business MAG 5 Property Development (MAG 5 PD), the leading property developer of luxury mid-range developments and pioneering affordable housing initiatives, launched MAG 5; the third phase of its MAG 5 Boulevard community. The launch of MAG 5 comes in response to increasing investor demand for studios and both one and two bedroom apartments at the ...

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• 27 February

  UAE’s pavilion awarded at OTM Expo in India

  

    ABU DHABI / Emirates Business The UAE won an award for best pavilion at Outbound Travel Mart (OTM) 2017, the latest edition of India’s biggest travel trade show held recently in the city of Mumbai. The pavilion organized under the theme ‘Visit UAE’ scored the highest marks for decoration and design. The UAE delegation to this year’s OTM included representatives ...

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• 27 February

  Ducab awarded Dubai Chamber CSR Label

    Dubai / Emirates Business For the fifth year in a row, and with consistently-increasing scores, Ducab, the leading cable manufacturing company owned equally by Investment Corporation Dubai (ICD) and Abu Dhabi’s Senaat, has been awarded the Dubai Chamber CSR Label, with a high score of 84 percent in recognition of initiatives and communications around Corporate Social Responsibility (CSR). The ...

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• 27 February

  TIME to support AED410mn Ajman tourism sector

    Dubai / Emirates Business Dubai-headquartered hospitality company, TIME Hotels, added a fourth TIME Residence to its expanding UAE portfolio of serviced apartments, by launching the first of two properties in Ajman, Palm 1 TIME Residence. Launching in March 2017, the property will host 16 apartments for long-stay guests, each with state-of-the-art interior features and fittings and a range of ...

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• 27 February

  Deutsche cuts bonus pool by ‘almost 80%’ on legal costs

  

    Bloomberg Deutsche Bank AG cut its 2016 bonus pool by almost 80 percent, a figure unmatched in the bank’s recent history as it tries to recover from legal expenses that wiped out profit and eroded capital levels. The lender is reducing payouts with an eye toward shareholders and is aware it will be ‘frustrating’ for employees, Chief Administrative Officer ...

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• 27 February

  Barclays Africa to receive $1.1bn after split from parent

  

    Bloomberg Barclays Africa Group Ltd. said it will receive about $1.1 billion for costs associated with splitting from its U.K. parent and the setting up of a black economic-empowerment program. The UK bank will contribute about 2.1 billion rand ($163 million) towards the inclusion of black shareholders, the Johannesburg-based lender, which trades under the name Absa in South Africa, ...

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• 27 February

  BOE to ease capital needs of smaller lenders

  

    Bloomberg Sam Woods, head of the Bank of England’s (BOE) Prudential Regulation Authority, said UK supervisors plan to ease capital demands on smaller banks to make it easier for them to compete against larger lenders. Writing in the comment pages of the Financial Times, Woods said the authority is adopting a new approach that will help even out disparities ...

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• 27 February

  Intesa rises after rejecting bancassurance union

    Bloomberg Intesa Sanpaolo SpA climbed in Milan trading after abandoning the idea of a joint business model with an insurance company as Chief Executive Officer Carlo Messina doesn’t see sufficient value in merging with Assicurazioni Generali SpA, Italy’s biggest insurer. The country’s second-largest bank said that after studying a possible combination under the bancassurance model, it now plans to ...

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• 27 February

  StanChat buyout fund loss shows CEO’s work left to do

  

    Bloomberg One of the smallest parts of Standard Chartered Plc, the UK bank with operations sprawling across Asia and Africa, has become one of its biggest losers. Losses at the unit that houses the Standard Chartered Private Equity business, or SCPE, more than doubled to $650 million in 2016 as its investments lost value, the London-based bank said. The ...

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• 27 February

  New anti-IS strategy ‘may mean’ deeper US involvement in Syria

  

    WASHINGTON / AP A new military strategy to meet President Donald Trump’s demand to “obliterate” the IS group is likely to deepen US military involvement in Syria, possibly with more ground troops, even as the current US approach in Iraq appears to be working and will require fewer changes. Details are sketchy. But recommendations due at the White House ...

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