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Saturday, 7 October 2017

Dubai Ruler’s Court settles case involving Dh23 million | GulfNews.com

Dubai Ruler’s Court settles case involving Dh23 million | GulfNews.com:

"The Dubai Ruler’s Court settled a case filed by a businessman against his partner for breach of trust and misappropriation of funds exceeding Dh23 million. Hashem Salem Al Qiwani, director of the Disputes Settlement Department of the Dubai Ruler’s Court, said the businessman does not permanently reside in the UAE, and is linked to his business partner through a separate contract between them. The partner’s name is not mentioned in the commercial licence, the company’s establishment contract or any of its accounts. The claimant had met the defendant, who is an old friend, in 2003 during a visit to Dubai. They agreed to set up an engineering company, and signed a contract that states that the partner with the capital, the claimant, would receive 80 per cent of the company’s gross profit, while his partner, the defendant, would receive 20 per cent for managing the company."



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Vinci's acquisitive energy arm hunts more targets in Europe

Vinci's acquisitive energy arm hunts more targets in Europe:

"French energy infrastructure and automation company Vinci Energies’ apparently insatiable appetite for takeovers remains undiminished as it strives for leadership of the highly fragmented outsourcing industry. Vinci Energies, part of construction and transport concessions giant Vinci (SGEF.PA), has completed 250 takeovers since 2000, more than tripling its turnover to 10.2 billion euros ($11.9 billion). “We can very well continue on this trend,” Chief Executive Yves Meignie told Reuters."



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Oil’s Stint Above $50 Ends - Bloomberg

Oil’s Stint Above $50 Ends - Bloomberg:

"Was $50 a barrel for oil just a passing fancy?

West Texas Intermediate, the U.S. benchmark, skyrocketed above $52 a barrel at the end of September, teasing investors. But the rally didn’t last long. After hedge funds sliced their net-long position on WTI and pulled back from record bets on rising Brent prices, oil had slipped as low as $49.10 on Friday.

“We just rallied too far, too fast,” said Clayton Rogers, an energy derivative broker at SCS Commodities Corp. in Jersey City. “I think it was just time for a correction.”"



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