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Bloomberg Puma SE’s chief executive officer put a brave face on the coronavirus crisis in China, forecasting a 10% gain in revenue this year. “Long-term, this will not have an impact on our industry and our brand,” CEO Bjorn Gulden told journalists. “Can we reach the guidance or not? We will do everything we can.” Puma shares surged as much ...

Bloomberg Forever 21 Inc’s new owners plan to keep most of the fast-fashion chain’s US stores open under a new chief executive officer in the coming weeks when it emerges from bankruptcy. Owners Authentic Brands Group (ABG), Simon Property Group Inc and Brookfield Property Partners LP are talking with other landlords about keeping as many of its 448 US stores ...

Bloomberg L Brands is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing apparel chain a chance to rehabilitate its image and sales outside the glare of public markets. Under the deal, Sycamore Partners will buy 55% in the chain and take it private, leaving L Brands with a minority stake. L Brands’ billionaire founder Leslie ...

DUBAI / WAM Hailing the dawn of a decade defined by innovation in the maritime sector, the 28th Dubai International Boat Show will drop anchor at its new 1,100-berth Dubai Harbour home from March 10-14, buoyed by a striking display of superyachts, future-focused maritime equipment and an extensive range of leisure and aquatic activities. Running under the theme ‘Loving What’s ...

FUJAIRAH / WAM Refined product inventories at the Middle Eastern hub of Fujairah edged up 0.7 percent in the week to Monday, led by a nine percent jump in stocks of heavy residues, according to data obtained exclusively by S&P Global Platts from the Fujairah Oil Industry Zone at the Port of Fujairah. Oil products stocks totalled 22.956 million barrels ...

SHARJAH / WAM The UAE-Russian Business Forum held in Sharjah and organised by the Sharjah Economic Development Department (SEDD), in cooperation with the Ministry of Energy and Industry, discussed ways to enhance the strategic partnership between the two countries and focused on the importance of benefiting from the economic, commercial and large investment elements of both sides. It was also ...

DUBAI / WAM The UAE Food Security Office launched the open “Food Research Platform” – the first-of-its-kind in the region – with the new portal now accessible on the official website of the office, aimed at creating a knowledge database for all scientific and practical research carried out in the UAE in the field of food security. The launch coincides ...

Athens / WAM The United Arab Emirates and Greece are forging new pathways to bolster ties between the two countries, following a high-level UAE delegation visit, led by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State. Prime Minister Kyriakos Mitsotakis of Greece received Dr. Al Jaber and his accompanying delegation, as part of their official visit to the ...

AL DHAFRA / WAM Nawah Energy Company commenced loading the first nuclear fuel assemblies at Unit 1 of Barakah Nuclear Energy Plant as the initial step in process towards safely and gradually commencing operations and subsequent generation of clean electricity. The move follows the company receiving the operating licence for Unit 1 from the Federal Authority for Nuclear Regulation (FANR). ...

ABU DHABI / WAM The Abu Dhabi Government announced on Wednesday its intention to procure approximately AED10 billion ($2.72 billion) of infrastructure projects this year under its public-private partnership (PPP), model in a range of sectors across the emirate. The tenders are part of an initiative dedicated to PPPs by the Ghadan 21 accelerator programme, which focuses on economy, knowledge and ...