×

Business Middle East

  • Clinton says Tehran is responsible for the country's economic problems and Iran's currency hitting a record low against the U.S. dollar. Speaking Wednesday beside Kazakhstan's foreign minister, Clinton acknowledged that international sanctions have contributed to Iran's economic woes.

  • FRANKFURT, Oct 3- Abu Dhabi based airline Etihad Airways is urging German peer Air Berlin, in which it holds some 30 percent, to offer joint flights with Air France, German paper Sueddeutsche Zeitung reported, citing Etihad's chief executive.

  • KUWAIT, Oct 3- Kuwait's central bank is cutting its discount rate by 50 basis points to 2 percent, state news agency KUNA said late on Wednesday. The cut will take effect from Oct. 4, KUNA said in an SMS alert. It gave no further details.

  • JERUSALEM-- Workers at Israel's respected Haaretz newspaper have begun a strike to protest layoffs. The workers said Wednesday that they would not update the Haaretz website until midnight and will not publish the next day's paper. Haaretz has a relatively small circulation, but it is an influential daily popular with Israel's elite.

  • Oil firm Surgut was believed to have awarded its tender for three cargoes from the Baltic port of Primork to Shell, Repsol and Litasco with prices of the prompt cargo pegged at around dated Brent minus $1.7 per barrel. Later cargoes were believed to be sold at dated Brent minus $1.50, some 20 cents stronger than prices earlier this week.

  • * "In Sunlight and In Shadow" focuses on old New York. NEW YORK, Oct 3- Listening to novelist and political commentator Mark Helprin recount his life is a bit like listening to Forrest Gump- an eloquent, New York- born Forrest Gump. It matches his previous novels in scope and length and carries on the author's fascination with old New York.

  • CURRENCY CRACKDOWN: Police threatened merchants who closed their shops in Tehran's main bazaar and launched crackdowns on sidewalk money changers on Wednesday as part of a push to halt the plunge of Iran's currency.

  • PARIS, Oct 3- Nicolas Sarkozy has told a friend he has "no choice" but to seek re-election to the French presidency in 2017, weekly paper Le Canard Enchaine reported on Wednesday, after saying he would quit politics following his election defeat in May.

  • FRANKFURT, Oct 3- Abu Dhabi is exiting its investment in German carmaker Daimler, a German magazine reported, citing unidentified people within Daimler. Abu Dhabi's sovereign wealth fund Aabar is transferring t he rights to the last 3 percent of the shares it holds in Daimler to Deutsche Bank, manager magazin said. Deutsche Bank declined to comment.

  • LONDON, Oct 3- Crude oil tanker earnings on the major Middle East route were weaker on Wednesday as slow business and a surplus of vessel availability took their toll on rate sentiment.

  • CAIRO, Oct 3- Egypt's prime minister said an IMF team would come to Cairo in the last week of October to resume talks on a loan sought by his government, which was still working on the major issue of how to reduce fuel subsidies.

  • BEIRUT-- A Hezbollah weapons depot exploded in eastern Lebanon on Wednesday, killing three members of the Shiite militant group, according to a report on its TV station. The report on al-Manar said Hezbollah kept old ammunition and shells left over from battles with Israel in the building near the city of Baalbek.

  • By Yeganeh Torbati and Marcus George. DUBAI, Oct 3- Riot police clashed with demonstrators and arrested money changers in Tehran on Wednesday in disturbances over the collapse of the Iranian currency, which has lost 40 percent of its value against the dollar in a week, witnesses said.

  • *China, Europe services PMI disappoint. LONDON, Oct 3- Oil fell sharply on Wednesday as weak economic data from Europe and China dimmed the outlook for demand, adding to concerns arising from Europe's festering debt crisis. Brent November crude futures had fallen $3.27 to $108.30 a barrel by 1454 GMT.

  • DUBAI, Oct 3- Dubai's bourse hit its highest level in five months, while Abu Dhabi's index ended at a fresh 14- month high, as confidence in the reviving local property market boosted real estate stocks.

  • KHASAB, Oman, Oct 3- The fibre-glass skiffs hurtle across the water at break-neck speed, skirting the rocky cliffs on the last leg of the perilous journey from Iran to the sleepy backwaters of Oman's Musandam peninsula.

  • CAIRO, Oct 3- A trickle of foreign donor aid looks like Egypt's best hope of averting a balance of payments crisis for now because many of the investors who fled the country last year are loath to return until the government seals a loan from the IMF.

  • *Seadrill may move to London, Singapore.

  • There were twice as many restaurant openings than closings in New York over the past year and diners still eat out three times per week-- the same number as in each of the past three years, according to the survey of 44,306 people, which will be released on Wednesday.

  • CAIRO, Oct 3- Egypt's prime minister said on Wednesday that an IMF team would come to Cairo in the last week of October to resume negotiations on a loan sought by Egypt and that his government was still working on the key issue of how to reduce fuel subsidies.