Friday 31 July 2015

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ANSWERS ‘OPEN SKIES’ ISSUES
Qatar Airways refutes subsidy allegations by US carriers

Qatar Airways has fully refuted the subsidy allegations levelled against it by the Big 3 US carriers in a ‘White Paper’ it submitted to the US government.

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1

GLOBAL OVERSUPPLY CONCERNS
Oil prices fall on Opec’s ‘no production cut’ comment

Oil prices fell in Asian trade on Friday as concern over global oversupply intensified after the head of oil producers' cartel Opec indicated there would be no cut-back in production, although a fall in the US dollar put a floor under prices.

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2

SHAKES INVESTOR CONFIDENCE
Gold heads for longest weekly losing streak in 16 years

Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates.

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3

ANALYSIS
Iran on the cusp of big boost in automotive market

Iran's automotive market is set for a major boost as customers wait for foreign manufacturers to launch operations in about six months’ time when the country will be business-ready following the deal with world powers, a report said.

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4

SPECIAL REPORT
Middle East funds turn negative as oil drops again

Middle East fund managers have on balance turned negative towards the region and especially its biggest equity market, Saudi Arabia, after oil prices gave up most of the gains made in the last six months, a report said.

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5

NEWS IN PICTURES
Majesty on high seas

UAE-based Gulf Craft will showcase its Majesty Yachts at the 2015 Sydney International Boat Show, the largest recreational marine event in the southern hemisphere, which kicked off today (July 30).

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Union Properties begins work on Green Community Phase 3

Union Properties, a leading Dubai-based developer, has started work on the Phase Three of its Green Community project in Dubai Investments Park (DIP), Dubai, UAE.

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Retail & Wholesale
Energy, Oil & Gas

Oil price will stabilise next year: Opec

Opec expects oil prices to stabilise next year and to remain so over the long term, Secretary General Abdullah al-Badri was quoted as saying by RIA news agency on Thursday.

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Finance & Capital Market

BisB posts 105pc rise in net income to $21m

Bahrain Islamic Bank (BisB) has posted an increase of 105 per cent in net income for the first six months of the year at BD8.2 million ($21.75 million), compared with BD4 million for the same period last year.

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Analysis, Interviews, Opinions

Iran on the cusp of big boost in automotive market

Iran's automotive market is set for a major boost as customers wait for foreign manufacturers to launch operations in about six months’ time when the country will be business-ready following the deal with world powers, a report said.

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Industry, Logistics & Shipping

New tyre rules in Saudi Arabia from November

New regulations governing tyres produced or sold in Saudi Arabia will come into force in November, said the board of the Saudi Standards, Metrology and Quality Organisation.

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Travel, Tourism & Hospitality

New smart ticketing launched for Bahrain’s public transport

Bahrain Public Transport Company, the new operators of the kingdom’s fully revamped public bus service, has introduced the Go Card - a pre-paid, re-usable smart card that facilitates flexible and faster travel for public transport users.

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IT & Telecommunications

Dubai’s ‘Smart Palms’ offer free Wi-Fi

The 'Smart Palms' that one can find on Dubai’s beaches and parks, not only provide shade, but also free wireless Internet access while displaying information on the city’s attractions and weather.

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Lifestyle

Swarovski opens first boutique in Muscat

The Khimji Ramdas Group, a leading retailer of top brands in Oman, has opened its first exclusive Swarovski boutique, an upscale Austrian chain known for its crystal jewellery, in Muscat.

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Motoring

General Motors to invest $1bn in India

General Motors Co (GM) will invest $1 billion in the next few years to turn operations in India into a new global auto manufacturing and export hub aimed at boosting sales in fast-growing emerging markets, top executives said on Wednesday.

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Health & Environment

Gene variation identified for teen binge eating

A variation of a gene that can lead teenagers to binge eat has been identified by a team from the UCL Institute of Child Health, the research partner of Great Ormond Street Hospital.

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Education, HR & Training

London Business Schools gets scholarship boost

The members of London Business School’s alumni community and regional business leaders in the Middle East have pledged a total of Dh3.4 million ($925,477) to strengthen the school’s global scholarship offering.

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Miscellaneous

BAE ‘awaiting Middle East orders for Typhoons'

BAE Systems, which generates about a fifth of its total sales from Saudi Arabia, needs to sell more Typhoons to Saudi and other Middle East customers to keep production of the jet going beyond 2018, a report said.

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