Thursday 30 July 2015

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PIECE FOUND IN LA REUNION
Malaysia 'almost certain' debris from Boeing 777

Malaysia's deputy transport minister said on Thursday that it was "almost certain" that the debris that washed up on La Reunion island in the southern Indian Ocean belongs to a Boeing 777 aircraft.

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1

CHEAP OIL, SLOW PROPERTY BITE
UAE credit growth expected to be flat in 2015

Credit growth in the United Arab Emirates is expected to be around 2 per cent this year, a senior banking official said, in a fresh sign the UAE credit cycle may have peaked because of low oil prices and cooling property markets.

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2

REASSURING KINGDOM
US approves sale of $5.4bn missiles to Saudi Arabia

The US State Department has approved the possible sale to Saudi Arabia of $5.4 billion in additional PAC-3 missiles built by Lockheed Martin Corp , the Pentagon said on Wednesday.

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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
Adieu!

Emirates airline phased out its last remaining Boeing 777-200 from its fleet as part of an aggressive fleet renewal programme.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai home sales plunge; prices down

Dubai home sales shrank by about two-thirds in the first half of 2015, and prices also slipped, with further declines expected over the rest of the year, property consultants JLL said in a report on Wednesday.

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Retail & Wholesale

Nokia launches virtual reality camera

Finland's Nokia, once the world's largest phone maker, has unveiled a spherical camera designed for making 3D movies and games that can be watched and played with virtual reality headsets.

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Energy, Oil & Gas

Shell to cut 6,500 jobs, investments to reduce to $30bn

Royal Dutch Shell on Thursday reported a 37 per cent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices.

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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

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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Industry, Logistics & Shipping

Aramex Q2 net profit surges 15pc to $25m

Aramex, a leading global logistics solutions provider, has reported a net profit of Dh92.6 million ($25.2 million) for the second quarter (Q2) of the year, as compared to Dh80.8 million for Q2 2014, marking an increase of 15 per cent.

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Travel, Tourism & Hospitality

Abu Dhabi airport passenger traffic soars 17.2pc

Abu Dhabi Airports reported today a 17.2 per cent increase in passenger traffic at Abu Dhabi International Airport during the first half of 2015, as compared to the same period last year.

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IT & Telecommunications

Saudi Telecom Q2 net profit falls 8.7pc, misses estimates

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.

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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

GSK plans staged roll-out of malaria vaccine

The world's first malaria vaccine, which won a green light last week from European drugs regulators, will be rolled out gradually in Africa, its maker said on Wednesday.

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Media & Promotion

Facebook Q2 profit falls 9pc as costs soar

Facebook Inc reported quarterly revenue that beat forecasts but its profit fell 9 per cent as the social media company sharply increased spending to boost mobile revenue and future growth.

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Education, HR & Training

Emirati women ‘more likely to work in banking’

Emirati women are more likely than their male counterparts to consider a position in banking and finance (29 per cent versus 11 per cent), found a major survey on Emiratisation.

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