Main headlines

December 19, 2012

The US is urging Egypt to act quickly over the $4.8 billion IMF deal
03:00 GMT

The United States urged Egypt and International Monetary Fund to reach an agreement on the $4.8 billion loan that was postponed on 11 December "as quickly as possible."

Instagram's new terms and conditions has upset many users
03:00 GMT

The popular smartphone app Instagram, recently bought by social-network behemoth Facebook, has aletered its terms and conditions, allowing the company to use photographs without the creators permission.

December 18, 2012

Bahrain is set to start on a GCC funded development project
12:27 GMT

Work on the first phase of GCC Development Programme–funded projects is set to start in Bahrain next month.

Saudi mining company Maaden has signed a billion-dollar financing package
10:22 GMT

In a statement to the Tadawul, Saudi Arabian Mining Company (Maaden) announced the signing of a revolving Murabaha finance facility with a tenor of five year.

International sanction on Iran are hitting the oil Islamic Republic's oil industry
09:38 GMT

The Iranian government has conceded that it is losing half of its oil revenues due to international sanctions imposed over its disputed nuclear programme.

The head of the Central Bank of Egypt is expected to leave his post by the end of this year
09:28 GMT

The governor of the Central Bank of Egypt (CBE) will resign from his position by the end of December for health reasons, a CBE source who preferred anonymity told Ahram Online Monday.

The Palestinian budget deficit has increased
09:11 GMT

The deficit value of the Palestinian Current Account amounted to $2,192.6 million (21.5% of the GDP in current prices), compared with a deficit in year 2010 which amounted to $690.9 million.

Share prices for Apple have dipped below the $500 mark for the first time
07:45 GMT

Share prices for Apple have dipped below $500 for the first time, after a high of over $700 a share since the company's flotation on the stock market earlier this year.

Iran has been hit by another cyber attack similar to one that severely damaged the country's oil industry last year
07:36 GMT

Iran has been targeted by a cyber attack which is similar to a malicious virus that severely disrupted the country's oil industry earlier this year.

The European Investment Bank (EIB) has agreed to loans for development in Morocco
07:23 GMT

The European Investment Bank has agreed to fund development in Morocco, in a deal worth almost $600 million.

Investment in UAE industry is up and the government is targetting five per cent growth next year
07:00 GMT

Investments in the UAE’s industries for the first half of this year reached Dhs. 124 billion, Abdullah Sultan Al Fan, assistant undersecretary for Industrial Affairs at the Ministry of Economy, told Gulf News.

Egyptian stocks remain volatile over political instability
03:00 GMT

The Egyptian stock market closed in the red on Monday, despite analysts' predictions that it was likely to gain throughout this week, with the generally trouble-free referendum vote expected to boost market confidence.

December 17, 2012

UAE-based Dana gas has issued a debt restructuring programme that will see the amount owed reduced by $70million to $850 million
12:40 GMT

UAE-based Dana gas has agreed with bondholders the plan to restructure its $920 million Islamic bond to reduce it down to $850 million.

App downloads for smartphones have hit 81 billion
12:22 GMT

Mobile application storefronts have collectively distributed a total of 81 billion smartphone and tablet apps as of end-September 2012, according to a report.

Guld Air could be forced to take off with 100 unemployed Bahraini pilots as part of a bail out deal
10:33 GMT

Bahrain's ailing national carrier Gulf Air may be forced to hire 100 unemployed Bahraini pilots despite plans to slash its heacount by as much as 1,800 as part of a proposed US$492m government bailout deal, it was reported.