August, 2016

• 18 August

  Win big at Shurooq’s ‘sumfun’ fest

  

    Sharjah / Emirates Business ‘Sumfun’ summer festival — Shurooq’s latest summer festival celebration taking place across four of Sharjah’s most iconic and popular destinations and running until September 16 — kicks off with visitors receiving opportunities to win a series of travel packages, valuable cash prizes and a grand prize comprising of the latest Cadillac CTS 2016. The Sharjah ...

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• 18 August

  Concerns over price variance of used cars in online ads

  

    Dubai / Emirates Business SellAnyCar.com, the Middle East’s first and largest car buying service guaranteeing the purchase of any car within 30 minute, has released new research indicating that the price variance in classified ads for pre-owned car creates ambiguity and lowers the rate of successful transactions. The research is part of a SellAnyCar.com initiative to identify and address ...

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• 18 August

  Saudi likely to hit new oil output record

  

    Reuters Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world’s top oil producer, as it gets ready for tough talks next month for a global output freeze pact. Industry sources say the kingdom, already the world’s largest oil exporter, started to raise production from ...

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• 18 August

  Riyadh int’l coffee and chocolate expo in Dec

  

    Riyadh / Emirates Business The organizing committee of the coffee and chocolates exhibition, which is being held for the third year in a row at the Riyadh International Convention and Exhibition Centre from December 20-23, revealed that the size of exhibition area has increased to 7781 sq m display area. The total number of participants reached over 100 because ...

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• 18 August

  Oil holds longest run of gains in over a year as US glut eases

  

    Bloomberg Oil held its advance after the longest run of gains in more than a year as US crude and gasoline stockpiles declined, easing an overhang of supplies that are at the highest seasonal level in at least two decades. Futures were little changed in New York after advancing more than 12 percent over the previous five sessions. Crude ...

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• 18 August

  BP to Halliburton in ‘barroom brawl’

  

    Bloomberg Mad Dog, BP Plc’s drilling project deep in the Gulf of Mexico, could be Exhibit A in the oil industry’s war on cost. When the British oil giant announced the project’s second phase in 2011, it put the price at $20 billion. Last month, after simplifying plans and benefiting from a sharp drop in everything from steel to ...

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• 18 August

  Origin Energy leaves door open to splitting

    Bloomberg Origin Energy Ltd. left the door open to splitting up once its $9 billion debt pile has been further trimmed as it reels from the collapse in energy prices. Australia’s largest electricity company made the “difficult decision” on Thursday to cancel its dividend for the first time since it was formed in 2000, preferring to concentrate on strengthening ...

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• 18 August

  JPMorgan, Citigroup among 16 banks sued

  

    Bloomberg JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley are among 16 banks being sued by funds in the US for allegedly manipulating a key Australian interest rate benchmark to generate hundreds of millions of dollars in illicit profits. The class action, filed in the US District Court for the Southern District of New York, claims the banks ...

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• 18 August

  Standard Bank rises as African units boost first-half profit

  

    Bloomberg Standard Bank Group Ltd. rose the most in five months after first-half profit from continuing operations at Africa’s largest lender by assets climbed, boosted by higher interest rates in its home market that lifted income, and as fees from the rest of the continent increased. The stock led advances on the six-member FTSE/JSE Africa Banks Index, rising 5.5 ...

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• 18 August

  Azeri banks to get one-month ultimatum after lenders culled

  

    Bloomberg Azerbaijan’s banking regulator gave the country’s lenders a month to draw up plans to end what it described as chronic violations of prudential norms, promising to clamp down on those failing to meet requirements, according to a document seen by Bloomberg. After 10 of 43 banks were already culled this year, the Financial Markets Supervisory Authority said in ...

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