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Arab stock markets bounce back on rate cuts, cash injectionsMost Arab stock markets rebounded on Thursday, bolstered by interest-rate cuts and infusions of fresh liquidity, following this week's battering by concerns over the global financial crisis. Six of the seven Gulf stock markets showed moderate to strong gains at the close though all of them finished the week sharply down after panic.
Source : dailystar.com.lb | 10-Oct-2008 01:18
Dubai officials insist now is no time to slow expansion of airport capacity
Dubai authorities showcased a state-of-the-art airport terminal on Thursday, vowing "not to blink" in face of the global financial turmoil and to press ahead with their $4.5 billion expansion plans. "We are in front, and we intend fully to stay there. This is not a time to blink," Paul Griffiths, chief executive officer of Dubai Airports, told reporters.
Source : dailystar.com.lb | 10-Oct-2008 01:03
Arab bourses continue slide, but Saudi shares show signs of life
Arab stock markets tumbled for the fourth day running on Wednesday but the Saudi bourse, the region's largest, rebounded strongly after a coordinated international rate cut. Concerns mounted about the impact of the global financial crisis on the oil-rich Gulf, where the region's seven stock markets lost more than $50 billion of capitalization in the latest rout.
Source : dailystar.com.lb | 09-Oct-2008 01:18
Panic drives Middle East stock markets down sharply
Stock markets plunged across the Arab world on Tuesday as panic over the global financial crisis gripped investors, wiping billions of dollars off the value of shares. The market in oil powerhouse Saudi Arabia sank by seven percent while the biggest percentage loss was reported in Egypt.
Source : dailystar.com.lb | 08-Oct-2008 01:17
'It's a panic:' Saudi stock market tumbles into two-day rout across Gulf
The Saudi stock market, the Arab world's largest, suffered huge losses on Monday, shedding almost 10 percent as shares in other Gulf states also slumped amid the global financial turmoil. It was the first day of trading in Saudi Arabia after a week-long holiday for Eid al-Fitr which marks the end of the Muslim fasting month of Ramadan.
Source : dailystar.com.lb | 07-Oct-2008 01:24
Dubai announces plan to build $95 billion 'new city' despite global credit crunch
A Dubai government firm announced Monday it will build a "new city" in the booming Gulf emirate at a projected cost of $95 billion, shrugging off the global financial turmoil. The mixed-use Jumeirah Gardens development will be "an integrated city within a city," to be built over 12 years, Meraas Development said.
Source : dailystar.com.lb | 07-Oct-2008 01:09
Turkey to switch back to old currency starting January 1
Turkey will return to its old currency, the Turkish lira, on January 1, 2009, after a major money reform four years ago that saw the introduction of the new Turkish lira, officials said Friday. Central bank Governor Durmus Yilmaz predicted that inflationist pressure triggered by the global financial crisis would have only.
Source : dailystar.com.lb | 04-Oct-2008 01:11
GCC stock markets end third quarter with severe slump
Stock markets in energy-rich Gulf states ended a volatile third quarter on Monday with sharp losses as global economic uncertainty took its toll on investor confidence. All seven markets in Gulf Cooperation Council states fell in the past three months, and $150 billion has been lost in their market capitalization since the end of last year.
Source : dailystar.com.lb | 30-Sep-2008 01:03
Dubai's water-themed Atlantis resort opens on schedule despite fire
Dubai, home to the world's tallest tower and other extravagant landmarks, has a new luxury resort billed as unique in the Middle East: the ocean-themed Atlantis, where a nightlong stay can cost as much as $25,000. Inspired by the legend of the lost continent, the resort offers "experiences that are new to the Middle East," said.
Source : dailystar.com.lb | 30-Sep-2008 00:48
Cost of basic food items leaps by 50 percent in inflation-hit Iran
The increase in food prices accelerated in Iran in September, when the cost of a basket of 45 staple food items showed a mighty leap of nearly 50 percent from the same month a year earlier, the Kargozaran newspaper reported Sunday, citing central bank figures. For the three Iranian months of Tir, Mordad and Shahrivar (July to September).
Source : dailystar.com.lb | 29-Sep-2008 01:02
Crude prices slide on falling US demand
Oil prices pulled lower Thursday on falling demand for crude in the United States, the world's biggest consumer of energy, amid a global economic slowdown, traders said. New York's main contract, light sweet crude for November delivery, dropped $0.19 to $105.54 a barrel. Brent North Sea crude for November delivery also shed $0.19 to $102.26 a barrel.
