Home to the most extensive retail space on the planet, Dubai has the capacity to pack in the shops. But locals are also spending on luxury abroad, a lucrative opportunity as Desiree Bollier, CEO of Value Retail, explains.» Read More
DUBAI/ BOSTON, May 11- Two companies with major operations in India were the weak links that opened the door to a $45 million global cyber heist brought to light by U.S. authorities this week.
DUBAI/ NEW YORK, May 11- One of the credit card processing companies whose security was breached in a $45 million global cyber heist was India's ElectraCard Services, according to two people familiar with the situation.
DUBAI, May 10- A Middle Eastern bank that fell victim to a major cyber fraud said on Friday that none of its customers had lost any money in a scam which it believed had also caught up lenders in the United States and beyond.
DUBAI, May 10- National Bank of Ras Al Khaimah said on Friday that none of its customers had lost any money as a result of a cyber fraud which resulted in a loss at the Gulf bank in 2012..
*Raises demand for OPEC crude forecast by 90,000 bpd. *OPEC sees downside risk to 2013 oil demand growth. LONDON, May 10- OPEC will need to pump slightly more oil than it thought in 2013 and expects global consumption to be much higher in the rest of the year, signs of a stronger market that argue against any calls for supply restraint when the group meets on May 31.
*Iran offers production sharing contracts. DUBAI/ DELHI, May 9- Iran has offered new, more alluring terms to reluctant Indian companies to win the investment it craves for its decaying energy sector suffering from tight Western sanctions.
DUBAI, May 9- Sri Lanka will allow foreigners full ownership of businesses if they invest more than $10 million, a minister said, and the measure will likely be introduced within two months. Sri Lanka achieved only half of its FDI target of $2 billion last year, and has lowered its target to $1.5 billion in 2013..
LAUNCESTON, Australia, May 9- Asia's refiners are likely to get some short-term relief on diesel and gasoline profits as exports dip from China, South Korea and India.
DUBAI, May 9- Dubai Group will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday.
*Last big debt restructuring related to Dubai's crisis. DUBAI, May 8- Dubai Group, an investment vehicle owned by the emirate's ruler, aims to secure a final agreement with creditors on its $10 billion debt restructuring by June 6, potentially ending marathon negotiations that have dragged on nearly three years.
*Tehran skyline transformed by construction boom. May 8- The Iranian property developer leant back in his chair, drew hard on a shisha pipe and looked down at photographs of a Tehran apartment block on his tablet computer.
*Abu Dhabi zone may compete with Dubai in all areas. ABU DHABI/ DUBAI, May 8- For a decade, Dubai has prospered as the Middle East's top financial centre, handling tens of billions of dollars of oil wealth.
*Markets confident Dubai can meet 2014-2016 payments. DUBAI, May 8- Dubai may use a wide range of strategies, from asset sales to increased bond issues and continued support from Abu Dhabi, to get through a looming period of debt repayments- but it may cause its bankers a few sleepless nights on the way.
TOKYO, May 8- U.S. crude futures extended declines toward $95 a barrel on Wednesday, as the market awaited the release of Chinese trade data later in the day, which is expected to show crude oil imports in April hovered around March levels. was down 21 cents at $95.41 a barrel by 2346 GMT, after settling down 54 cents at $95.62 on Tuesday.
DUBAI, May 7- JPMorgan Chase Inc confirmed on Tuesday that its top banker for Saudi Arabia, Abdulaziz Al Helaissi, is leaving to take a position with Saudi Arabia's central bank.
*Little sign of pull-back in Dubai, Abu Dhabi. DUBAI, May 7- Egypt's bourse rose to an eight-week high on Tuesday as corporate news lifted sentiment, while Saudi Arabia's bourse slipped for a third straight session in an otherwise positive regional picture.
*Dubai has $48 bln debt to pay between 2014-16- StanChart. DUBAI, May 7- Favourable market conditions may prompt Dubai to issue another sovereign bond this year, a top official said on Tuesday, adding that the emirate was looking at alternate means to repay its debt if asset sales did not materialise.
ABU DHABI, May 7- Emirates Aluminium, a joint venture between Abu Dhabi investment fund Mubadala.
DUBAI, May 7- Abu Dhabi Islamic Bank reported a first quarter net profit of 389.6 million dirhams, up 8.1 percent from the prior-year period, company statement said on Tuesday. Group net profit for the quarter was 340.1 million dirhams, up 10.7 percent.
*Iran reliant on shipping for many imports. Feeder services, which transport ship containers to Iran especially from larger ports in the United Arab Emirates, are also used.