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Talat Zaki Hafiz
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G8 leaders seek to corral Europe crisis
WASHINGTON — The leaders of eight of the world’s biggest economies agreed that they must work together to stop the economic crisis afflicting the eurozone from spreading worldwide, and jeopardizing fledgling recoveries in the US and elsewhere.However, standing in the ...
Oil, world stocks slide into negative territory
NEW YORK — World stocks erased the year’s gains Friday as investors fled risky investments for safe-haven assets on concerns about the euro zone’s deepening debt woes, while US stocks lost ground after the market debut of social network Facebook failed ...
Eurozone crisis to cut growth in ‘transition’ nations: EBRD
LONDON — The European Bank for Reconstruction and Development said Friday that the eurozone debt crisis would slash growth this year across its current and future “transition” countries of operation.The EBRD — which since 1991 has helped ex-communist countries switch ...
Gold up on bargain-hunting
NEW YORK — Gold futures climbed for a second day, erasing this week’s losses as investors continued to close out bets on lower prices following the 10-month lows hit earlier this week.Others added to their holdings of the yellow metal on ...
Saudi non-oil exports surge
RIYADH — The Saudi non-oil goods exports have surged to SR176,568 in 2011 compared with SR134,610 in 2010, an increase of 31 percent, the General Statistics and Information Department said in a report.Export volume amounted to 48,724 thousand tons compared with ...
UAE exports quadruple to $30.7b
ABU DHABI — The UAE’s current account surplus quadrupled to AED112.7 billion ($30.7 billion) in 2011 as both crude and non-oil exports soared, central bank said in its annual report.Last year’s outcome is smaller than the IMF estimate for a surplus ...
GCC soon to adopt common visas for cruise passengers
DUBAI/JEDDAH — The six-member Gulf Cooperation Council (GCC) countries will soon introduce a single visa system for cruise passengers as part of ongoing efforts to boost regional tourism industry. The plans have been under discussion for almost four years, media reports ...
African govts moot gold mine tax hikes
JOHANNESBURG — African governments seek extracting more revenue from their mining sectors for the industry to be more competitive.South African Mines Minister Susan Shabangu told Reuters earlier this week that any future changes to tax policy would aim to keep the ...
High costs constrain Gulf small businesses
JEDDAH — According to a recent report on Forbes.com, high licensing and related fees are squeezing small businesses and stifling entrepreneurship in the Gulf Cooperation Council (GCC).The report identified four factors, i.e. — business registration fees, paid-up capital, business renewal fees ...
Kuwait plans oil refinery investment in Bangladesh
DHAKA — Kuwait is considering investing in an oil refinery project in Bangladesh, a senior Foreign Ministry official in Dhaka said Friday.Kuwait is relocating its investment from Europe to Asia and Bangladesh can be a lucrative destination, Director General of the ...
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