Economy

DUBAI: Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and cut the interest rate, seeking to take...
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McDonald’s profit dips as US sales slump

NEW YORK: Fast-food chain McDonald’s said its first-quarter profit dropped 5.2 percent amid declining sales in its key US home market, and vowed to boost global sales.



Novartis and GSK reshape business with mega-deals

GENEVA: Drugmakers Novartis and GlaxoSmithKline announced an extreme makeover, unveiling multi-billion-dollar deals also involving US group Eli Lilly in a major shakeup of the pharmaceutical sector.



Call to ‘rationalize’ subsidy programs

KUWAIT CITY: Kuwait’s rising public spending and dependence on oil revenues are preventing sustainable economic development, the Gulf state’s central bank governor said.



Kuwait’s Zain Q1 profit up

DUBAI: Zain, Kuwait's No.1 telecom operator by subscribers, reported an 8 percent rise in first-quarter profit on Monday, beating analysts' estimates.



Barclays to pull out of major commodities trading areas

LONDON: Barclays is planning to withdraw from large parts of the metals, agricultural and energy markets as part of a restructuring of its investment bank, a person familiar with the matter said.



Higher costs pressured US businesses in Q1

NEW YORK: Rising costs for materials and labor appear to be pressuring US businesses, according to a quarterly survey from the National Association of Business Economics.




Egypt plans to double gas prices for homes, businesses

CAIRO: Egypt plans to double the price of natural gas piped into some homes and businesses from next month, but the move will trim its huge fuel subsidy bill only slightly because few premises are con



Aldar launches new projects worth $1.4bn

DUBAI: Real estate developer Aldar Properties has launched three new developments in Abu Dhabi worth AED5 billion ($1.4 billion), the company said on Monday.



Kingdom Holding’s Q1 net profit up 14.8%

Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the company’s financial results for the first quarter ended March 31.

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