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Wednesday, 2 December 2015
Construction consultancy Sweett Group to pull out of the Middle East | The National
Construction consultancy Sweett Group to pull out of the Middle East | The National:
"The construction consultancy Sweett Group has announced that it is pulling out of the Middle East market after admitting to a bribery offence that was committed in the region.
The company, which employs 90 staff at offices in Dubai, Abu Dhabi, Muscat and Riyadh, said in a statement to the London Stock Exchange that it “has decided to exit the region and is reviewing its options”. It did not indicate whether this would be by way of a sale of the business or its closure, stating only that it would “provide a further update in due course”.
It blamed challenging trading conditions and a falling order book for the withdrawal."
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"The construction consultancy Sweett Group has announced that it is pulling out of the Middle East market after admitting to a bribery offence that was committed in the region.
The company, which employs 90 staff at offices in Dubai, Abu Dhabi, Muscat and Riyadh, said in a statement to the London Stock Exchange that it “has decided to exit the region and is reviewing its options”. It did not indicate whether this would be by way of a sale of the business or its closure, stating only that it would “provide a further update in due course”.
It blamed challenging trading conditions and a falling order book for the withdrawal."
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Sweett Group Admits Bribery Offense in Win for U.K. Prosecutor - Bloomberg Business
Sweett Group Admits Bribery Offense in Win for U.K. Prosecutor - Bloomberg Business:
"Sweett Group Plc is set to become the first company to plead guilty under new U.K. bribery laws after admitting to an offense related to contracts in the Middle East.
The U.K. construction company will appear in court to be charged in the coming weeks, the Serious Fraud Office said Wednesday. The conduct relates to two contracts entered into in 2013, Sweett Group said in a statement.
The development is a major milestone for the SFO, which has faced criticism for not securing any company convictions after the U.K. overhauled its bribery laws in 2011. The laws saw all major businesses invest millions of pounds on compliance procedures out of fear there would be a swathe of prosecutions that never emerged."
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"Sweett Group Plc is set to become the first company to plead guilty under new U.K. bribery laws after admitting to an offense related to contracts in the Middle East.
The U.K. construction company will appear in court to be charged in the coming weeks, the Serious Fraud Office said Wednesday. The conduct relates to two contracts entered into in 2013, Sweett Group said in a statement.
The development is a major milestone for the SFO, which has faced criticism for not securing any company convictions after the U.K. overhauled its bribery laws in 2011. The laws saw all major businesses invest millions of pounds on compliance procedures out of fear there would be a swathe of prosecutions that never emerged."
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Malaysia Air Seals 90-City Emirates Deal, Drops Paris, Amsterdam - Bloomberg Business
Malaysia Air Seals 90-City Emirates Deal, Drops Paris, Amsterdam - Bloomberg Business:
"Malaysian Airlines agreed a mammoth code-share deal with Dubai-based Emirates, the world’s biggest international carrier, allowing it to sell tickets to more long-haul destinations while scrapping unprofitable routes.
The accord covers more than 90 locations in the U.S., Europe, the Middle East and Africa served via Emirates’s Gulf hub, according to the airline, which will sever 10 code-share agreements with existing partners and drop its own direct flights to Paris and Amsterdam next year.
The deal gives the Malaysian carrier access to Europe without incurring “monumental losses,” Chief Executive Officer Christoph Mueller said in a phone interview Wednesday. Mueller, who took over in March, has already trimmed capacity by 30 percent and cut thousands of jobs as he seeks to revive a company racking up losses even before two high-profile crashes in 2014."
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"Malaysian Airlines agreed a mammoth code-share deal with Dubai-based Emirates, the world’s biggest international carrier, allowing it to sell tickets to more long-haul destinations while scrapping unprofitable routes.
The accord covers more than 90 locations in the U.S., Europe, the Middle East and Africa served via Emirates’s Gulf hub, according to the airline, which will sever 10 code-share agreements with existing partners and drop its own direct flights to Paris and Amsterdam next year.
The deal gives the Malaysian carrier access to Europe without incurring “monumental losses,” Chief Executive Officer Christoph Mueller said in a phone interview Wednesday. Mueller, who took over in March, has already trimmed capacity by 30 percent and cut thousands of jobs as he seeks to revive a company racking up losses even before two high-profile crashes in 2014."
