Business

Gold edges lower, on course for largest annual loss in 32 years 24 Dec 2013 - 09:06 am

LONDON: Gold edged lower yesterday, on course for its largest annual loss in 32 years, as thin pre-holiday trade and signs of an...

Saudi unveils record $228bn budget 24 Dec 2013 - 09:05 am

RIYADH: Saudi Arabia yesterday announced a record budget of $228bn for next year, slightly up from $218.7bn set aside for this year. The...

Egypt ready to pay $1.5bn to oil firms 24 Dec 2013 - 09:05 am

CAIRO: Egypt will complete payment this week of $1.5bn of the $6.3bn it says it owes oil firms, a state executive said yesterday,...

Hyundai to sell financial units 24 Dec 2013 - 09:04 am

SEOUL: South Korea’s Hyundai group has announced a restructuring plan to sell off financial units for more than $3bn in an effort to...

Morgan Stanley to sell mutual funds assets in India to HDFC 24 Dec 2013 - 09:04 am

MUMBAI: Morgan Stanley is selling its Indian mutual fund assets to a joint venture between India’s HDFC and Britain’s Standard Life, becoming the...

Taiwan’s Acer names new CEO after 3Q losses 24 Dec 2013 - 09:03 am

TAIPEI: Taiwan’s struggling personal computer maker Acer yesterday named a new chief executive officer following losses of hundreds of millions of dollars in...

Takeover activity buoys European stock markets 24 Dec 2013 - 09:03 am

LONDON: European shares rose for the fourth consecutive session yesterday, buoyed by corporate takeover activity and by gains on Germany’s DAX stock market,...

Nakilat signs $160m financing deals with Al Khaliji 24 Dec 2013 - 04:50 am

The Managing Director of Nakilat and Chairman of N-KOM and NDSQ, Abdullah Fadhalah Al Sulaiti (second left), and Al Khaliji’s Group Chief Executive...

Mesaieed Petrochemical to raise QR3.23bn in IPO 23 Dec 2013 - 04:14 am

H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry, is flanked by Minister of Finance, Ali Sherif Al Emadi...

Libya steps up oil imports 23 Dec 2013 - 04:10 am

A tank truck exits from the main gate of the Zawiya refinery and oil port towards the local market. Libya is stepping up...

Barwa Bank wins four International Finance Magazine awards 23 Dec 2013 - 04:09 am

Officials during the awards ceremony. Doha: Barwa Bank, Qatar’s fastest growing Shariah-compliant banking service provider, has been named as winner of the International...

Iskandar development 23 Dec 2013 - 04:09 am

A model plan for Iskandar project in southern state of Johor Bahru bordering Singapore. Construction cranes are sprouting across southern Malaysia’s Johor state...

Walgreen reports quarterly loss 23 Dec 2013 - 04:07 am

People walk by a Walgreen store in Pasadena, California. Walgreen Co reported higher quarterly sales, but an increase in promotions and a slowdown...

Thailand growth forecast revised down 23 Dec 2013 - 04:06 am

A foreign businessman walks next to seasonal decorations at a shopping district in Bangkok, Thailand. Economists revised down Thailand’s economy growth in 2014...

Lean years leave banks short of savvy dealmakers 23 Dec 2013 - 04:04 am

LONDON: Years of quiet deal markets in Europe have left a generation of junior investment bankers with little opportunity to cut their teeth,...

Oracle to buy Responsys for $1.39bn in cloud push 23 Dec 2013 - 04:04 am

New York: Oracle Corp, the world’s No. 2 business software maker, said it would buy web-based marketing software maker Responsys Inc for about...

Qatar, Algeria sign pact for steel venture 23 Dec 2013 - 04:03 am

Doha: Ali bin Hassan Al Muraikhi, Chairman of Qatar Steel International, and Hasnawi Shaiboub, Chairman of Sidar Company of Algeria, signed the Articles...

Obama pushes more oil production 23 Dec 2013 - 04:02 am

DE KALB, Mississippi: America’s newest and cleanest coal-fired power plant comes with a catch: The heat-trapping carbon dioxide removed from its smokestack pollution...