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Dubai telecom firm eyes network sharing deal

DUBAI: Du, the UAE's second biggest telecoms operator, expects to offer Internet-based phone calls and broadband services across the country before the year-end in a network sharing deal with rival Etisalat that has been in operation since 2009.

This network sharing agreement is an important s...ReadMore

ENBD's profit jumps 35pc to $357 million

DUBAI: Emirates NBD (ENBD) trimmed its 2014 loan growth forecast but raised its expectations for how much lending would earn it this year after reporting an estimate-beating 34.8 per cent jump in second-quarter net profit yesterday.

US firm wins key $35m Hidd reclamation deal

MANAMA: Great Lakes Dredge & Dock Corporation, a US-based dredging services provider listed on Nasdaq, has been awarded a Works Ministry contract valued at approximately $35 million.

Wipro planning push in Europe

BANGALORE: Wipro, India's third-biggest software services exporter, forecast strong revenue growth on the back of higher outsourcing spending by overseas clients and said it was focussing on winning more deals in Europe.

US jobless claims data boost

WASHINGTON The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly eight-and-a-half years last week, suggesting the labour market recovery was gaining traction.

Nokia raises forecast for profit margin

HELSINKI: Nokia surprised investors with strong quarterly earnings and raised its full-year profit margin forecast as network operators install more powerful systems to cope with surging mobile data traffic.

Treasury bills a big success

MANAMA: The latest weekly issue of government treasury bills floated to raise BD45 million has received subscription to the tune of 195 per cent, the Central Bank of Bahrain announced yesterday.

Barwa posts net loss of $12 million

DUBAI: Qatar's largest listed property developer, Barwa Real Estate, swung to a second-quarter net loss.

IMF lowers global growth forecast

WASHINGTON: The International Monetary Fund (IMF) lowered its 2014 global economic growth forecast yesterday, warning of "negative surprises" from the US and China and geopolitical risks in Ukraine and the Middle East.


DUBAI: UAE-based National Bank of Ras Al Khaimah (RAKBANK) said yesterday it was looking to acquire a majority stake in a listed insurance company in the emirate, a rare example of a takeover attempt involving two public UAE firms.

Aramex gains rise 12pc to $22 million

DUBAI: Dubai logistics firm Aramex reported a 12 per cent rise in second-quarter net profit yesterday, in line with analyst estimates, helped by growing revenue in its core Gulf market.

BFC opens outlet in Dar Kulaib

MANAMA: Bahrain Financing Company (BFC) has announced the opening of a branch in Dar Kulaib, which is the company's 38th branch in the kingdom.

TAQA to quit India power plant accord

MUMBAI: An Abu Dhabi-led consortium is pulling out of a $1.6 billion deal to buy two hydroelectric power plants from Jaiprakash Power Ventures, dealing a blow to the Indian group's efforts to cut its debt.

BMW-MINI sales surge 33pc

MANAMA: Euro Motors has reported a 33 per cent increase in sales for BMW and MINI vehicles during the first half of the year compared with the same period last year.

DIB's net profit soars 59.6pc to $181.8 million

DUBAI: Dubai Islamic Bank (DIB), the UAE's largest Sharia-compliant lender, posted a 59.6 per cent jump in second-quarter net profit yesterday, aided by higher fee and investment income.

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