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Business Middle East

  • RIYADH, May 25- Saudi Telecom Co's new $500 million venture capital fund expects to complete its first transaction by the fourth quarter of this year, the fund's chief executive said on Thursday at its launch in Riyadh. It would aim to spend its $500 million over the next four to five years in $100 million tranches. Biyari said the $100 million Careem stake would be...

  • DUBAI, May 25- Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade. Ezdan Holding Group, with majority ownership by the ruling al Thani family, said shareholders who are against...

  • May 25- Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, announced replacements for some of its key executive positions. The No.2 U.S. automaker named Steven Armstrong as the new head of Europe, Middle East and Africa and Peter Fleet as the new head of Asia Pacific and China. Armstrong is currently the...

  • The Dearborn, Michigan, automaker named a new head of global product development Thursday, as well as new heads of its operations in North America, Europe and Asia. Dave Schoch, who leads Ford's Asia Pacific operations, is retiring after 40 years with the company. He will be replaced by Peter Fleet, who previously led Ford's marketing efforts in Asia.

  • May 25- Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources. The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter...

  • May 25- Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources. The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter...

  • May 25- Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources. The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter...

  • WASHINGTON— President Donald Trump's proposal to sell nearly half the U.S. emergency oil stockpile is renewing debate about whether the Strategic Petroleum Reserve is still needed amid an ongoing oil production boom that has seen U.S. imports drop sharply in the past decade. The petroleum reserve, created in the wake of the 1970 s Arab oil embargo, stores oil at...

  • DUBAI, United Arab Emirates— Bahrain and Egypt on Thursday apparently joined Saudi Arabia and the United Arab Emirates in blocking access to websites run by the pan-Arab satellite network Al-Jazeera, part of a growing regional dispute with Qatar after an alleged hack of its state-run news agency. The alleged hack— and a purported fake news report that was...

  • It was another non-event at OPEC's last meeting.

    All eyes are on OPEC ahead of a highly-anticipated meeting later in the day, but the big downside risk comes from China, an analyst said.

  • Travelers at some U.S. airports are being asked to place electronic devices bigger than a cellphone in separate bins so that they can be examined more closely. The Transportation Security Administration said Wednesday that it has been testing the procedure at 10 airports for more than a year, and it may be expanded nationwide. The pilot program is "an effort to...

  • Commodities tomorrow:

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • *OPEC meets on Thursday to decide output policy. VIENNA, May 24- OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices. But hopes quickly faded after a joint OPEC and non- OPEC committee recommended keeping the curbs unchanged for nine months.

  • *OPEC meets on Thursday to decide output policy. VIENNA, May 24- OPEC and non-member oil producers will debate on Thursday a proposal to extend output cuts by as long as 12 months in a move to help clear a global stocks overhang and prop up prices. But hopes quickly faded after a joint OPEC and non- OPEC committee recommended keeping the curbs unchanged for nine months.

  • *UK blue chip index FTSE up 0.4 pct. MILAN, May 24- UK blue chip stocks rose on Wednesday, helped by gains in Marks& Spencer after its solid results and by advances in energy stocks, although weaker miners kept a lid on the British market. The FTSE rose 0.4 percent to 7,514.90 points, while the mid-cap FTSE 250 index added 0.15 percent, just shy of a fresh record high hit on...

  • *AGM on May 29 to approve $400 mln cash call. FRANKFURT, May 24- Hapag-Lloyd and Arab sector peer UASC are focused on speedy integration, Hapag's chief executive said after the German company announced completion of their delayed merger to creates the world's fifth-biggest shipping company. "We now not only have a very strong market position in Latin America and...

  • BEIRUT— The Lebanese government has reappointed Lebanon's long-serving Central Bank governor for another six year term. The renewal of Riad Salameh's term sends a positive signal to international investors at a time of regional turbulence when Lebanese banks are increasingly under scrutiny from the U.S. The U.S. administration is considering imposing...

  • *Qatar First Bank bounces from record lows. RIYADH, May 24- Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike. Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151...

  • *OPEC meets on Thursday to decide output policy. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.. Two OPEC sources told Reuters a ministerial...

  • LONDON/ DUBAI, May 24- Dubai is looking into creating a $1 billion investment fund focused on shipping to develop the Gulf city's maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say. The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry...