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ITB, the world’s biggest travel fair, received a lukewarm response as it kicked off in Berlin earlier this month. Both leisure and business travel has been hit hard by the global financial crisis. Read the rest of this entry »

Emirates Industrial Bank, specialized financial institution based in the UAE, will be merged with the Real Estate Bank, the government-owned entity specialized in facilitating real estate credit for establishments and government organizations in the UAE, creating a new bank – Emirates Development Bank – with Dh10 billion in capital. Read the rest of this entry »

KARACHI: Formulation of provincial investment policy is in its final stages and would be announced soon, Advisor on Investment to Chief Minister, Sindh, Zubair Motiwala said. Read the rest of this entry »

Dubai Group is shifting its investment focus from Asia to the Middle East, India, Turkey and sub-Saharan Africa, and will sell assets in 2009 as it revises its investments in light of the global financial crisis. Read the rest of this entry »

The 39th Annual Meeting of the World Economic Forum in Davos-Klosters concluded its deliberations highlighting the centre stage role that the Middle East region will play in ‘Shaping the Post-Crisis World.’ Read the rest of this entry »

The 39th Annual Meeting of the World Economic Forum in Davos-Klosters concluded its deliberations highlighting the centre stage role that the Middle East region will play in ‘Shaping the Post-Crisis World.’ Read the rest of this entry »

Riyadh: A top American business executive and economic expert cautioned Gulf and Arab investors against the risks of making investments in the United States at present in the wake of the global meltdown. Read the rest of this entry »

Dubai: Total investments in Dubai’s real estate sector exceeded Dh58 billion during the last quarter of 2008, representing a drop in comparison to the previous quarter of 2008, according to REIDIN.com, an online property tracker. Read the rest of this entry »

KARACHI: The trend of retrenchment in the city’s main industrial areas has deepened as around 250,000 employees, mostly contractual and daily wage, have lost their jobs over the last six months as the economic downturn badly hit the industrial production. Read the rest of this entry »

THERE are clear indications that the mobile phone industry has peaked off its boom in the world and that its climb-down has already begun. In most countries, it is experiencing a massive slow down in sales, faster than expected. Read the rest of this entry »

THE Pakistan International Airlines (PIA), after making the candidates for management training officer (MTO) hiring 2008 wait for a year already, make them wait for another five hours on the test day. Read the rest of this entry »

THE manufacturing base needs to be broadened to support the sagging economy. For this, the existing archaic legal corporate framework needs to be upgraded. The absence of an exit strategy for companies in distress may erode the industrial base. Read the rest of this entry »

MOSCOW: The number of unemployed Russians rose to 6 million in December compared to 5 million in November as an economic downturn hit home, the head of the federal employment service Yuri Gertsiy said on Saturday. Read the rest of this entry »

Representatives from Sharjah’s banking and financial sectors discussed issues concerning UAE’s cultural capital’s economic sectors with The Sharjah Chamber of Commerce and Industry (SCCI). Read the rest of this entry »

States in the Gulf region should use their sovereign wealth funds to help steer their economies through the global financial crisis, an Arab League official said. Read the rest of this entry »

NEW YORK: The US government threw Bank of America a new 20-billion-dollar lifeline Friday as once-rock steady firms such as Japan’s Honda cut thousands of jobs piling on a new round of gloomy news for governments battling recession.Bank of America, the largest US bank by assets, will get another 20 billion dollars in fresh capital and a 118-billion-dollar asset guarantee to help it absorb broker Merrill Lynch, the US Treasury Department announced. Read the rest of this entry »

The panelists at Dubai Property Society (DPS), an association of real estate professionals in Dubai, has agreed that Dubai’s real estate landscape is positively changing although there is a huge question mark regarding the future of real estate amid the global financial crisis. Read the rest of this entry »

ISLAMABAD (January 13 2009): The government informed the National Assembly on Monday that Pakistan International Airlines (PIA) has incurred an overall loss of Rs 38 billion during January-September 2008. Read the rest of this entry »

The year started off brightly for Pakistan, with record foreign exchange reserves and a booming stock market, which reached it’s highest ever level of 15,760 in April. Read the rest of this entry »

LONDON: Japanese car giant Nissan said on Thursday it would cut 1,200 jobs in Britain due to a sales slump caused by the global economic slowdown, in the latest economic blow for the country. Read the rest of this entry »

DUBAI : A Pakistani businessman, depressed by the impact of the economic crisis, killed himself with an electric saw by almost severing his head at his Sharjah home, Al-Ittihad newspaper said on Friday. Read the rest of this entry »

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WASHINGTON DC: The US Bureau of Labour Statistics announced on Friday that nonfarm payroll jobs had fallen by 524,000 in December; meaning that the US economy shed an incredible 2.6 million jobs in 2008 – it’s worst year since 1945. Read the rest of this entry »

ISLAMABAD (January 08 2009): British Parliamentarians on Tuesday expressed confidence over Pak investment policy and assured their full support in gaining the confidence of foreign investors. Salim Mandviwala, Minister of State for Investment & Chairman Board of Investment briefed the delegation led by Pakistan’s ambassador at large, Javed Malik about the investment policy of Pakistan and the ongoing projects. Read the rest of this entry »

US President George Bush’s economic and political blunders has accelerated the emergence of a multi-polar world order. -AP File Photo

ON the demise of Soviet Union 18 years ago, US president George H.W. Bush announced the emergence of a New World Order. He said: ‘A hundred generations have searched for this elusive path to peace, while a thousand wars raged across the span of human endeavour’. Read the rest of this entry »

DUBAI : Dubai’s rapid expansion in recent years provided jobs for millions. But the global financial meltdown has abruptly ended the dream for many people as more and more firms sack staff to cut costs. Read the rest of this entry »