News

ISTANBUL / ANKARA / Reuters Saudi Telecom Company is in the lead to buy the 55 percent of fixed-line operator Turk Telekom owned by Oger Telecom, sources said, adding that the Turkish government could acquire the $3.9 billion stake if those talks fail. The potential deal comes as Oger, Turk Telekom’s biggest shareholder, faces increasing pressure from creditor banks after ...

Bloomberg EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad. After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator ...

Bloomberg Though the downfall of the man heading Samsung Group, South Korea’s most powerful conglomerate, may seem an ominous omen for the country’s family-run business empires, the jailing of billionaire Lee Jae-Yong could end up offering some relief to chaebol dynasties. That’s because Lee, who on Friday received one of the harshest sentences ever handed to a chaebol leader, could ...

Bloomberg Nearly 10 months after India’s unprecedented ban on high value notes that was designed to tackle entrenched corruption, bribery continues to oil the wheels of business in Asia’s third-largest economy, according to a US risk management firm that advises foreign investors. Gifting of land, houses, luxury watches and sponsoring expensive travel abroad are now the preferred bribes as tax ...

Bloomberg The world’s first diamond futures exchange begins trading in India on Monday, enabling companies in the largest producer of the cut and polished gems to better hedge price risks. “Indian manufacturers most require this type of financial product,” said Sanjit Prasad, managing director of the Indian Commodity Exchange Ltd. India carries the price risk of holding huge inventories of ...

Abu Dhabi / WAM The celebration of Emirati Women’s Day reflects the UAE leadership’s profound belief in the contributions of women and their role in the country’s development, said HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra Region. In a statement to mark the day, Sheikh Hamdan said that since the establishment of the UAE ...

Bloomberg Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. El Feel, or Elephant, stopped production, Wessam Al-Messmari, an office manager for the Petroleum Facilities Guard that is protecting the field, said Sunday by phone. State-run National Oil Corp. declared ...

DUBAI / WAM Exporters from Malaysia, the world’s largest producer and exporter of Halal food products, are going to showcase the country’s multi-billion dollar Halal industry, that last year recorded $9.79 billion worth of Halal exports worldwide, at the 9th edition of the Halal Expo Dubai to be held on September 18 and 19 at the Roda Al Bustan Hotel ...

DUBAI / WAM The Emirates Maritime Arbitration Centre (EMAC) last week met with senior executives in two key meetings in Fujairah, as part of its commitment to work with key industry bodies in the region’s maritime sector. In the first meeting, the EMAC delegation discussed boosting cooperation with Port of Fujairah General Manager, Captain Mousa Murad, and Harbour Master, Captain ...

Dubai / Emirates Business The Roads and Transport Authority (RTA), in collaboration with the French Business Council in Dubai & Northern Emirates, will host the “First Emirati – French Business Engagement Summit” on September 25, 2017, as part of efforts to create an environment conducive to growth of trade & investment between the two sides. “More than 200 CEOs and ...