Business

American Express profit rises 20 Jan 2014 - 12:15 am

American Express and American Express corporate cards are pictured in Encinitas, California. The credit card company announced its quarterly profit more than doubled ...

Doha to host IATA AGM from June 1-3 20 Jan 2014 - 12:11 am

DOHA: The International Air Transport Association (IATA) is gearing up to hold its 70th Annual General Meeting (AGM) here from June 1 to...

Empower buys cooling firm for $500m in Dubai asset shuffle 20 Jan 2014 - 12:10 am

DUBAI: Dubai district cooling firm Empower bought Palm Utilities from a unit of Dubai World for $500m yesterday, part of a shuffle of...

Saudi ‘welcomes’ US shale oil boom: Minister 20 Jan 2014 - 12:10 am

RIYADH: Saudi Arabia, an Organisation of Petroleum Exporting Countries kingpin, is unconcerned by the US shale oil boom, Oil Minister Ali bin Ibrahim...

Mideast M&A activities hit $43.4bn in 2013 20 Jan 2014 - 12:09 am

DOHA: Middle Eastern investment banking fees reached $722.2m during 2013. The value of announced M&A transactions with any Middle Eastern involvement reached $43.4bn...

Nakheel records 27.2pc profit growth 20 Jan 2014 - 12:09 am

DUBAI: Dubai’s Nakheel reported a 27.2 percent rise in full-year profit yesterday as the property developer benefitted from the emirate’s resurgent real estate...

Iraq needs Kurdish oil income to avert budget collapse 20 Jan 2014 - 12:09 am

BAGHDAD: Iraq cannot finance its projected 2014 budget deficit unless the northern Kurdistan region pays its oil export revenue into the national treasury...

Almarai posts marginal Q4 net profit gain 20 Jan 2014 - 12:08 am

DUBAI: Saudi Arabia’s Almarai, the Gulf’s biggest dairy company, reported a marginal rise in fourth-quarter net profit yesterday, in line with analyst forecasts,...

Regulators close bank in Illinois 20 Jan 2014 - 12:08 am

WASHINGTON: Regulators have closed a small lender in Illinois, making it the first US bank failure of 2014 following 24 closures last year. ...

GM’s new CEO to get up to $4.4m 20 Jan 2014 - 12:07 am

DETROIT: Mary Barra, General Motors Co’s new Chief Executive Officer and the auto industry’s first female CEO, will be paid up to $4.4m...

QE snaps 13-day bull run, index down by 0.12pc 20 Jan 2014 - 12:07 am

DOHA: Qatar Exchange (QE) snapped a 13-day winning streak yesterday, as its benchmark index retreated, mainly on selling pressures from local retail investors....

Turkey’s economic success falls victim to political turmoil 20 Jan 2014 - 12:06 am

Istanbul: Turkey was once hailed as an economic success story, clambering out of a financial abyss with reforms over the past decade to...

Sager likely to become group chief executive at Kuwait’s NBK 20 Jan 2014 - 12:06 am

DUBAI/KUWAIT: Veteran banker Isam Al Sager is the most likely candidate to become the new group chief executive of National Bank of Kuwait,...

US industry shows muscle in late 2013 20 Jan 2014 - 12:05 am

WASHINGTON: US industrial output rose at its fastest clip in 3-1/2 years in the fourth quarter as factory activity closed out the year...

Small stores help UK retail to leap fast 20 Jan 2014 - 12:05 am

LONDON: British retailers had the fastest annual sales growth in more than nine years last month, confounding gloomy reports from many bigger chains...

Chinese ministry decries US spending bill 20 Jan 2014 - 12:05 am

BEIJING/WASHINGTON: China’s Commerce Ministry has condemned a $1.1-trillion spending bill passed by the US Congress last week over clauses that limit technological purchases...

Etihad flies aircraft with biofuel mix 20 Jan 2014 - 12:04 am

ABU DHABI: Etihad Airways said yesterday it has flown a Boeing 777 plane on a 45-minute demonstration flight powered in part by biofuel...

Morgan Stanley bets on smaller bond unit 20 Jan 2014 - 12:04 am

NEW YORK: In early 2011, Morgan Stanley Chief Executive James Gorman thought he had finally figured out how to rebuild the bank’s depleted...