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Bloomberg Swiss watch exports rose at the fastest monthly pace in more than four years in October, helped by an easy comparison with last year and fuelled by Asian demand for higher-priced timepieces. Shipments increased 9.3 percent to 1.85 billion francs ($1.9 billion) in October, the sixth consecutive monthly increase, the Federation of the Swiss Watch Industry said on Tuesday. ...

Reuters EgyptAir will swing to a profit this year, buoyed by an increase in passengers and cost cutting, the chairman of the state-owned airline’s holding company said. EgyptAir has struggled to rebound from the 2008 global financial crisis and two revolutions that have hobbled Egypt’s economy since. “This year the company will transfer from a loss,” EgyptAir Holding Chairman Safwat ...

Bloomberg After years of watching shoppers flit from store to store in search of the biggest deals, US retailers are hoping their attempts at building some loyalty will finally pay off this holiday season. Chains have aggressively rolled out rewards programmes in recent years, and there are signs that the efforts are beginning to get results. Hollister’s stunning 8 percent ...

ABU DHABI / Reuters Abu Dhabi National Oil Company (ADNOC) has embarked on a major shake-up plan to priv- atise its services businesses, venture into oil trading and expa- nd partnerships with strategic investors, its chief executive said on Monday. The partial privatisation plan marks a major shift by the state energy company that was founded in 1971. It aims ...

ABU DHABI / WAM The Central Bank’s gross bank assets, including bankers’ acceptances amounted to around AED2.639 trillion during the month of October against AED2.643 trillion that was recorded in September. According to the CB statistics released on Monday, gross credit increased to as much as AED 1.584 trillion during October, two percent up from AED1.58 trillion in September. The ...

Abu Dhabi / Emirates Business The easing of key economic and political risks and the emergence of positive macroeconomic deal drivers will accelerate global deal activity in 2018, reveals the third edition of the Global Transactions Forecast issued by Baker McKenzie. Baker McKenzie’s global head of M&A, Michael DeFranco, said, “2017 played out as we predicted and there have been ...

DUBAI / WAM HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum inaugurated on Monday the new “Marinas” at the Mina Rashid Marina, which will harbour 5,000 yachts and boats and will accommodate 20,000 in the next few years. It is expected to be a new world-class touristic maritime and entertainment attraction. The project, carried out by P&O, part of ...

ABU DHABI / Emirates Business Brazil’s total exports rose 19.85 percent from $153.07 billion in 2016 to $183.46 billion from January to October 2017, according to the Arab-Brazilian Chamber of Commerce (ABCC). Of this total, 6.23 percent corresponded to Arab countries, which together accounted for $11.43 billion to surpass the previous year’s $9.34 billion by 22.31 percent. The hike in ...

DUBAI / WAM The Ministry of Finance (MoF) organised a workshop titled ‘Practical Application for the Avoidance of Double Taxation Agreements’, in cooperation with Organisation for Economic Cooperation and Development (OECD). The workshop was held in the presence of Yousuf Mohammed bin Hajar, Deputy Director of International Financial Relations Department at MoF, and more than 60 representatives from the MENA ...

Dubai / WAM Nasdaq Dubai will add Emaar Development to its futures market as soon as the company lists its shares on Dubai Financial Market (DFM), following its initial public offering, IPO. The listing is expected to take place on November 22. Investors will be able to trade futures on Emaar Development in order to take a position on the ...