Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund
Indian Oil Corp (IOC), the country's biggest refiner, is exploring options including a merger to save loss-making unit Chennai Petroleum Corp (CPCL), its chairman B Ashok told Reuters.
CPCL's attempts t
Bahrain’s national airline Gulf Air has claimed that it has cut year-on-year losses by nearly a third and increased overall revenue by 10 per cent in the first half this year.
However, the airline declined to provide figures
Bahrain's Premier has called for the blaze-hit suq in Muharraq to be rebuilt. His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa gave the instructions as he inspected the damage.
United Arab Emirates shares fell further on Monday as retail investors took the flight from emerging markets elsewhere as a cue to book profits, while lower oil prices weighed on Saudi petrochemical shares.
In contrast to the hard
The Saudi Arabian Capital Market Authority (CMA) has tightened rules on how long shares in listed firms can trade if the companies have large accumulated losses, it said on Monday, in a move that analysts said could soon affect several firms.
Gulf Air, the national carrier of Bahrain, has announced it was terminating services to Kathmandu, Dhaka and Colombo for "commercial reasons".
"Gulf Air recognises the inconvenience this may cause and apologises to
Bahrain’s parliament yesterday voted to replace the entire Gulf Air board, which was only appointed last month, and tear up the contracts of two consultancy firms recruited by the airline, a report said.
Five MPs had submitt
Saudi construction company Mohammed al-Mojil Group, due to hold an emergency meeting on Monday to discuss breaking up, on Saturday reported a third quarter loss of SR33.8 million ($9 million) as project revenue faltered.
Saudi Arabian construction company Mohammed Al Mojil Group (MMG) has called for an emergency general meeting in November to discuss breaking up, saying its losses now exceeded three-quarters of its capital.
External auditors calle