Marriott Hotels fined £18.4m for data breach that hit millions

The UK's data privacy watchdog has fined the Marriott Hotels chain £18.4m for a major data breach that may have affected up to 339 million guests. The Information Commissioner's Office (ICO) said names, contact information, and passport details may all have been compromised in a cyber-attack. The breach included seven million guest records for ...

Dubai-based Gateway Partners takes 40% stake in Tim Hortons' Gulf franchise

Dubai-based private equity firm Gateway Partners has acquired a 40 percent stake in the Gulf franchise of coffee and breakfast chain Tim Hortons in a deal reported to be worth $50 million, according to reports. The franchise is owned and operated by Dubai fashion and lifestyle retail conglomerate Apparel Group. Arabian Business has contacted Gat...

UAE’s ADCB posts Q3 2020 net profit of Dhs 1.3bn; down 3% y- on- y

Abu Dhabi Commercial Bank (ADCB) reported Q3 2020 net profits of Dhs1.366bn, which were 3 per cent lower year-on-year, although it was up 11 per cent quarter-on-quarter. It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year. Operating income in...

Debenhams strikes deals to rescue most stores

Debenhams says it has struck deals with landlords to keep most of its 142 stores open after it fell into administration last week. It has agreed terms on 120 branches and is in "advanced" talks on the remainder of its estate, it added. But seven stores will not reopen when the government lifts coronavirus restrictions on non-essential shops. How...

Einhorn Makes 7.7% in October After Adding to ‘Bubble’ Basket

David Einkorn’s Greenlight Capital hedge funds rose 7.7% in October -- his best monthly performance all year -- after the value investor added to his short wagers. Greenlight’s October return pared this year’s losses to 9.6%, according to an investor update viewed by Bloomberg. It was Einhorn’s fourth straight positive month. “We are n...

Dubai's Shuaa Capital announces $12.8m annual net profit

Dubai-based Shuaa Capital has revealed a net profit of AED47 million ($12.8m) in its annual results. The company, which was created by the merger of Shuaa Capital and Abu Dhabi Financial Group (ADFG) last year, held its first general meeting virtually where it reported an EBITDA of AED186m ($50.6m), including merger costs. Jassim Alseddiqi, chie...

How Indian giant Tata aims to shake up the UAE jewellery market

Tata firm Tanishq plans to launch an exclusive 'UAE-inspired' design collection to woo Emirati customers. The $8.4 billion gems and gold jewellery market in the UAE, already bursting with Indian retail chains, is about to see the entry of Tanishq, a retail unit of Indian conglomerate Tata Group. Tanishq, making its foray into the international m...

U.K. Extends Virus Job-Retention Program to Avert Mass Firings

U.K. Chancellor of the Exchequer Rishi Sunak extended a government program that pays most of the wages of employees furloughed because of the coronavirus, averting potentially thousands of job losses. The three-month Coronavirus Job Retention Scheme will now run until June 30, Sunak said in an e-mailed statement on Friday. The extra month could ...

Pizza Express cuts 1,300 more jobs amid Corvid crisis

Pizza Express will cut 1,300 more jobs across its 370 UK restaurants after sales dipped amid more coronavirus cases and restrictions. The losses come weeks after the firm said it would cut 1,100 jobs and close 73 restaurants. No further restaurants will close, it says, with this volley of losses split across the remaining sites. City centres are...

Green’s retail empire could close over 100 stores

Sir Philip Green's Arcadia group is serving notice on landlords to walk away from more than 100 stores by the end of the summer. The fashion group owns brands such as Topshop and Dorothy Perkins and has 550 stores across the UK, but all are shut due to coronavirus restrictions. Arcadia was struggling before the pandemic. In 2019 it did a deal to...

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