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  • DUBAI, United Arab Emirates— An indebted Dubai real estate developer says it will repay more than half a billion dollars in money owed to banks and trade creditors as part of its financial restructuring. The state-controlled company, Limitless, said Monday that more than 90 percent of the $564 million it will repay will go toward its bank debt, which represents 42...

  • JOHANNESBURG, June 29- Packed tightly at a row of graffitied desks in an overcrowded classroom, students at Masiqhakaze Secondary School near Johannesburg shiver as a chilly breeze blows through broken windows. In a 2015 report the World Economic Forum ranked South Africa last in the quality of mathematics and science education and close to last at 139 out of...

  • *Accounting changes to increase 2014 loss to 1.745 bln riyals. DUBAI, June 28- Saudi Arabia's Etihad Etisalat will book further losses for 2014 after a regulator-led investigation into accounting errors at the company, it said in a statement on Sunday. The Capital Market Authority launched an investigation into the firm last November after Mobily, 28 percent...

  • VIENNA, June 26- An accord to curb Iran's nuclear program remains elusive due to disagreements on fundamental issues, France's foreign minister said on Saturday in Vienna, just days before the June 30 deadline for a deal. "What we want is a robust deal that recognizes Iran's right to civil nuclear power, but guarantees that Iran gives up definitively the nuclear...

  • Significant differences remain, notably over the pace and timing of sanctions relief for Iran and the nature of monitoring mechanisms to ensure Tehran does not cheat on any agreement. In addition to Iran and the United States, the talks include Britain, China, France, Germany and Russia. The West fears that Iran has been trying to build a nuclear weapon but Iran...

  • June 25- One week after Saudi Arabia opened its stock market to direct foreign investment, U.S. mutual fund managers say they are interested but not rushing to invest in the Middle East's biggest economy. Foreign fund inflows are slower than initially expected, in part because U.S. fund companies like Fidelity and Harding Loevner are digesting numerous...

  • ZURICH, June 25- Union Bancaire Privee plans to cut between 60 and 110 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...

  • 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...

  • 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...

  • 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...