Tuesday 26 July 2016

GM raises full-year forecast after strong second-quarter profit

General Motors Co on Thursday raised its forecast for full-year profits after reporting a record second-quarter profit as it continued to capitalise on strong sales of pickup trucks and sport utility vehicles in the US. The earnings handily beat Wall Street expectations, sending


Dow, DuPont stockholders approve merger

DuPont and The Dow Chemical Company announced that stockholders of both companies have voted to approve all stockholder proposals necessary to complete the merger of equals transaction. This marks a key milestone in the process to merge the two companies and subsequently pursue t


Siemon launches new aisle containment solutions

US-based Siemon, a leading global network infrastructure specialist, has announced the expansion of its line of WheelHouse advanced data centre solutions in the Middle East to include comprehensive aisle containment solutions. The solutions include both cold aisle containment (CA


Royal HaskoningDHV wins Saudi logistics park contract

Royal HaskoningDHV, an international project management consultancy, said it has been appointed by the Saudi Trade and Export Development Company (Tusdeer) to provide masterplanning and consulting engineering services for its new state-of-the-art logistics park in Jeddah. Tusdeer


VW profit tops forecast, but takes another dieselgate hit

Volkswagen said cost cutting and rising European car sales helped it to beat first-half underlying profit forecasts, though it set aside another €2.2 billion euros ($2.4 billion) to cover costs related to its "dieselgate" emissions scandal. Europe's biggest car


GE Power Services appoints new CEO for MEA region

GE Power Services has appointed Joseph J Anis as its chief executive officer for the Middle East and Africa (MEA) region, said a report. In his new role, Anis will be responsible for growing the business with a focus on leveraging GE’s Industrial Internet solutions, added t


Iran firm plans 34 mining projects by mid-March 2017

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) plans to carry out 34 mining projects by mid-March 2017, a senior industrial official said in a report. The projects will be completed at a cost of $7.2 billion, Mehdi Karbasian, deputy trade


Kuwait tyre market to grow 11pc until 2021

The Kuwait tyre market is forecast to grow at a compound annual growth rate (CAGR) of over 11 per cent during 2016 – 2021, according to a report by TechSci Research, a global market research and consulting company. The report, titled “Kuwait Tire Market Forecast and O


UAE non-oil growth to hit 4pc medium term

Non-hydrocarbon growth in the UAE is expected to increase by more than 4 per cent over the medium term as the dampening effect of fiscal consolidation is offset by improvements in economic sentiment and financial conditions, the International Monetary Fund (IMF) has said. This wi


Bahrain economy grows 4.5pc in Q1

Bahrain’s economic growth reached 4.5 per cent during the first quarter of the year, the kingdom’s highest level since 2014, led by the 12.1 per cent year-on-year growth in the oil sector, a report said. Nearly $4 billion of projects have now been tendered under the G

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