• 30 May 2018 11:20 AM | Anonymous member (Administrator)

    Financial Results Highlights

    Second Quarter 2018 Compared with Second Quarter 2017:

    • Net income of $1,246 million, unchanged reflecting the restructuring charge in the current quarter; adjusted net income1 of $1,463 million, up 13%
    • EPS2 of $1.86, up 1%; adjusted EPS1,2 of $2.20, up 15%
    • ROE of 12.6%, unchanged; adjusted ROE1 of 14.9%, up from 13.1%
    • Provisions for credit losses (PCL) of $160 million, including a $12 million recovery of credit losses on performing loans3, compared with $251 million in the prior year
    • Common Equity Tier 1 Ratio of 11.3%
    • Dividend increased by $0.03 from the prior quarter to $0.96, up 7% from the prior year

    Year-to-Date 2018 Compared with Year-to-Date 2017:

    • Net income of $2,219 million, down 19%, reflecting the revaluation of our U.S. net deferred tax asset4 and the restructuring charge in the current year and a net gain5in the prior year; adjusted net income1 of $2,885 million, up 2%
    • EPS2,4 of $3.29, down 19%; adjusted EPS1,2 of $4.31, up 3%
    • ROE of 11.0%, compared with 13.8%; adjusted ROE1 of 14.4%, up from 14.2%
    • Provisions for credit losses of $301 million, including a $45 million recovery of credit losses on performing loans3, compared with $418 million

    TORONTO, May 30, 2018 /CNW/ - For the second quarter ended April 30, 2018, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,246 million or $1.86per share on a reported basis, and net income of $1,463 million or $2.20 per share on an adjusted basis.

    "BMO's results this quarter demonstrate strong performance and momentum in our U.S. and Canadian P&C banking and wealth businesses, which drove adjusted earnings per share of $2.20, up 15% from a year ago, and very strong adjusted operating leverage of 3.5%," said Darryl White, Chief Executive Officer, BMO Financial Group.

    "Across the company we're positioning BMO for accelerated growth. Our commercial business is a core strength and is delivering results. Our U.S. segment, which contributed 27% to year-to-date adjusted earnings, is a key differentiator and we'll continue to grow it faster than the rest of the bank. We're transforming how we work and how we compete – unlocking efficiency and creating value for our customers.

    "I am confident that with our team of dedicated employees, and through ongoing investment in our technology and innovation agenda, we will continue to enhance loyalty, increase efficiency and deliver sustainable shareholder value," concluded Mr. White. READ MORE.

    Source: bmo.com

  • 22 May 2018 9:49 AM | Anonymous member (Administrator)

    Forty-five years ago this week, Sheikh Zayed opened the Hilton Abu Dhabi, bringing a new luxury - and smoked salmon - to the city

    Hilton Abu Dhabi and the Corniche as it looked around 1975. Courtesy Alain Saint Hillaire 

    On a sunny afternoon in 1973, a group of people gathered on what had been an empty sandbank just a few years before.

    They were waiting for Sheikh Zayed, who on May 23 was about to open a building that would change Abu Dhabi for ever.

    At around 1.30pm, the late president cut the ribbon on Hilton Abu Dhabi using golden scissors.

    On that day forty-five years ago, the late president toured the function halls, swimming pool and tennis courts along with the manager, Ahmed El Nahas.

    Afterwards, hundreds attended a lavish state lunch at the hotel’s Liwa ballroom, the police band played while a model of the Maqta Bridge was placed on the centre table.

    Built at a cost of Dh38 million, it represented a new era of internationalism for the city.

    Abu Dhabi had hotels before. The Beach Hotel had operated on the site of the modern-day Sheraton Corniche, the Al Ain Palace was open, while Al Ain already had its own Hilton.

    But this was the first five-star brand in the city, redolent of a glamourous era when top hotels where the place to be seen. Abu Dhabi also desperately needed to cater for the surging number of visitors arriving on the back of the oil boom.

    News of the 1973 opening was carried comprehensively in all the newspapers including Al IttihadGulf Mirror and Abu Dhabi News, with Al Ittihad devoting an entire page inside to the opening.

    An advert for Hilton Abu Dhabi that appeared in Gulf Mirror, May 1973.

    Hilton Abu Dhabi had ten floors, about 180 rooms, five function halls, a bowling alley, arcade games, tennis courts, an outdoor pool with air-conditioned cabins and a view of the Arabian Gulf on one side and Al Bateen beach on the other.

    “We drove in cavalcade down a tarmac road through flat desert towards the sea. There was a town there. A new town spreading over the sand. It was Abu Dhabi,” wrote Patricia Holton in her 1991 book, Mother Without a Mask, about the hotel in the 1970s.