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MIDEAST STOCKS-Egypt jumps on FX payment to foreigners; Gulf sluggish | Reuters
MIDEAST STOCKS-Egypt jumps on FX payment to foreigners; Gulf sluggish | Reuters:
"Egyptian stocks rose sharply on Wednesday after the central bank sought to reassure markets by providing hard currency to foreign investors. Saudi Arabia's bourse climbed but other Gulf markets moved little.
The Egyptian index jumped 3.5 percent to 6,650 points, rising above its end-November high, which triggered a minor double bottom that confirmed it has established at least a short-term floor. As it closed, it was testing minor chart resistance on the late November peak of 6,642 points.
The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog."
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"Egyptian stocks rose sharply on Wednesday after the central bank sought to reassure markets by providing hard currency to foreign investors. Saudi Arabia's bourse climbed but other Gulf markets moved little.
The Egyptian index jumped 3.5 percent to 6,650 points, rising above its end-November high, which triggered a minor double bottom that confirmed it has established at least a short-term floor. As it closed, it was testing minor chart resistance on the late November peak of 6,642 points.
The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog."
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MIDEAST STOCKS-Egypt rises on FX payment to foreigners; Gulf mixed | Reuters
MIDEAST STOCKS-Egypt rises on FX payment to foreigners; Gulf mixed | Reuters:
"Egypt's bourse rose in early trade on Wednesday after the Egyptian central bank sought to reassure markets by repaying hard currency to foreign portfolio investors, while the Gulf was mixed.
The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog.
This was taken by some investors as a positive sign that the central bank, under its new governor Tarek Amer, was addressing the foreign exchange problem more aggressively."
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"Egypt's bourse rose in early trade on Wednesday after the Egyptian central bank sought to reassure markets by repaying hard currency to foreign portfolio investors, while the Gulf was mixed.
The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog.
This was taken by some investors as a positive sign that the central bank, under its new governor Tarek Amer, was addressing the foreign exchange problem more aggressively."
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Dubai’s Depa to cut jobs as it seeks to trim costs | The National
Dubai’s Depa to cut jobs as it seeks to trim costs | The National:
"Dubai’s Depa will cut jobs as it embarks on a restructuring after posting a loss for the third quarter. The fit-out contractor lost Dh22 million in the June to September period compared with a profit of Dh19m a year earlier. Third-quarter revenue also declined by 32 per cent year-on-year to Dh347m.
“Times are tough,” said Umar Saleem, the chief financial officer. “We are consolidating all of our contracting operations in the Middle East under our flagship company, Depa Interiors.”
He said the company had previously decentralised operations by building teams of estimators, designers and project managers in markets such as Saudi Arabia, Qatar and Abu Dhabi, but these will now be scaled back. This work will be carried out from Dubai with a skeleton staff maintained in each market."
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"Dubai’s Depa will cut jobs as it embarks on a restructuring after posting a loss for the third quarter. The fit-out contractor lost Dh22 million in the June to September period compared with a profit of Dh19m a year earlier. Third-quarter revenue also declined by 32 per cent year-on-year to Dh347m.
“Times are tough,” said Umar Saleem, the chief financial officer. “We are consolidating all of our contracting operations in the Middle East under our flagship company, Depa Interiors.”
He said the company had previously decentralised operations by building teams of estimators, designers and project managers in markets such as Saudi Arabia, Qatar and Abu Dhabi, but these will now be scaled back. This work will be carried out from Dubai with a skeleton staff maintained in each market."
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Middle East Economies and the Impact of Cheap Oil - Bloomberg Business
Middle East Economies and the Impact of Cheap Oil - Bloomberg Business:
"
Marios Maratheftis, chief economist at Standard Chartered Bank, discusses economic conditions in the Middle East, the impact of lower oil prices through the region and his outlook for U.S. economic growth and a rate hike path from the Federal Reserve. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
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"
Marios Maratheftis, chief economist at Standard Chartered Bank, discusses economic conditions in the Middle East, the impact of lower oil prices through the region and his outlook for U.S. economic growth and a rate hike path from the Federal Reserve. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
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What Is China's Interest in Middle East Investment? - Bloomberg Business
What Is China's Interest in Middle East Investment? - Bloomberg Business:
"Marios Maratheftis, chief economist at Standard Chartered Bank, talks about China's interest in continued investment in the Middle East. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
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"Marios Maratheftis, chief economist at Standard Chartered Bank, talks about China's interest in continued investment in the Middle East. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
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