Source : dailystar.com.lb | 26-Sep-2008 01:19
West Bank tourism doubles in first half of 2008
Tourism in the Occupied West Bank more than doubled in the first half of this year from a year earlier, reflecting improved security, the Palestinian Tourism Ministry said on Thursday. From the start of the year until June, 768,665 people visited the West Bank, up 120 percent from 335,876 in the same period of 2007, according to the ministry.
Source : dailystar.com.lb | 26-Sep-2008 01:04
Navigating the Wall Street crisis: consequences for Arab investors
The financial crisis in the US provide a strong indication of how Wall Street has become the "near abroad" of Arab investors and how tightly the Arab world is weaved into global financial markets. How it navigates the financial turmoil is going to make a huge impact on its reputation and standing among other global investors.
Source : dailystar.com.lb | 25-Sep-2008 01:02
Crude prices drop despite dramatic fall in US stocks
Oil prices dipped on Wednesday, erasing earlier gains and continuing this week's roller-coaster ride, as traders set aside news that US crude inventories plunged last week.New York's main contract, light sweet crude for November delivery, fell $0.84 to $105.77 per barrel. Brent North Sea crude for November gave up $59 to $102.49 a barrel.
Source : dailystar.com.lb | 25-Sep-2008 00:47
Iraq resumes shipments of discounted oil to Jordan
Jordan received 11,000 barrels of Iraqi oil by road on Wednesday, the first delivery under a new agreement which revises the subsidy the kingdom receives in the light of spiraling world prices, Energy Minister Khaldun Qteishat said. "Forty-one tankers laden with 11,000 barrels of crude oil from Iraq crossed the border today," Qteishat told .
Source : dailystar.com.lb | 25-Sep-2008 00:32
Kuwait earmarks $131.5 billion for Silk City, other ambitious 'mega-projects'
Kuwait plans to spend its bumper petrodollar earnings on an array of "mega-projects" over the next five years including a new business hub dubbed Silk City, according to a plan published Wednesday. The OPEC member has earmarked 35 billion dinars ($131.5 billion) for Silk City, as well as a harbor, railway and metro system.
Source : dailystar.com.lb | 25-Sep-2008 00:17
Stocks stumble on opposition to Bush's bailout package
Global equities were hit Tuesday by growing doubts about prospects for a US bailout package aimed at rescuing battered financial institutions and averting economic meltdown. US Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress on Tuesday to swiftly pass a $700 billion financial bailout or put the economy at risk.
Source : dailystar.com.lb | 24-Sep-2008 01:08
Stocks regain some lost ground in Egypt, most of Gulf
Dubai shares surged by almost 10 percent on Sunday to lead a strong recovery by stock markets in the energy-rich Gulf states, which dropped sharply last week in response to the global financial crisis. Sunday is the first day of trading in the Gulf, except in Saudi Arabia, where it begins on Saturday.
Source : dailystar.com.lb | 22-Sep-2008 01:10
Dubai eateries cash in on Ramadan festivities
Restaurant and hotel owners in Dubai are in hot competition during the Muslim fasting month of Ramadan to attract a top-notch clientele to "tents" that have proved a hit in the bustling Gulf emirate. "Dubai has over the years become one of the most cosmopolitan places and I have an international clientele," said Rami Shehada.
Source : dailystar.com.lb | 22-Sep-2008 00:55
Iraqi oil minister blames Kurdish tactics for delay of new law
Iraqi Oil Minister Hussein al-Shahristani says a series of contracts awarded by Kurdish leaders is blocking the passage of a national oil law, forcing Baghdad to use Saddam Hussein-era rules for new deals. In an interview with , Shahristani said a majority of Parliament's 275 members were hesitating to pass the new oil law after.
Source : dailystar.com.lb | 20-Sep-2008 01:06
Federal Reserve leads $300 billion bid to avert global meltdown
Central banks threw more than $300 billion at the global credit storm Thursday as pressure mounted on Wall Street legend Morgan Stanley and Swiss bank UBS. The massive injection boosted battered US and European shares. Wall Street rose 1.27 percent in early trading. The rescue of top British mortgage lender HBOS also helped but.
Source : dailystar.com.lb | 19-Sep-2008 01:18
World Bank study confirms Israel is strangling Palestinian economy
Burdened by Israeli restrictions that paralyze the economy of the occupied West Bank and the Gaza Strip, Palestinians have become more and more reliant on outside assistance, the World Bank said on Wednesday. "As the Palestinian economy declines, it is becoming increasingly dependent on foreign aid," the bank said in a report on economic prospects in Palestinian territories.
Source : dailystar.com.lb | 18-Sep-2008 01:12
Iran likely to face more power cuts this winter
Iranians are likely to endure further power cuts this winter despite their country's huge oil and gas reserves, Energy Minister Parviz Fattah warned in comments published on Wednesday. "There is a possibility of blackouts in autumn and winter," the Etemad newspaper quoted the minister as saying.
