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State-run Indian refiners announced a cut in petrol prices from Friday, mitigating a sharp increase a month ago that sparked public protests and anger among the government’s coalition allies.
European finance officials worked on urgent measures on Thursday to bring down the borrowing costs of Spain and Italy, seen as too big to bail out, with EU leaders deeply divided over a solution to the euro zone’s ever widening debt crisis.
European finance officials were working intensively on short-term ways to stabilise Spanish and Italian borrowing costs on Thursday as EU leaders opened a summit as divided as ever on how to resolve the euro zone’s debt crisis.
WASHINGTON - New claims for US unemployment benefits slipped slightly last week but remained in a holding pattern as employers put off hiring in the face of a weak economy, official data showed Thursday.
European proposals to reshape the crisis-struck euro area ran into immediate criticism from Germany for putting too much emphasis on debt sharing and too little on controlling national budgets.
Growth in the Middle East and North Africa is expected to slow to a “tepid” 0.6 per cent in 2012, down from one per cent last year, mainly due to the impact of Western sanctions on Iran and a drop in economic activity in Syria and Yemen, the World Bank said in its latest forecast.
Nestlé is planning to build a manufacturing facility at Dubai World Central and has earmarked an initial investment of Dh500 million for the production of nutrition, culinary and coffee products.
Canon Middle East officially launched its first regional business showroom in Dubai late on Monday, a move that would consolidate the company’s share in the Middle East and North Africa printing industry, a market seen to grow to $11 billion by 2015.
LONDON - Gold steadied on Wednesday, reversing earlier losses, as investors cheered by its resilience above $1,560 an ounce bought back into the metal, but moves were muted ahead of this week’s European Union summit on the euro zone debt crisis.
