Business

Egypt budget gap worrying: IMF official 22 May 2013 - 01:01 am

DUBAI: Egypt’s worsening fiscal gap is a concern but the International Monetary Fund is still ready to continue talks on a $4.8bn loan...

Iran moves to impose steep export duty on iron ore 22 May 2013 - 12:59 am

SHANGHAI/LONDON: Iran’s government is negotiating a tax of up to 40 percent on iron ore exports to take advantage of a surge in...

Batelco CEO leaves, former boss steps in 22 May 2013 - 12:59 am

DUBAI: Bahrain Telecommunications Co (Batelco), which has suffered a sustained profit slump, said Sheikh Mohamed bin Isa Al Khalifa had quit as chief...

JPMorgan shareholders vote to keep Dimon chairman, CEO 22 May 2013 - 12:59 am

NEW YORK: JPMorgan Chase shareholders yesterday rejected a proposal to split the chairman and chief executive roles, handing bank chief Jamie Dimon a...

DHL Streetscooter 22 May 2013 - 12:57 am

A Streetscooter, a zero-emission E-car built for German postal and logistics group Deutsche Post (DHL) in Bonn yesterday. DHL yesterday introduced their pilot...

Qatar Exchange index loses 27.36 points 22 May 2013 - 12:57 am

Doha: Qatar Exchange index lost 27.36 points or 0.30 percent to 9,036.95 points from the previous closing of 9,064.31 points. The volume of...

Vodafone profit plunges on eurozone crisis 22 May 2013 - 12:56 am

LONDON: British mobile phone giant Vodafone yesterday reported a 90-percent plunge in annual net profit after taking a vast impairment charge relating to...

Aramco awards Midyan gas project to L&T 22 May 2013 - 12:56 am

Al KHOBAR: State-run Saudi Aramco has awarded India’s Larsen & Toubro (L&T) a contract to build facilities including a gas processing plant for...

Fiat Industrial seeks British residence to cut tax bill 22 May 2013 - 12:56 am

MILAN: Italy-based truck and tractor maker Fiat Industrial plans to lower its tax bill by shifting its residence to Britain after a planned...

Solar power brightens Oman oil output prospects 22 May 2013 - 12:55 am

DUBA: Petroleum Development Oman (PDO) and US GlassPoint Solar have commissioned the Middle East’s first solar enhanced oil recovery (EOR) project, the project...

Deal signed for $1bn Nebras Power 21 May 2013 - 12:48 am

The Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada witnessing the signing of agreement to form Nebras Power....

European aviation exhibition 21 May 2013 - 12:34 am

Workers apply the finishing touches to displays during the 13th Annual European Business Aviation Convention and Exhibition press day, at the Geneva Palexpo...

Irish biotech group Elan ups defence against US takeover bid 21 May 2013 - 12:33 am

LONDON: Irish biotechnology company Elan announced a series of deals yesterday to boost growth, in the face of a $6bn hostile takeover approach...

Gulf funds raise private equity investment 21 May 2013 - 12:33 am

DUBAI: Sovereign wealth funds in the Gulf Arab region are raising their allocations to private equity investments at a faster rate than other...

Apicorp posts $109m net profits for 2012 21 May 2013 - 12:32 am

DOHA: The Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank owned by the 10 members of the Organisation of Arab Petroleum Exporting...

Lulu Hypermarket celebrates 11th anniversary 21 May 2013 - 12:29 am

Shaijan M O, Regional Manager, Mohamed Sainulabideen, General Manager and other officials of Lulu Hypermarket Group cutting a cake to mark the 11th...

Weak dollar pushes oil prices up 21 May 2013 - 12:28 am

NEW YORK, LONDON: Crude oil prices rose yesterday, reversing early losses to trade higher by late morning in New York as the dollar...

Gulf Capital to raise $360m Islamic loan 21 May 2013 - 12:28 am

DUBAI: Abu Dhabi private equity firm Gulf Capital is close to signing a Dh1.32bn ($359.38m) Islamic loan for its company Gulf Marine Services,...