ALKHOBAR: Industrial giant Al-Zamil Group has signed a massive a joint venture agreement with UAE-based Mulk Holdings, producers of aluminum composite panels and green products, to make Alubond-branded metal composite panels and aluminum coil coating.
BRUSSELS: Social-networking sites such as Facebook, or search engines such as Google, may face court action if they fail to obey planned EU data privacy rules, European Union justice chief Viviane Reding said.
NEW YORK: Lincoln took the top spot for the first time in a closely watched survey of long-term vehicle quality.
TOKYO: The Group of Seven finance chiefs will discuss on Friday the financial and economic impact of last week's massive earthquake and unfolding nuclear crisis, Japanese official said, while dismissing the need for a joint G7 action to curb the soaring yen.
KARACHI: Pakistan's Engro Corporation plans multiple initial public offerings (IPOs) of group companies to raise around Rs.5 billion ($58.5 million) this year and will continue to expand its domestic operations, a top official said on Thursday.
SYDNEY: South Africa is thinking about overhauling its minerals royalties regime to cash in on high commodity prices and may use Australia's controversial resources tax as a template, a minister said on Thursday.
ABU DHABI: Global Foundries, majority owned by Abu Dhabi, plans to double its capital expenditure to $5 billion in 2011, as it expands its semiconductor business, the chief executive of its parent company said.
DUBAI: The Qatar stock exchange moved a step closer to acquiring emerging market status from influential index compiler MSCI by adopting a standard international settlement system for stock trading.
LONDON: Qatar International Islamic Bank (QIIB) has agreed to buy full control of the Islamic Bank of Britain (IBB) as part of QIIB’s plans to develop an international banking business compliant with Shariah laws.
ABUJA: Nigeria is ready to increase its oil production but is being held back by an OPEC output ceiling it believes the producer-group should be willing to raise, the country’s presidential adviser on energy said.
WASHINGTON: US consumer prices increased at their fastest pace in more than 1-1/2 years in February as fresh data showed growth was accelerating, but underlying inflation pressures remained generally contained.
DETROIT: General Motors says a lack of parts from Japan is forcing the company to halt production at its pickup assembly plant in Shreveport, Louisiana, next week.
JOHANNESBURG: One of South Africa’s most prominent and politically connected businessmen is taking over McDonald’s restaurants in the country, McDonald’s said.
LONDON: Royal Bank of Scotland paid an average of 1.2 million pounds ($1.94 million) each to its top bankers in 2010, according to a report published by the part-nationalized British bank.
PARIS: A French judge filed preliminary manslaughter charges against Airbus over the 2009 crash of an Air France jet — opening a rare criminal investigation against a corporate powerhouse.
FRANKFURT: General Motors Co. is putting veteran executive Karl-Friedrich Stracke in charge of its Opel and Vauxhall brands in Europe.
LONDON: Africa’s second largest oil producer Angola has stopped exports from its Xicomba offshore oilfield because it is no longer producing enough to fill a cargo, trade sources said.
NEW YORK: Diet Coke has topped rival Pepsi-Cola for the first time to become the second-most popular soft drink in the country behind Coca-Cola.
NEW YORK: The New York Times says it will start charging for access to its website and for the use of smart phone and tablet applications later this month in the US.
NEW DELHI: Reliance Industries and GAIL (India) signed a gas swap deal to fuel power plants in the country’s south, a move that could curb power deficit in peak summer and overcome pipeline constraints.
WASHINGTON: Honda Motor is recalling new models of the Honda Civic to prevent fuel from leaking from the car’s fuel tank.
Daily deals website Groupon could be valued at as much as $25 billion in an initial public offering, Bloomberg reported, citing two people with knowledge of the company’s discussions with banks.
LONDON: For planemakers, rising jet fuel costs are proving a boon as airlines are forced to splash scarce cash on fuel-efficient aircraft to offset oil prices.
TOKYO: Japan’s oil product output will recover to 3.4 million barrels per day (bpd) by the end of March, a level above domestic demand, as idled refineries resume operation, but disruptions in distribution routes remain as a major bottleneck, an industry body said.
LONDON: Lloyds Banking Group says it is cutting 570 jobs and will transfer another 450 to a contractor.