Source : dailystar.com.lb | 18-Sep-2008 00:57
Iranian official says UN sanctions raising trade costs
International sanctions against Iran over its nuclear drive are hitting trade costs, the head of the country's chamber of commerce said in remarks published on Tuesday. "Imposing these costs does not mean cutting Iran's trade relations with other countries ... but costs of imports and exports have increased.
Source : dailystar.com.lb | 17-Sep-2008 07:50
Gulf shares plummet on back of falling oil prices, Lehman Brothers bankruptcy
Stock markets across the energy-rich Gulf fell sharply on Monday, shedding up to 7 percent of their value on the Lehman Brothers bankruptcy and a big drop in oil prices. The Saudi bourse, the largest in the Arab world, fell 6 percent shortly before close of trading as the Tadawul All-Shares Index dipped below the 7,300-points mark. It has lost 34 percent since the start of the year.
Source : dailystar.com.lb | 16-Sep-2008 01:23
Oil prices hit seven-month lows on series of shocks to markets
Oil prices plunged to seven-month lows near $91 Monday on prospects of weaker energy demand amid a worsening global financial crisis after Lehman Brothers' bankruptcy, analysts said. Brent North Sea crude for October tumbled $4.84 to $92.74 after earlier hitting $91.17 a barrel - the lowest level since February.
Source : dailystar.com.lb | 16-Sep-2008 01:08
Kuwaiti stocks dive to nine-month low on cash drain
Kuwaiti stocks dived below the 13,000-point mark on Sunday for the first time in nine months, with traders blaming a shortage in liquidity. The Kuwait Stock Exchange (KSE) Index finished at 12,848.50 points on the opening trading day of the week, down 2.1 percent on last week's close.
Source : dailystar.com.lb | 15-Sep-2008 01:19
Kuwaiti stocks end week 6 percent lower amid cash crunch
Kuwaiti stocks ended the week through Thursday down 6 percent on lack of cashflow drained by huge initial public offerings (IPO) and a strict monetary policy to combat inflation, analysts said. The Kuwait Stock Exchange index finished the week at 13,123.90 points, the lowest level in eight months.
Source : dailystar.com.lb | 12-Sep-2008 01:14
Oil prices keep falling, reach six-month lows
Oil prices tumbled to six-month lows below $97 on Thursday as the dollar rallied and the likelihood of a global economic slowdown loomed over demand growth. Prices had risen earlier in the day as Hurricane Ike headed toward key energy facilities on the southern US coast and after OPEC on Wednesday reduced output to curb falling prices.
Source : dailystar.com.lb | 12-Sep-2008 00:59
Turkey's economic growth slows in second quarter
The Turkish economy grew 1.9 percent in the second quarter, slowing sharply from 6.7 percent in the first three months of the year, official figures showed Wednesday. Turkey has been one of the strongest economies in the region in recent years, having grown 9.4 percent in 2004, 8.4 percent in 2005.
Source : dailystar.com.lb | 11-Sep-2008 01:04
Jordan's inflation hits record 14.9 percent
Jordan's inflation reached 14.9 percent in the eight months through August, a record for a similar period, mainly due to hikes in oil prices, the kingdom's statistics department said on Wednesday. "The prices of oil and electricity rose 55.5 percent, contributing significantly to this increase in inflation," the report said.
Source : dailystar.com.lb | 11-Sep-2008 00:49
Kuwait mulls 'alternatives' to worker-sponsor system
Kuwait said on Wednesday it was considering "alternatives" for its widely criticized employee-sponsor system after violent protests by foreign workers demanding better conditions. "We are considering alternatives for the sponsor system to meet international labor standards," Minister of Social Affairs.
Source : dailystar.com.lb | 11-Sep-2008 00:34
Gulf stock markets take a bath as nervous investors fret future instability
Stock markets in energy-rich Gulf states are increasingly jittery because of global economic uncertainty and shaky investor confidence and could face a rollercoaster ride ahead, economists say. Five of the region's seven stock markets are in the red, shedding more than $120 billion since the start of 2008 despite the listing of a large number of new companies.
Source : dailystar.com.lb | 11-Sep-2008 00:19
OPEC announces production cut in bid to bolster falling prices
Oil prices rebounded on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut its output by 500,000 barrels a day to stem steep falls in the market. Faced with weakening global economic growth and fears of over-supply, the cartel opted to rein in overproduction by members.
