Main headlines

August 12, 2013

Owners of different businesses have expressed their frustrations, as their sales had fallen by 20 per cent during the first days of the Eid festival, as compared to the previous years.
07:49 GMT

Eid is the 'peak business season' for traders of different commodities, this year brought a 'big surprise' to business owners, as the number of customers was far less than what they had earlier expected.

The Dubai stock benchmark DFM General Index fell 0.24 per cent to close at 2667.65.
07:37 GMT

Abu Dhabi and Dubai indices fell on Sunday, the first day after the long Eid holiday weekend, amid a drop in trading volumes and a dry news spell globally at the end of last week.

August 7, 2013

The department dealt with more than 5,000 complaints filed by different customers against retailers based in Dubai in the first half of 2013 (Getty images)
13:12 GMT

The Department of Economic Development has warned it will impose penalties on those who violate the rules of trade as stated in the Bluebook that sets out the rights of consumers in the UAE.

With the exception of Bank Audi, which posted a 21.78 percent increase in net loans, the loan portfolios of Byblos, BLOM, Bank of Beirut and BEMO contracted respectively by 0.48 percent, 0.67 percent, 1.37 percent and 4.39 percent.
12:54 GMT

Declining consumer and business confidence will negatively impact the profitability of Lebanese banks in the second half of 2013.

Syria’s economy has been hurt by depletion of foreign reserves that were estimated at around $16 billion to $18 billion before the conflict.under an article in the bloc’s regulations on Syria, “the release of frozen funds or economic resources may be authorized when this is necessary for humanitarian purposes.”
12:22 GMT

Syria is trying to tap frozen funds in foreign bank accounts to step up purchases of food stocks including wheat, as civil war and a deepening humanitarian crisis push President Bashar Assad to seek new ways to feed his people.

700,000 inhabitants of those areas will benefit from the project and will have their living conditions improved
11:10 GMT

The EU Delegation in Tunisia has made a grant of €32.9 million to Tunisia to renovate 119 neighbourhoods throughout the territory;

Real estate sales in the month of June in Kuwait increased by 27 per cent year-on-year, to reach KD339 million ($1.18 billion), an NBK report said.
09:18 GMT

A little over half of the approved loans, which came from 662 applications, were for new constructions. According to NBK, these figures are roughly double the amount approved during the same period in 2012.

August 6, 2013

Emirates, one of the world’s fastest-growing airlines, on Monday announced the launch of its luxury private jet service.
13:14 GMT

Customers seeking unsurpassed luxury in travel can book a tailor-made experience on Emirates Executive, the ultra-spacious Airbus 319 aircraft, and enjoy new technology and design to meet the most discerning traveller’s requirements.

Officials from Sharjah are to target Washington and New York next month on an investment roadshow (Getty images)
12:30 GMT

The first roadshow to the US hopes "open new avenues of cooperation in various areas, particularly with the huge participation of public and private sector in the delegation".

A healthy inflation target in stable economies ranges between 2-3%.
12:14 GMT

Iran's inflation rate hits 33.9 percent.

The country has run through more than $20bn in reserves, borrowed billions from abroad and delayed payments to oil companies to support its currency since its popular uprising in early 2011 (Getty images).
11:36 GMT

The figure is the highest since November 2011, but it nonetheless shows that Egypt continues to bleed foreign currency to defend the Egyptian pound.

Mosaic's cash investment is expected to be up to $1 billion, funded over a four-year period beginning in 2013.
11:05 GMT

The companies, which signed the shareholders’ agreement recently, have been working toward the agreement since a Heads of Agreement was signed in March.

The extra charge will be used to offset the operational expenditure incurred by the merchant and the acquirer.
08:11 GMT

The surcharge that UAE cardholders are now paying to petrol stations will be shared between the merchants and the acquirers or banks that process the transaction,

August 5, 2013

The initiative aims to shape a new learning environment in public schools through the launch of "smart classes’ that will provide every student with an electronic tablet and access to high-speed 4G networks by 2017.
12:01 GMT

The Smart Learning Program, to be completed by 2017, is set to revolutionize education in the UAE.

The Sharjah-based energy producer reported net income for the second quarter of Dh100 million, a decline of 44.7 per cent compared with the corresponding period last year.
11:31 GMT

Income at Dana Gas fell by almost half during the second quarter after lost production in the Kurdish region of Iraq and difficulties collecting debts from Egypt. Read more: Follow us: @TheNationalUAE on Twitter | on Facebook