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BEIRUT, Lebanon — The general in charge of Syria’s air defense has been killed in fighting near Damascus, an opposition monitoring group and Syrian security officials said Sunday. The officer, Lt. Gen. Hussein Ayoub Ishaq, one of the highest-ranking officers to die during the country’s three-year conflict, commanded 60,000 troops in Syria’s air defense forces, said Hisham Jabber, a retired Lebanese Army brigadier general who closely follows […]

Mark Carney speaks during the bank’s quarterly inflation report news conference at the Bank of England in London Photo: Lefteris Pitarakis/REUTERS Britain’s economic revival has been helped by rising house prices in some parts of the country, but now the Bank of England is signalling that a bubble may have to be deflated. Yesterday, Mark Carney, the Bank’s Governor, felt moved to warn that the housing market has […]

Scientists leading the fight against Middle East Respiratory Syndrome say the next critical front will be understanding how the virus behaves in people with milder infections, who may be spreading the illness without being aware they have it. Establishing that may be critical to stopping the spread of MERS, which emerged in the Middle East in 2012 and has so far infected more than 500 patients in […]

UNITED NATIONS — The United Nations is under pressure to ratchet up aid to nongovernmental organizations that can operate in the vast sections of Syria under opposition control, as most of the humanitarian relief sponsored by the organization ends up in the western slice of the country held by President Bashar al-Assad. More than 85 percent of food aid and more than 70 percent of medicines went […]

Happier days: Nick Clegg and David Cameron in 2010 agree to form a coalition government Photo: Getty Images Just before the general election, the Conservatives released a party political broadcast warning that a coalition would bring disaster. “Under-the-table deals will be the order of the day,” we were told. The fate awaiting savers was depicted by a hammer smashing a piggy bank. The process of proper government would […]

Iran’s Supreme Leader described as “stupid and idiotic” Western expectations for his country to curb its missile development, striking a defiant tone ahead of a fresh round of nuclear talks. Ayatollah Ali Khamenei called on Iran’s Revolutionary Guards to mass produce missiles and said the nuclear negotiations were not the place to discuss Tehran’s defense program or to solve the problem of sanctions damaging the Iranian economy. […]

Abu Dhabi’s Etihad Airways on Sunday said its strategy of buying stakes in European airlines was bringing fresh competition to the region, despite close scrutiny by regulators over whether its investments comply with European ownership rules. State-owned Etihad is building up a network of minority stakes in airlines around the world as it seeks to drive traffic to its Abu Dhabi hub. “We are bringing competition in […]

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French retail giant Carrefour SA has begun making plans to exit its India wholesale operations, the Times of India reported on Saturday. Carrefour operates five wholesale cash-and-carry outlets in India and, after foreign investment rules were eased in 2012, it had been widely expected to set up a chain of supermarkets. The company has seen senior-level exits from its India business recently and some employees may be […]

|By Nicole Blackmore| Is Dubai the new Spain? Britons are abandoning their place in the Spanish sun for countries with better work opportunities and more stable house prices – and the Middle East is one of several areas attracting growing numbers of emigrants. While Dubai may not be a popular retirement option given the high cost of living, young professionals are moving there in droves. NatWest’s latest […]

The first U.S. case of Middle East Respiratory Virus (MERS), a viral respiratory illness, has been confirmed within U.S. borders, the U.S. Centers for Disease Control and Prevention said on Friday A SARS-like virus, MERS was first detected in Saudi Arabia in 2012. Dr Anne Schuchat, director of the CDC’s National Center for Immunization and Respiratory Diseases, said on a conference call the first U.S. case of […]

When French wine and cognac bottle maker Saverglass decided to expand three years ago, it chose a relatively remote, less affluent location in the United Arab Emirates for its plant rather than the business hubs of Dubai and Abu Dhabi. The company sited its 75 million euro ($105 million) factory, which produces some 400,000 bottles a day, in the desert emirate of Ras Al Khaimah, an hour’s […]

Dubai’s government hopes its first 15-year sukuk issue – an unusually long tenor for an Islamic bond – will pave the way for long-term debt sales by its state companies, the Department of Finance said on Wednesday. Dubai drew $2.3 billion of investor demand for the $750 million issue on Tuesday, pricing it at 5.0 percent, the tight end of initial guidance. Demand was lower than in […]

