×

Business Middle East

  • KALAMAZOO, Mich.-- Medical device maker Stryker Corp. said Tuesday that it reached a deal to buy privately held Surpass Medical Ltd. for $100 million in cash, plus up to $35 million in milestone payments.

  • CENTRAL BANK OUSTER: Iraq abruptly removed the longtime governor of the country's central bank after he and other bank officials were targeted in an investigation into alleged financial wrongdoing. CENTRAL BANK VETERAN: Sinan al-Shabibi, is seen as a politically independent economist who has led the bank since shortly after the U.S.-led invasion.

  • CAIRO-- The Egyptian Football Federation says it has delayed league games indefinitely because police have not given assurances they can secure matches. Federation deputy Hassan Farid tells The Associated Press that the Interior Ministry has not ensured it can safeguard the games.

  • BAGHDAD-- Iraq abruptly removed the longtime governor of the country's central bank Tuesday after he and other bank officials were targeted in an investigation into alleged financial wrongdoing.

  • CUTTING THE LINES: Airport security needs a radical overhaul to avoid more disgruntled passengers, longer lines and overwhelmed terminals, airline executives said at a global aviation conference in Abu Dhabi.

  • RICHMOND, Va.-- Cigarette maker Philip Morris International Inc., which sells Marlboro and other brands abroad, expects a slowdown in the third quarter as it laps large cigarette volume gains last year. Philip Morris International has compensated for consumers buying fewer, or cheaper, cigarettes _ and for the weak economy _ by cutting costs and raising prices.

  • JERUSALEM-- Israel officially opened its election season on Monday as parliament dissolved itself and scheduled a vote for January, plunging the country into a vicious, three-month political campaign. Prime Minister Benjamin Netanyahu boasted of his achievements, while the opposition heckled and insulted him mercilessly.

  • Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. A second top executive resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi's Institutional Client Group.

  • GENEVA-- Switzerland has blocked almost 1 billion Swiss francs linked to rulers in four Arab Spring nations, a senior government official said Tuesday.

  • NEW YORK-- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member. The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division. Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."

  • The governor, Sinan al-Shabibi, is seen as a politically independent economist who has led the bank since shortly after the U.S.-led invasion of Iraq in 2003.. Iraqi Integrity Commission spokesman Hassan Karim Aati said it has received documents from a parliamentary committee investigating the allegations and is looking into the matter.

  • Mattel and UnitedHealth posted strong results for the third quarter. Goldman Sachs and Johnson& Johnson both beat Wall Street expectations. The Coca-Cola Co. says its net income rose 3 percent.

  • "We simply can't cope with the expected volume of passengers with the way things are today," said Tony Tyler, director general and CEO of the International Air Transport Association, the airlines' trade group. Tyler spoke at an airlines conference held in Abu Dhabi, the capital of the United Arab Emirates.

  • SAN FRANCISCO-- A former U.S. senator who helped negotiate a peace treaty in Northern Ireland has been appointed to help California energy regulators and Pacific Gas& Electric reach a settlement over a pipeline explosion that killed eight people, the two sides announced Monday.

  • Commodities Tomorrow: Gold Prices Fall

    CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.

  • General Electric and Military Families at Syracuse University are developing a reference guide that employers can use to help them more effectively recruit and mentor veterans.

  • LUXEMBOURG-- The European Union, concerned by what it called Iran's refusal to come clean on its nuclear program, imposed a new range of sanctions Monday intended to hit the country's treasury and increase pressure on its Islamic regime.

  • BERLIN-- There were cheers around Germany when Chancellor Angela Merkel announced last year, in the wake of the Fukushima disaster in Japan, a swift end to nuclear power in favor of renewable energy sources like wind and solar.

  • LOS ANGELES-- Liam Neeson's "Taken 2" has defended its box-office title with a narrow win over Ben Affleck's "Argo." Sony's "Here Comes the Boom," with Kevin James as a teacher who becomes a mixed martial arts sensation, started weakly at No. 5 with $12 million.

  • Lloyd Shapley of UCLA and Alvin Roth, a Harvard University professor currently visiting at Stanford University, found ways to make markets work when traditional economic tools fail. Unlike some recent Nobel prizes _ such as the Peace Prize that went to the embattled European Union last week _ this year's economics award did not seem to send a political message.