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OFID approves over US$303 million for developing countries - Dotemirates
16/03/2019

OFID approves over US$303 million for developing countries

VIENNA, 16th March, 2019 (WAM) -- The OPEC Fund for International Development, OFID, has approved over US$303 million of new funding to benefit developing countries across the globe. The funding was approved at the 166th session of OFID’s Governing Board at the organisation’s Vienna headquarters. Most of the approved funds will finance projects in the transportation, water and energy sectors. The public sector loans, amounting to approximately US$225 million, will support the following countries; Honduras, Madagascar, Maldives, Senegal, Suriname, and Uzbekistan. The Governing Board also approved a $300,000 grant for a project aimed at enhancing access to safe drinking water...


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19/05/2019

South African tourists targeted in blast near Egypt's Giza pyramids

An explosion targeting a tourist bus ferrying 25 South Africans from Egypt's Cairo airport to the Giza pyramids area has left at least 12 people wounded.Security sources said four Egyptians in a nearby car were also hurt by broken glass.Security and judicial sources said a rudimentary device containing nails and pieces of metal had been detonated remotely on the perimeter of the Grand Egyptian Museum, not far from the site of a roadside blast that hit another tourist bus in December.Pictures posted on social media showed a bus with some of its windows blown out or shattered, and debris in...
19/05/2019

Shaker Group’s revenue rises 14% in Q1 2019 as sales advance

RIYADH — Shaker Group (Al Hassan Ghazi Ibrahim Shaker Co.), Saudi Arabia’s leading importer, manufacturer and distributor of air conditioners and home appliances, has released its financial results for the 3-month period ended 31 March 2019, showing that revenue improved by 14.2% to SR197.3 million from Q4 2018, while net loss dropped by 71% to SR27.4 million compared with the previous quarter. The Group’s operating loss decreased by 77.6% to SR19.6 million in the period.The decrease in Shaker Group’s quarterly net and operating losses was driven by an increase in sales of 14.2%; a 19% decrease in operating and other...
19/05/2019

GNH logs 19% revenue growth in Q1

DUBAI — Gulf Navigation Holding PJSC, the Dubai Financial Market listed maritime and shipping company, has announced its financial results for the first quarter of 2019. During Q1 2019 the Company achieved operating revenue of AED 45 million compared to AED 37.7 million during the same period of 2018, a YoY increase of 19%. The company reported net loss of AED 11 million in Q1 2019 compared to profits of AED 5 million during the same period last year.During the quarter, Company’s petrochemical tanker Gulf Deffi entered the dry dock for the mandatory special survey work, resulting in 50 days...

19/05/2019

OPEC's JMMC re-affirms commitment to ensuring balanced market

JEDDAH, 19th May, 2019 (WAM) -- Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals. The JMMC expressed its satisfaction regarding the critical role which the ‘Declaration of Cooperation’ (DoC) played in the oil market recovery seen in the first quarter of 2019 compared to the fourth quarter of 2018, supported by high conformity to the voluntary production adjustments by participating countries. Conformity for the month...

Market may move up by 2-3 per cent

Mumbai: With the exit polls predicting a strong performance by Modi-led NDA in the general elections, the market is expected to see renewed buying this week."The exit results are better than the expectations. Markets will move up by 2-3 per cent in next few days. I am quite optimistic at these levels. Investors should increase equity allocations," said Motilal Oswal, CMD, Motilal Oswal Financial Services. The market experts are now predicting that the Nifty should cross 11,700 levels this week. In fact, the Sensex and Nifty surged over 1 per cent on Friday ahead of the exit poll results as...
19/05/2019

Manchester Airport: Flight cancellations and delays amid fuel problem

There are delays and cancellations at Manchester Airport after a "power issue" affected fuel supply.Flights to Tenerife, Belfast and Milan are among 48 cancelled, while others have been delayed by hours.A Manchester Airport spokesman said: "Due to a power issue this afternoon there is currently an issue with the fuel supply at the airport."Engineers are... on site to fix the issue and we are working with airlines to try and minimise the impact."It is believed all fuelling at the site has stopped. The airport, which is still open, urged people to check with their airline for information and updates. Skip...