Home The Buzz Morning briefing: 11 Dec 2012

Morning briefing: 11 Dec 2012

by Executive Staff

Economics

Gold inched lower on Tuesday but sentiment was underpinned ahead of a US Federal Reserve meeting where policy makers are expected to announce more stimulus measures, a move that would support gold's appeal as a hedge against inflation.

More from Arabian Business

 

Egyptian President Mohammed Morsi has suspended planned tax increases, hours after they were formally announced, in a policy swivel that might complicate Egypt's efforts to secure a $4.8 billion loan from the IMF.

More from The Daily Star

 

The Lebanese Cabinet again failed to pass the controversial salary scale on Monday as the private sector and labor groups remained deeply divided on whether to raise the salaries of civil servants and teachers substantially.

More from The Daily Star

 

Companies

Dana Gas, the first UAE group to default on an Islamic bond, is offering bondholders $70 million in cash and an average eight per cent coupon on the remaining $850 million of debt in a move to buy time to fix its finances.

More from Gulf Business

 

Qatar Telecom, which is majority state-owned, plans to issue a long ten-year bond after investor meetings conclude, arranging banks said on Tuesday.

More from Gulf Business

 

Gulf carrier Etihad Airways is close to buying a 48 per cent stake in debt-ridden Indian carrier Kingfisher Airlines for a little over 30 billion rupees ($550.3 million), the Mumbai Mirror reported on Tuesday.

More from Gulf Business

 

Samsung Engineering Co Ltd has announced its consortium with China's Shanghai Electric and Saudi Arabia's Al Toukhi was awarded a $3 billion order to build a power and desalination plant in Yanbu, Saudi Arabia.

More from Reuters

 

Morgan Stanley's head of mergers and acquisitions for the Middle East and North Africa (Mena) is leaving the bank, three sources said, the latest in a string of high-level banking departures from the Gulf region.

More from The National

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