DOHA: Qatari banks face growing pressure from high exposure to the country’s sluggish real estate market, hit by oversupply tied to preparations for its 2022 World Cup, ratings agency Fitch said.The tiny but wealthy Gulf state has seen its rental prices slide by 20 percent over the past three years. Analysts expect these prices to…
BRUSSELS: European Union regulators have fined five banks a total of more than €1 billion ($1.1 billion) for allegedly colluding in the trade of large sums of foreign currency.The EU Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11 currencies “exchanged sensitive information and trading plans.” They…
DOHA: Qatari banks face growing pressure from high exposure to the country’s sluggish real estate market, hit by oversupply tied to preparations for its 2022 World Cup, ratings agency Fitch said.The tiny but wealthy Gulf state has seen its rental prices slide by 20 percent over the past three years. Analysts expect these prices to…
KARACHI: The Pakistani currency on Wednesday hit an all-time low of 146.25 rupees against the US dollar amid looming fears of further devaluation, just days after Pakistan signed a bailout deal with the International Monetary Fund.The $6 billion bailout package comes with strict reform conditions, including measures to maintain a free-floating exchange rate.After reaching the…
PARIS: The world’s oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were…
PARIS: The world’s oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were…
ABU DHABI/LONDON: United Arab Emirates-based Finablr had to cut the price on its initial public offering as the payments and foreign exchange company faced weak investor demand in jittery markets which also rocked ride-hailing app Uber’s Wall Street debut.Finablr was priced at 175 pence per share, the bookrunner said on Tuesday, significantly below an initially…
DUBAI: Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said.Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and marketing,…
DUBAI: Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said.Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and marketing,…
DUBAI: Oman’s expat visa ban has again been extended, this time to senior management positions in the private sector, as the country continues to push its Omanization policy in a bid to cut unemployment among its citizens. Under the new rules those expats currently working in the specified roles will be able to work until…
DUBAI: Oman’s expat visa ban has again been extended, this time to senior management positions in the private sector, as the country continues to push its Omanization policy in a bid to cut unemployment among its citizens. Under the new rules those expats currently working in the specified roles will be able to work until…
KARACHI: Pakistan’s main share index plunged by 2.35 percent on Monday, amid investors’ concerns over the conditions for a $6 billion International Monetary Fund (IMF) bailout package announced the day before.The Karachi Stock Exchange KSE100 Index started the day positively before bearish sentiment took hold, with the index closing below 34,000 points.“The market opened on…
INTERVIEW: SIDF’s Noor Shabib — a woman at the sharp end of the Saudi transformation DUBAI: If the Saudi Vision 2030 reform plan is to be achieved, it will require dedication, expertise, inspiration and hard work. It will also require money. Noor Shabib, who is responsible for strategic planning and business development at the Saudi Industrial…
INTERVIEW: SIDF’s Noor Shabib — a woman at the sharp end of the Saudi transformation DUBAI: If the Saudi Vision 2030 reform plan is to be achieved, it will require dedication, expertise, inspiration and hard work. It will also require money. Noor Shabib, who is responsible for strategic planning and business development at the Saudi Industrial…
HOUSTON: Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection.The company, which at its peak was valued at more than $50 billion, never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum…
MUMBAI: Hamleys, the world’s oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries said it had agreed to buy the British high street icon.Through its Reliance Brands subsidiary, the conglomerate said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings.On Friday, C…
MUMBAI: Hamleys, the world’s oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries said it had agreed to buy the British high street icon.Through its Reliance Brands subsidiary, the conglomerate said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings.On Friday, C…
SINGAPORE: China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said.The US has not renewed any exemptions from sanctions on Iran,…
KHARTOUM: Women queue for hours under scorching sun in the hope of withdrawing cash from an ATM in the Sudanese capital Khartoum. Sometimes it works, sometimes it doesn’t.The hunt for cash has become a national sport in Sudan, where a deep economic crisis helped sparked months of protests against veteran president Omar Al-Bashir.Bashir’s departure last…
NEW YORK: Uber is set for its Wall Street debut Friday with a massive share offering that is a milestone for the ride-hailing industry and the so-called “sharing economy,” but which comes with simmering concerns about its business model.Shares will be priced at $45 for the initial public offering (IPO), valuing the startup at more…
