Thursday 30 July 2015

Milaha reports 26pc rise in H1 profit

Qatar Navigation (Milaha) posted a 25.7 per cent rise in first-half net profit, it said on Tuesday. The shipper's net profit was QR651 million ($178.8 million) for the first six months of 2015, compared with QR518 million in the same period of the previous year.


First double crossing in Suez Canal

Egypt’s Suez Canal saw the first test passage of ships moving in opposite directions (double crossing) this week.  One of the ships had net tonnage of 133,000. Three ships entered the new canal through the Ismalia entrance at 10 am local time on Saturday, carrying a combined


Vale Oman achieves record output of 2.4m tonnes in Q2

The Brazilian mining giant Vale said it has achieved a record production of 2.419 million tonnes at its iron ore pellet plant at the Sohar Port complex during the second quarter of this year, said a report. The announcement was made in a quarterly report of Vale’s worldwide


US auto safety regulators fine Fiat Chrysler record $105m

The US auto safety watchdog, toughening its stance against manufacturer defects, announced on Sunday a record $105 million in fines against Fiat Chrysler Automobiles NV over lapses in safety recalls involving millions of vehicles. The Italian-US automaker's consent agreement


Saudi Arabia's Tasnee slumps to Q2 net loss

Saudi Arabia's National Industrialisation Company (Tasnee) on Monday said it swung to a net loss for the second quarter, which the petrochemical producer blamed on lower product sales prices and higher costs as it missed analyst forecasts. Tasnee made a net loss of SAR107.7 m


Bahraini ship among first in Suez test run

A Bahraini ship bound for Italy from Saudi Arabia was among the first to pass through Egypt’s New Suez Canal in a test-run ahead of its official opening next month. The trial, on Saturday (July 25), was a success – leading the UAE-based National Marine Dredging Compan


Alba launches ‘Together we can beat the heat’ campaign

Aluminium Bahrain (Alba), one of the world’s leading aluminium smelters, has launched its new campaign titled ‘Together we can beat the heat’. The campaign is aimed at improving safety awareness among the employees and to minimise heat stress related injuries, s


Napco donates 30 wheelchairs

National Aluminium Products Company (Napco), one of the leading extruders of aluminium profiles in the GCC, recently provided 30 wheelchairs to the Oman Association for Disabled. The donation is in line with the company’s roster of activities in celebration of Eid, as well


Sabic Q2 net profit falls; but beats forecasts

Saudi Basic Industries Corp (Sabic), one of the world's largest petrochemicals groups, reported a 4.5 per cent drop in second-quarter net profit on Sunday, a much smaller decline than analysts had forecast. Sabic made a net profit of SR6.17 billion ($1.64 billion) in the thre


Reliance plans $5bn investments in refining, petchem

India’s Reliance Industries has said it will invest $5 billion across its refining and petrochemicals business by next March, after strong refining margins boosted its quarterly profit. Reliance is India’s second-largest company by market value and runs the world&rsqu

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