Tuesday 3 March 2015

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‘ODDS STILL AGAINST DEAL’
Iran must halt nuke work for at least a decade: Obama

Iran must commit to a verifiable freeze of at least 10 years on sensitive nuclear activity for a landmark atomic deal to be reached, but the odds are still against sealing a final agreement, US President Barack Obama told Reuters on Monday.

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1

PROBE UNDER WAY
Saudi regulator suspects insider trading in Mobily shares

Saudi Arabia's market regulator is investigating possible insider trading in shares of telecommunications operator Mobily relating to its shock earnings restatement, the watchdog said on its website.

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2

GOVT SPENDING ‘CRUCIAL’
Bahrain, Oman banks ‘most vulnerable to oil price fall’

Banking systems in Bahrain and Oman are more vulnerable to the recent drop in oil prices than those in the rest of GCC due to their highly oil-dependent economy where the budget breakeven price is significant, a report said.

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3

ANALYSIS
Private sector job creation ‘critical for GCC growth’

Private sector job creation and maintaining an inclusive labour market are crucial to achieve long term fiscal sustainability in the GCC countries, a report said.

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4

Throwing light on GCC dispute rules

The regional construction boom has seen several foreign contractors enter the market in a big way. It is important for them to know some basic principles relating to recovery of damages, says an expert.

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5

IMAGE OF THE DAY
$7 million vase

A Sotheby’s staff displays a "Guan" vase from the Southern Song (1127-1279) dynasty, which has been unseen in the market for four decades, in Hong Kong on March 2. The item is expected to fetch more than $7.7 million at an upcoming auction.

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Top Trade News

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Industry Sectors

Construction & Real Estate
Retail & Wholesale

Samsung unveils sleek new Galaxy phones to battle Apple

South Korea's Samsung Electronics unveiled its latest Galaxy S smartphones, featuring a slim body made from aircraft-grade metal, in a bid to reclaim the throne of undisputed global smartphone leader from Apple Inc.

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Energy, Oil & Gas

Acwa gets $344m loan for Dubai solar project

Saudi Arabia's Acwa Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, UAE, chief executive Paddy Padmanathan said on Sunday.

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Finance & Capital Market

NBK-Bahrain 2014 net profit up 27pc to $145m

National Bank of Kuwait-Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported net profits of $145 million for the year 2014 compared with $114 million in 2013, a growth of 27 per cent year-on-year.

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Analysis, Interviews, Opinions

Throwing light on GCC dispute rules

The regional construction boom has seen several foreign contractors enter the market in a big way. It is important for them to know some basic principles relating to recovery of damages, says an expert.

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Industry, Logistics & Shipping

Egypt to attract $8bn FDI this year

Egypt expects to attract $8 billion of foreign direct investment in the current fiscal year through June, up from $4 billion last year, Investment Minister Ashraf Salman said.

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Travel, Tourism & Hospitality
IT & Telecommunications

Mobile industry tiptoes towards 5G

Running short of dramatically new phone designs, leaders of the world's wireless industry agree their next big idea is 5G, shorthand for the fifth generation of networks they expect to have up and running by 2020.

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Lifestyle

Montblanc salutes John F Kennedy

Montblanc launched its new Great Characters Edition commemorating John F Kennedy, one of the most charismatic political figures and a man of extraordinary achievements, at an exclusive diplomats dinner in Abu Dhabi recently.

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Motoring

GB Auto Q4 net profit down 29pc

Egyptian auto distributor GB Auto's fourth-quarter net profit fell 29 per cent year-on-year to EGP32.1 million ($4.21 million), from EGP45.1 million the same period last year, the company said on Sunday.

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Health & Environment

Abraaj sets up $200m North Africa healthcare group

Private equity house Abraaj said it has teamed up with three financial institutions to set up North Africa Hospital Holdings Group, a $200 million healthcare group focused on Egypt and Tunisia.

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Media & Promotion

New international art fair to launch in Bahrain

A major new international art fair is set for launch later this year inside a 50-metre diameter marquee to be erected opposite the newly-opened Four Seasons Hotel Bahrain Bay.

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Miscellaneous

Bahrain council approves major Penal Code changes

Major amendments to Bahrain's 40-year-old Penal Code, including harsher punishments for manslaughter and defaming government employees, have been approved by the Shura Council.

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