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United Arab Emirates

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  • ZURICH, June 25- Union Bancaire Privee plans to cut between 110 and 160 jobs initially after buying the international business of wealth manager Coutts from Britain's Royal Bank of Scotland, a source familiar with the matter told Reuters on Thursday. The Geneva- based private bank run by Guy de Picciotto, the son of the founder, hopes the deal will bolster business...

  • June 25- Saudi Arabian Airlines will take delivery of 50 aircraft from Airbus in the largest aviation deal to be secured via Islamic financing, as the European planemaker tries to gain an edge over rival Boeing in the key Gulf aviation market. Dubai- based International Airfinance Corporation, an Airbus- backed sharia-compliant aircraft leasing fund, will buy...

  • *Hackers stole Codan's designs for metal detectors. *Codan forced to slash prices to compete with counterfeits. But try telling that to Donald McGurk, chief executive of Australian communications, metal detection and mining technology firm Codan, who has watched sales and prices of his firm's metal detectors collapse since Chinese hackers stole its designs...

  • *Hackers stole Codan's designs for metal detectors. *Codan forced to slash prices to compete with counterfeits. But try telling that to Donald McGurk, chief executive of Australian communications, metal detection and mining technology firm Codan, who has watched sales and prices of his firm's metal detectors collapse since Chinese hackers stole its designs...

  • TEL AVIV, June 24- The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling. While the $80 billion overall spent on diamond jewelry last year was a record, the manufacturers are expected to...

  • Official: US to manage Afghan airspace till mid-September Wednesday, 24 Jun 2015 | 7:25 AM ET

    The airspace, a key air corridor between Europe and Asia, has been managed by the U.S.-led international military coalition or foreign companies paid by donor countries since the 2001 U.S.-led invasion that overthrew the Taliban regime. But with the pullout from Afghanistan of international combat troops, responsibility and control of the airspace was to...

  • U.S. West Coast refiners snap up Russian crude cargoes Wednesday, 24 Jun 2015 | 2:57 AM ET

    SINGAPORE, June 24- Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices as they look to guard against a seasonal shortage of Alaskan supply, trade and industry sources said. Up to four tankers were expected to carry nearly 3 million barrels of Russia's ESPO crude from...

  • *Qatar plans $200 billion in infrastructure spending. *Qatar has sidelined less essential projects. "Qatar has mothballed a lot of vanity projects," said a source at a construction company operating in Qatar who spoke on condition of anonymity.

  • But the country's top two airports Heathrow and Gatwick are at and near to maximum capacity and losing passengers to booming hubs like Dubai and Amsterdam's Schiphol that can offer more flights to new destinations like China. Now a government-appointed Airports Commission will emerge from three years of consideration to say in the next few weeks whether...

  • DUBAI, June 18- Passenger traffic through Dubai International Airport, the world's busiest airport for international passenger business, rose 5.7 percent from a year earlier in April, its operator said on Thursday. The number of passengers climbed to 6.51 million from 6.16 million, partly because of growth in Eastern European traffic as Dubai carrier...

  • LONDON, June 15- Dragon Oil Plc said it agreed to an increased takeover offer by Emirates National Oil Co after the Dubai- based group increased its offer to buy out the company's minority shareholders. Shares in Dragon Oil rose as much as 9.6 percent to 734 pence on the London Stock Exchange on Monday morning. Dragon Oil, which produces oil from the Cheleken field in...

  • LONDON, June 15- Dragon Oil Plc said it agreed improved takeover terms with Emirates National Oil Co after the Dubai- based group increased its offer to buy out the company's minority shareholders. Shares in Dragon Oil rose 8.2 percent to 724.5 pence on the London Stock Exchange on Monday morning. ENOC, which already owns 54 percent of Dragon Oil, had in May made a...

  • *Saudis, UAE to cut gasoline imports as refining capacity grows. SINGAPORE, June 15- Middle Eastern oil producers Saudi Arabia and the United Arab Emirates will sharply cut or even halt costly gasoline imports next year after ramping up new refining capacities that put them a step closer to becoming exporters of the motor fuel. The estimated loss of at least...

  • June 14- A more reliable terrestrial broadband network could enable Iraq to become a transcontinental transit route for Internet traffic, a senior executive at one of two firms providing submarine connectivity to the war-torn country told Reuters. Iraq is ideally located to carry Internet traffic between Asia and Europe and built a submarine cable landing...

  • Italy's Alitalia agrees to start flights to Mexico Friday, 12 Jun 2015 | 5:47 PM ET

    June 12- Italy's largest airline, Alitalia Linee Aeree Italiane SpA, agreed on Friday to start direct flights between Rome and Mexico City, as part of its plan to expand revenue via long, international flights. "The flight to Mexico City responds to market demands that appear to be of great interest, both in terms of traditional tourism, business tourism and cargo."

  • CAIRO, June 12- Libya's official government, based in the east since fleeing the capital, has so far failed to sell oil by itself, despite setting up a Dubai bank account and new central bank unit, industry and banking sources say. The internationally recognised government said in March it wanted oil buyers to pay through a new state oil firm with an account in Dubai...

  • *Plans to expand in U.S., set up in Dubai. The bank managed 10.7 billion Swiss francs at the end of 2014, and although that fell by 9 percent in 30 minutes on Jan. 15, when the Swiss National Bank unleashed a huge rise in the value of the currency, it has since recovered and grown again. "We are working on a 2016-2020 plan which involves getting our assets under management...

  • Abu Dhabi ruler issues law to regulate property market Thursday, 11 Jun 2015 | 4:50 AM ET

    DUBAI, June 11- Abu Dhabi's ruler has issued a decree to regulate and improve transparency in the emirate's real estate sector, requiring brokers and developers to be licensed and introducing rules to protect buyers of projects that are not yet completed. Sheikh Khalifa bin Zayed al-Nahyan, who is also president of the United Arab Emirates, said Abu Dhabi would...

  • *Togo carves out role as West African transit hub. LOME, June 11- The scale of Togo's ambition is clear as you fly into the capital, Lome. President Faure Gnassingbe, scion of a dynasty that has ruled Togo for nearly half a century, is modeling his country on Singapore or Dubai.

  • NEW YORK, June 10- Emirates airline sees an opportunity to increase direct flights from Europe to cities other than its Dubai hub, but its chief executive said he is concerned about harming struggling European carriers. "We're just concluding our performance assessments," of the Airbus and Boeing aircraft, Clark said in an interview following a speech in New York.