Saudi Arabian billionaire Prince Alwaleed bin Talal will join a financial bailout of the money-losing Euro Disney theme park, his Kingdom Holding Co said Tuesday.
"Yes we are confirming the story. At this moment there is nothing more to add," a company official told AFP in Riyadh.Full Story
Industrial output in the eurozone fell by 1.8 percent in August, official data showed on Tuesday, a steep drop and another sign that recession in the 18-nation currency bloc could return.
The fall in factory output data was a reverse from the previous month, when an unexpected one-percent rise in industrial activity brought hope that a fragile recovery in the eurozone could be taking hold.Full Story
Singapore's economy returned to growth in July-September, reversing contraction in the previous three months, owing to a pick-up in the city-state's key manufacturing sector, the government said Tuesday.
Compared with the second quarter, gross domestic product expanded 1.2 percent on a seasonally adjusted annualized basis, advance estimates by the trade ministry showed. GDP shrank 0.1 percent in the three months to June.Full Story
The Minister of Economy and Trade Alain Hakim voiced fears on Tuesday over the economic situation and the current paralysis as a result of the difficult security situation and the vacuum at the country's top post.
“The weakness and dwindling of investments at the local and foreign levels are wearing away the labor market that is already experiencing pressure due to the employment of Syrian nationals,” the Minister told An Nahar daily.Full Story
Oil prices fell to fresh multi-year lows in Asian trade Tuesday, with analysts citing concerns about a supply glut and the effects of weaker demand from Europe and China.
U.S. benchmark West Texas Intermediate (WTI) for November delivery was down 65 cents at a two-year-low $85.09 in afternoon trade and Brent crude retreated 71 cents to $88.18, its lowest since mid-2010.Full Story
French economist Jean Tirole won the Nobel Economics Prize on Monday for groundbreaking work on the power of large companies in a range of key industries.
By providing a framework for governments' handling of major enterprises, the 61-year-old professor at Toulouse 1 Capitole University has become "one of the most influential economists of our time," the jury said.Full Story
Chinese Prime Minister Li Keqiang met his Russian counterpart on Monday ahead of talks with President Vladimir Putin on a visit to Moscow that comes as Russia struggles with its most serious standoff with the West since the Cold War.
Li sat down with Prime Minister Dmitry Medvedev, with a raft of economic deals on the table, ahead of a meeting with Putin scheduled for Tuesday.Full Story
Islamic banks are set to boost their market share in the energy-rich Gulf states to nearly 30 percent in the next five years, ratings agency Standard & Poor's said on Monday.
"We think Islamic banks' market share of overall banking system assets in the Gulf Cooperation Council (GCC) countries could gradually inch closer to 30 percent over the next five to six years, from just under 25 percent currently," Standard & Poor's credit analyst Timucin Engin said.Full Story
Britain's government officially launched on Monday an attempt to sell its 40-percent stake in Eurostar, the high-speed rail service connecting London with Paris and Brussels.
It forms part the state's plan to recoup £20 billion ($32.2 billion, 25.4 billion euros) from asset sales by 2020 to help bring down the country's debt pile.Full Story
Singapore public transport operator SMRT said Monday it has decided not to make a bid for Addison Lee, London's biggest minicab firm.Full Story