Business

Brazil cancels $900m in African debt 26 May 2013 - 02:18 am

ADDIS ABABA: Brazil said yesterday that it plans to cancel $900m (¤700m) worth of debt in 12 African countries, as part of a...

Russia hires J P Morgan to avoid ratings downgrade 26 May 2013 - 02:18 am

MOSCOW: Russia’s finance ministry said that it had hired the US banking major J P Morgan as a consultant for helping improve its...

Arabtec unit wins $107.7m hospital contract in Saudi 26 May 2013 - 02:17 am

RIYADH: A subsidiary of Dubai-based contractor Arabtec Holding has won a SR404m ($107.7m) contract to build a hospital in Saudi Arabia, the company...

Ford plant in France 26 May 2013 - 02:16 am

A Ford Fiesta on display in a new unit plant in Blanquefort, southwestern France, yesterday. This plant only assembles automatic transmissions.

Majid Al Futtaim eyes $1bn investments 26 May 2013 - 02:16 am

Dead Sea, Jordan: UAE’s Majid Al Futtaim Holding (MAF) — the sole franchise of hypermarket chain Carrefour in the Gulf — said that...

Lagarde avoids charges in payout scandal 26 May 2013 - 02:16 am

PARIS: IMF chief Christine Lagarde avoided immediate charges but was named an “assisted witness” after French prosecutors grilled her for two days over...

News Corp board approves split 26 May 2013 - 02:16 am

NEW YORK: News Corp’s board yesterday approved the break-up of the conglomerate into two independent companies, separating the high-flying entertainment assets from the...

Australian coal miners in spot 26 May 2013 - 02:14 am

Coal loading operations proceed at Coal and Allied’s Mount Thorley Warkworth mine in the Hunter Valley, about 140km north of Sydney. Australian coal...

YPF-Repsol battle 26 May 2013 - 12:50 am

A man walks inside a YPF fuel station in Buenos Aires. A year after Argentina seized the local business of Spanish oil firm...

Eurozone bank union progress likely by June 26 May 2013 - 12:50 am

BRUSSELS: Key obstacles to a banking union, seen as a keystone in locking down the debt crisis, should be resolved within the next...

Jordan economy set to grow 3.5pc this year 26 May 2013 - 12:49 am

DEAD SEA: Jordan’s economy is expected to grow around 3.5 percent this year driven by remittances, higher domestic consumption and some pickup in...

Bausch & Lomb near $9bn sale to Valeant 26 May 2013 - 12:49 am

NEW YORK: Canadian pharmaceutical company Valeant is close to a deal to acquire US eye health company Bausch & Lomb for about $9bn,...

WTO panel to examine Japan, China row over steel duties 26 May 2013 - 12:49 am

GENEVA: The World Trade Organisation said that its dispute settlement board had agreed to a request from Japan to create a panel to...

From Angel Valley to Museum Valley 25 May 2013 - 02:56 am

A general view of the ArcelorMittal Florange-Hayange blast furnace in Hayange near Florange, Eastern France. After the 2009 closure of the nearby Gandrange...

Orascom close to delisting 25 May 2013 - 02:56 am

CAIRO/MOSCOW: Egypt’s Orascom Telecom (OTH) is closer to being delisted, sources said yesterday, after holders of around 10 percent of its stock agreed...

Jet Airways shareholders approve Etihad deal 25 May 2013 - 02:56 am

MUMBAI: Shareholders of India’s Jet Airways yesterday approved a deal in which Abu Dhabi-based airline Etihad will take a 24 percent stake in...

HSBC chairman calls for speedier bank reforms 25 May 2013 - 02:55 am

LONDON: HSBC’s Chairman Douglas Flint called for an acceleration in the speed of reform within the industry as the bank was criticised by...

Raiffeisen CEO quits over Offshore deals 25 May 2013 - 02:55 am

VIENNA: Raiffeisen Bank International Chief Executive Herbert Stepic resigned yesterday in what he called an effort to spare his bank from negative publicity...