Egypt dangles investor incentive with offer of army-held firms

Egypt is moving ahead with another measure to attract sorely-needed foreign investments by offering stakes in some military-held firms. Under a plan officially announced Monday, investors will be given the chance to hold a majority stake in select companies held by the National Service Projects Organization, which is affiliated with the Defence Ministry. Egypt’s sovereign […]

Coronavirus: Nike closes half of China stores

Washington: Nike said Tuesday it has closed about half of its stores in China and reduced hours at others due to the worsening outbreak of a new coronavirus, while warning it expects further impacts on its operations in the country. The outbreak that has infected over 20,000 people and killed more than 425 in China […]

Sterling slips to 6-week low vs dollar as Brexit jitters take toll

LONDON: Sterling fell to a six-week low against a broadly firmer dollar on Tuesday, as Prime Minister Boris Johnson’s tough stance on European Union trade talks renewed concern that a deal may not be reached by the end of a transition period. The EU and Britain clashed over a post-Brexit trade deal on Monday, with […]

Innovation key to UAE’s economic diversification – minister

Abu Dhabi: The UAE’s goal of economic diversification will only come through innovation and the creation of a knowledge-based economy, said the Minister of Economy, Saeed Al Mansouri, at the Technology Innovation Pioneers Summit 2020 in Abu Dhabi. Launched by the Ministry of Economy and the Department of Economic Development – Abu Dhabi, the initiative […]

Another day, another record: Tesla shares hit $900

Tokyo: Shares of Tesla Inc surged 15 per cent on Tuesday to hit the $900 (Dh3,300) mark, extending a stunning rally that has more than doubled the company’s market value since the start of the year as more investors bet on chief executive Elon Musk’s vision. ‘In the black for the first time’ The latest […]

Oil rises as Opec+ officials meet to discuss virus impact

Vienna: Oil climbed to $51 (Dh187) a barrel in New York as officials from Opec+ gathered on Tuesday for an urgent meeting to assess the impact of the coronavirus on global demand, and how the group should respond. Under increasing pressure after crude prices sunk below $50 a barrel for the first time in more […]

Libya oil output hits lowest since 2011 war as ports blocked

Libya’s oil production tumbled to the lowest since the 2011 uprising against former leader Muammar Gaddafi as a blockade on the country’s ports entered into its third week, according to a person with direct knowledge of the situation. Current output is 204,000 barrels a day, said the person, who asked not to be identified because […]