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DUBAI / Emirates Business Galadari Advocates & Legal Consultants announced the appointment of Franco Grilli Cicilioni as a partner based in the firm’s Dubai Inter national Financial Centre (DIFC) office. With over 25 years of exp- erience, Franco bolsters the firm’s Finance and Corporate departments, having advised on a number of financial deals including capital mark- ets, structured finance, asset ...

­­­­­­­­­­­Bloomberg Ireland warned it won’t be used as a pawn in wider negotiations on the terms of the UK’s departure from the European Union, as it called Britain’s plans to avoid border checks after Brexit a “step forward.” Envoys need to show “flexibility and imagination” to devise post-Brexit arrangements on the island of Ireland that preserve free movement of people ...

Bloomberg AP Moller-Maersk A/S said a cyberattack that hit the owner of the world’s biggest container shipping company at the end of June will wipe as much as $300 million off profits in the third quarter. The announcement was made in connection with second-quarter earnings, which showed Maersk missed analyst estimates after taking a writedown at the tankers unit that’s ...

Bloomberg Software giant SAP SE raised its annual revenue outlook and said it would buy back up to a half billion dollars in stock after reporting a better-than-expected jump in sales, lifted by a revamped version of its flagship software. The German maker of applications that run businesses’ finances, manufacturing and personnel is projecting sales of 23.3 billion euros to ...

Bloomberg PricewaterhouseCoopers LLP was fined $6.6 million for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the UK accounting regulator. The Financial Reporting Council announced the fine Wednesday, along with penalties against Nicholas Boden, a senior PwC audit partner. The misconduct related to an audit of RSM Tenon’s accounts for the year ended ...

Bloomberg Italy’s economic recovery extended for a tenth straight quarter, boosting optimism that growth can become sustainable this year amid a rise in industrial production. Gross domestic product expanded 0.4 percent in the three months through June, the same as in the first quarter, Rome-based statistics agency Istat said in a preliminary report on Wednesday. That matched the median of ...

Bloomberg Volvo AB’s second-quarter operating profit rise 39 percent, buoyed by resilient European demand for trucks and a production cut in the US to adjust for an expected slowdown, while construction-equipment earnings rebounded from a year-earlier provision. Earnings adjusted for one-time items rose to $1.03 billion from 6.13 billion kronor a year earlier, the Gothenburg-based manufacturer said on Wednesday in ...

DUBAI / Reuters OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has ...

BENGHAZI / Reuters Production at Libya’s Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday. Field employees had difficulty accessing some of the field’s facilities after cars and mobile phones were stolen, said the engineer, who did not ...

Bloomberg When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring, already nine months later than originally expected. Yet ...