Economy briefs: Dubai’s Nakheel conducts staff audit

DUBAI: Dubai government-owned developer Nakheel Properties said it was auditing staff to ensure that regulations were upheld within the firm. “Nakheel conducts regular audits to ensure transparency and regulation of procedure. This process is ongoing and it would be inappropriate to comment further at this state,” a Nakheel spokesman said yesterday.

Union Properties seeks $1bn

DUBAI: Dubai-listed Union Properties plans to borrow $1 billion by the end of the year to help finance projects, the company’s chief executive said. Dubai’s second-largest developer by market value is in talks with local and international banks, including Emirates NBD, to arrange the loan. Emirates NBD holds a 48 percent stake in Union Properties.

Jordan’s trade deficit widens 46%

AMMAN: Jordan’s trade balance deficit grew by 46 percent in the first six months of 2008, to 3.558 billion dinars ($5.03 billion) from 2.436 billion dinars in the same period of 2007, according to official statistics released yesterday. Economists attributed the widening trade gap mainly to a 38 percent increase in imports, which stood at 6.098 billion dinars in the first half of the year, compared with 4.412 billion dinars in the same period of 2007.

Inflation measures to stall Asia growth

NEW DELHI: Growth will slow across Asia as inflation-busting monetary policies take hold in the region, the global ratings agency Standard & Poor’s said yesterday. “With the exception of New Zealand, every country we cover has begun raising policy rates and is expected to continue to do so for the rest of 2008,” Standard & Poor’s Chief Economist Subir Gokarn said in a statement. It said gross domestic product growth in China would drop to 9.8 percent to 10.3 percent for 2008.

Ramadan subsidy to fight inflation

KUWAIT: Kuwait will provide basic food items during Ramadan to offset the impact of soaring prices, the Gulf Arab’s crown prince said in remarks published yesterday. “Government decisions regarding this matter will be issued soon,” Sheikh Nawaf Al-Ahmad Al-Sabah told Al-Rai newspaper.