Doha: Qatar Exchange (QE) suspended as of yesterday and till further notice, trading of Salam International shares following a directive issued by Qatar Financial Markets Authority, the independent regulator supervising securities and capital market here. Salam International’s share trading will remain suspended till further notice, QE said. Meanwhile, the Qatar Cinema and Film Distribution Company will convene its Ordinary General Assembly Meeting on March 6. The entertainment company had earlier deferred its Non-Ordinary General Assembly Meeting which was to mull its Board of Directors proposal to increase its capital. This meeting was pushed back since official approvals were pending, according to QE.
CAIRO: Egypt plans to invite an IMF mission to Cairo within a week, the government said yesterday, flagging an early resumption of negotiations for a $4.8bn loan as it struggles with an acute foreign currency shortage. Planning Minister Ashraf Al Araby said foreign investment had all but dried up, predicted a huge budget deficit as food and fuel subsidy bills soar, and announced data also underlining the depth of Egypt’s crisis before elections expected in spring. Araby said growth had been just 2.2 percent year-on-year in the December quarter, noting that strong investment was needed to reach seven percent. Egypt’s pound has tumbled 8 percent against the dollar this year as its international reserves fell to $13.6bn.
DUBAI: The sudden display of caution by Etihad Airways over taking a stake in Jet Airways is the legacy of a string of failed forays by Gulf investors into India. Etihad’s chairman, who is also head of Abu Dhabi’s sovereign wealth fund, told Reuters that the Jet deal needed to be revised and it was too soon to say when a final agreement will be struck. The backtracking on a deal reported to be near completion highlighted investor apprehension about India and recalled how Etisalat was badly burned by a recent tilt at the south Asian country. A senior Indian government source said that Etihad was concerned about potential “legal” issues relating to the investment and the two airlines were working to resolve them. Agencies