Al-Futtaim Launches Toyota Aurion V6
Arab News
DUBAI, 7 December 2006 — Al-Futtaim Motors launched the latest Toyota Aurion V6 at a ceremony held at their new Toyota Showroom in Dubai Festival City. Joining representatives of the UAE’s Media at the launch was Yasuyuki Kawamoto, the chief engineer from the Toyota Development Center in Japan who led the team responsible for the development of the Aurion V6. Speaking at the launch, Tony Barlow, the general manager of sales & marketing at Al-Futtaim Motors said, “Derived from a fusion of ancient Latin and Greek, Aurion means “First Light” and we are very pleased to bring this exceptional new sedan to the UAE’s motorists, and provide them with even more choice within our market-leading Toyota range.”
GMG Gets DFSA License
Arab News
DUBAI — Gulf Merchant Group Limited (GMG), a new investment banking and asset management firm to the region, has been licensed by the Dubai Financial Services Authority (DFSA) to operate as an authorized firm within the Dubai International Financial Center (DIFC). The group will provide international standard investment banking services that target family-held business groups and High Net Worth Individuals (HNWIs) within the MENA region. Nabil Maaloul, CEO of GMG said: “We are delighted to establish operations in the DIFC. This financial hub will undoubtedly provide us with an excellent environment to deliver our unique proposition to our target segments — the family-held business and HNWIs.”
DTCM Announces Hotel Awards
Arab News
DUBAI — The Dubai Department of Tourism and Commerce Marketing (DTCM) has announced the Best Decorated Hotel Awards it conducted as part of the 35th UAE National Day celebrations. The first prize was bagged by Avari Dubai Hotel, while Bab Al-Shams Desert Resort and Spa and Grand Hyatt Dubai were adjudged for the second and third positions, respectively. A total of eight hotels including Grand Hyatt Dubai, Hawthorn Hotel Deira, Hilton Jumeirah, Grosvenor House, Sheraton Deira and Le Meridien Resort and Spa participated in the competition.
Arcelor Mittal to Sell Thueringen
Associated Press
BRUSSELS — Arcelor Mittal said yesterday it will sell German steel company Stahlwerkl Thueringen GmbH to Spain’s Grupo Alfonso Gallardo as part of its commitment to soothe EU antitrust worries in the wake of a merger that will create the world’s largest steel company. The company said it expected 2006 pretax earnings before interest, tax, depreciation and amortization to stand between $15.1 billion (11.33 billion euros) and $15.4 billion (11.55 billion euros). Mittal Steel NV is in the process of completing its $33.4 billion (25.1 billion euros) acquisition of Arcelor SA.
3 Asian States to Begin Trade Talks
Mari Yamaguchi
Associated Press
TOKYO — Japan, China and South Korea are now ready to start full fledged talks toward three-way pact aimed at expanding investment by reducing barriers among the three Asian neighbors, a Japanese Foreign Ministry official said yesterday. The prospect follows several rounds of working-level discussions since 2005, pending an official decision expected next week when the leaders of the three countries have a three-way meeting on the sidelines of the East Asia summit in the Philippines, ministry official Jiro Takamoto said.
Audi Names Stadler as Chief Executive
Agence France Presse
FRANKFURT — Audi, the luxury car arm of Europe’s biggest car maker Volkswagen, said yesterday that its financial chief Rupert Stadler will take over as Audi’s chief executive to replace Martin Winterkorn who has been appointed VW’s new chairman. “At its meeting today, the supervisory board has appointed Rupert Stadler as management board chairman with effect from Jan. 1,” Audi said in a statement.