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Business United Arab Emirates

  • PARIS, Feb 14- France honored the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry's biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50...

  • PARIS, Feb 14- France honoured the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry's biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50...

  • PARIS, Feb 14- France honoured the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry's biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50...

  • DUBAI, United Arab Emirates— The developer of the world's tallest building says its profit rose to $1.43 billion last year as it saw a boost in property sales and opened a new opera house in its Dubai home. It also developed the massive nearby Dubai Mall and the Dubai Opera, which opened last year. It said last week that it would collect $332.4 million from its insurer...

  • ABU DHABI, Feb 14- Abu Dhabi Islamic Bank saw profits fall in the fourth quarter while peer Union National Bank reported a surge in revenues on Tuesday, rounding up a mixed results season for Abu Dhabi lenders. "Nonetheless, we continue to forecast modest customer financing growth in the UAE and an increase in provisions in the UAE retail banking," he said.

  • DUBAI, Feb 14- Dubai's Road& Transport Authority said on Tuesday it has agreed to buy 200 electric vehicles from Tesla Inc, a day after the carmaker announced it would open its first Middle East office in Dubai. Tesla Founder Elon Musk and RTA Chairman Mattar Al Tayer signed the agreement to buy the cars on the sidelines of a summit in Dubai, the statement said.

  • DUBAI, Feb 14- Dubai- based building company Drake& Scull announced a turnaround and capital restructuring plan on Tuesday as it reported another quarterly loss, the latest sign of how a slowdown in the Gulf's construction industry is hurting contractors. As part of its capital restructuring plan, DSI said it was considering proposing a rights issue of 500...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • *Germany backs Greece, wants it to remain in euro zone. BRUSSELS/ BERLIN, Feb 13- Germany on Monday voiced support for Greece to stay in the euro zone and the European Commission dispatched a senior official to Athens to persuade it to take on further reforms to salvage its bailout accord. The moves came as the European Commission forecast a large jump in economic...

  • *Germany backs Greece, wants it to remain in euro zone. BRUSSELS/ BERLIN, Feb 13- Germany on Monday backed Greece to stay in the euro zone and the European Commission dispatched a senior official to Athens to persuade it to take on further reforms to salvage its bailout accord. The moves came as the European Commission forecast a large jump in economic growth for...

  • DUBAI, Feb 13- The International Monetary Fund is doing the best it can to agree on bailout loans for Greece but cannot compromise its principles and cut a sweetheart deal for the country, IMF Managing Director Christine Lagarde said on Monday. Greece, the IMF and official European creditors are locked in a review of the country's bailout programme and need an...

  • DUBAI, Feb 13- Tesla Inc has started selling its luxury electric cars in Dubai, marking its first foray into the Middle East. Founder Elon Musk said on Monday that Tesla will open a store and service centre in Abu Dhabi in 2018 and plans to expand to Bahrain, Oman and Saudi Arabia. Outside the U.S., Tesla's website says it is in Mexico, Canada, Europe, Australia, China, Hong...

  • DUBAI, United Arab Emirates— Up, up and away: Dubai hopes to have a passenger-carrying drone regularly buzzing through the skyline of this futuristic city-state in July. Mattar al-Tayer, the head of Dubai's Roads& Transportation Agency, made the announcement on Monday at the World Government Summit. In May, authorities in Nevada announced they would partner with...

  • Tesla Model X and Model S in Dubai.

    Electric car maker Tesla expands into oil-rich United Arab Emirates.

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • DUBAI, United Arab Emirates— The head of the International Monetary Fund said Sunday that U.S. Asked how the world missed Trump's rise and the United Kingdom's vote to leave the European Union, Lagarde described a creeping, "insidious" push toward anti-globalization and protectionist thought. Lagarde cautiously sidestepped questions on her thoughts about...

  • *UAE will minimize exemptions, some sectors may get relief. DUBAI, Feb 12- Policy makers in the six-nation Gulf Cooperation Council are aiming to introduce a 5 percent value-added tax at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates finance official said on Sunday. However, Younis al-Khouri,...