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
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.
Saudi Telecom Co (STC), the Gulf's biggest telecom operator by market value, blamed rising costs as it posted an 8.7 per cent fall in second-quarter profit on Wednesday to extend a profit slump and miss analyst estimates.
Brent and US crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in US oil drilling rigs applied pressure.
US energy firms added 2
Gold slid more than one per cent to its lowest since 2010 on Friday (July 24), on course for its biggest weekly loss in nine months, as strong US jobs data helped deepen this week's rout and fuelled fears the metal has some way to fall yet.
Saudi Arabian Mining Company (Ma'aden), the Gulf's largest miner, posted a 27.2 per cent fall in second-quarter net profit on Tuesday, missing analysts' forecasts.
Net profit for the three months to June 30 was SAR270
Gold rose on Friday as chart levels were broken, but was still heading for its first weekly fall in four, pressured by a stronger dollar and renewed expectations for a US rate hike this year.
Spot gold climbed 0.8 per cent to $1,2
Bahrain’s national carrier Gulf Air's losses this year are expected to be less than a quarter of what they were just three years ago.
Transportation and Telecommunications Minister Kamal Ahmed told MPs yesterday (April 7
Gold fell on Friday, snapping a seven-day rally as the dollar rebounded after Federal Reserve officials signalled they remained on track to raise rates this year, but the metal still looked set to post its second straight weekly gain.
Qatar's Ooredoo forecasts its revenue will fall by as much as three per cent in 2015 and core earnings will drop by a similar margin, a presentation by the telecommunications operator on its website shows.
Ooredoo, which has e