Business

Reuters – Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action. An expected slide in the U.S. oil rig …

Reuters – The International Monetary Fund lowered its forecast for global economic growth in 2015, and called on Tuesday for governments and central banks to pursue accommodative monetary policies and structural reforms to support growth. Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the …

Reuters – Wall Street powerhouse Morgan Stanley said it would pay a smaller portion of revenue in bonuses to investment bankers and traders this year even in a better revenue environment. The bank reported a drop in fourth-quarter adjusted earnings on Tuesday as it cleared the decks for a more …

Reuters – U.S. consumer prices recorded their biggest decline in six years in December and underlying inflation pressures were benign, which could bolster the case for delaying the first interest rate increase from the Federal Reserve. The Labor Department said on Friday its Consumer Price Index fell 0.4 percent last …

By Anshuman Kukreti – for Middle East Business News – In spite of the political fallout, the Emirati economy catapulted to a growth trajectory beyond bounds of ‘the predictable’ during 2014.Considered as the second largest economy in the Arab world, the UAE cruised to a far better-than-expected growth of 4.8% …

Reuters – The Swiss National Bank shocked financial markets on Thursday by scrapping a three-year-old cap on the franc, sending the currency soaring against the euro and stocks plunging on fears for the export-reliant Swiss economy. Only days ago, SNB officials had described the 1.20 francs per euro cap, introduced …

Reuters – Oil prices fell on Thursday after weak U.S. economic data spurred worries over crude oil demand. Early in the session, U.S. crude moved higher, breaking above $50 a barrel on a fall in the dollar. U.S. crude also briefly traded at a premium to Brent, rather than the …

By Shobhana Chandra for Bloomberg – More Americans unexpectedly filed applications for unemployment benefits last week, indicating companies let go of seasonal workers following the holidays. Jobless claims climbed by 19,000 to 316,000 in the week ended Jan. 10, the most since early September, from a revised 297,000 in the …

By Grant Smith and Moming Zhou for Bloomberg – West Texas Intermediate oil fell for the fourth time in five days as OPEC said it expects weaker demand for its crude and U.S. output climbed to the highest in records dating to January 1983. Demand for oil from the Organization …

Reuters – The United States rolled out a sweeping set of measures on Thursday to significantly ease sanctions on Cuba, opening up the country to expanded U.S. travel, trade and financial activities. Defying hardline critics in Congress, President Barack Obama made good on his commitment last month to loosen restrictions …

By Mohamad Bazzi for REUTERS – In August 1973, Egyptian President Anwar Sadat paid a secret visit to the Saudi capital, Riyadh, to meet with King Faisal. Sadat was preparing for war with Israel, and he needed Saudi Arabia to use its most powerful weapon: oil. Until then, King Faisal …

BY RANIA EL GAMAL AND ALEX LAWLER – Reuters – Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, even though they dipped below $50 a barrel this week. OPEC decided against limiting production at its last meeting on Nov …

Agence France Presse – OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Tuesday, adding that rising North American shale oil output needed to be curbed. World prices have been falling since June but the pace of the slide accelerated in November …

By Bijan Khajehpour for Al-Monitor – The Iranian economy has embarked on 2015 with a number of challenges that will directly influence the overall economic performance of the country. Low and falling oil prices as well as the wait-and-see mode in the nuclear negotiations are inducing massive uncertainties into Iran’s …

Reuters – Iranian President Hassan Rouhani said Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop. “Those that have planned to decrease the prices against other countries will regret this …

Source: Gulf News – The UAE markets rebounded on Wednesday after the oil triggered slump as traders picked up bargains ahead of the new year. The Dubai Financial Market General Index ended up 1.29 per cent at 3,774, recovering from the previous session’s more than 5 per cent decline. The …

Reuters – Contracts to buy previously owned U.S. homes rose only modestly in November, pointing to a still-sluggish housing market despite several months of stronger economic growth and hiring. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, gained 0.8 …

Source: Reuters – The Daily Star – Despite the Lebanese government’s failure to provide proper support for the private sector in Lebanon, family businesses have seen remarkable success as the biggest providers of job opportunities in the country, experts say. “Family businesses provide over 80 percent of job opportunities in …

Reuters – U.S. stocks were modestly higher on Wednesday, putting major indexes on track to end 2014 near record levels, though energy shares once again fell alongside crude oil prices. While the market’s seasonal trend of modest moves and low volume continued, there was heavier action in the energy space. …

Associated Press- Israel’s securities regulator said Tuesday that authorities have arrested six current and former executives from Israel’s electric company on suspicion of accepting $20 million in bribes from German engineering firm Siemens AG. The Israel Securities Authority alleges Siemens and its Israeli subsidiary bribed the Israel Electric Corp. executives …

By Edvard Pettersson for Bloomberg – Facebook Inc. (FB) lost a bid to dismiss a user lawsuit claiming it scans private messages for any reference to web sites, and then adds a user’s “like” to those pages as part of a targeted advertising campaign. The federal judge in Oakland, California, …

By Christopher Hartwell for Russia Direct – While Russia’s Central Bank increased its key interest rate to 17 percent, the steep depreciation of the ruble and the drop in global oil prices have negative implications not only for Russia’s economy, but also for Russia’s ability to integrate with other nations …

Reuters – Bank of England policymakers focused heavily on falling oil prices in their December meeting, and the majority who have been voting to keep interest rates on hold appeared slightly more united. Minutes of the BoE Monetary Policy Committee’s Dec. 3-4 meeting released on Wednesday showed the majority thought …

Reuters – The global economy is ending the year in a fragile state with factory activity shrinking in China, euro zone business growth remaining weak, and emerging market giant Russia in a spiraling currency crisis. “These are uncertain times again and there is a risk of another global downturn,” said …

