Petrofac wins $1.65bn deals for Abu Dhabi's Dalma gas project

Petrofac Emirates has been awarded two contracts, together worth around $1.65 billion, from Abu Dhabi National Oil Company (ADNOC). The engineering, procurement, construction, transportation, offshore installation and commissioning contracts are for ADNOC’s Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah ...

Wells Fargo reaches $3bn fake accounts settlement

Wells Fargo, a major US bank, has agreed to pay $3bn (£2.3bn) to resolve a government investigation into its sales practices, including opening millions of fake customer accounts. The bank admitted it had wrongly collected millions of dollars in fees, misused customer information and harmed the credit rating of customers. The settlement comes a...

Richard Branson unveils his luxury, adults-only cruise ship

Richard Branson unveiled the 'Scarlet Lady', a 60,000 tonne cruise liner complete with a tattoo studio and yoga deck aimed at drawing in a younger generation of holiday-makers. Despite the unfortunate timing, with passengers on one ship quarantined after hundreds caught the coronavirus and another turned away by five countries over fears someone...

New Samsung Galaxy Z Flip sells out in a day in UAE

Samsung’s new foldable flagship phone completely sold out in the UAE in the first day. The Samsung Galaxy Z Flip, with a starting price of AED 5,499, went on sale on Friday but flew off the shelves before the day was out. The smartphone flips open, like a case, openi...

Dubai banking major, Dubizzle aim to simplify used car buying

Emirates NBD, Dubai's biggest bank, has launched Autoswap, a first-of-its-kind auto loan buyout product that provides a hassle-free financing solution for individuals seeking to buy used cars. Launched in partnership with Dubizzle, the classifieds platform in the UAE, ...

Warren Buffett adds Kroger to his investing shopping cart

Warren Buffett's Berkshire Hathaway disclosed a new stake in Kroger after the closing bell Friday. Shares of the nation's largest supermarket surged 6% on the news. Berkshire Hathaway (BRKB) bought nearly 19 million shares in Kroger (KR) during the fourth quarter, a purchase that makes Berkshire one of the 10 largest holders of the company's sto...

Intuit Nears Deal to Buy Credit Karma for $7 Billion: WSJ

The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak. The International Air Transport Authority (IATA) warned on Thursday that the virus' impact on demand could cost ...

RBS Group to change its name to NatWest

Royal Bank of Scotland (RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits. The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group. The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before. ...

Global air traffic could fall this year for the first time in a decade because of the coronavirus

The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak. The International Air Transport Authority (IATA) warned on Thursday that the virus' impact on demand could cost ...

Abu Dhabi's ADIO invests $16.3m in start-ups, fund managers

The Abu Dhabi Investment Office (ADIO) has announced AED60 million ($16.3 million) of investment in a batch of start-ups and fund managers applying to its Ventures Fund. The recipients - Securrency, TruKKer, Sarwa, YACOB and Okadoc - are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO said it h...

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