No need to raise output: Kuwait oil minister

Kuwait calls for oil production quota compliance

KUWAIT CITY (AFP)

Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday OPEC should maintain its official output quota but called on member states for production compliance. "There is no need to raise output ... Kuwait favors maintaining production quota," Sheikh Ahmad told reporters outside parliament which...More

Most OPEC members have said they favor keeping the official output quota at 24.845 million bpd (File)

Most OPEC members have said they favor keeping the official output quota at 24.845 million bpd (File)

First firm to resort to Kuwait’s Financial Stability Law

Kuwait's Investment Dar files for legal protection

Investment Dar, the troubled Kuwaiti firm that owns half of luxury British carmaker Aston Martin, said on Saturday it has filed for legal protection under Kuwait's financial stability law. "Investment Dar announces today that it has started a process of legal protection under the terms of Kuwait’s Financial Stability...More

Dar owns half of luxury British carmaker Aston Martin

Agreed to settle debts owed to banks: reports

Fugitive businessman Lakah returns to Cairo

Egyptian businessman and former politician Rami Lakah, who left for Europe in 2001, returned to Cairo on Thursday after agreeing to settle debts owed to banks, state newspapers said on Friday. Lakah arrived at Cairo's airport to "a display of drumming and ululation," the state-owned al-Ahram...More

Rami Lakah (Picture courtesy of the Lakah Group)

No need to import pilots: Iran transport minister

Russian pilots to be replaced with Iranians

Iran had one of the best air safety records before the 1979 Islamic revolution (File)

Iran's transport minister said on Saturday that Russian pilots flying for Iranian airlines will be replaced by local cockpit crew within two months, the...More

NASA says Chile quake shifted earth's axis, reduced days

Short days after Chile quake moved earth's axis

Earth days are 24 hours long because that's the time it takes the planet to make one rotation on its axis

The powerful earthquake that shook Chile on Saturday probably shifted the Earth's axis and made days slightly shorter, a NASA scientist said. ...More

Relatives of passengers killed file multi-million dollar lawsuit

Boeing sued over Ethiopian Air crash in Lebanon

Lebanese soldiers walking past an Ethiopian Airlines pillow that washed ashore a day after the plane crashed off Lebanon

Relatives of passengers killed in an Ethiopian Airlines crash in Lebanon earlier this year have filed a multi-million dollar lawsuit in a U.S. court against...More

Aims to fight poverty by offering microcredit loans

AGFUND opens banks for the poor in Arab World

President of AGFUND Prince Talal bin Abdul-Aziz (R) and Bangladeshi banker and economist Muhammad Yunus (L)

The Arab Gulf Program for United National Development (AGFUND) announced setting up banks for the poor in the Arab World with the hope of fighting poverty and...More

Finance sources under scrutiny, donors demotivated

Financial crisis hits Qaeda hard: Experts

Al-Qaeda in the Islamic Maghreb involved with kidnappings of Europeans, raking in millions in ransom payments (File)

Al-Qaeda is running out of cash, experts say, with traditional sources of financing under increasingly tight surveillance and donors demotivated or suffering...More

Council praises Iraq for joining anti-WMD treaties

UN asks Iraq to ratify atomic inspection protocol

The U.N. nuclear watchdog dismantled a covert Iraqi atom bomb program in the 1990s (File)

The Security Council on Friday urged Iraq to ratify an agreement requiring it to accept intrusive inspections by the U.N. nuclear watchdog, which dismantled a...More

Says Banks to be less risk averse than last year

Saudi banks seen lending more in 2010: NCB

Saudi Arabia's banks are expected to ease their new tough lending policy

Banks in Saudi Arabia are expected to lend more in 2010 as confidence is growing and lenders become less risk averse, the chief economist of state-owned...More