By Mohamad Bazzi for REUTERS – In August 1973, Egyptian President Anwar Sadat paid a secret visit to the Saudi capital, Riyadh, to meet with King Faisal. Sadat was preparing for war with Israel, and he needed Saudi Arabia to use its most powerful weapon: oil. Until then, King Faisal …

By Alex Nussbaum, Alex Morales and Ewa Krukowska for Bloomberg- A plan to limit fossil-fuel pollution in all nations for the first time came a step closer as envoys from more than 190 countries agreed on the key parts of a deal they plan to adopt next year to fight …

By Babu Das Augustine, for Gulf News- Gulf Cooperation Council (GCC) economies can withstand the pressures resulting from lower oil prices without having to make significant policy adjustments but, if needed, will likely adjust their fiscal policies accordingly, said analysts. “In general, we believe there is greater tolerance for fiscal …

Customers pass a Porsche Panamera automobile inside the GUM department store in Moscow. Russians are snapping up Porsche sports cars and Lexus sport-utility vehicles to protect against the falling ruble from eroding their savings. With steeper price increases looming next year, sales of Porsche vehicles, such as the Cayenne crossover, …

Reuters – Citigroup Inc will record $2.7 billion in additional legal costs and another $800 million of repositioning charges in the fourth quarter, Chief Executive Officer Mike Corbat said on Tuesday. Corbat, speaking at an investor conference in New York, said the legal costs stemmed from investigations into foreign exchange …

IN COLLABORATION WITH MIDDLE EAST BUSINESS NEWS – FIFA whistleblower Phaedra Al-Majid, who accused Qatar of corruption in its successful bid to win the right to host the 2022 soccer World Cup, said on Wednesday she was living in fear after receiving threats against her family. Al Majid, a former …

IN COLLABORATION WITH MIDDLE EAST BUSINESS NEWS – Egypt said on Wednesday it had resolved a long-standing dispute over a land sale with Dubai-based conglomerate Al Futtaim Group, as the government seeks to clear a backlog of such disputes in order to win back badly-needed foreign investors. A cabinet statement …

IN COLLABORATION WITH MIDDLE EAST BUSINESS NEWS – If Saudi Oil Minister Ali al Naimi (pictured below) wants to stop conspiracy theories spreading before a crucial OPEC meeting next week, it’s too late. Naimi’s intervention last week after a two-month silence failed to address a question energy markets want answered: …

IN COLLABORATION WITH MIDDLE EAST BUSINESS NEWS  – New aircraft and fresh routes will help Dubai’s flagship carrier Emirates grow profit by no less than eight to ten percent in coming months, its president said on Wednesday. “We will continue to grow at a percentage which is never going to …

THE LEVANT IN COLLABORATION WITH MIDDLE EAST BUSINESS – Qatar’s government spending fell 6.6 percent from a year ago to QR38.8 billion ($10.7 billion) in the first quarter of the current fiscal year, while revenue soared to a record high, central bank data has showed. The central bank did not …

THE LEVANT IN COLLABORATION WITH MIDDLE EAST BUSINESS – The UAE has been named one of the top 10 economies in the world for improving the business environment for local companies. The World Bank’s Doing Business 2015 report said the UAE had enhanced the administrative efficiency of its land registry, …

THE LEVANT IN COLLABORATION WITH MIDDLE EAST BUSINESS  – Kuwait’s emir said on Tuesday a fall in oil prices cast a shadow over the OPEC member state’s economy, showing the need to diversify sources of income that rely heavily on petroleum. In a speech to the opening of parliament, Sheikh …

THE LEVANT – Jazeera Airways Group on Wednesday announced a record net profit of KD8.1 million ($28 million) for the third quarter of 2014, up 22.6 percent on the year-earlier period, making it the company’s best quarter in history. Operating revenue for the quarter totalled KD23.1 million, up 15.2 percent …

THE LEVANT – A total of nine heads of state, 12 ministers, four central bank governors, and about 2,000 delegates from more than 100 countries have started to arrive in Dubai for the 10th World Islamic Economic Forum (WIEF). Heads of government and heads of state attending the event from …

THE LEVANT – Gulf Arab oil exporters face inevitable spending cuts as weak oil prices cloud their economic outlook, Kuwaiti Finance Minister Anas Al Saleh said on Saturday. “We must undertake comprehensive economic reforms including the reform of imbalances in public finances,” Al Saleh told a meeting of Gulf Arab …

THE LEVANT – The International Monetary Fund on Tuesday lowered its economic growth forecasts for most Arab countries although it said growth in oil-rich Gulf nations will remain strong. In its semi-annual World Economic Outlook, the IMF said the Middle East and North African (MENA) region would grow by 2.6 …

THE LEVANT – Saudi billionaire Prince Alwaleed bin Talal said he had “a fundamental difference” of opinion with Saudi Oil Minister Ali Al Naimi on the kingdom’s policy not to reduce oil production in the wake of declining prices, but stopped short of demanding the minister’s resignation. Prince Alwaleed last …

THE LEVANT – Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years, official data showed on Monday, as the top oil exporter fights for market share amid weak demand and ample supplies from rival producers. Saudi crude exports have …

THE LEVANT – Saudi billionaire Prince Alwaleed bin Talal said the world’s top oil exporter should start worrying about the recent slide in global oil prices and warned against the negative effect of such a drop on the state revenue. In an open letter to Oil Minister Ali Al Naimi …

THE LEVANT – Oil-rich United Arab Emirates on Monday launched a project that aims to send the first Arab unmanned probe to Mars by 2021. The Gulf state set up the UAE Space Agency to supervise and finance the “Emirates Institution for Advanced Science and Technology to execute and manage …