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United Arab Emirates

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  • *Operations in Gulf, Europe could come back to life. May 12- Iran may be about to restore banking links with the rest of the world after years of separation, but the process won't be easy as its Islamic financial system has evolved in ways that will complicate ties with foreign banks. Iran's Islamic banking assets totalled 17,344 trillion riyals as of March 2014, or...

  • DUBAI, May 12- Saudi Arabian Mining Co said a massive smelter run jointly with U.S. group Alcoa, which had experienced few technical glitches on start-up, will produce above its initial capacity target this year. Ma'aden, the Gulf's largest miner, is currently exporting around 70 to 80 percent of the smelter's production, Thomas Walpole, senior vice president,...

  • US OK'd most Bill Clinton speech requests within days Tuesday, 12 May 2015 | 3:18 AM ET

    WASHINGTON— State Department officials under Secretary of State Hillary Rodham Clinton moved quickly when aides to Bill Clinton asked them in March 2010 to approve plans for the former president to address clients of a multinational British bank, Barclays. The long-running case had hardly been a secret: Barclays had openly acknowledged in its annual...

  • Rusal executive says positive on China market growth Tuesday, 12 May 2015 | 3:05 AM ET

    DUBAI, May 12- Top aluminium producer Rusal is positive about growth in the Chinese market and expects a deficit in other markets to remain through to 2018, a senior executive said on Tuesday. "There is around 1 million tonnes of deficit outside of China," Steve Hodgson, director of sales and marketing at Rusal, told an industry conference in Dubai.

  • SINGAPORE, May 12- Kenya is set to import record volumes of oil products in May as its economy gathers steam, soaking up some of Asia's excess supply and helping put a floor under refining margins. Industrial expansion and a growing fleet of automobiles in a region that lacks refining capacity have stoked East African appetite for oil product imports, with...

  • DUBAI, May 10- Residential apartments at Saudi Arabia's Kingdom Tower, which is slated to become the world's tallest building on completion in 2018, will likely go on sale later this year, the developer's chief executive told Reuters on Sunday. The tower in Saudi Arabia's second biggest city Jeddah has the backing of billionaire Prince Alwaleed bin Talal, whose...

  • May 8- UK engineering group Rolls-Royce warned on Friday that shifts in currency exchange rates could hit reported revenues this year but possibly not profits, maintaining its current forecast. The world's second-largest maker of aircraft engines after General Electric, said profits would be more weighted towards the second half of the year and that...

  • TORONTO, May 7- Canada's BitGold, a startup that runs an online payments and savings platform based on the precious metal, plans to go public in Toronto next week and will seek a listing in Asia in six to 12 months, the company's chief executive said. Users registered on Toronto- based BitGold's platform can deposit gold into vaults using a range of payment methods...

  • *Airbus has net 209 orders in first four months of 2015. *Boeing leading Airbus on deliveries. PARIS/ DUBAI, May 7- Airbus has moved ahead of U.S. rival Boeing in their race for aircraft orders thanks to a large Latin American win, setting the tone for what could be a fiercely competitive Paris Airshow next month.

  • DUBAI, May 7- A trickle, not a flood of foreign money is likely to enter Saudi Arabia's stock market in coming months as the $575 billion bourse, the Arab world's biggest, opens to direct foreign investment. If the market-opening causes Saudi Arabia to enter equity benchmarks such as MSCI's emerging market index, it will attract tens of billions of dollars of new...

  • DUBAI, May 7- Emirates, Dubai's flagship airline, reported a 40 percent jump in annual net profit on Thursday, aided by savings from lower oil prices. The airline, one of the world's largest carriers of international passengers, posted a profit of 4.6 billion dirhams for the financial year to March 31, chairman and chief executive Sheikh Ahmed bin Saeed al-Maktoum...

  • *OPEC will not cut output alone- Gulf delegate. SINGAPORE, May 7- Oil prices eased on Thursday after hitting 2015 highs in the previous session, as an OPEC delegate indicated the group would stick to a strategy of pursuing market share rather than cutting output and traders took profits after a multi-week rally. Brent crude was trading 13 cents lower at $67.64 per...

  • DUBAI, May 7- Emirates, Dubai's flagship airline, reported a 40 percent jump in annual net profit on Thursday, aided by savings from lower oil prices. The airline, one of the world's largest carriers of international passengers, posted a profit of 4.6 billion dirhams for the financial year to March 31, chairman and chief executive Sheikh Ahmed bin Saeed al-Maktoum...

  • LAUNCESTON, Australia, May 6- It's become an accepted market fact that Saudi Arabia didn't cut oil output last year in the face of sliding prices as the world's biggest crude exporter wanted to maintain market share. This was seen as a sign that Saudi Aramco wants to keep its oil competitive in Asia, while the increase for Europe reflected rising prices for rival...

  • *India to build port in Iran to get more trade with CIS and Gulf. NEW DELHI, May 5- India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S. pressure not to rush into any deals with Iran. India and Iran agreed in 2003 to develop a...

  • LONDON, May 5- Saudi Arabia kept June prices for its benchmark Arab Light crude unchanged for Asian buyers, looking to defend market share amid stiff competition, while raising prices for Europe to reflect a price rally in rival grades in recent weeks. It needs to balance its own needs with those of customers across the globe who might ask for too much if it was...

  • *India to build port in Iran to get more trade with CIS and Gulf. NEW DELHI, May 5- India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S. pressure not to rush into any deals with Iran. India and Iran agreed in 2003 to develop a...

  • *Shell, Total restructure to combat falling oil prices. LONDON, May 1- Top oil firms Royal Dutch Shell and Total are bringing their refining and trading operations closer together, seeking alternative ways to drive profits as oil prices fall and independent trading houses expand into their territory. Snapping at their heels are energy brokerages Vitol and...

  • LONDON, May 1- The world's top oil companies can expect only limited solace from refining for the rest of the year, even as the often-troubled segment proved valuable in the face of sinking oil prices. Overcapacity in the sector previously made it the bane of integrated oil majors such as BP, Royal Dutch Shell, Exxon Mobil, Chevron, Total and Eni.

  • KATHMANDU, April 30- Nepali farmer Rishi Ram Khanal was looking forward to leaving Nepal for Dubai, where a $220- a-month job as a cleaner at a Kentucky Fried Chicken restaurant promised him the chance to pull his young family out of a life of poverty. Khanal found himself buried under the debris of a five-storey Kathmandu guest house, pinned to the ground by fallen...