Main headlines

January 2, 2013

Gas prices continue to creep up in Lebanon
09:11 GMT

The weekly price update of gasoline prices in Lebanon showed an increase for the fifth week in a row Wednesday.

The volume of overall investment is expected to top $45 billion over five years in Bahrain
09:04 GMT

The volume of overall investment is expected to top $45 billion over five years in Bahrain, a top businessman said.

Most Gulf stock markets were closed yesterday for the New Year, but Saudi Arabia and Oman were open and performed well
08:49 GMT

Riyadh Saudi stocks close higher yesterday with gains in all sectors after oil prices edged up on Monday and the U.S. Senate passed a deal to avert a "fiscal cliff" which threatened the world's largest economy.

The IMF has praised Egypt's new currency controls, which are aimed at devaluing the Egyptian Pound
03:00 GMT

The International Monetary Fund said on Monday it welcomed steps that Egypt has taken to stop a drain on its international reserves which had recently caused Egyptian pound hit record lows.

January 1, 2013

The Central Bank of Egypt is trying to stop a currency flight from the country
08:00 GMT

The new monetary foreign exchange regulations, enacted by the Central Bank of Egypt (CBE) on Sunday, will help curb speculation on the US dollar in the domestic market and maintain a low rate of inflation, said the country’s top bankers.

Jordan and Kuwait have signed key  GCC-backed contracts work $259.5 million
03:00 GMT

Jordan and Kuwait on Sunday signed four agreements to finance projects in key sectors worth $259.5 million.

December 31, 2012

China’s crude oil imports from Iran fell 31 per cent in November , with traders citing delivery delays by Iranian tankers because of tough Western sanctions.
12:28 GMT

China’s crude oil imports from Iran fell 31 per cent in November from a year earlier and were down 6.3 per cent on the month, data showed, with traders citing delivery delays by Iranian tankers because of tough Western sanctions.

Citing Western sanctions against Iran, South Korean oil imports from Iran have dropped dramatically
12:20 GMT

South Korea’s imports of crude oil from Iran dropped 39 per cent from a year ago in the first eleven months of the year after sanctions squeezed shipments, data from state-run Korea National Oil Corp showed.

Egyptian President Mohammed Mursi said Monday that the country’s currency situation will “balance out within days,”  in an effort to calm fears
11:52 GMT

Egyptian President Mohammed Mursi said Monday that the country’s currency situation will “balance out within days,” stressing that the record fall of the pound “does not worry or scare us.”

Iran has held a simulated cyber attack as part of military drills in the key oil trading route, the Strait of Hormuz
10:43 GMT

Iranian forces have carried out what they called cyber warfare tactics for the first time as the Islamic republic’s naval units staged maneuvers in the key Strait of Hormuz, media reports said on Monday.

Media reports suggest that a further $300 million in Mubarak's assets have been frozen in Switzerland
10:35 GMT

The Swiss authorities have frozen $300 million in Credit Suisse accounts in Geneva held by the sons of the former Egyptian President Hosni Mubarak, Swiss media reported on Sunday.

Bahrain has signed six financing agreements totalling $448 million with the Saudi Development Fund
10:16 GMT

Bahrain has signed six financing agreements totalling $448 million with the Saudi Development Fund to support a number of infrastructure projects as part of the GCC Development Programme.

Iraq is to refuse payment to the semi-autonomous Kurdistan region in a long running dispute over oil rights
08:56 GMT

Iraq will not pay oil companies operating in Kurdistan because the autonomous region has failed to export the volume of crude it pledged, a spokesman for Hussain Al Shahristani, Iraq’s deputy prime minister for energy, said.

Poverty in Jordan is creeping up
08:41 GMT

In a worrying sign for Jordan, the poverty rate in the Kingdom has creeped up to 14.4 per cent in 2010, up 1.1 per cent on 2008 figures, as the country grapples with a struggling economy.

The construction sector’s contribution to the UAE’s GDP is expected to reach 11.1 per cent by 2015
08:00 GMT

The construction sector’s contribution to the UAE’s GDP is expected to reach 11.1 per cent by 2015 driven by a growing expatriate population, according to a study by the Dubai Chamber of Commerce and Industry.