Business

New currency regime pushes Egypt pound low 30 Dec 2012 - 11:34 pm

CAIRO: The Egyptian pound hit a record low against the dollar yesterday as worried Egyptians shifted their money out of local currency after...

Lindner Depa Interiors rebuts Qatar Airways claim 30 Dec 2012 - 11:34 pm

DOHA: Lindner Depa Interiors (LDI) has rebutted Qatar Airways’ claim that it is responsible for major delays to the opening of the New...

Nakheel awards $136m contract for villa project 30 Dec 2012 - 11:34 pm

DUBAI: Property developer Nakheel yesterday awarded contracts worth $136m to two local construction firms for a luxury villa project stalled after Dubai’s property...

Bolivian nationalisation 30 Dec 2012 - 11:32 pm

Bolivian police officers hold a Bolivian flag on the roof of the headquarters of electricity distribution company Electropaz, a subsidiary of the Spanish...

IMF, EU push for less drastic deficit cuts 30 Dec 2012 - 11:32 pm

PARIS: The International Monetary Fund and European Commission officials have encouraged France and its eurozone partners not to fixate on deficit reduction targets...

Bankia investors look to court for justice 30 Dec 2012 - 11:32 pm

MADRID: Spanish savers and pensioners who have seen their money wiped out by investing in state-rescued lender Bankia are likely to seek redress...

Oil output hike elsewhere may dent 2013 income: Saudi 30 Dec 2012 - 11:32 pm

RIYADH: Production hikes by other oil producers will weigh on energy prices in 2013, potentially cutting into Saudi Arabia’s fiscal surplus, Finance Minister...

Italy upbeat at end of 2012 after year of market tension 30 Dec 2012 - 11:31 pm

ROME: Italy is ending 2012 on an upbeat note, with renewed financial market confidence and optimism among analysts that the worst of the...

Saudi to issue bonds for Jeddah, Riyadh airports 30 Dec 2012 - 11:31 pm

DUBAI: Saudi Arabia’s government will issue bonds next year backed by the kingdom’s ministry of finance to fund construction work at airports in...

Japan factory output falls 30 Dec 2012 - 01:18 am

A man walks past cranes at a construction site in a business district in Tokyo. Japan’s factory output fell more than expected in...

Egypt president downplays economic crisis 30 Dec 2012 - 01:17 am

CAIRO: Egypt’s President Mohammed Mursi downplayed yesterday the country’s teetering economy before a newly empowered senate, and insisted that a new constitution that...

Lockheed gets $4.9bn F-35 funding 30 Dec 2012 - 01:17 am

WASHINGTON: Lockheed Martin Corp was awarded up to $4.9bn in additional funding for its F-35 Joint Strike Fighter programme, the Pentagon announced yesterday,...

Brazil proposes looser fiscal rules to accelerate growth 30 Dec 2012 - 01:16 am

SAO PAULO: Brazil’s government has proposed changes to a fiscal responsibility law that set the foundation for a decade of economic prosperity in...

Sudan’s oil production rises to almost 140,000b/d 30 Dec 2012 - 01:16 am

KHARTOUM: Sudan has managed to boost oil production to almost 140,000 barrels per day and plans to add another 10,000b/d next year, its...

Vietnam GDP grows by 5.03 percent 30 Dec 2012 - 01:15 am

Vietnam’s gross domestic product (GDP) grew 5.03 percent in 2012, according to the General Statistics Office, while government target was 5.2 percent. This...

East Asia holds economic bright spot for 2013 30 Dec 2012 - 01:14 am

Doha: The Global economic outlook continues to be revised downwards for 2013, due to weaker growth in advanced economies, especially the Euro Area....

Deal reached to avert US port strike for now 30 Dec 2012 - 01:09 am

Los angeles: The union representing nearly 15,000 dockworkers at US Atlantic and Gulf Coast seaports stretching from Boston to Corpus Christi, Texas, reached...

India’s Bharti Infratel falls in market debut 30 Dec 2012 - 01:09 am

NEW DELHI/HONG KONG: Bharti Infratel Ltd, backed by billionaire Sunil Mittal, dived as much as 12.7 percent in its trading debut after raising...