LONDON: Mohamed Al Fayed, a flamboyant businessman who has controlled Harrods department store in London for a quarter-century, has sold the landmark business to Qatari investors, his financial advisers said Saturday. The sale price was not announced but the BBC and Sky News reported that it was around 1.5 billion pounds ($2.2 billion). The Al …

UNITED NATIONS: In a surprise move, Iran invited all 15 UN Security Council members to dinner Thursday in New York, yielding one of the highest-level US-Iran contacts since the 1979 Islamic Revolution. The contact was with Iranian Foreign Minister Manouchehr Mottaki, who hosted an evening that was unexpected as it came in the midst of …

LONDON: Oil fell towards $79 a barrel on Thursday, after earlier hitting a nine-week low as fears a Greek-style debt crisis may spread to other European nations raised uncertainty over future global energy demand. The euro fell to a 14-month low as the US dollar strengthened on skepticism that Greece could deliver on its promises …

BEIRUT: Lebanon’s justice minister apologized on Tuesday for the mob lynching last week of an Egyptian wanted for a quadruple homicide, his office said. "I would like to personally apologize to the government and people of Egypt for the reaction in the village of Ketermaya, which would not have happened had it not been for …

CAIRO: Workers from the Information Centers for Local Development (ICLD) have ended their sit-in outside parliament after receiving promises of pay increases. According to ICLD employee Abdel-Meneim Sharaf Eddin, a resolution was reached during a meeting of the People’s Assembly’s manpower committee attended by three ICLD employees, the head of the Egyptian Federation of Trade …

LAGOS: Nigeria’s private pay TV station NN24 on Monday began a 24-hour news coverage service in a first for the west African country, its promoters told AFP. "Today is the realization of a dream which started about five years ago to launch a TV project that will metamorphose into 24-hour news bulletins, seven days a …

YENAGOA: A car bomb exploded in the capital of Nigeria’s oil state of Bayelsa, near two properties owned by the deputy governor who has been embroiled in a row with the governor, officials said Monday. "There was an explosion in Yenagoa yesterday on a street that houses both the private residence and a hotel belonging …

DUBAI, United Arab Emirates: An Iranian pro-reform website says that a former government official, known as a supporter of the opposition, was stabbed at a Tehran university. The Rahesabz website says Ahmad Motamedi was wounded in the assault at Amirkabir University, where he holds a faculty position. A university official confirmed Monday’s attack and said …

DUBAI: Dubai World, which is in talks to restructure $26 billion in debt, has made a revised offer to lenders but the sweetened deal is unlikely to satisfy banks, analysts said on Thursday. The new offer is for 1 percent cash interest and 1 percent payment-in-kind interest note, a source familiar with the matter said, …

CAIRO: Economic reform during the reign of President Hosni Mubarak has not reached the majority of Egyptians and in fact has left them in a greater state of disenfranchisement, according to a report by the British Royal Institute of International Affairs, Chatham House. In an article for the May edition of the Chatham House magazine, …

CAIRO: Mido could end his English adventure and play in Turkey or Greece next season, Sky Sports reported on Wednesday. The Egyptian striker should return to English second-division side Middlesbrough in the summer after spending this season on loan at Zamalek and West Ham. He scored one goal with Cairo club Zamalek in the first …

TEHRAN: Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday. Iran says both the Anglo-Dutch Shell and Spain’s Repsol have procrastinated on finalizing their involvement in the field. It has set similar deadlines in the …

DUBAI: United Arab Emirates banks are likely to face the brunt of the Dubai World restructuring impact in the second quarter after the central bank told lenders they are not required to book provisions until there is more clarity. In a circular dated April 22, the central bank told local banks they "are not required …

  BALLYDEHOB: The economic shock of global recession has led a prime exponent of the theory conventional oil output has peaked to shift his view of the consequences, but he still thinks the world has to go green. Retired petroleum geologist Colin Campbell, who worked for major oil companies, as well as smaller firms has …

CAIRO: The government plan in combating bird flu has proven successful, Minister of Health Hatem El-Gabaly said, explaining that the death rate from the H1N5 virus has substantially decreased and citizen awareness has increased. El-Gabaly was in parliament Tuesday to respond to several investigation requests about the effectiveness of the precautionary measures taken against bird …

MOSCOW: Russian analysts said on Monday some exporters are having trouble buying grain to honor urgent contracts, including deals with top buyer Egypt, but Cairo and shippers said there is no problem with exports to the country. A Moscow-based trader said producers were offering wheat at prices above those seen in Cairo. "It is true …

CAIRO: SODIC’s CEO and Managing Director, Maher Maksoud, received the Global Trade Matters-Egyptian Exchange (GTM/EGX) Best CEO of the Year Award. Maksoud accepted the award during the GTM/EGX Fifth Annual Awards Ceremony, which was held on March 23 at the Four Seasons Hotel Nile Plaza. The Strategic Advisory Board for the awards followed a strict …

HC Research cut UAE-based low-cost carrier Air Arabia to "hold" from "buy," citing yield pressures due to excess capacity and competition at a time of rising fuel costs. Despite robust traffic growth last year, Middle Eastern carriers like Air Arabia, the largest listed Arab airline by market value, struggled to keep their seats filled — …