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NEW YORK: Oil fell to six-week lows as fresh concerns about the euro zone added to the economic gloom that knocked as much as 9 percent off prices this week.
ISMAILIA: Dubai’s port operator DP World shut down its Ain Al-Sokhna port in Egypt on Thursday because of labor strikes that have cost it about 30 million Egyptian pounds ($5.02 million)in lost revenue, an official at the Red Sea port authority said.
DUBAI: Dubai Electricity and Water Authority has extended the deadline for bids to build its first Independent Power Project (IPP) from mid October to Dec. 12, on the request of the prospective developers, DEWA said.
DUBAI/LONDON: The cost of insuring Gulf debt rose on Thursday, with Dubai’s CDS rising to the highest level in at least six months as global recession fears lead to a sense of risk aversion in financial markets.
DUBAI: Abu Dhabi’s department of finance has accelerated its review of public spending by government entities in recent weeks, three sources said, a move likely to mean more changes to top management at state-run companies.
ABU DHABI: Abu Dhabi’s mammoth new industrial zone is wooing investors from Asia to set up shop and help the emirate diversify its economy away from oil, its top official said.
KUWAIT CITY: Kuwait’s budget surplus in the first three months of its 2011-12 fiscal year reached 5.6 billion dinars ($20.3 billion), larger than a year ago on higher than expected oil revenue and lower spending, finance ministry data showed.
BEIRUT: Lebanon’s parliament passed a $1.2 billion bill aimed at boosting electricity output after weeks of political discord over how to allocate the funds transparently.
NEW DELHI: For months, India’s hawkish, inflation-fighting central bank has been in a shrinking minority of its emerging market peers. Now the recently re-appointed central bank governor is facing stiff opposition to his crusade at home.
LONDON: Seaborne oil exports from OPEC, excluding Angola and Ecuador, will rise by 130,000 barrels per day (bpd) in the four weeks to Oct. 8, an analyst who estimates future shipments said.
LONDON; Syria is seeking to side-step sanctions that are hampering business with foreign firms by bartering crude oil in return for the fuel it desperately needs to keep the country on its feet, traders said on Friday.
LONDON: The London Metal Exchange, the world’s biggest market for industrial metals that has hit record volumes this year, is considering a sale of itself after being approached about deals, it said.
PARIS: Baudouin Prot, chief executive of France’s biggest listed bank, BNP Paribas, denied that it was in contact with Qatar over possible investment by the Gulf state, repeating it had no need for fresh capital.
MOSCOW: The world’s largest aluminum producer, UC RUSAL, is in talks to build a 375,000 ton per year aluminum smelter in Iran, the Kommersant business daily reported.
HELSINKI: Finnish data security firm Codenomicon says software faults in Bluetooth devices are becoming easier to exploit, putting users at risk.
HONG KONG: ZTE Corp, the world’s No.5 cell phone maker, plans to launch 4G (fourth generation) handsets in the second quarter of 2012, aiming to grab more market share by expanding its product range, a senior executive said.
LONDON: Etihad Etisalat (Mobily) is seeking a SR10 billion ($2.7 billion) loan refinancing from international banks, banking sources said.
DUBAI/CAIRO: Gulf stocks declined following US Federal Reserve warning the US faced a grim economic outlook with “significant downside risks” and world stocks also plummeted.
NEW YORK: US stocks slid further on Thursday, with the Dow industrials falling to their lowest level in more than a year as an unsettling outlook from the Federal Reserve stoked fears of a US recession.
NEW YORK: Hewlett-Packard Co. announced that former eBay Chief Executive Meg Whitman will replace Leo Apotheker as CEO, effective immediately.
Friday, September 23, 2011
RABAT: Morocco’s cash-strapped government has offered flag carrier Royal Air Maroc 1.6 billion dirhams ($193.3 million) to shore up its finances hurt by growing competition, lower sales and higher fuel prices.
BRUSSELS: The European Union said it had eased a freeze on assets of the Libyan Central Bank and several other entities to support the building of a new government.
ISTANBUL: The Turkish lira struck its weakest ever level and bond prices slumped on Thursday as funds poured out of emerging markets in the wake of the US Federal Reserve’s pessimistic assessment of the global economy.
