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United Arab Emirates

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  • 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...

  • LONDON, April 29- Emerging stocks retreated from 7-1/ 2 month highs on Wednesday with investors looking to the U.S. MSCI emerging stocks fell 0.6 percent, taking a breather after six straight days of gains that took the index to its highest level since last September. GDP data and the FOMC, there has been a lot of reshuffling of positions, "said Luis Costa, a senior...

  • *Yemen faces mounting humanitarian crisis. LONDON, April 27- Yemen is facing mounting problems bringing in food by sea as the danger from fighting between Houthis and government supporters is exacerbated by an arms blockade by Saudi-led coalition navies searching ships for weapons destined for the rebels. The Arabian peninsula's poorest country, Yemen...

  • DUBAI, April 27- One of the United Arab Emirates' most prominent businessmen is leading calls for regulations across the Gulf Arab region to smooth the transfer of ownership of family businesses after the death of the founder. Ghurair, the billionaire chief executive of Dubai- based lender Mashreq and chairman of conglomerate Al Ghurair Investment, among his...

  • TOKYO/ ABU DHABI, April 27- Japan's Inpex Corp became the first Asian oil company to get a stake in a new 40- year onshore oil concession in Abu Dhabi, joining France's Total in developing the United Arab Emirates' biggest oilfields. Abu Dhabi National Oil Company said on Monday it had granted Inpex a 5 percent stake in the new concession. The Inpex concession gives...

  • ABU DHABI, April 22- The United Arab Emirates energy minister has been appointed the new managing director of Abu Dhabi investment fund International Petroleum Investment Company in a reshuffle of the board. Suhail Mohammed al-Mazrouei has been named managing director of IPIC, the Emirates news agency WAM reported on Wednesday, citing an emiri decree by Abu...

  • *Lives with parents in modest house in west London. LONDON, April 22- The small suburban house in the flight path of London's Heathrow airport gave no clue to neighbours that it was headquarters of a man accused of earning millions through fraud, and helping cause a trillion dollar "flash crash" on U.S. stock markets. Navinder Singh Sarao is fighting extradition from...

  • CAIRO/ BENGHAZI, April 21- Libya's official government has so far failed to sell oil on its own via an account and middlemen in Dubai, as customers continue to buy crude directly from a state oil firm under the control of a rival government, oil sources said. Libya's internationally recognized Prime Minister Abdullah al-Thinni said this month that oil sales would...

  • CAIRO/ BENGHAZI, April 21- Libya's official government has so far failed to sell oil on its own via an account and middlemen in Dubai, as customers continue to buy crude directly from a state oil firm under the control of a rival government, oil sources said. Libya's internationally recognised Prime Minister Abdullah al-Thinni said this month that oil sales would...

  • SEOUL, April 20- South Korean oil refiners are taking more crude from Latin America and Europe and buying more spot volumes to put pressure on Middle Eastern suppliers to lower their official prices. And with South Korea expanding such trade deals, including one already signed with oil producer Colombia and one sought with Ecuador, the purchases from other...

  • RIYADH, April 19- Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC, one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed...