Home The Buzz Business briefing: 11 Nov 2013


Business briefing: 11 Nov 2013

Kuwait to review annual subsidies, plus other news

by Executive Staff

Economics and Policy

Kuwait’s government plans to form a special committee to review subsidies on goods and services which are costing the Gulf Arab state more than $15.9 billion a year.

More from Reuters

 

Subsidised petrol and electricity programmes are causing a huge waste of energy across the Gulf and threatening economies, Oman's oil and gas minister has said.

More from Reuters

 

Companies and Business

Emad Mansour, a veteran Gulf Arab banker, is planning to set up an investment bank in Dubai’s tax-free financial zone, he said Sunday, joining a list of regional bankers taking advantage of a revival in deal making and a retreat by big investment banks.

 

Abu Dhabi National Energy Co is selling its 40 per cent stake in a Dutch natural gas pipeline to a Danish pension fund for $240 million as the investment no longer meets its growth strategy in the country.

More from Reuters

 

German airline Lufthansa, the last European carrier with direct flights to Sudan, will end its service in January, a company document obtained on Sunday says, citing economic reasons.

 

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