S&P downgrades Spain, calls for EU action

Markets

S&P downgrades Spain, calls for EU action

Standard & Poor’s on Thursday cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector.

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Starbucks profit up, but Europe is a challenge

Starbucks Corp reported better-than-expected quarterly profit but global sales at established coffee shops fell short of analysts’ estimates due to weakness in Europe, sending its shares down five percent in after-hours trade on Thursday.

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Drake & Scull bags Dh470m utility project in Abu Dhabi

Drake & Scull Water and Power, a wholly owned subsidiary of Drake & Scull International, or DSI, a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting Mechanical, Electrical and Plumbing (MEP), and Water and Power, secured a Dh470 million subcontract for the design review, procurement & construction of MEP & Instrumentation works for the Strategic Tunnel Enhancement Programme, or STEP, pumping station in Abu Dhabi.

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Asian stock markets stall after gains

Asian stocks stalled Thursday as profit taking overtook earlier gains powered by the Nasdaq’s biggest jump this year and the U.S. Federal Reserve’s prediction of modest growth for the world’s No. 1 economy.

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