Main headlines

June 19, 2014

Rolls-Royce shares jumped 7 percent on Thursday after the British aero-engine maker decided to buy back shares worth 1 billion pounds ($1.69 billion) instead of making any major acquisitions.
23:06 GMT

The company said it was on track to return to earnings growth next year.

The GCC spend was part of a total spending of $27 million from global visitors to Brazil during the four-day period.
22:59 GMT

Payments firm Visa revealed that GCC travellers to Brazil spent over $500,000 on their Visa accounts during the first four days of the FIFA World Cup from June 12- 15.

Jordanians and tourists will be able to take a bus tour of old Amman as part of an initiative launched by the Jordan Express Tourist Transportation Company (JETT).
22:46 GMT

“Amman is full of beautiful sites, and this trip will provide people with a great opportunity to get a closer look at them,” he told The Jordan Times over the phone.

The data puts Israel in good company, with France, Belgium, and Australia, and in far better shape than Eastern European countries where the non-observable economy (NOE) is 10-15% of GDP.
16:42 GMT

The OECD estimates Israel's black economy at NIS 70 billion in 2012.

The Kingdom, with a population of some 29 million people, reported annual car sales hovering at 700,000 units last year.
13:00 GMT

POSCO, one of the largest steelmakers in the world, signed a memorandum of understanding (MOU) to explore new business opportunities with Saudi Arabia’s sovereign fund, the company said Wednesday.

“Iran re-entry presents an opportunity to improve security of supply and for oil and gas service companies to develop significant opportunities,” said Mr. Stocker.
04:55 GMT

Business is already preparing for barriers preventing trade with one of the region’s biggest potential markets to be brought down.

Turkey stood 45 percent below the average for EU member states in terms of gross domestic product (GDP) per person, a comparison Eurostat makes using the purchasing power standard (PPS).
04:55 GMT

The statistics also revealed that a product bought for 100 euros in EU countries can be purchased in Turkey for the equivalent of 58 euros.

June 18, 2014

German defence group Rheinmetall is set to sign a 2.7 billion euro ($3.7 billion) deal in the coming weeks for the production of 980 Fuchs 2 military vehicles for Algeria.
21:28 GMT

Germany said this month it would adopt a more cautious approach towards arms exports after a 24 per cent surge last year fuelled a domestic debate on military sales.

The Arabtec saga dragged down the Dubai stock market and illustrated the opaque nature of corporate affairs in the region.
15:03 GMT

The chief executive of major Dubai construction firm Arabtec resigned on Wednesday after a tumultuous six weeks during which the company's share price plunged as much as 50 percent;

"Payment difficulties do come up and it is not a straightforward place to trade with, but deals to Iran are still being done," another European grains trade source said.
14:22 GMT

Iran is not barred from buying food or other goods for humanitarian purposes under sanctions imposed over Tehran's pursuit of nuclear technology.

A significant change in borrowing behaviours reflects a more prudent approach in the UAE.
14:15 GMT

Borrowers dropped to 28%, says Department of Economic Development

The market has been mainly driven by tourism growth (nine to 10 per cent) while the resident market has been growing but at a slower rate.
08:23 GMT

The GCC luxury goods market has continued to grow fast.

Baghdad’s warnings have not deterred the Kurds so far.
08:15 GMT

“They pushed us to do this,” Hawrami said. “We’re going to create facts on the ground... Don’t ask me to surrender my rights into your hands.”

On a regional level, the report reveals that private financial wealth grew by 11.6 percent to reach $5.2 trillion in 2013
04:55 GMT

Qatar ranks first in the world with the highest density of millionaires, with 17.5 percent holding private wealth of at least $1 million, according to a new report.

June 17, 2014

Some of the possible company targets include Kuwait Oil Company, Petroleum Development Oman, Qatar Petroleum, Saudi Aramco, ADNOC, ENOC and Bahrain Petroleum Company.
12:12 GMT

The threat, made by Anonymous, a politically motivated group of hacktivists, states that they are planning to attack before, during, and after June 20, 2014.