Business News Middle East

  • LONDON, Nov 15- It was 2008 and unlike many countries, Lebanon was sailing through the worst global downturn in 80 years largely unscathed. With a booming economy and resilient banks, central bank governor Riad Salameh confidently talked up Lebanon's success. Detractors partly blame Salameh's policies for Lebanon's worst economic crisis in 30 years,...

  • The newest Chopt Creative Salad Co location, which opened Tuesday in New York, is unlike any of the chain's other 61 sites. Atlanta- based Chick-fil-A Inc has similar sites in Nashville and Louisville, where customers order and prepay online with the option for delivery or pickup. Chick-fil-A is also trying something different, opening three pilot "delivery...

  • *OPEC, allies to discuss supply-curb policy on Dec. 5-6. *Output from de facto OPEC leader Saudi rebounds sharply. The IEA estimated non- OPEC supply growth would surge to 2.3 million barrels per day next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana.

  • *Biggest Middle East aerospace event held on Nov 17-21. DUBAI, Nov 15- An eight-month crisis over the grounding of Boeing's 737 MAX jets and widespread industrial delays are setting an unpredictable backdrop to next week's Dubai Airshow, with some airlines reviewing fleet plans even as others look for bargains. State-owned flydubai expects its fleet will now...

  • Employees pass beneath pipes leading to oil storage tanks in Russia on February 4, 2014.

    Oil prices rose on Friday as OPEC's outlook for oil demand next year fueled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.

  • BRASILIA, Nov 14- Russian President Vladimir Putin said on Thursday that Saudi Arabia was taking a tough stance on the output deal between OPEC and its allies because of Saudi Aramco's initial public offering, but that Moscow respected Riyadh's interests. Speaking to reporters in Brazil at a summit for BRICS countries, Putin said Moscow should continue to work...

  • General David Petraeus.

    Petraeus' comments come as Trump hosts Turkish President Recep Erdogan in a controversial visit to Washington.

  • *Fund concerned about treatment of workers in Qatar, UAE. OSLO, Nov 14- Norway's $1.1 trillion wealth fund can no longer invest in G4S because of the "unacceptable risk" that the security services company contributes to, or is responsible for human rights violations, the central bank said on Thursday. Norway's fund held a 2.33% stake in G4S at the end of 2018, worth...

  • DUBAI, Nov 14- The United Arab Emirates and Egypt plan to jointly invest $20 billion in economic and social projects, under a bilateral project announced by the crown prince of Abu Dhabi Sheikh Mohammed bin Zayed al-Nahyan on Thursday. The UAE, and Saudi Arabia, have been the main backers of Sisi since he took power after the overthrow of president Mohamed Mursi in...

  • The Sedco 714 oil platform, operated by Transocean, stands in the Port of Cromarty Firth in Cromarty, United Kingdom, on February 16, 2016.

    Oil reversed early gains to move lower on Thursday as a build in U.S. crude inventories weighed on prices, while comments from the Organization of the Petroleum Exporting Countries about lower-than-expected U.S. shale production in 2020 limited declines.

  • A demonstrator carries an Iraqi flag during ongoing anti-government protests in Baghdad, Iraq November 4, 2019.

    Amnesty International has described the government response as "nothing short of a bloodbath."

  • DUBAI/ ABU DHABI, Nov 14- HSBC Holdings has laid off about 40 bankers in the United Arab Emirates and Emirates NBD is cutting around 100 jobs, as banks in the Arab world's second-biggest economy reduce costs, sources familiar with the move told Reuters. HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey...

  • DUBAI/ ABU DHABI, Nov 14- HSBC Holdings has laid off about 40 bankers in the United Arab Emirates and Emirates NBD is cutting around 100 jobs, as banks in the Arab world's second-biggest economy reduce costs, sources familiar with the move told Reuters. HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey...

  • SINGAPORE, Nov 14- Qatar Petroleum has told some term crude buyers in Asia this week that it plans to change the way it prices its oil early next year to align with other Middle East producers, sources with knowledge of the matter said on Thursday. QP currently prices two of its grades- Qatar Land and Qatar Marine- on a retroactive basis but will move this to forward...

  • SINGAPORE, Nov 14- Qatar Petroleum has informed some term crude buyers in Asia this week that it plans to change the way it prices its oil early next year, sources with knowledge with the matter said on Thursday. The producer currently prices two of its grades- Qatar Land and Qatar Marine- on a retroactive basis and this will be moved to forward pricing to align its...

  • KUALA LUMPUR, Nov 14- Malaysia signed a pact on Thursday for exports of palm oil to south Asia next year, amid uncertainty over trade with India after its dealers last month urged a boycott of palm oil from the southeast Asian nation. It followed remarks by Malaysian Prime Minister Mahathir Mohamad to the U.N. General Assembly that India had "invaded and occupied"...

  • BEIRUT, Nov 13- Lebanese student Fatima Jaber's family is struggling to pay off multiple loans with double-digit interest rates. Even before the start of protests that have forced out Lebanon's prime minister, her confidence was fading in a financial system long regarded as a pillar of stability. One of the world's most indebted countries, Lebanon has a public...

  • LONDON, Nov 13- China's urbanisation over the last four decades has been described as the largest human migration in history, with several hundred million people relocating from rural villages to towns, cities and supercities. China is perhaps half-way along the path of urbanisation marked out earlier by the advanced economies. Queued up behind China, other...

  • ABU DHABI, Nov 13- Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said. "Our oil is our gold," al-Kindy said in an interview during the ADIPEC oil and gas conference in Abu Dhabi, capital of the UAE. To achieve that, ADNOC has undergone a drive to...

  • *Main roads closed around Lebanon. BEIRUT, Nov 13- A new wave of protests paralysed Lebanon on Wednesday after President Michel Aoun enraged demonstrators by urging them to end their revolt against corruption and cronyism in the political establishment. One month after the eruption of nationwide protests, Lebanon is in deep political and economic crisis with...