Ahli United Bank (AUB), Bahrain’s largest lender, is evaluating a sale or a merger with a rival bank in a potential $5 billion deal, several bankers familiar with the situation said. A deal of this size would be the largest banking transaction in the region for the past 20 years, according to Thomson Reuters data, beating Emirates Bank’s $3.7 billion acquisition of National Bank of Dubai in […]

Three former brokers at ICAP, the world’s largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate Libor benchmark interest rates. The men, who spoke only to confirm personal details such as addresses, bring to nine the number of people facing criminal charges in Britain over allegations they rigged the London Interbank Offered Rate (Libor), which is used to […]

Hong Kong’s government plans to issue as much as US$1 billion worth of Islamic bonds later this year, a spokesperson for its central bank said, suggesting the territory’s debut sukuk issue might be larger than initially expected. Lawmakers in Hong Kong passed a bill last month that will allow the AAA-rated government to issue sukuk for the first time. A report by the territory’s Legislative Council indicated […]

Dubai-based real estate investment trust Emirates REIT IPO said it had expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate’s first IPO since its financial crisis erupted in 2009, because of strong demand. Emirates REIT will raise $175 million in the IPO, which was 3.5 times oversubscribed, by selling 128.68 million new shares, it said in a statement on Sunday. In […]

Dubai’s gold trading centre said it would tighten supervision of how the metal is sourced after reports in the British media alleging it ignored international guidelines designed to prevent human rights abuses and underground trade by African warlords. In February, Britain’s Guardian newspaper and the BBC said the Dubai-based Kaloti Group, a major gold refiner and jeweller, had failed to examine suspicious deals, accepting for example 2.4 […]

Iran said on Saturday it had useful expert-level nuclear talks with world powers in Vienna, addressing all major technical issues in the way of a final settlement. “The meetings were useful, raised mutual insight into our differing positions,” Iranian negotiator Hamid Baeedinejad told the official IRNA news agency at the end of the three-day talks in Vienna. “Everyone came well-prepared … addressing issues in minute technical details […]

AP | New York | Microsoft Corporation unveiled a new virtual assistant for Windows Phone devices Wednesday as it seeks to gain traction in a highly competitive and lucrative market for smartphones. The assistant, Cortana, is named after an artificial-intelligence character in the company’s ”Halo” video games. Cortana tries to be chatty like Apple’s Siri, while anticipating information you might want, like Google Now. Cortana is among the new […]

Swiss and British regulators stepped up their scrutiny of alleged manipulation of foreign exchange markets on Monday, as watchdogs take a closer look at whether banks have a tight enough grip on the behavior of their traders. Switzerland’s competition commission WEKO said it opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate currency rates. The UK Financial Conduct Authority (FCA), meanwhile, […]

The Bank of England is studying ways to increase the number of sharia-compliant assets that Islamic financial institutions can use in their liquidity buffers, a step towards reducing concentration risks in the sector. The move comes as part of a broader push to promote London as a top centre for Islamic finance, in the face of growing competition from other centres such as Dubai and Kuala Lumpur. […]

Private equity firm Clayton Dubilier & Rice LLC (CD&R) is the frontrunner among four bidders for Germany-based, but Dubai-owned, packaging group Mauser, Britain’s Sky News reported on its website on Saturday, without citing its sources. People familiar with the auction told Reuters earlier this month that the private equity arm of Dubai Holding had asked buyout groups to submit binding bids for Mauser, after putting on hold […]

Qatar will likely face higher labor costs as a result of publicity about deaths of migrant construction workers building the infrastructure for the 2022 World Cup soccer tournament, the International Monetary Fund said. Britain’s Guardian newspaper reported in September that dozens of Nepali workers had died during the summer in Qatar and that laborers were not given enough food and water. Qatar, which has denied the Guardian’s […]

|By TAP Staff| Dubai stock market is set to see the first initial public offering in five years when a new company under formation for fashion and food retailing will tap the capital market within the next few weeks. The company, named Marka, is still in the process of being formed. It will operate in the UAE’s fashion retailing and food and beverage sectors; its over 100 […]

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