Regional News

  AP Three Egyptian dailies said that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at …

  AGENCIES Revenue from Egypt’s Suez Canal reached $3.183 billion in the period between January 1 and August 6, up 4 percent from $3.059 billion in the same period last year, the Suez Canal Authority Chairman said. Mohab Mameesh, who was speaking at a one-year anniversary celebration of the opening of an expansion to the canal, said the canal’s revenues …

  Bloomberg When commodity prices crashed in late 2014, oil executives could look at their mining counterparts with a sense of superiority. Back then, the world’s biggest oil companies enjoyed relatively strong balance sheets, with little borrowing relative to the value of their assets. Miners entered the slump in a very different state and some of the world’s largest — …

  Bloomberg A revolution in south Australia is wresting power from utility-owned grids and putting it inside batteries installed inside the homes of electricity consumers. Billed as the world’s biggest “virtual power plant,” AGL Energy Ltd. is installing 1,000 batteries in and around Adelaide at a cost of about A$20 million ($15 million), according to a statement on Friday. The …

Bloomberg Countries in the Middle East and North Africa led by Egypt, Kuwait and Morocco are boosting liquefied natural gas import capacity, taking advantage of low prices to meet rising energy demand. The region plans to add permanent terminals and temporary, off-shore units that will increase annual capacity by 58.2 billion cubic meters in 2021, energy lender Arab Petroleum Investment …

  Bloomberg Egyptian officials are holding talks in Cairo with the International Monetary Fund over a loan to help finance the government’s economic program. Egypt is seeking $12 billion over three years. The most-populous Arab country has had a tumultuous relationship with the IMF since the 2011 uprising that ousted Hosni Mubarak, turning down two initial loan accords. Some of …

  Reuters Saudi Arabia’s government is discussing a proposal to take over construction conglomerate Saudi Oger, owned by the family of former Lebanese Prime Minister Saad al-Hariri, a Lebanese newspaper reported on Wednesday. Oger has been hit hard by a slowdown in the Saudi construction sector due to low oil prices and state spending cuts, and wage payments to thousands …

  Emirates Business In line with its steadfast commitment to supporting the realization of the Saudi Vision 2030 — and its related strategic goals — The Boston Consulting Group (BCG) has inaugurated a year-long Business Analyst Program in the Kingdom. The initiative is especially designed to help nurture young Saudi talents and equip the nation’s youth with the tools, knowledge, …

  WAM Projected value of the national development projects for 2017-2018 amounts to KD 4.7 billion, KD 1.5 billion of which covered by the State budget, said Dr. Khaled Al-Mahdi, General Secretary of the Supreme Planning and Development Council. Private sector’s contributions to funding the ventures, this year, are estimated at 16.9 percent, in addition to 33.8 percent by the …

  TRIPOLI / Reuters Libya’s state oil company said it welcomed the “unconditional” reopening of blockaded oil ports following a deal between the U.N.-backed government and an armed force which controls key facilities, saying it would begin work to restart exports from the terminals. The agreement, signed on Thursday, could be a major step in reviving Libya’s crippled oil output. …