Dubai largest bank ENBD to buy BNP Paribas’s Egypt arm for $500 million
Friday, 21 December 2012
Emirates National Bank of Dubai (ENBD), largest bank in the emirates of Dubai has emerged as the front runner to offer $500 million to acquire the Egyptian unit of the French bank BNP Paribas. Emirates NBD, Dubai's largest lender, has agreed to buy a 95.2 per cent stake in BNP Paribas’s Egyptian arm from the French ... Read More
Iran sidesteps sanctions to export its fuel oil
Friday, 21 December 2012
Iran is becoming increasingly creative in dodging Western sanctions, managing to sell a rising volume of fuel oil to generate revenue equal to up to a third of its crude exports, which have been badly hit by restrictions. Compared with the first half of the year, Iran has on average exported more fuel oil per month since ... Read More
Egypt fully resumes gas supplies to Jordan
Thursday, 20 December 2012
Jordan said on Thursday Egypt has resumed full gas supply of 250 million cubic meters (8.8 billion cubic feet) a day to the energy-poor kingdom, after the flow was disrupted by repeated pipeline attacks. "In the past few days, we received between 190 and 210 million cubic meters of gas from Egypt. But ... Read More
World Bank pledges $900 million for Iraq
Thursday, 20 December 2012
The World Bank pledged $900 million to Iraq over the next four years to help it create jobs, build stronger institutions and improve social inclusion, the global development lender said in a statement on Tuesday. Iraq’s government developed the strategy with the World Bank, the private sector, and other stakeholders to focus ... Read More
Australian watchdog gives Qantas-Emirates alliance 5 years
Thursday, 20 December 2012
Australia’s competition watchdog gave conditional approval to an alliance between struggling national flag carrier Qantas Airways and Dubai’s Emirates, but approved it for only five years, not 10 as had been sought. The Australian Competition and Consumer Commission said the main benefit from the alliance was increased ... Read More
BP to sell stake in China gas field to Kuwait
Wednesday, 19 December 2012
British oil giant BP said on Wednesday that it had agreed to sell its stake in China’s Yacheng gas field to the state-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) as part of a divestment program. “BP today announced that it has agreed the sale of its 34.3-percent interest in the Yacheng gas field in the South ... Read More
S. Korea joins Egypt, Saudi Arabia in suspending Brazilian beef imports
Wednesday, 19 December 2012
South Korea has suspended its imports of Brazilian beef, becoming the sixth country to do so over a two-year-old case of mad cow disease, authorities said on Tuesday. South Korea joined China, Japan, South Africa, Egypt and Saudi Arabia in halting Brazilian imports in connection with an atypical case of bovine ... Read More
Oman investment firm eyes stake sale for banking arm
Wednesday, 19 December 2012
Oman International Development and Investment Co (Ominvest) is exploring potential stake sales in its banking arm, Oman Arab Bank, on top of existing plans to list part of its unit on the Muscat bourse, the investment firm said. Ominvest had said in April that it was eyeing a 25 percent initial public offering of the banking ... Read More
About $1 billion frozen in Switzerland after Arab Spring: Bern
Wednesday, 19 December 2012
Switzerland has blocked nearly one billion Swiss francs ($1.1 billion, 800 million euros) in assets linked to former autocratic Middle Eastern leaders since the Arab Spring, the Swiss foreign ministry said Tuesday. The Swiss government has held funds linked to ousted Tunisian dictator Zine al-Abidine Ben Ali ... Read More
Tunisia ‘desperately’ seeking EU economic cooperation
Wednesday, 19 December 2012
Tunisia is “desperately” seeking closer economic cooperation with Europe two years after the Arab Spring uprising to help tackle frustration at its failure to raise living standards, the head of the EU parliament said on Tuesday. “I have the impression (that the authorities) are desperately seeking the economic ... Read More
Morocco budget deficit to reach 5.6 percent of GDP by year-end
Wednesday, 19 December 2012
Morocco’s finance ministry said on Tuesday that the country’s budget deficit would reach 5.6 percent of GDP by year-end, down from 6.2 percent in 2011, with ongoing subsidy reforms expected to continue the trend. Excluding receipts from privatization, the budget gap will reach “around 6 percent” compared with ... Read More
Pegasus airlines unveils deal for 100 airbus planes
Tuesday, 18 December 2012
Turkish carrier Pegasus airlines said Tuesday that it has ordered up to 100 airbus passenger jets, the biggest commercial plane deal to date by a Turkish airline and the first time that Pegasus has not placed its orders with airbus' arch us rival Boeing. Pegasus chairman Ali Sabanci told a press conference ... Read More
Saudi’s Naimi says global oil supply plentiful, demand good
Tuesday, 18 December 2012
Global oil supplies are plentiful and demand is good, while buyers and sellers are happy with current prices, top exporter Saudi Arabia’s oil minister Ali Al-Naimi said on Tuesday. “You know my desire is that people leave the market alone,” Naimi told Reuters in an interview in Seoul. “You know why? Because everybody now ... Read More
Iraqi Air Force receives U.S. transport planes
Tuesday, 18 December 2012
Iraq received three transport aircraft on Monday and is slated to take delivery of three more soon, the U.S. embassy said. “The Iraqi air force received three C-130J transport aircraft during a delivery ceremony in Baghdad... An additional three C-130J aircraft are scheduled for delivery in the near future, ... Read More
Saudi Maaden raises $2.4 billion from Islamic loan
Tuesday, 18 December 2012
Saudi Arabian Mining Co (Maaden), which has an aluminum joint venture with Alcoa, raised 9 billion riyals ($2.4 billion) through an Islamic loan facility to help fund its future projects, it said on Tuesday. The murabaha-structured revolving credit facility has a life of five years and was increased from the 7 billion riyals ... Read More
Etihad airlines looks to buy-out India's Kingfisher orJet airways
Monday, 17 December 2012
Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks to buy part of either Jet Airways or grounded rival Kingfisher Airlines, an Indian government official said on Monday. A deal, which the official said could be announced by next week, would be the first ... Read More
Iran oil revenues halved by sanctions: minister
Monday, 17 December 2012
Iran is losing half of its oil revenues because of international sanctions imposed over its disputed nuclear program, Economy Minister Shamseddin Hosseini said in remarks quoted by media on Monday. “Iran is facing a 50-percent drop in its oil revenues due to sanctions,” Hosseini told state television, Jomhuri ... Read More
Israelis fear economic collapse more than Iran: study
Monday, 17 December 2012
Three-quarters of Israelis see social and economic collapse in the Jewish state as more of a threat than Iran’s disputed nuclear programm, a charity said on Monday. In its Alternative Poverty Report for 2012, food charity Latet -- Hebrew for “to give” -- said poverty and social inequality were the main concerns ... Read More
Kuwait budget surplus surges on high oil income
Monday, 17 December 2012
Kuwait’s provisional budget surplus surged 43 percent to 14.7 billion dinars ($52.2 billion) in the first seven months of the fiscal year, boosted by oil income, government data showed on Monday. The figure compares with a 7.3 billion dinar ($26.0 billion) deficit projected in the budget for 2012-2013, which ... Read More
UAE central bank delays rules on large loan exposure, liquidity
Sunday, 16 December 2012
The United Arab Emirates’ central bank decided to postpone implementation of new rules that cap commercial banks’ lending to state-linked companies and another regulation governing banks’ liquid asset ratios, it said on Sunday. “The Central Bank Board of Directors reviewed banks’ feedback on the amendments to the Large ... Read More