Home The BuzzMorning briefing: 16 May 2013

Morning briefing: 16 May 2013

by Executive Staff

Economics and Policy

Brent crude oil prices reversed course Wednesday and rose on the back of a rally in U.S. equity markets despite an increase in U.S. refined products inventories and data showing the eurozone was in its longest recession ever.

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A leading Lebanese banker has dismissed any short-term effect from Moody’s negative outlook for Lebanon, saying banks had already declined to increase their exposure to public debt due to the issues cited in the warning.

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Companies and Business

The US government yesterday targeted a UAE exchange house and a trading company for allegedly helping Iran attempt to circumvent global economic sanctions.

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Phone giant Alfa has unveiled Lebanon's first commercial 4G data service in certain areas of Beirut.

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Turkish Airlines said there had been little impact from a strike in protest over pay and previous sackings, saying the low turnout was a “scandal” for the company’s main union.

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Saudi Arabia’s No. 2 telecom operator Mobily denied claims by a software engineer that the company had asked him to build surveillance tools to intercept customers’ messages on Twitter and other services.

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