Brussels / AFP The European Commission on Wednesday backed away from slapping fines on Spain and Portugal for running high deficits, in what would have been a landmark move by the EU to impose tough budget rules. Under bloc regulations, the EU executive could have imposed fines of up to 0.2 percent of national gross domestic product (GDP) against ...

  Frankfurt / AFP European banks are lending more to consumers and businesses but not enough to boost economic growth, analysts said on Wednesday based on new figures from the European Central Bank. Loans from eurozone banks to households and companies grew 1.1 percent in June, the same pace as in April and May, the European Central Bank said on ...

  Bloomberg GlaxoSmithKline Plc, the U.K.’s biggest drugmaker, reported second-quarter earnings that beat analysts’ estimates and raised its forecast for the year as sales of new products doubled. Profit excluding certain costs surged 42 percent to 24.5 pence from a year earlier, the London-based company said in a statement on Wednesday. That topped the 21-pence average of analyst estimates compiled ...

  Nicosia / AFP ExxonMobil, ENI and Total are among eight energy giants bidding to drill for undersea oil and gas off the southern coast of Cyprus, officials said Wednesday. Companies from Europe, the US, Qatar and Israel are bidding for three new drilling licenses, Cypriot Energy Minister George Lakkotrypis told reporters. “The government is especially satisfied with the quality ...

  Frankfurt / AFP Germany’s chemicals giants showed sharply differing results on Wednesday, with Bayer enjoying strong growth on pharmaceuticals while oil blackened BASF’s outlook. Chemicals and pharmaceuticals powerhouse Bayer upped its growth forecasts for the year after a strong second quarter saw profits surge by 19 percent. While revenues fell 1.4 percent to 11.8 billion euros ($13 billion), profits ...

  Dubai / Emirates Business The finalists for the 2016 Gulf Capital SME Awards organised by MEED have been announced. As many as 47 companies will now go on to compete to win in 13 categories. In its fifth year, the Gulf Capital SME Awards recognises success, growth and innovation in business. Judges were searching for customer focus, outstanding leaders ...

  Emirates Business The General Women’s Union and the UAE Telecommunications Regulatory Authority (TRA) has signed a Memorandum of Understanding (MoU) with the aim of enhancing cooperation and coordination between the two entities and promote awareness in the use of information and communications technology (ICT). The MoU was signed by H.E. Hamad Obaid Al Mansoori, Director General of TRA and ...

  Emirates Business Smartphone brand Huawei honor predicts that holidays-goers this summer will spend up to a staggering 26 hours a week on their smartphone. A third of UAE residents will spend upwards of an hour a day taking pictures on their phones, with more than one third spending between 20 to 40 minutes a day checking and posting on ...

  Emirates Business Careem, the region’s leading car booking service and home-grown app, has announced the launch of ‘CAREEM ONE’ in Saudi Arabia, which caters for passengers with disabilities. It is the first app service in the region that offers transportation solutions to people with disabilities and the elderly. Careem has brought a new fleet of specially-adapted vehicles into its ...

  Emirates Business Azizi Developments, a leading UAE-based real estate developer with a global reach into many growing international markets, has announced the pre-launch of its 222-unit Montrell Serviced Apartments project. When complete, the G+P2+7 furnished serviced apartment building will offer a total of 168 fully furnished luxury studios and 54 one-bedroom units. The total cost of the development is ...