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Daily brief: Top 7 business stories October 25, 2016

Here are the top seven business headlines you don’t want to miss out on today.

Sheikh Khalifa issues decree on bankruptcy

President of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan, issued a new federal bankruptcy law to help companies avoid bankruptcy and liquidation.

Egypt hopes to receive IMF approval within two months: PM

Egypt hopes to receive a final approval for its $12 billion IMF lending program within two months, the country’s Prime Minister Sherif Islamil said on Monday, Reuters reported.

Dubai Institute of Design and Innovation launches

The Dubai Institute of Design and Innovation (DIDI) was launched on Monday by Dubai Holding and Dubai Creative Clusters Authority, part of the government’s efforts to develop and nurture design talent.

Russia, Qatar, OPEC discuss efforts to stabilize oil market

Oil ministers from Russia and Qatar, and OPEC’s secretary general discussed the potential of joining efforts to stabilise the oil market, Russia’s energy minister Alexander Novak said, according to Reuters.

TATA replaces chairman Cyrus Mistry

The board of TATA Sons conglomerate ousted Cyrus Mistry, who reportedly sought to shake up the firm’s management. Ratan Tata, who had been replaced by Mistry in 2012, will head the company temporary while the firm seeks replacement.

Dollar steady at nine-month high

The US dollar neared nine-month highs against other major currencies, as US manufacturing activity and comments from the Federal Reserve reasserted expectations of a US rate hike by the end of the year, according to Reuters.

Military’s role in Egypt’s economy likely to be reduced in coming years

The role of the Egyptian military in the country’s economy is likely to decrease in the coming two to three years, the country’s Prime Minister said.