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Fragrance market in ME has ‘unlimited’ potential

Ahmed Butti Ahmed, the executive chairman of Ports, Customs and Free Zone Corporation and director-general of Dubai Customs, on Sunday inaugurated the second Middle East Fragrance Summit, or MEFS 2012, which run until today the Ritz Carlton – DIFC in Dubai.

Egypt shares slump most since March

Egyptian stocks tumbled the most in two months after unofficial presidential election results showed the two most-divisive candidates are headed for a runoff next month. Arabian Gulf shares retreated.

G-20 turn to spur growth: EU

G-20 turn to spur growth: EU

The United States and Japan need to tackle their tax issues and China must relax restrictions on the yuan as they share responsibility with Europe for restoring global economic health, EU leaders said ahead of a June summit of the G-20 economies.

EU needs banking union

EU needs banking union

The eurozone needs to push ahead with its financial sector reform plans and create a centrally managed and funded body to handle troubled banks, a European Central Bank policymaker said on Friday.

French banks plan for Greek exit

French banks, which are among the lenders most exposed to Greece, have stepped up their efforts on contingency plans for the debt-laden country leaving the eurozone, sources familiar with the situation said.

Pak rupee sinks to new low

Pak rupee sinks to new low

The Pakistan rupee sank to a new low on Friday against the US dollar as the demand for the greenback rose due to oil imports payments, though Islamabad has repaid a $394 million loan installment to the International Monetary Fund.

EU files case against Argentina

BRUSSELS/GENEVA - The European Union filed a suit against Argentina’s import restrictions with the World Trade Organisation (WTO) on Friday, intensifying the disputes between the South American nation and its trading partners.

Aramco, Sumitomo eye $7b petrochem expansion

TOKYO - Saudi Aramco and Sumitomo Chemical plan to go ahead with a $7 billion expansion of a petrochemical project in the kingdom, the Japanese firm said on Friday, quelling doubts over the future of the delayed development.