Bloomberg Siemens AG Chief Executive Officer Joe Kaeser said he’s plann- ing sweeping cuts at the German engineering company’s power-and-gas business, setting the stage for a turnaround plan aimed at tackling weak orders and a sharp drop in profit. The unit, which is suffering from a steady decline in demand for large turbines used in power plants, will be “reshaped …

KHOBAR / Reuters Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. “Preparations are proceeding to the fullest extent for listing in 2018,” Amin Nasser told the channel in an interview …

CAIRO / Reuters Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said. The payment, still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through ambitious economic reforms under …