The oil-rich Gulf state of Kuwait will spend $6 billion to expand its international airport to handle 13 million passengers by 2016, the head of the civil aviation directorate said on Tuesday.
"The cost of the projects amounts to $6 billion," Fawaz al-Farah told reporters at an airport show in Dubai, adding that work is expected to begin this year.Full Story
British mobile phone giant Vodafone on Tuesday said annual net profits dropped almost 13 percent as eurozone losses offset asset sale gains and strong performances in emerging markets and the U.S..
Vodafone said profit after tax hit £6.957 billion (8.6 billion euros, $11.0 billion) in the 12 months to March 31, down 12.7 percent compared with 2010/11.Full Story
The European Central Bank's "plan A" is for Greece to remain in the single currency and that is the only scenario the central bank is working on, a top ECB official said on Monday.
The ECB's "preference is that Greece remains in the eurozone. That's the Plan A, that's what we're working on," executive board member Joerg Asmussen told a conference in the German capital.Full Story
The CEO of the Nasdaq stock exchange says it is "humbly embarrassed" by its bungling of Facebook's hugely anticipated debut as a public company on Friday.
Robert Greifeld tells news media there's no indication the delay contributed to the underwhelming performance of Facebook's stock, which ended at $38.23 — 23 cents above where it began.Full Story
Asian markets were mostly higher on Monday after last week's huge losses, with traders taking some heart from a statement by Group of Eight leaders saying they wanted Greece to remain in the eurozone.
The euro also bounced back from four-month lows against the dollar after the weekend announcement, but comments from Chinese Premier Wen Jiabao hinting at more monetary easing failed to lift sentiment in Hong Kong.Full Story
Australia will sign a free trade agreement (FTA) with Malaysia this week which officials said Monday they hope will help fast-track ongoing talks with China, South Korea and Japan.
Trade Minister Craig Emerson is set to pen the deal in Kuala Lumpur on Tuesday, his office said, giving Australian companies unprecedented access to one of Southeast Asia's biggest economies.Full Story
Some 20,000 people joined a march through the centre of the German financial capital of Frankfurt Saturday, protesting against European austerity programs, police said.
It was the only demonstration of the anti-capitalist movement known as "Blockupy Frankfurt" that was authorized by the city and justice authorities. The other protests over the past four days had been banned by city officials.Full Story
Four Arab countries are expected this year to start witnessing major foreign investments after the European Bank for Reconstruction and Development established a one billion euro ($1.28 billion) fund, excluding Lebanon from the process for allegedly failing to ask the lending body to carry out a technical assessment on the country.
The fund’s establishment on Friday by the board of governors of the EBRD during a two-day Business Forum in London under the slogan of “Managing in Turbulent Times,” comes a year after they approved to expand the bank’s mandate following a string of popular revolts in the Arab world.Full Story
A South Korean joint venture in energy-rich Uzbekistan said Saturday it had secured a $2.5 billion credit line to build a new chemical and gas production unit by 2016.
The Uz-Kor Gas Chemical Company was formed by the Korea Gas Corporation (KOGAS) giant and the Central Asian state's Uzbekneftegas oil and gas company in 2008 amid surging Asia interest in the region's vast reserves.Full Story
Facebook stumbled on its first trading day Friday as shares ended barely above the starting price after a glitch-plagued market debut on the Nasdaq that failed to live up to its enormous hype.
The stock, priced at $38 on Thursday in the largest-ever initial public offering (IPO) for a technology firm, eked out a gain of just 0.61 percent to end at $38.23, amid record volume of more than 575 million shares traded.Full Story