Gulfnews :business
gulfnews

• Confusion over rent cap expiry
  Tenants in Dubai are concerned that this year's rent cap has not yet been announced, despite the current one due to expire as we enter 2009.
• Burj Al Alam to be ready in 2012 -developer
  Property developer the Fortune Group is soon to announce the main construction package for the 108-storey Burj Al Alam, the world's tallest commercial tower, being developed at the Business Bay, a top official said.
• Several Asian stock markets open higher in 2009
  Several Asian stock markets opened 2009 mostly higher on Friday, with Hong Kong's benchmark up more than 2 per cent.
• Investors cry foul over Dubai property
  Complaints by investors and buyers are piling up against brokers and developers as Dubai's real estate market enters the New Year.
• Citi limits pay and bonuses for top staff
  The recipient of a $45 billion (Dh165.5 billion) infusion from the US government, Citigroup on Wednesday said it would place strict limits on management's compensation, including no severance for its top five executives.
• Mideast contracts keep Hyatt expansion plans bullish
  Occupancy rates in the region for the first half of 2008 were the highest in the world at 75% while room rates also topped the list
• It's a plane. It's a hostel. No, it's Jumbo Hostel
  When you exit Arlanda Airport on the highway toward Stockholm, you'll see a Boeing 747 on your left that looks curiously out of place.
• Over 1,600 UK retailers to go bust
  The downturn in consumer spending will drive over 1,600 British retailers out of business in 2009, triggering thousands of job losses and leaving more than one in ten shops empty, a report said.
• Suez Canal postpones toll changes due to uncertainties in global markets
  The Suez Canal has had to postpone its annual announcement of new tolls for the first time in its history because of uncertainties about the global economy, a Suez Canal Authority official said yesterday.
• India's NEC aims at attaining Dh800m Middle East turnover
  Navayuga Engineering (NEC), one of India's leading construction companies and part of the Navayuga Group, had consolidated its presence in the UAE with two prestigious contracts in 2008, and will focus in the Middle East market in 2009 to attain a projected turnover of Dh800 million by the end of this year.
• Real estate set for reforms
  Last year started off with a bang in Dubai's real estate sector, with sky high sale prices and rents, and a series of attention-grabbing projects in the pipeline.
• Dubai land deals rake in Dh7.32b for December
  The value of land transactions exceeded Dh7.32 billion last month, according to figures released by the Dubai Land Department.
• Economic downturn to have small impact on Saudi telecom sector
  The global financial crisis is not expected to hugely affect the Saudi Arabian telecommunications sector, said Dr Marwan Al Ahmadi, chief executive of Zain Saudi Arabia, the kingdom's third mobile phone company.
• LyondellBasell considers bankruptcy filing
  Announcement comes amid decreasing demand for petrochemicals and reduced production due to the ongoing crisis
• JP Morgan clinches top underwriter position
  For investment bankers who arrange the sale of stocks and bonds, 2008 was a year to forget, and the new year may not bring instant relief.
• Tumbling crude hurt oil companies in 2008
  Recession fears have reduced demand globally
• Abu Dhabi realty on track
  Property Developers in Abu Dhabi seem to be immune to the current situation faced by the real estate sector - the prime driver of economies in Dubai, Sharjah, Ajman and Ras Al Khaimah.
• Iran may abandon subsidies on fuel
  Iran's parliament may vote to scrap energy subsidies after a motion presented by President Mahmoud Ahmadinejad was approved by a majority of lawmakers on Wednesday, Iran's Press TV reported.
• Oil comeback tied to global recovery
  International oil prices are set to remain at current levels or plunge even further in 2009 depending on how quickly the global economy recovers from recession, say energy experts.
• Russia cuts gas to Ukraine, but not Europe
  Russia said yesterday it had completely cut gas to its neighbour Ukraine over a contract dispute but assured European states worried about disruptions to their supplies that gas was flowing to them as normal.
• Petrochemical companies could be in for a long winter period
  Plunging demand plus frozen credit markets could lead to a very long winter for the chemicals industry.