    “We drove along the seafront to a new Hilton hotel which stood on lonely splendour at one end of narrow road that would eventually become … the Corniche,” she wrote.

    “The hotel looked like a fort, standing strong and tall in the desert night. Inside its lobby was cool and broad with a few white couches. The space seemed right for the white-robed Arab men and the long, full skirts of the European, Indian and Mediterranean women who dressed in the evening.”

    Hilton Abu Dhabi not only dominated its surroundings, it introduced new foods, higher levels of service and a breakfast buffet of such variety that had never seen been in the city.

    New foods included iceberg lettuce, artichokes, smoked salmon, avocado and foie gras. French food dominated the menus and everything had to be flown in from London once a week.

    Selim El Zyr was Hilton Abu Dhabi’s first food and beverage manager.

    “Smoked salmon – that was a big story,” recalls Mr El Zyr.

    “And the vegetables that are today in every supermarket and back streets of Abu Dhabi were then were a novelty,” says Mr El Zyr, who went on to co-found Rotana.

    A view of Hilton Abu Dhabi taken around 1975. Courtesy Alain Saint-Hilaire

    Of course a night at the Hilton did not come cheap. Mr El Zyr recalls a one-night stay cost then cost about Dh450, which is more expensive than a stay today during Ramadan.

    The day after the official opening a more informal cocktail party was held. Music was laid on by the Toni Rossi Group, who rocked out in safety helmets and overalls on a stage designed like a scaffold underline the epic effort to get the hotel built. In the middle of the ballroom was a huge model of the new Hilton.

    “I must admit to thinking it was a real edible cake, so did a lot of other people,” wrote Janet Godfrey in a lively account of the night for Abu Dhabi News.

    “I was not the only one caught poking a sly finger through a 4th floor window to see if it came out coated with jam and cream."

    In the years that followed, many new hotels sprung up and trends had begun to swing from business to tourism. By 1994, Hilton Abu Dhabi went through a renovation. The bowling alley became Hemingway’s, the Hiltonia beach club opened, while a new wing added sorely-needed rooms. But it also strove to maintain the spirit and sense of home as those early days. Twelve years ago, Hans Schiller used to walk the Corniche and tell his wife that one day he’d become manager there.

    “It’s very seldom that a hotel is 45 years old and still has the spirit. Look at all the modernity around us and people still like to come here,” says Mr Schiller, a German hospitality veteran who has been manager since last August. Many guests come back again and again to celebrate anniversaries and birthdays and for Mr Schiller, it’s like coming home.

    Hilton Abu Dhabi's veteran employees, from left, Samir El Kerwash, Naeem Ahmed and Sulaiman Taha. Victor Besa / The National

    According to the most recent figures Abu Dhabi has at least 169 hotels and in 2017 welcomed more than five million guests. It now boasts a number of five-star hotels run by Jumeirah, St Regis, Ritz-Carlton and Four Seasons. But they all owe a debt to that May 23 day.

    “The impact that it made was tremendous,” recalls Mr El Syr. “For entertainment in the city, it was Hilton. If you wanted to eat a decent meal, you went to Hilton. That was the place to be.”

    Source: The National

  • 17 May 2018 10:21 AM | Anonymous member (Administrator)

    Employment Opportunity for Relationship Manager

    The Canadian Business Council (CBC) Abu Dhabi is a membership based organization. We are one of the most active business councils in Abu Dhabi with a mandate to promote, encourage and facilitate the exchange of business between Canada and the UAE. Our objectives are to create relevant platforms for people to meet and network. For more information about us, kindly go to www.cbcabudhabi.com.

    CBC is looking for a positive, passionate and energetic individual to join their team as Relationship Manager. This role entails to promote CBC Abu Dhabi and engage with current and potential members, sponsors and other stakeholders to ensure they have positive experiences when partnering with the Council.

    The role's work efforts are expected to be at least 70% on membership and sponsorship, with a focus to increase CBC membership and sponsorship. The rest of the time will be spent supporting marketing and communication activities.

