Saturday 7 May 2016

Excalibur to meet banks over Tata UK bid funding

Excalibur Steel, the management buyout group interested in purchasing Tata Steel's assets in Britain, will meet bankers on Friday to seek financing for the deal. Tata UK executive Stuart Wilkie, who leads the group, said that it will hold talks with one British and three inte


Foreign partnerships to boost Iran’s commercial vehicle market

The lifting of sanctions has breathed life into the commercial vehicle (CV) market, with French and German original equipment manufacturers (OEMs) already in talks with local CV manufacturers to begin the process of market re-entry, according to analysts Frost & Sullivan. The


US, Takata confirm recall of 35m-40m air bag inflators

The US Transportation Department and Takata Corp confirmed on Wednesday that automakers will recall another 35 million to 40 million US air bag inflators assembled by the Japanese manufacturer by 2019. The confirmation follows a report by Reuters Tuesday about the expansion of th


Raysut Cement’s Somaliland terminal progress on track

Oman’s Raysut Cement, a leading cement producer, revealed that its project with Barwaaqo Cement Company in Berbera, Somaliland is progressing well, a report said. Raysut Cement Company had signed a joint venture agreement with the Barwaaqo Cement Company in September 2014 f


Oman aims to develop fisheries sector

Oman is taking several major steps in developing its fisheries sector, with the aim of making the sultanate a regional hub in this sector, said a senior official in a report. “We are trying to build Oman as a hub for fisheries in the region because of availability of fish f


Gammon, SCBC to cooperate on projects in Saudi Arabia

Top officials of the Gammon Group, a leading engineering company, and the Saudi Canadian Business Council (SCBC) have revealed plans to collaborate in implementing mega investment projects in Saudi Arabia, said a report. Sheikh Rafik Mohammed, chairman of Gammon Group, and Edwin


Bahri signs $186m loan for oil tankers buy

The National Shipping Company of Saudi Arabia has signed a SR700 million ($186.7 million) loan to partly-finance the purchase of three very large crude carriers (VLCCs), the company known as Bahri said in a bourse filing on Thursday. It said the loan, provided by Alinma Bank and


Iran Aluminum Company, Chinese firm sign $2bn deal

Iran Aluminum Company (Iralco) and China-based CREC Investment have signed an agreement for a joint venture investment worth around $2 billion. The contract was signed by Iralco’s managing director Majid Pourattar and CREC Investments’ international relations director


SAIF Zone, Portuguese chamber sign deal to increase investments

Sharjah Airport International Free Zone (SAIF Zone) has signed a memorandum of understanding (MoU) with the Portuguese Industrial Association - Chamber of Commerce and Industry (AIP-CCI) to enhance mutual cooperation in the areas of investment and business. The agreement was sign


Tesla targets 500,000 cars in 2018

Electric carmaker Tesla Motors said it would accelerate production to meet strong demand for its upcoming Model 3 mass-market sedan, but higher spending will make it harder to reach promises of profitability this year. Tesla shares rose more than 5 per cent to $234.70 in after ho

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