TOKYO/SHANGHAI: Toshiba Corp said an assembly line in Japan making small liquid crystal displays would be closed for a month and PC maker Lenovo voiced worries over parts, highlighting the threat to global supply chains from Japan’s devastating earthquake.
SAN FRANCISCO: A rare Wall Street downgrade stoked fears that Apple’s torrid growth is slowing and sent its shares sliding for the second straight day as nervous investors ponder the impact on the tech industry from Japan’s largest-ever earthquake.
JEDDAH: A new bank, announced earlier last month to be set up by Saudi businessmen in Egypt, will start with SR63.3 billion capital, according to Council of Saudi Chambers of Commerce and Industry (CSCCI) Chairman Saleh Kamel.
JEDDAH/DUBAI: Most Middle East markets extended losses on Wednesday as unrest intensified in Bahrain. Bahrain's bourse was closed on Wednesday and an exchange official told Reuters no date had been set on when it would resume trade, Reuters said.
Qatar's index fell for a third session as losers outnumbered gainers 17 to three. The Qatari index dropped 0.8 percent to 8,123 points.
JEDDAH: A 72-strong Russian business delegation is arriving in the Kingdom on Thursday, aiming to broaden trade links here in sectors such as energy, construction, banking, retail, tourism, health care and mass media.
ALKHOBAR: South Korea's Samsung Engineering has been awarded contracts to build the multibillion dollar Shaybah natural gas liquids (NGL) project in eastern Saudi Arabia, state oil giant Saudi Aramco said on Wednesday.
ALKHOBAR: State oil giant Saudi Aramco said on Wednesday it signed an initial agreement with China's Sinopec to jointly develop the 400,000 barrels-per-day (bpd) Yanbu refinery project.
SINGAPORE: Shipping companies are confident of keeping goods moving through Japan’s ports, using spare capacity at the largest to deal with cargo displaced from those devastated in last week’s earthquake and tsunami.
TOKYO: Toyota Motor shares tumbled Thursday after the yen surged to a record high against the dollar, threatening to squeeze profits on cars it builds at home for foreign markets.
WASHINGTON: Japan has the financial capacity to meet humanitarian and infrastructure needs arising from a devastating earthquake and tsunami, and fiscal policy should focus on rebuilding efforts, the International Monetary Fund said.
• Qatar Airways
• Etihad Airways
• Lufthansa
• Sri Lankan Airlines
TOKYO: Japan’s devastating earthquake and deepening nuclear crisis could result in losses of up to $200 billion for the world’s third largest economy but the global impact remains hard to gauge five days after a massive tsunami battered the northeast coast.
Water and Electricity Minister Abdullah Al-Hussayen, center, signs a SR298.6 million contract with an Indian company to make and import iron pipes required for pumping water from Ras Azour desal plant to Hafr Al-Baten. The minister signed another contract worth SR708.75 million with a consortium of Turkish companies to implement the project. (SPA)
WASHINGTON: Japanese auto companies are extending shutdowns of plants affected by the country’s devastating earthquake and tsunami, but some parts factories in Japan will resume production later this week.
NEW YORK: Motorola Mobility says it will start selling a Wi-Fi-only version of its Xoom tablet computer for $599 on March 27.
SYDNEY: Japan’s earthquake has left a gaping hole in the nation’s power capacity that looks set to last months, threatening to make economic recovery far more feeble than hoped. The first rolling power cuts in the history of the giant Tokyo Electric Power Co (TEPCO) have already closed many plants, with Toyota shutting down until at least Wednesday.
TOKYO: Companies in the technology supply chain, especially those serving the consumer electronics industry, may be hurt by the earthquake and tsunami in Japan, Ticonderoga Securities said.
LONDON: Libya’s oil output will take some time to return to normal, the head of the National Oil Corporation said, because some installations were damaged in fighting between rebel and government forces.
RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), has commended the recent alliance between KHC and Batelco Group that is chaired by Sheikh Hamad bin Abdulla Al-Khalifa, to be the telecom operator in a revised bid to acquire 25 percent of Zain Saudi Arabia from Zain Kuwait.
WASHINGTON: US factories produced more cars, appliances, computers and furniture in February, lifting manufacturing output for the sixth straight month and helping the jobs market heal.
TOKYO: Japan's central bank sprayed more cash over jittery money markets Thursday as a major bank's ATMs suffered a two and a half hour outage nationwide and the yen shot to a record high.
