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DETROIT / AP Tesla Motors posted its 11th straight quarterly loss, and its results badly missed Wall Street’s forecasts. But the electric car maker’s shares soared anyway on news that its lower-priced Model 3 sedan is on schedule to be released next year. Tesla said it will unveil the much-anticipated $35,000 car on March 31 and expects to start production ...

Bloomberg Boeing Co. plans to cut jobs in its commercial airplane division, the company’s largest business, as part of cost reductions intended to improve competitiveness. The planemaker will first seek to trim executive and managerial positions, Ray Conner, chief executive of the Boeing unit, told employees in a webcast. Involuntary cuts may be necessary as a last resort in addition ...

AFP The Berlin-based vegan food retailer Veganz is looking to treble sales this year and is eyeing a possible stock market listing in 2018, its founder said in a magazine interview. “People cannot get enough of our products,” Veganz chief Jan Bredack told the weekly WirtschaftsWoche. Last year, Veganz clocked up annual sales of 24 million euros ($27 million) and ...

Daria Solovieva / Bloomberg Gulf Arab equities trimmed their worst January in seven years after oil capped its second weekly advance. Dubai’s DFM General Index led gains in the region, climbing to the highest in more than three weeks as the number of shares traded was almost double the six-month average. Abu Dhabi’s ADX General Index had the biggest increase ...

DUBAI / WAM The UAE Cabinet retreat on post-oil phase concluded on Sunday. Federal and local government officials took part in the retreat and discussed ideas and initiatives that will contribute in diversifying the UAE’s economy and ensuring its sustainability. Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness ...

Dubai / Bloomberg First Gulf Bank (FGB) PJSC reported a better-than- expected six percent rise in full-year profit as the United Arab Emirates’ third-biggest bank was helped by non-operating income. Net income advanced to 6.01 billion dirhams ($1.64 billion) from 5.66 billion a year earlier, the Abu Dhabi-based lender said in an e-mailed statement on Sunday. The mean estimate of ...

Tel Aviv / Bloomberg Israel’s natural gas companies and Noble Energy Inc. have signed the first contract to supply natural gas from the Leviathan site offshore Israel. Partners in Leviathan, Israel’s largest field, will supply 6 billion cubic meters of gas over 18 years to two power stations owned by local electricity producer Edeltech Group. Leviathan will be developed by ...

Qamishli / AFP A delegation including senior US diplomat Brett McGurk met with members of a Kurd-Arab alliance fighting the IS extremist group inside Syria on Saturday, Kurdish sources said on Sunday. The visit appeared to be the first by a senior US government official inside Syrian territory. McGurk, who is US President Barack Obama’s envoy to an international coalition ...

Riyadh / AFP Saudi authorities have arrested nine American citizens among 33 “terror” suspects rounded up over the past days, the Saudi Gazette newspaper reported on Sunday. Four Americans were arrested on Monday and five others over the past four days, the paper reported citing an unidentified source. The arrests also included 14 Saudis, three Yemenis, two Syrians, an Indonesian, ...

Damascus / AFP At least 50 people were killed and 110 wounded on Sunday in three bomb blasts near the revered Shiite shrine of Sayyida Zeinab outside the Syrian capital Damascus, state media said. State news agency SANA said the first blast was caused by a car bomb that detonated at a bus station near the shrine. It said two ...