LONDON: British car factories have posted a strong gain in output in August thanks to the export market.
TRIPOLI: Libya’s oil production is set to reach 500,000 barrels per day (bpd) by early October or nearly a third of pre-war output, a senior source in the National Oil Corporation (NOC) said.
LONDON: Bank bosses must lose their jobs if a trader in their pay is found guilty of hiding risky bets that compromise their employer’s ability to post dividends or repay bonds, a survey has found.
LONDON: Private sector business activity in Europe and China declined sharply this month as the euro zone debt crisis and a stalling US recovery hit confidence, stoking fears that the global economy could sink back into recession.
WASHINGTON: Google Inc. has not cooked its search results to favor its own products and listings, Executive Chairman Eric Schmidt told a US Senate hearing looking into whether the search giant abuses its power.
Prince Alwaleed bin Talal, chairman of Kingdom Holding Co. (KHC), discussed business and economic issues in a recent meeting with Larry Summers, former US secretary of the Treasury and former director of the White House United States National Economic Council for President Barack Obama. Alberto Verme, CEO of Europe, Middle East, and Africa, Citigroup, also attended the talks.
LONDON/SINGAPORE: Commodities skidded as investors scrambled to liquidate after a US Federal Reserve warning, coupled with signs of slower growth in China and Europe, stoked worries about slowing demand for fuels and metals.
DUBAI: Most Gulf markets edged higher on Wednesday ahead of a US Federal Reserve policy meeting as investors expected further monetary easing for the faltering economy but Kuwaiti shares slipped on political uncertainty.
HONG KONG: Hong Kong’s currency peg to the US dollar has been a lynchpin of the financial center’s economic stability for nearly three decades, but surging inflation and ever-increasing ties with China have revived speculation over how much longer it will last.
WASHINGTON: European policymakers showed signs they were preparing new steps to cope with the region's debt crisis even as talk of a possible Greek default gained pace on Friday.
SAN FRANCISCO: Hewlett-Packard Co. named former eBay Inc. Chief Executive Meg Whitman its president and CEO, replacing the harshly criticized Leo Apotheker in a bid to restore investor confidence in the iconic Silicon Valley company.
BEIJING: The most China can realistically do for the struggling global economy is to ensure its own growth holds up, and that won’t be nearly enough to lift the world.
NEW YORK: Oil prices tumbled more than four percent to six-week lows as the US Federal Reserves weak economic outlook and disappointing China data stirred fears of a global recession and battered markets.
RIYADH: British Minister of State for Trade and Investment Lord Green said Saudi Arabia, the UK’s largest trading partner in the Middle East, is showing a keen interest in promoting cooperation in infrastructure development, education, airport development, vocational training and financial services.
LONDON: Oil, the lifeblood of the battered Libyan economy, is starting to trickle onto the world market as the country recovers from seven months of fighting, but it could take as long as three years to get back to pre-war output levels, analysts say.
LONDON: Syria’s oil exports have come to a standstill due to sanctions and this may force a cut in production, weakening President Bashar Assad’s ability to generate cash but not threatening his grip on power yet, traders and analysts say.
LONDON: TUI Travel is on track to meet full-year profit expectations due to strong late summer bookings although Europe’s biggest tour operator has yet to see a revival in demand for holidays in Egypt and Tunisia.
LONDON: Hewlett-Packard Co’s board convened on Wednesday to consider ousting Chief Executive Officer Leo Apotheker after less than a year on the job and replacing him temporarily with former eBay CEO Meg Whitman, a source familiar with the matter said.
LONDON: UBS trader Kweku Adoboli faced a new fraud charge when he made a brief court appearance in London for a hearing over alleged unauthorized trading which the Swiss bank has said cost it $2.3 billion (1.4 billion pounds).
Bank bosses should pay for trader errors: Fund managers
FRANKFURT/OTTAWA: The euro currency project is in danger due to member states’ runaway spending and the resulting sovereign debt crisis, a European Central Bank study warned amid mounting global calls on Europe to take more decisive action.
AMMAN: Arab stock markets closed mixed last week as investors adopted wait-and-see approaches, pending solutions for the European debt crisis and steps by the US Federal Reserve to shore up the world’s largest economy and avert a double-dip recession, financial analysts said Friday.
