| RedTag plans to open more stores in Bahrain
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MANAMA: RedTag Group, the Dubai-based value fashion chain, plans to open three more stores in Bahrain over the next couple of years, the company's top official has said.
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| Insurance firm posts strong performance
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MANAMA: Bahrain-based LIC (International), a subsidiary of LIC of India, has reported strong performances in the insurance sector last year, it was revealed at a meeting yesterday.
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| ASRY PLANNING TO SET
UP NEW FLOATING DOCK
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MANAMA: Asry plans to set up another floating dock entailing a multimillion investment, it has emerged.
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| Key scheme for remitters
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MANAMA: Xpress Money has, in partnership with Union Insurance, launched a free life insurance cover scheme for its Bahrain remitters.
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| BP to invest $2.9 billion in Iraq field
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BASRA: Oil major BP has allocated $2.85 billion to develop Iraq's Rumaila oilfield in 2013, up from $2.2bn last year, the head of the joint management committee for the field yesterday said.
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| Egyptian firm wins $150m Islamic loan
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DUBAI: Egyptian marine services firm Maridive and Oil Services has obtained a $150 million syndicated loan using an ijara (Islamic leasing) structure, the first of its kind in Egypt, the legal adviser on the deal said on Wednesday.
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| Price index up 2.8 per cent
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MANAMA: Bahrain's consumer price index (CPI), a measure of inflation, rose by 2.8 per cent to 117.8 points in April from 114.6 points for the same month last year, the Central Informatics Organisation said yesterday.
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| EU sets year-end deadline on banking secrecy
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BRUSSELS: European leaders yesterday targeted a year-end deadline to undo banking secrecy, ultimately hoping to recoup a trillion euros in lost tax each year to help beat recession and unemployment.
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| Fed stimulus 'is boosting
US recovery' |
WASHINGTON: The Federal Reserve's monetary stimulus is helping the US economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said yesterday.
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| Homes resales hit new high
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WASHINGTON: US home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by Washington.
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| Workers end strike at Dubai firm
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DUBAI: Dubai contractor Arabtec yesterday said a four-day strike by foreign workers seeking higher pay was over and the emirate's police chief said 200 of them would be repatriated.
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| Lloyds-RBS agree to boost capital
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LONDON: State-backed British lenders Lloyds Banking Group and Royal Bank of Scotland (RBS) have agreed plans to shore up their capital with the financial regulator, removing a barrier to the government offloading its shares.
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| Britain urged more action on investment
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LONDON: Britain's government should spend more now to fund investment and steer its economy back to recovery, the International Monetary Fund yesterday said, a call unlikely to be heeded by Finance Minister George Osborne.
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| Dar Al Arkan's $750m sukuk programme a big success
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MANAMA: Bank Alkhair, a Bahrain-headquartered Islamic wholesale bank, has announced the successful closure of the first tranche of a $750 million sukuk programme by Saudi Arabia's Dar Al Arkan real estate development company.
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| IDB triples capital to $150bn
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DUBAI: Islamic Development Bank (IDB), which provides financing and loans in Muslim countries, has more than tripled its authorised capital to $150 billion to better support development projects in its 56-member nations, the bank said yesterday.
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| ENBD raises $1 billion from bond
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DUBAI: Emirates NBD (ENBD), Dubai's biggest lender by market value, raised $1 billion from a capital-boosting bond yesterday, amid healthy demand for the deal.
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| BMI Bank-Al Salam boards back merger
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MANAMA: A possible merger between BMI Bank and Al Salam Bank Bahrain to create the third largest bank in the kingdom has cleared a key step, it has emerged.
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| Carrefour sells 25pc Middle East stake to MAF
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DUBAI: Carrefour, Europe's largest retailer, agreed to sell its remaining 25 per cent stake in a Middle East joint venture to local partner Majid Al Futtaim (MAF) for 530 million euros ($682.45m), MAF said yesterday.
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