Etihad airways Etihad for 40% stake in Air Seychelles

Dubai: Etihad Airways said yesterday it will pay $20 million (Dh73.4 million) for a 40 per cent stake in Air Seychelles as part of a strategic partnership between the two carriers.

UAB profit rises to Dh330m as assets soar 40%

Dubai: United Arab Bank (UAB) yesterday reported Dh330 million net profits for 2011, up 7.1 per cent over the Dh308 million earned in 2010.

US growth will be among world's best as others fall

New York: Investors are turning increasingly bullish on US markets as they declare its economy in better health than major rivals from Europe to Asia, according to the Bloomberg Global Poll.

Emirates expands in South America

Dubai: Emirates yesterday announced the launch of two new routes to South America — Buenos Aires and Rio de Janeiro — as part of its efforts to extend its reach across the Americas.

Arabtec wins Dh561m expansion contract

Dubai: Arabtec Construction has secured a Dh561 million contract from Dubai Aviation City Corporation (DACC) to carry out expansion related work at Dubai International Airport, the construction arm of Arabtec Holding — the UAE's largest construction company — said yesterday in a statement posted on the Dubai Financial Market (DFM) website.

Gold rises as investors rush to safe havens

London: Gold and oil both reacted strongly to data on Friday showing US job growth had ground to a halt.

Toyota's faulty car parts claim may hurt sales in China

Tokyo: Toyota Motor Corp, the second- largest Japanese automaker in China, may face declining sales in the country should government claims of faulty parts lead to recalls, Mizuno Credit Advisory said.

Motorola ups its smartphone game

Dubai: Motorola has finally come out with a phone which can really compete with the rivals in the smartphone space.

Abu Dhabi oil rises on Saudi price speculation

Singapore: Oil from Abu Dhabi for sale to Asia rose against its benchmark amid speculation Saudi Arabia may raise export prices, making alternative crude more attractive.

US budget deficit to hit $1.28 trillion

Washington: The Congressional Budget Office says the US budget deficit will hit $1.28 trillion (Dh4.7 trillion) this year, down slightly from the previous two years.Strong US durable goods and home prices data eases fears of another recession.