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European proposals to reshape the crisis-struck euro area ran into immediate criticism from Germany for putting too much emphasis on debt sharing and too little on controlling national budgets.
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Growth in the Middle East and North Africa is expected to slow to a “tepid” 0.6 per cent in 2012, down from one per cent last year, mainly due to the impact of Western sanctions on Iran and a drop in economic activity in Syria and Yemen, the World Bank said in its latest forecast.
Nestlé is planning to build a manufacturing facility at Dubai World Central and has earmarked an initial investment of Dh500 million for the production of nutrition, culinary and coffee products.
Canon Middle East officially launched its first regional business showroom in Dubai late on Monday, a move that would consolidate the company’s share in the Middle East and North Africa printing industry, a market seen to grow to $11 billion by 2015.
LONDON - Gold steadied on Wednesday, reversing earlier losses, as investors cheered by its resilience above $1,560 an ounce bought back into the metal, but moves were muted ahead of this week’s European Union summit on the euro zone debt crisis.
ATHENS - Gunmen driving a van packed with gas canisters firebombed the Athens headquarters of Microsoft on Wednesday, underscoring the threat of instability as Greece asks for more time and less hardship in cutting its crippling debt.
ATHENS - Millions of euros are trickling back into Greek banks from savers reassured by the result of the June 17 election, though amounts remain a fraction of what was withdrawn ahead of the poll, bankers said on Wednesday.
NEW YORK - Wall Street was set to open flat on Wednesday as upbeat US data was offset by concerns over slowing economic growth and expectations that another meeting of European leaders would do little to solve the region’s debt crisis.
JERUSALEM — A US investment firm has removed Caterpillar Inc. from three of its popular indexes that track socially responsible investments, citing concerns about the Israeli military’s use of company bulldozers in the Palestinian territories.
LONDON - Copper slipped on Wednesday as growing concern about the euro zone debt crisis prompted caution in the market ahead of a European Union summit that investors fear could fail to materially tackle the region’s debt troubles.