August, 2016

• 11 August

  TCA Abu Dhabi marks graduation of 30 students of tourism youth summer prog

  

    Abu Dhabi / Emirates Business Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) held a graduation ceremony on Thursday at the Park Rotana Hotel in Abu Dhabi for 30 Emirati students enrolled in the eighth Tourism Youth Summer Programme. Supporting this programme is consistent with the Authority’s strategic vision, which aims to provide Emirati students with professional development ...

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• 11 August

  Dubai to purchase new govt electric and hybrid vehicles

  

    Dubai / Emirates Business Cars to be ordered in the next few years by selected Dubai government bodies maintaining huge transportation fleets will be 10% electric and hybrid vehicles in the next few years, as per the new Dubai Green Mobility Initiative Committee. Reporting to the Dubai Supreme Council of Energy, a Dubai Green Mobility Initiative Committee was formed ...

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• 11 August

  Dubai Chamber concludes summer training programme

  

    DUBAI / Emirates Business The Dubai Chamber of Commerce and Industry successfully concluded a summer training programme for 16 students from different UAE universities running between July 17 and August 11 as part of its effort to promote Emiratisation in the organisation. Under the annual programme, which is dedicated to the directives of HH Sheikh Mohammed Bin Rashid Al ...

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• 11 August

  IEA cuts oil demand forecast for 2017 on Brexit impact

  

    Paris / AFP The IEA said on Thursday it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain’s vote to leave the European Union. Global oil demand growth is now expected to slow to 1.2 million barrels per day in 2017 from 1.4 mb/d this year “due to ...

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• 11 August

  Wal-Mart sells Mexico clothing chain to Liverpool for $1 billion

  

    Bloomberg Wal-Mart Stores Inc.’s Mexican unit agreed to sell its Suburbia clothing chain to El Puerto de Liverpool SAB, Mexico’s biggest department store chain operator, in a deal valued at 19 billion pesos ($1.03 billion). The transaction, which involved 119 stores, is subject to regulatory approval, Wal-Mart de Mexico SAB and Liverpool said in statements after markets closed. Liverpool ...

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• 11 August

  Glencore extends production cuts to support turnaround

  

    Paris / AFP Commodities giant Glencore has extended production cuts across key sectors as part of its strategy to reign in debt and offset the damage from slumping prices, the company said on Thursday. First half results put zinc output at 249,000 metric tons, down 31 percent compared to the same period last year. Coal was down 14 percent ...

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• 11 August

  Spain’s Abengoa wards off bankruptcy with creditor deal

    Madrid / AFP Spain’s energy giant Abengoa, struggling under a billions-strong debt pile, said on Thursday it had reached a deal with creditors and investors allowing it to ward off bankruptcy. The renewable energy firm had until October 28 to strike a debt restructuring agreement after announcing last year that it was filing for preliminary protection from creditors following ...

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• 11 August

  TUI confident despite terror blow to tourism

  

    Berlin / AFP German-British travel giant TUI said on Thursday it is weathering the hard times brought on by a series of terrorist attacks despite a slide in revenues in its third quarter. “People still want to travel, but they’re travelling differently,” chief executive Fritz Joussen said in a telephone conference. “The overall number of travellers will be higher ...

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• 11 August

  European stocks at 7-week high close to erasing Brexit drop

  

    Bloomberg European equities traded at a seven-week high, coming close to erasing their post-Brexit losses, boosted by optimism in the recovery as companies from Zurich Insurance Group AG to KBC Group NV posted profit that beat estimates. Zurich Insurance added 4.5 percent after saying earnings fell less than projected. Belgian lender KBC advanced 5.5 percent after posting better-than-expected profit ...

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• 11 August

  Gulf soft, Saudi edges down despite reform announcement

    DUBAI / Reuters Gulf stock markets were soft early on Thursday after oil prices and global bourses pulled back, while Saudi Arabia edged down despite the Saudi regulator’s announcement that it would ease restrictions on foreign investment sooner than expected. The Saudi index fell 0.3 percent in the first 75 minutes of trade with most banks and many second-tier ...

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