Tag: Middle East

Japanese catastrophes and Arab unrest leads to slowdown in air travel

Japanese catastrophes and Arab unrest leads to slowdown in air travel

The International Air Transport Association (IATA) has today reported a slump in premium air travel, attributed to the Japanese earthquake and tsunami and the political unrest in Libya and the Middle East. Passengers travelling business or first class on international routes were 2.9% higher on an annual basis in March, compared with a 7.8% rise […]

May 16, 2011 More
Food prices soaring to dangerous levels

Food prices soaring to dangerous levels

According to the World Bank, soaring food prices have pushed more than 40 million people into poverty in the last year. Worryingly, a further 10% increase in food prices would push 10 million below the extreme poverty line – defined as an income of less than $1.25 a day. Robert Zoellick, World Bank president, was […]

April 14, 2011 More
Airline profits will be hit by higher oil costs

Airline profits will be hit by higher oil costs

The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. However, the forecasts have been revised on the back of surging oil prices, according to the industry body. IATA said global airlines will make a profit of $8.6 billion (£5.3 billion) for 2011 – down from the $9.1 billion it […]

March 2, 2011 More
HSBC: Look east for business opportunities

HSBC: Look east for business opportunities

British companies should look east for the most profitable business opportunities, HSBC has claimed. Research by HSBC Commercial Banking found 14% of UK companies recognised the importance of eastern consumers in developing lucrative business opportunities. If British businesses are to compete in the global marketplace, they must take note of this “fundamental and fast paced […]

July 2, 2010 More
Kuwaiti government sets up Islamic bank

Kuwaiti government sets up Islamic bank

A new Islamic bank in Kuwait is to be 76% owned by the country’s 1.1 million citizens. The remaining 24% of Warba Bank will be owned by the state-run Kuwait Investment Authority, the country’s sovereign wealth fund. The Kuwaiti government has given the bank a capital of 100 million dinars ($350 million), making the stake […]

September 15, 2009 More
Barclays shares surge 40% as it reassures investors

Barclays shares surge 40% as it reassures investors

Shares in Barclays have received a much-needed boost this morning after it reassured investors that it was on target to announce profits of over £5.3 billion for 2008. Shares in the banking giant were up 19.7p (38.5%) at 70.9p in early trading today as an open letter from chairman Marcus Agius and chief executive John […]

January 26, 2009 More
Barclays clause could mean Middle East have majority control

Barclays clause could mean Middle East have majority control

It has been revealed that Barclays could see its Middle East investors gain majority control of the bank as a result of a clause in the terms of the deal. In October, Barclays rejected the Government’s bailout package and announced that it was raising £5.3 billion from investors in Qatar and Abu Dhabi, who took […]

January 23, 2009 More
Barclays puts board up for re-election but still faces shareholder revolt

Barclays puts board up for re-election but still faces shareholder revolt

Last month, Barclays declined financial assistance from the UK Government and instead announced it was to raise £7.3 billion, primarily from Middle East investors. However, Barclays’ shareholders were believed to be infuriated at the generous terms offered to overseas investors and, as a result, the Association of British Insurers (ABI) was asked to get involved […]

November 18, 2008 More
Barclays looks to Middle East to shore up its balance sheet

Barclays looks to Middle East to shore up its balance sheet

Barclays has declined financial assistance from the UK Government and is instead looking to raise £7.3 billion, primarily from Middle East investors. The bank has secured a £5.8 billion cash injection from investors in Qatar and Abu Dhabi, and once the deal is finalised, the Middle Eastern investors will hold a 32% stake in Barclays. […]

October 31, 2008 More