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  • NEW YORK, March 2- IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to...

  • Amira beats Street 3Q forecasts Monday, 2 Mar 2015 | 9:00 AM ET

    DUBAI, United Arab Emirates _ Amira Nature Foods Ltd. on Monday reported fiscal third-quarter earnings of $11 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share. Analysts expected $181 million, according to Zacks.

  • DUBAI, March 2- Egypt has obtained $23 billion in aid from Saudi Arabia, the United Arab Emirates and Kuwait in the 18 months since Islamist President Mohamed Mursi was ousted, Investment Minister Ashraf Salman said on Monday. Speaking at a business conference in Dubai, Salman said the aid included oil shipments, cash grants and deposits in Egypt's central bank.

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • *Exports to EU, China fall; sales to U.S. rise. SEOUL, March 1- South Korean exports last month suffered their worst fall in two years on weaker sales to Europe and China, lower oil prices and long holidays, but the government said global demand showed some signs of recovery. Exports in February fell 3.4 percent from a year earlier to $41.46 billion, while imports...

  • Journalist to face court after Paris drone incident Thursday, 26 Feb 2015 | 10:21 AM ET

    PARIS— An Al-Jazeera journalist will face court for illegally flying a drone in Paris, amid a spate of drone flyovers that have confounded French authorities amid heightened security concerns. The Paris prosecutor's office says three journalists for Qatar- based broadcaster Al-Jazeera were released Thursday, a day after they were detained.

  • PARIS, Feb 25- The head of Dubai's Emirates has hit back at U.S. airlines in an increasingly bitter subsidy spat and urged Washington to block their calls to renegotiate Open Skies agreements. He was responding to allegations of trade-distorting Gulf subsidies made by the three largest U.S. airlines, Delta Air Lines, American Airlines and United Airlines.

  • RIYADH/ DUBAI, Feb 25- Mobily's problems piled up on Wednesday after Saudi Arabia's second largest mobile operator said it made a $243 million loss in 2014, had breached covenants on long-term loans and removed its chief executive. Mobily-- officially known as Etihad Etisalat-- made a loss of 913 million riyals in 2014 after it took an additional charge of 1.13...

  • ABU DHABI, Feb 25- Sikorsky Aircraft Corp, a unit of United Technologies Corp, expects to sell around 400 helicopters in the Middle East over the next five to ten years, roughly as many as it has delivered to the region to date, its regional head said on Wednesday. "Expansion of the existing fleet of 400 will be in a proportional manner, and modernisation is going to drive...

  • Qatar's Hassad Food eyes Brazilian sugar, poultry assets Wednesday, 25 Feb 2015 | 4:20 AM ET

    *Hassad Food says discussions to buy Brazil assets in early stage. "We have a lot of stuff in our pipeline and Brazil is definitely part of that, not only sugar but also poultry," Youssef Hegazy, vice president for business development at Hassad Food, said on Wednesday. "We realize there are structural issues in both industries in Brazil, like high debt," Hegazy told...

  • SINGAPORE, Feb 25- Gold edged higher on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising U.S. interest rates. *Spot gold was up half a percent at $1,206 an ounce by 0021 GMT, after hitting its weakest since Jan. 5 on Tuesday at $1,190.91. Silver, both spot and futures, rose more...

  • Abu Dhabi, Feb 24- U.S. drone makers are expecting a surge in sales of military and civilian drones to Gulf states after the State Department eased export rules last week, industry executives said on Tuesday. "With this new policy, we see a lot more activity, we are talking to a lot more countries in the Middle East," he said on the sidelines of the International Defence...

  • *Restated profits $381 mln lower in November. DUBAI, Feb 24- An accounting scandal at Saudi Arabia's Mobily is set to constrain dividend payouts from the former stock market darling for the next few years and make investors more picky about companies in the kingdom. Analysts who met acting Mobily Chief Executive Serkan Okandan a month ago came away with the...

  • DUBAI, United Arab Emirates— The Middle East's biggest airline, Emirates, said on Tuesday that it plans to resume flights to Baghdad after halting them last month when an incoming passenger plane came under fire. FlyDubai said it resumed Baghdad flights on Sunday, following a Feb. 12 decision by Emirati aviation authorities to lift a ban on Baghdad flights.

  • *UAE signs $1 bln satellite contract with Airbus, Thales. *UAE spends 9.5 bln dirhams on defense contracts at IDEX. ABU DHABI, Feb 23- The United Arab Emirates is still in talks with both BAE Systems and Dassault Aviation over the possible multi-billion-dollar purchase of fighter jets, a spokesman for a major UAE defense organization said on Monday.

  • ABU DHABI, Feb 23- Russia's military budget may shrink by around 10 percent in 2015, the chief executive of state-owned defence conglomerate Rostec said on Monday. Russia denies it has troops in eastern Ukraine. However, even favoured "power ministries" are beginning to feel the pressure of Russia's economic crisis and Sergei Chemezov-- a key ally of Putin and...

  • ABU DHABI, Feb 23- Sanctions imposed on Russia have had an impact on its defence industry, with the country planning to substitute all its current imports with home-made options by 2017, the chief executive of state-owned defence conglomerate Rostec said on Monday. "Sanctions have given us a kick to produce our own," Sergei Chemezov told a news conference on the...

  • ABU DHABI, Feb 23- Russia's military budget may shrink by around 10 percent in 2015, the chief executive of state-owned defense conglomerate Rostec said on Monday. "It could shrink a bit, within 10 percent, but a decision is not yet made," Sergei Chemezov told a news conference on the sidelines of a defense conference in Abu Dhabi, the capital of the United Arab...

  • *Middle East always has "great interest" in Kalashnikov products. ABU DHABI, Feb 22- Russian firearms maker Kalashnikov Concern aims to concentrate on its markets in the Middle East and Africa and diversify its product range to offset the impact of Western sanctions, its chief executive said on Sunday. After that we had more sales of military weapons in new markets...