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BUSINESS
| Arab carriers get tough on ETS |
| DUBAI - The controversial Emission Trading Scheme (ETS) will only attract conflicts and trade wars instead of helping the environment, according to a declaration by an Arab airlines body. |
| EFG-Hermes profit falls 63% |
| CAIRO - Egyptian bank EFG-Hermes reported a 63 per cent drop in 2011 net profit on Sunday as the economic fallout from uprisings across the Middle East pushed down brokerage, investment banking and asset management revenue. |
| UAE billionaires’ wealth swells |
| DUBAI - Wealth of UAE billionaires increased by more than 10 per cent to $7.6 billion, according to Forbes Middle East Arab billionaires ranking. |
| Taqa sells 7% stake in Tesla, makes $113m profit |
| DUBAI - Abu Dhabi National Energy (Taqa), a state-owned oil explorer and power supplier, has sold its seven per cent stake in Tesla Motors, cashing out from the US electric carmaker’s steady stock rally. |
| UAE, Oman business council sets up special committees |
| ABU DHABI - The UAE and Sultanate of Oman have agreed to set up two specialised committees on investment and transport to encourage joint investments and provide facilities for businesspersons in both countries. |
| DFM hits 1-week low as US data weighs |
| DUBAI - Dubai shares on Sunday retreated to a one-week low ahead of first-quarter earnings and after a US jobs report missed estimates, fuelling concern the global economic recovery is stalling. Saudi shares tumbled. |
| Sukar.com witnesses rise in usage of prepaid channels |
| DUBAI - The Middle East’s largest online private shopping club, Sukar.com says usage of prepaid channels by members has increased three-and-a-half-fold since early 2011. |
| Pakistan seeks UAE investment |
| DUBAI - The investors have realised that the future of investment is in the Asian markets and Pakistan holds a special significance in this respect, according to Rashid Humaid Ali Al Mazroei, Board Member and Member Executive Committee of Dubai Chamber of Commerce. |
| Limitless opens fourth tower at The Galleries to meet demand |
| DUBAI - Limitless has opened a fourth commercial building for lease at The Galleries, where demand for A-grade office space has risen sharply in Q1 2012, the company reported on Sunday. |
| Etihad carries record cargo in March |
| DUBAI - UAE national carrier Etihad Airways carried a record 31,700 tonnes of cargo in March, an increase of 20 per cent on the previous year. |
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