News

  Reuters Egyptian billionaire Naguib Sawiris’ OTMT said on Monday failure to resolve a dispute with the financial regulator had hit business and stymied growth, and the holding company would call a board meeting to discuss how to proceed. The dispute emerged six months ago and centres on breaches the Egyptian Financial Supervisory Authority (EFSA) says were involved in the ...

  Reuters Qatargas, the world’s largest LNG producer, will start operations at its new Ras Laffan 2 condensate splitter by the end of this month, doubling the Gulf state’s capacity to process condensate, two sources with knowledge of the matter said on Monday. The 146,000 barrel per day (bpd) facility had been due to open in September but was delayed ...

  OTTAWA / WAM The UAE and Canada have restated their willingness to harness promising economic, trade, business and investment opportunities to raise their bilateral co-operation to new heights. The pledge for greater cooperation came at the conclusion of the first meeting of UAE-Canada Joint Economic Committee meetings, held in the Canadian capital, Ottawa. The two countries explored opportunities for ...

  ABU DHABI / Emirates Business The Masdar Institute of Science and Technology, an independent, research-driven graduate-level university focused on advanced energy, and sustainable technologies, on Sunday announced that more than 500 stakeholders from the academia, industry and government will be gathering to network and exchange information at the 22nd Solar Power And Chemical Energy Systems (SolarPACES) Conference, taking place ...

  Birmingham / AFP Prime Minister Theresa May said Britain would start the formal process for leaving the EU before April as her governing Conservative Party opened its annual conference on Sunday. Though many Conservatives headed to the congress in Birmingham, central England still jubilant about Britain’s June referendum vote to leave the European Union, the centre-right government has come ...

  Bloomberg After failing with an initial public offering of its infrastructure unit, Telefonica SA is likely to test investors’ appetite again with the sale of its U.K. mobile-phone business, only this time with a possible twist. The Spanish phone carrier is considering whether to set aside part of an initial public offering of U.K. mobile operator O2 for individual ...

  Bloomberg While the world around it frets over ultra-low interest rates, Iceland’s fish export industry is rooting for another rate cut to maintain market share amid a strengthening krona. “The appreciation of the krona is a large factor in the operations of fishing companies and can impact their bottom line,” Heidrun Lind Marteinsdottir, managing director of Fisheries Iceland, an ...

  Washington / AFP Donald Trump declared a loss of nearly $1 billion on his 1995 income tax return, allowing him to legally avoid paying taxes for almost two decades, according to documents obtained by The New York Times. The revelations come after the outspoken Republican presidential candidate repeatedly refused to make his tax filings public, the first candidate to ...

  Bloomberg Australian steel and iron ore producer Arrium Ltd. may face costs of as much as A$40 million ($30.6 million) following storms that caused blackouts and forced BHP Billiton Ltd. to halt its Olympic Dam copper operation. Arrium’s steelworks in the south-coast town of Whyalla and the mining of iron ore to feed the mill have been halted since ...

  New Delhi / AFP Indians have declared almost $10 billion in hidden wealth under a government amnesty on tax evasion, as part of Prime Minister Narendra Modi’s moves to crack down on huge piles of black money. Finance Minister Arun Jaitley said the four-month scheme that closed on Friday had resulted in 64,275 declarations of previously undisclosed assets and ...