Bahrain to receive $2.3 billion from allies in 2019

Washington: Bahrain said it will receive about $2.3 billion (Dh8.45 billion) this year from a five-year support package provided by its Gulf Arab allies as the island-kingdom seeks to reduce its budget deficit and debt. The sum is roughly in line with the amount received in 2018, according to Bahrain’s Finance Ministry. The $10 billion […]

Uber valued at $82b in IPO priced at $45 per share

New York: Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range to value the company at $82.4 billion (Dh302.6 billion), hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft. Uber, the most high-profile US listing since Facebook Inc seven years […]

Falling steel prices hit ArcelorMittal bottom line

PARIS: ArcelorMittal, the world’s largest steel firm, said Thursday its net profits plunged in the first quarter of the year due to a slide in prices, with competition from Chinese firms still weighing on the market. The net profit of $414 million (Dh1.52 billion; 370 million euros) was roughly a third of what the Luxembourg-based […]