Drake & Scull International’s chairman resigns

Dubai: The chairman of Drake & Scull International, the financially troubled engineering firm, has resigned. Obaid Bin Touq put in his papers along with another board member, Khamis Buamim, DSI said in a statement on Dubai Financial Market. This leaves the company without a chairman, a group CEO and chief financial officer within a matter […]

UAE to lift travel ban on Lebanon soon, report says

Abu Dhabi: The UAE will lift a years-long travel ban on Lebanon, a move that could revive the embattled country’s vital tourism sector. Visiting UAE Ambassador to Lebanon Hamad Al Shamsi said the ban would end soon, according to Lebanon’s state-run National News Agency. Al Shamsi, who met with Foreign Minister Gebran Bassil, said a […]

Porsche fined 535 million euros over diesel cheating: German prosecutors

German sports car maker and Volkswagen subsidiary Porsche will pay a 535-million-euro ($598 million; Dh2 billion) fine over diesel vehicles that emitted more harmful pollutants than allowed, Stuttgart prosecutors said Tuesday. “The Stuttgart prosecutor’s office has levied a 535-million-euro fine against Porsche AG for negligence in quality control,” the investigators said, adding that the carmaker […]