Latest in Tag: Business Highlight
Latest in Tag: Business
Fleeing traders plunge C. Africa into food crisis
A study conducted by the two groups showed that only 10 remained, less than a year after a coup touched off a deadly cycle of sectarian violence.
Qatarâs CBQ studying further capital-boosting measures
CBQ will not complete any further acquisitions in the near future as it integrates the Turkish business into its organisation
Dubai house prices forecast to reach pre-crisis levels
The fast growth has raised concern about a potential repeat of the property market bubble that sent prices plunging by more than 50% after the 2008 financial crisis.
Ezz Steel Q3 trims net loss
Reuters – Ezz Steel, Egyptâs biggest steel maker, trimmed its net loss by 74% in the third quarter of FY 2013 to 28.64 million Egyptian pounds from 110.05 million a year earlier, company results showed on Monday. Street unrest, political turmoil and an economic slump since a popular uprising toppled autocrat Hosni Mubarak in 2011 …
Kuwait-Airbus deal on track despite probe
Reuters – A parliamentary investigation into a Kuwait Airways plan to buy and lease aircraft from Airbus will not affect the deal, the state carrierâs chairwoman told a local newspaper in comments published on Sunday. Kuwaitâs parliament voted on Wednesday to investigate all contracts signed by state-owned Kuwait Airways, which is attempting its biggest overhaul …
Monte Paschi foundation in talks with Qatar on stake sale: report
The Qatar sovereign fund is in talks with the main shareholder of Banca Monte dei Paschi di Siena (BMPS.MI) to buy a 15-20% stake in the troubled Italian lender ahead of its much-awaited rights issue, daily Il Messaggero said on Saturday. Loss-making Monte dei Paschi, which received 4.1 billion euros ($5.58bn) of state aid last …
Nigeria faces questions over âmissingâ oil money
Nigeria produces about two million barrels of oil per day, and crude exports account for about 80 percent of government revenue.
Kuwait budget surplus drops as spending rises 18%
Kuwaitâs fiscal year runs from 1 April to 31 March.
GMâs Barra mightiest woman in global business: Fortune
Fortuneâs 50 most powerful women in business list emphasized executives who oversee an international operation.
US ends probe of Samsungâs use of essential patents
Samsung had filed a patent infringement complaint against Apple Inc at the US International Trade Commission and won an order in June 2013 banning the sale of some older iPhones and iPads in the United States.
S&P cuts outlook on Turkey ratings citing erosion in governance
The credit ratings agency cut its outlook to negative on its unsolicited âBB+â long-term foreign currency and âBBBâ long-term local currency ratings.
Investors cling to frontiers as emerging markets sink
Lebanon, Tunisia, Bulgaria, Lithuania, Qatar and Kuwait are among the worldâs lesser developed markets and are outperforming more mainstream emerging markets
UAEâs Gulf Navigation convertible as soon as this month
The first step was the disposal of the two very large crude carriers (VLCCs), and this week Gulf Navigation said it had agreed their sale to Bermudaâs DHT Holdings for $98m.
QNB financial services expands coverage to Saudi, Egypt, UAE
QNB Financial Services accounted for 25% of transactions in the Qatari market, the biggest share.
Italian PM says Kuwait to invest 500m euros in Italy
Reuters – Kuwaitâs sovereign wealth fund will invest 500m euros ($676m) in Italian companies in coordination with Italyâs own strategic investment fund, Prime Minister Enrico Letta said on Tuesday. The deal follows similar agreements with Qatarâs investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a …
Abu Dhabiâs TAQA to build UAE desalination plant
Reuters – Abu Dhabi National Energy Company plans to build a water desalination plant in the United Arab Emirates to meet rising demand, the state-owned utility said on Tuesday. The 30 million gallon per day plant will be built in the emirate of Ajman, producing enough water to supply 250,000 people in the northern emirates, …
Egypt shares slips from 4-Yr high; UAE mixed in downbeat Gulf trend
Reuters- Egyptâs benchmark index slipped 0.4%, easing off Sundayâs four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2% and Palm Hill Developments Company fell 2.2% on Monday. Investors remain positive on the market despite uncertainty over a cabinet reshuffle. Prime Minister Hazem el-Beblawi has said the reshuffle will include …
Egyptian Pound strengthens fractionally, unchanged on black market
Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up …
Dubaiâs Arabtec extends reach with giant construction order
Reuters – Dubai construction firm Arabtec clinched a $6.1bn contract on Sunday, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the regionâs top builders. Arabtec said it had signed a memorandum of understanding to build 37 mixed-use, residential and …
Bahrainâs Investcorp eyes extended growth after profit leap
Reuters – Bahrain-based investment company Investcorp expects 15-20% annual growth over the next five years, its chief financial officer said on Sunday after reporting a 53% increase in first-half net profit. Investcorp, which famously took luxury brands Gucci and Tiffany & Co public in the 1990s, made a net profit of $60.1m in the six …
Etihad in final due diligence stage for Alitalia stake buy
The announcement comes as Italyâs Prime Minister Enrico Letta is on a two-day visit to the United Arab Emirates to boost bilateral ties between the two countries.
Polandâs PGNiG backs out of Egypt investment
PGNiG has been looking for new sources of natural gas as Poland seeks to diversify away from Russian supplies.
Egyptâs Juhayna to invest $58m in 2014
Juhayna, which counts among its clients EgyptAir, Air France and several large hotel chains, reported a 23% drop in its third-quarter net profit, hurt by muted sales growth and one-off foreign exchange losses.
MidEast Stocks: Egypt surges after Sisi cleared for presidency vote; UAE markets rebound
Sentiment was also helped by Finance Minister Ahmed Galal saying the interim government would soon launch a second stimulus package of about the same size as the first one, EGP 30bn ($4.3bn).
Turkeyâs central bank signals crisis rate rise
The bank also raised its outlook for inflation.
Egyptian bank says lining up first IPOs since Mubarak era
The last IPO on the Egyptian exchange was in 2010.
Egyptâs growth to miss forecasts
Reuters – Egyptâs economy will only grow by 2.0% in the fiscal year ending June 2014, well below the government target of 3.5%, according to a Reuters poll of economists who lowered their forecasts once again. Chances for an economic rebound were hurt by violence and political turmoil after Islamist President Mohamed Morsi was ousted …
OPEC producer UAE considers importing North American gas
Reuters – The United Arab Emirates, a Gulf OPEC oil producer, said it was looking at the possibility of importing natural gas from North America, in what would be one of the most striking developments since the start of the US shale boom. The United States and Canada are producing record amounts of gas from …
Abu Dhabi residential real estate rebounds strongly in 2013
Abu Dhabiâs real estate market slumped about 50% from its peak in 2008 after the global financial crisis triggered a crash
Turkey ramps up lira defence with central bank crisis meeting
The lira rallied slightly shortly after the announcement.