Oil above $76, heads for 1st quarterly drop since 2008
LONDON: Oil rose by one percent on Wednesday to move back above $76 a barrel, but was still headed for its first quarterly drop since 2008 as stresses in financial…
UAE banks problem loan ratio may rise 4 pct
DUBAI: The ratio of problem loans for banks in the United Arab Emirates may rise by an additional 4 percent as they book further losses for exposure to troubled conglomerate…
Dubai's Nakheel starts cash payments to creditors
DUBAI: Troubled Dubai developer Nakheel on Wednesday said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, with the rest to come…
Saudi to award Yanbu refinery deals soon, say sources
KHOBAR, Saudi Arabia: State oil giant Saudi Aramco plans to award deals to build a 400,000 barrels per day (bpd) oil refinery in Yanbu in the coming few days, industry…
Greece's NBG says not seeking strategic investor
ATHENS: Greece's National Bank, the country's top lender, said on Wednesday it was not seeking a strategic investor after a media report that Qatar was in talks to buy a…
Mubarak 'supports' Moscow Mideast conference
CAIRO: President Hosni Mubarak on Wednesday supported holding a Middle East peace conference in Moscow, Foreign Minister Ahmed Aboul Gheit said. At a press conference with Russian counterpart Sergei Lavrov,…
Agitated horses in cargo hold delay Saudi flight
CAIRO: An Egyptian airport official says six Arabian horses owned by a Saudi Arabian prince became agitated in the cargo hold of a Saudi-bound plane, delaying take off for more…
Villa scores for Spain in 1-0 win over Portugal
CAPE TOWN, South Africa: David Villa finished off a move of Spanish perfection to finally break down Portugal's defensive wall Tuesday, giving the European champions a 1-0 win and a…
Paraguay beats Japan on penalties at World Cup
PRETORIA, South Africa: Paraguay kept its cool through a shootout and advanced to the World Cup quarterfinals for the first time, beating Japan 5-3 on penalties Tuesday after a 0-0…
Ronaldo's World Cup ends in a loss for Portugal
CAPE TOWN, South Africa: Cristiano Ronaldo could not make his way to the exit tunnel fast enough, cutting a straight line through his Spanish opponents as they celebrated victory. It…