    Reporting to : CBC Abu Dhabi Chairman
    Work Location 
    : Abu Dhabi, UAE
    Expected Joining Date
    : As soon as possible, pending finding the right candidate, and no later than 1 August 2018
    Contract period
    : One-year renewable contract (Full time or part time basis)

    Key Responsibilities

    • Assisting and contributing to strategy development and strategic business planning
    • Developing business plans and following through to achieve CBC strategic objectives and performance goals
    • Liaising regularly with CBC Membership Committee on different membership and sponsorship packages that CBC offers
    • Researching and identifying stakeholders’ interests, aspirations, issues and concerns to effectively managing expectations and better negotiations
    • Establishing, managing, developing and engaging with different stakeholders to sustain positive relationships, particularly corporate and individual members and sponsors to meet CBC Abu Dhabi strategic objectives and expected outcome
    • Developing and maintaining different stakeholders’ lists, key points of contacts and engagement log
    • Ensuring retaining and upgrading existing sponsors and members
    • Liaising regularly with Communication and Marketing Committee to develop and implement communication and marketing plan
    • Supporting and providing required information to update communication channels e.g. website and social media to enhance engagement
    • Promoting CBC’s events and ensuring informing key stakeholders on timely manner about CBC’s events and services and the added value that bring to their businesses for attracting and securing sponsors
    • Delivering against agreed objectives and outcomes
    • Pursuing business opportunities created by CBC Board members which contribute to profitable outcome
    • Working closely and in collaboration with CBC staff to reach targets and achieve expected performance outcome
    • Attending events and conferences as required
    • Developing and sharing relevant reports with concerned committees and Board

    Role Requirements

    • A bachelor degree, preferably in Marketing or related area
    • Minimum of four years’ experience in sales or business development, preferably in service industry such as business councils, hotels, conferences, event management, etc
    • Proficiency in Excel, Word, Outlook, Power Point, Photoshop, Illustrator
    • Fluency in English

    Abilities and Skills Required

    • Strong sales and business development skills
    • Strong communication and social skills
    • Strong project management skills
    • Good leadership skills and ability to work with a variety of personalities
    • Adept with time management, organization and multi-tasking skills
    • Ability to handle pressure and meet deadlines
    • Ability to work independently in a fast-paced environment
    • Ability to anticipate and solve problems and handle difficult situations

    Other – Desirable Requirements

    • PMP Certification
    • Fluency in Arabic and/or French
    • Access to vehicle

    Employee Benefits

    • Entitlements pursuant to applicable UAE Labour Law.

    Forward your CV to admin@cbcabudhabi.com

    Only qualified and selected candidates will be contacted for an interview.

  • 22 February 2018 11:14 AM | Anonymous member (Administrator)

    • Reported 2017 IFRS net income attributable to SNC-Lavalin shareholders of $382.0 million, or $2.34 per diluted share, compared to $255.5 million, or $1.70 per diluted share, in 2016.
    • 2017 adjusted net income from E&C(1) of $351.3 million, or $2.15 per diluted share, an increase of 55.2% compared to 2016.
    • Q4 2017 adjusted net income from E&C(1) of $137.8 million, or $0.78 per diluted share, an increase of 87.6% compared to Q4 2016. 
    • Strong operating cash flow of $376.2 million in Q4 2017.
    • Delivered an adjusted E&C EBITDA(7) margin of 8.6% in Q4 2017 and 6.9% for the full year, compared to our Operational Excellence target of 7%.  
    • 2018 Outlook: adjusted diluted EPS from E&C(2) in the range of $2.60 to $2.85 and adjusted consolidated diluted EPS(5) in the range of $3.60 to $3.85, revised in consideration with IFRS 15 revenue recognition criteria.

    To watch Neil Bruce comment on SNC-Lavalin's fourth quarter and year-end 2017 financial results, click here
    To watch Neil Bruce talk about the vision and 2018 priorities for SNC-Lavalin, click here.

    SNC-Lavalin Group Inc. (TSX:SNC) today announces its results for the fourth quarter and year ended December 31, 2017. 

    “We are very pleased with our 2017 performance. Through the acquisition of Atkins, the largest and most transformative in our history, we continued to deliver on our strategic growth objectives while positioning the Company for future opportunities. We divested certain non-core and low growth businesses, further de-risked our business model and applied tighter governance mechanisms to proactively manage our project portfolio,” said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. “The integration of the Atkins business continues to progress well and will be fully completed in 2018. We have a positive outlook on growth and confidence in delivering on our 2020 vision. Our backlog is supported by a healthy pipeline of prospects across our sectors and geographies, as well as revenue synergies from our business development efforts in our enlarged group. Our recent selection as a preferred proponent for the Montreal light rapid transit system underscores the quality of our organic prospects and bolsters our reputation as the leader in infrastructure in Canada.”  


    Source: http://www.snclavalin.com/en/index.aspx

  • 20 February 2018 11:26 AM | Anonymous member (Administrator)

    Bristol wins Innovative Exporter of the Year Award, in Manufacturing, awarded by Dubai Trade on 19 February 2018.

    "We would to congratulate Bristol for their prestigious achievement in winning the Innovative Exporter Award. This award is a testament to their continuous hard work and perseverance over the years. Congratulations to us all and to many more years of success! "

    Source: Concorde Corodex Group's Facebook page

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