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
Fed to tighten rules for foreign banks in U.S.
Saturday, 15 December 2012
The United States Federal Reserve plans to subject large foreign banks to the same rigorous standards applied to U.S. banks. This includes subjecting them to stress tests. Draft rules were unveiled Friday and obtained by the media. The new rules, which if finalized will come into effect on July 1, 2015, would apply to around ... Read More
Qatar National Bank buys Egypt arm from SocGen for $2 billion
Saturday, 15 December 2012
Societe Generale is nearing the sale of its majority stake in an Egyptian bank to Qatar National Bank (QNB), sources familiar with the matter said, in a move to help shore up the French lender's capital base. QNB, part-owned by Qatar's sovereign wealth fund, will also make a mandatory offer to minority shareholders ... Read More
Drake & Scull helps lift Emirate’s bourse
Friday, 14 December 2012
Dubai-listed Drake and Scull (DSI) helps lift the Emirate’s bourse after the firm’s joint venture won a new contract in Saudi Arabia valued at 2.7 billion riyals ($719.96 million). Shares in DSI rise 1.6 percent. The contractor and engineering firm, along with Arabian Construction co. will build the third phase of the Jabal ... Read More
No foreign investments decline for Egypt’s oil and gas sector: official
Friday, 14 December 2012
Investments of international companies operating in the oil and gas sector in Egypt didn’t decline, a newspaper reported the Egyptian minister of petroleum and mineral resources, Osama Kamal, as saying on Thursday. On the contrary, Kamal said the budget allocated by these countries to explore and develop Egypt’s oil and gas ... Read More
Saudi Arabia begins aluminum production
Thursday, 13 December 2012
Saudi Arabia on Thursday began aluminum production at its first smelter built through a joint venture between the Saudi Arabian Mining Company (Ma’aden) and U.S. giant Alcoa, a statement said. “Today we see the first aluminum produced in Saudi Arabia, and the launch of a new industry,” Ma’aden President and CEO ... Read More
OPEC set to cut oil flows next year to support prices
Thursday, 13 December 2012
OPEC will likely cut its oil production next year as prices risk falling in reaction to higher output from top crude consumer the United States and amid a slowing of energy demand growth, analysts say. The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to hold its oil output ceiling ... Read More