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  • CAIRO, Feb 11- The International Monetary Fund said on Wednesday that Egypt's structural and monetary reforms were starting to produce a turnaround in the economy, which has been hit by persistent turmoil since 2011.. Egypt's current government has since embarked on a series of reforms, and asked the IMF to assess its financial and economic condition in the...

  • CAIRO, Feb 11- The International Monetary Fund said on Wednesday that Egypt's structural and monetary reforms were starting to produce a turnaround in the economy, which has been hit by persistent turmoil since 2011.. However, Egypt has received billions of dollars in aid from Gulf states since ex-army chief Abdel Fattah al-Sisi ousted president Mohamed...

  • LAUNCESTON, Australia, Feb 11- One of the persistent themes in the letter pages of my local newspaper is why, if crude oil prices have halved in the past eight months, am I still paying so much for petrol to fill my car? There a few broad trends that can be identified, and they aren't unique to Australia, affecting many countries across Asia. In some cases, such as China and...

  • Feb 10- U.S. airlines have lost at least five percentage points of their share of flight bookings from the United States to the Indian subcontinent and Southeast Asia since 2008, due to fierce competition from Gulf carriers, according to data seen by Reuters. The report says the combined share of bookings between the United States and the Indian subcontinent...

  • *S&P cuts Saudi outlook, Bahrain and Oman ratings. Taken together, S&P's actions were the biggest move by a rating agency in the Gulf since the price of Brent crude plunged below $60 a barrel in December, from $115 last June. It lowered the ratings of the two financially weakest states in the Gulf Cooperation Council by one notch- Bahrain fell to "BBB-/A-3," and Oman to "...

  • Feb 5- Chief executives of the three largest U.S. airlines said they want the U.S. government to modify or terminate air treaties with two Persian Gulf nations, the Wall Street Journal reported. In a joint interview, the CEOs of American Airlines Group Inc, United Continental Holdings Inc and Delta Air Lines Inc said subsidies and government policies for three...

  • Manhattan District Attorney Cyrus Vance on Thursday said the ring bought $700,000 worth of gift cards after fraudulently obtaining "instant credit" that Apple had offered online in conjunction with Barclays Plc's Barclaycard, and then used the cards to buy Apple products. Prosecutors said he recruited Apple store employees to misuse names, addresses, birth...

  • Feb 5- Airbus reported a roughly $11 billion preliminary order from Colombian airline group Avianca Holdings on Thursday, gaining a head start in its 2015 order race with U.S. rival Boeing subject to a final confirmation of the deal. The memorandum of understanding for 100 A320neo-family jets is worth $10.6 billion at list prices based on the main model of the...

  • Manhattan District Attorney Cyrus Vance on Thursday said the ring bought $700,000 worth of gift cards after fraudulently obtaining "instant credit" that Apple had offered online in conjunction with Barclays Plc's Barclaycard, and then used the cards to buy Apple products. Prosecutors said he recruited Apple store employees to misuse names, addresses, birth...

  • DUBAI, Feb 3- Cash-rich Gulf banks are becoming bigger players in the region's aviation boom, helping carriers like Emirates, Qatar Airways and Etihad Airways to fund their fleet expansion. Figures from European planemaker Airbus show that 47 percent of its aircraft deals in the Middle East in the first 11 months of last year were funded by local banks, up from 17...

  • *Bank to start practice on Dubai bourses in H1 2015- official. ABU DHABI, Feb 3- National Bank of Abu Dhabi officially began market-making-- quoting buying and selling prices-- on the Abu Dhabi stock exchange on Tuesday, aiming to boost trading volumes. A spokesman for the Dubai bourses couldn't immediately be reached for comment.

  • RIYADH/ KHOBAR, Saudi Arabia, Feb 2- Several of Saudi Arabia's largest listed companies said on Monday they would pay out hundreds of millions of dollars in bonuses, days after the new king ordered a handout to Saudi state employees to mark his accession. Saudi Arabia has sold minority stakes in big state firms and listed them on its bourse partly to expose them to...

  • *Dubai shares end 6.8 pct higher. DUBAI, Feb 2- Dubai developer DAMAC expects the emirate's property sector to steady in 2015 before supply shortages boost prices in 2016-17, its chief executive said on Monday, after the company reported an 11 percent rise in fourth-quarter profit. "I see Dubai's property marketing stabilising in 2015, but 2016-17 there could be...

  • LONDON, Feb 2- Crude oil prices fell on Monday after U.S. unions called a refinery strike and activity in China's factory sector shrank for the second month in a row, quashing Friday's bullish mood. At 0938 GMT Brent crude oil futures were down $1.05 at $51.94 a barrel while U.S. crude futures were down $1.13 at $47.11 a barrel. "So far only a handful of refineries have...

  • *Saudi Arabia also boosted by lavish royal payout. DUBAI, Feb 1- Saudi Arabia's stock market rose sharply on Sunday after King Salman ordered a lavish payout to state employees and oil prices jumped on reports of declining U.S. drilling activity. Petrochemicals giant Saudi Basic Industries, up 7.8 percent, was the main support on Sunday.

  • DUBAI, Feb 1- Large global sugar stocks built up during years of oversupply are finally beginning to shrink as low prices curb production and consumption edges higher but the industry's outlook remains challenging, participants at a major conference said on Sunday. The outlook for sugar refiners remains difficult, however, with the premium for refined over...

  • *Payout may total up to 70 billion riyals. DUBAI, Jan 31- A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices. The announcement did not give a monetary figure, but Saudi Arabia's 860...

  • DUBAI, Jan 29- Royal Bank of Scotland plans to sell or close its corporate debt and debt capital markets business in the Middle East and Africa, the latest pullback by the state-controlled lender from emerging markets to focus on its domestic business. This came on top of confirmation in November it was reviewing its options across its Central and Eastern Europe,...

  • *Saudi Arabia's petchems, banks retreat. DUBAI, Jan 29- Saudi Arabia's stock market pulled back on Thursday after gaining strongly earlier in the week, while disappointing dividends and earnings weighed on other Gulf markets. Petrochemicals major Saudi Basic Industries dropped 2.6 percent and Samba Financial Group lost 1.0 percent.

  • PARIS/ DUBAI, Jan 29- Total became the first oil major to renew a 40- year onshore concession in Abu Dhabi, putting its peers under pressure to improve terms after the local partner said the French firm made the best offer. The state-run Abu Dhabi National Oil Company signed an agreement on Thursday with Total giving the firm a 10 percent stake in the new concession...