Source : dailystar.com.lb | 11-Sep-2008 00:04
Royal Dutch Shell gets foot in door to Iraqi gas
Anglo-Dutch energy giant Royal Dutch Shell has agreed to a gas joint venture with Iraq worth up to $4 billion dollars, the Iraqi Oil Ministry said Tuesday, becoming the first Western oil major to gain access to the violence-wracked country's vast energy reserves. The deal to capture unwanted gas burned.
Source : dailystar.com.lb | 10-Sep-2008 01:04
MENA region does well in survey of business reforms
The Middle East and North Africa region continues to ease the regulatory burden of doing business, according to Doing Business 2009, the sixth in an annual series of reports published by the International Finance Corporation, the private sector arm of the World Bank.
Source : dailystar.com.lb | 10-Sep-2008 00:49
No end in sight as Iranian inflation hits 27.6 percent
Iran's inflation hit 27.6 percent in the calendar month of Mordad, which ended August 21, the central bank said Sunday, as Iranians were again battered by rising prices of basic items like foodstuffs. The consumer price index (CPI) in urban areas increased by 27.6 percent compared to the same month in the previous year, the Etemad newspaper quoted the bank as saying.
Source : dailystar.com.lb | 08-Sep-2008 19:11
Baghdad puts squeeze on private power suppliers
Iraq's capital throbs to the hum of thousands of polluting generators, but now the authorities in Baghdad want to regulate the private power network that has developed amid the ruins of the public grid. Under a plan being drawn up by the city, private operators will be forced to provide only eight hours of electricity per day outside the time.
Source : dailystar.com.lb | 08-Sep-2008 18:56
Egyptians struggle to cobble together Ramadan meals amid rising prices
Sitting next to his rickety stall stacked high with seasonal plastic lanterns, a toothy-grinned Am Ahmad waits for a customer at the start of Ramadan, which in Egypt this year is looking pretty bleak. "It's not like it used to be, there are fewer customers. Before, people bought things without counting. Now, they are very careful," he sighs.
Source : dailystar.com.lb | 03-Sep-2008 01:25
Oil prices continue slide, touch levels below $105
Oil prices tumbled on Tuesday to four-month lows below $105 a barrel after Hurricane Gustav spared energy facilities in the Gulf of Mexico and the US currency strengthened, analysts said. "Hurricane Gustav weakened once it reached the US Gulf Coast, putting pressure on the energy market," explained Andrey Kryuchenkov.
Source : dailystar.com.lb | 03-Sep-2008 01:10
Emirati group 'takes over Manchester City'
An investment group in the United Arab Emirates has sealed a deal to buy English football club Manchester City, an online business news service said Monday. "Premier League football club Manchester City has been taken over by the Abu Dhabi United Group for Development and Investment (ADUG)," Arabian Business said.
Source : dailystar.com.lb | 02-Sep-2008 01:19
Kuwait to host landmark Arab economic summit
The first ever Arab economic summit, to be hosted by Kuwait in January, will focus on worsening poverty and unemployment in the Arab world, and boosting inter-Arab trade, a minister said Thursday. "The summit will tackle the aggravation of poverty and unemployment and the deterioration of living conditions in the Arab world.
Source : dailystar.com.lb | 29-Aug-2008 01:24
Iran to lop zeros off currency as inflation soars
Iran is to lop several zeros off its currency as it battles double-digit inflation, central bank vice president Hossein Ghazavi said in comments published on Thursday. "A special committee has been formed within the central bank to prepare the currency reform and the suppression of several zeroes".
Source : dailystar.com.lb | 29-Aug-2008 01:09
Kuwait earns $25 billion in fiscal year's first three months
Organization of Petroleum Exporting Countries (OPEC) member Kuwait has earned 6.7 billion dinars ($25 billion) in the first three months of the current fiscal year, over half the projected annual income, according to Finance Ministry figures released Thursday. The earnings represent around 53 percent of the estimated revenues.
Source : dailystar.com.lb | 29-Aug-2008 00:54
China lands $3-billion oil deal with Iraq
China hailed Thursday a $3 billion oil agreement with Iraq as a win for both nations, as it sought to reassure the rest of the world that it should not be concerned by the deal.Becoming the first foreign firm to enter such an agreement since the end of Saddam Hussein's regime, state-owned China National Petroleum Corp.
Source : dailystar.com.lb | 29-Aug-2008 00:39
Dubai Port World records 123 percent increase in 2008 first-half profits
Dubai-based port operator DP World posted Thursday a 123-percent increase in net profits in the first half of 2008, which hit $287 million, despite a global economic slowdown. The world's fourth-largest container-port operator said its revenues grew by 32 percent to $1.598 billion, compared to the corresponding period last year.
Source : dailystar.com.lb | 29-Aug-2008 00:24