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Gulf Navigation announces AED8.8 million profit in Q1

DUBAI / WAM Gulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter, Q1, of 2017, an increase of 39 percent compared to AED6.3 million ($1.7 million) in the same period last year. The Dubai-based company, listed on the Dubai Financial Market under the ticker ‘GULFNAV’, said in an announcement that it has ...

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IPOs, new partnerships as ADNOC embarks on expansion plan

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) announced the expansion of its partnership model to span the group’s entire value chain as well as the more active management of its portfolio of assets. The new initiative builds on ADNOC’s flexible operating model and its 2030 growth strategy, enabling it to unlock and maximise significant value from ...

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China takes lead in Pacific shipping after $6.3bn deal

Bloomberg China is the new leader of shipping trade to the Americas. State-owned Cosco Shipping Holdings Co.’s $6.3 billion offer to buy Orient Overseas International Ltd. would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. Moller-Maersk A/S and France’s CMA CGM SA. The takeover, announced in Hong Kong, ...

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Sunac to pay record $9.3bn for Wanda Hotels, Theme Parks

Bloomberg Sunac China Holdings Ltd. agreed to buy hotels, land and projects from Dalian Wanda Group Co. for 63.2 billion yuan ($9.3 billion) in China’s largest property deal, as billionaire Chairman Sun Hongbin moves to take advantage of competitors shedding assets. Sunac will buy 76 hotels from Wanda through a unit and will purchase a 91 percent stake of 13 ...

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Political meltdown foils Oi’s exit from $19bn bankruptcy

Bloomberg For more than a year, Oi SA has struggled to reach a deal with various factions jockeying for a leg up in its $19 billion bankruptcy case. Almost entirely absent from that process? The company’s single biggest creditor. Brazil’s government claims that Oi owes telecom regulator Anatel as much as 20 billion reais ($6.1 billion), but current law forbids ...

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UK business says no Brexit deal not an option in EU talks

Bloomberg UK companies are overwhelmingly opposed to Britain walking away from talks to leave the European Union without a deal, a survey by the British Chambers of Commerce shows. More than a third of businesses want the UK to stay in the EU single market and customs union, according to the poll of 2,400 firms published on Monday. Almost 30 ...

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Carillion plunges as profit misses goal, dividend suspended

Bloomberg Carillion Plc plunged the most on record after the British construction company said first-half profit will be lower than expected, dividend payments will be suspended and the chief executive officer has stepped down. Cash flow from some projects has deteriorated, and the board will review all of the company’s major contracts with the help of KPMG, Carillion said in ...

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RTA, DSOA join hands to enhance smart mobility

DUBAI / WAM In unison with the Smart Dubai vision, a smart mobility concept has been launched in the emirate to dedicate routes for the movem-ent of smart vehicles at Dubai Silicon Oasis. The initiative is the brainchild of the Roads and Transport Authority (RTA), and Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), the ...

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SEHA forms team to implement AI in Abu Dhabi hospitals

ABU DHABI / WAM Abu Dhabi Health Services Company (SEHA) announced the formation of a specialised committee for artificial intelligence (AI), which will work to implement the technology and its applications in medical and operational development. Artificial intelligence is a branch of information technology that refers to the ability of machines to simulate the human mind and perform tasks in ...

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Mosul liberated as IS faces total rout in Iraq

Bloomberg Iraqi Prime Minister Haider al-Abadi arrived in Mosul to declare it liberated from IS, three years after the city’s abrupt fall to the extremists alerted the world to the group’s growing strength, territorial ambitions and barbarity. Al-Abadi congratulated the Iraqi people and fighters on a “great victory” after the last pockets under IS control were retaken, according to a ...

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