Deutsche Bank Q4 hit by restructuring charges

Updated 16 December 2012
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Deutsche Bank Q4 hit by restructuring charges

FRANKFURT: Deutsche Bank, Germany’s biggest lender, has warned that its fourth-quarter earnings will take a big hit from restructuring costs.
The reporting period from October to December was “so far characterised by a continued difficult macroeconomic environment with low volatility and by the usual seasonal slowdown,” Deutsche Bank said in a statement.
“Despite this environment, we have achieved solid operational results in October and November across all our core businesses,” it said.
“However, our fourth-quarter results will include a number of one-off items,” it cautioned, citing its cost-cutting program and the cost of integrating its Postbank unit, as well as negative impacts from portfolio adjustments and writedowns. “Our year-end closing activities including impairment reviews and the review of provisioning levels, are still ongoing.
“However, we currently expect these specific items to have a significant negative impact on earnings in the fourth quarter,” Deutsche Bank wrote.
The bank said it had also completed its plans to place 122 billion euros ($ 160 billion) worth of non-core assets into a separate “non-core operations unit or NCOU,” which became operational in November.
Deutsche Bank also reiterated its goal to achieve a so-called Core Tier 1 ratio — a gauge of its financial strength — of “at least 8.0 percent by the end of the first quarter of 2013.”
The profit warning hit Deutsche Bank shares, which were the biggest losers on the Frankfurt stock exchange, showing a loss of 2.74 percent in a stable to slightly softer market.


Al-Futtaim ACE hosts Eid celebration

Updated 18 June 2018
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Al-Futtaim ACE hosts Eid celebration

Al-Futtaim ACE in Dubai celebrated Eid with 25-75 percent off its 25,000 product lines available both in-store and online. Customers enjoyed exciting deals on a range of home, DIY, outdoor and garden products as well as on electronic goods.
A number of in-store activities, such as a henna artist, balloons, cotton candy, pop corn and face painting for kids, kept everyone entertained. The Al-Futtaim ACE Eid Extravaganza ran from June 14-17.
Customers also took advantage of the recently launched “Price Match Protection,” which matches prices of branded products available at Al-Futtaim ACE to prices for the exact same make, model and specifications of products in the market, including at online retailers.
Al-Futtaim ACE stores offer over 33,000 great products of world-class brands such as WILKO, Karcher, Black & Decker, Makita, Clark + Kensington, Weber, Gardena and Leisuregrow.