Moody's Investors Service has downgraded the ratings of three Dubai-based banks — Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC – that were already under review in August in response to a weakening of economic conditions in Dubai. These rating actions reflect the ongoing deterioration in Dubai's economy, as exacerbated by the uncertainty created

Moody's Investors Service has downgraded the supported ratings of two Bahraini banks – National Bank of Bahrain BSC's (NBB) long-term local currency deposit rating was downgraded by one notch to A2, while BBK BSC's local and foreign currency deposit ratings were similarly downgraded by one notch to A3/Prime-2 and its senior and subordinated debt ratings

Billionaire financier George Soros told Reuters on Thursday he had found a $100 billion route to unlock climate talks in Copenhagen, while one business group complained the talks were "tone deaf" to the private sector. U.N. talks in the Danish capital meant to agree the outline of a new climate treaty to succeed the Kyoto

Egypt's revenue from tourism for the year to November fell 3.1 percent on a year ago, but were higher than expected thanks to strong arrivals from Europe as winter approached, a tourism official said on Thursday. Tourism is a crucial source of foreign currency and jobs in Egypt, and is watched by analysts for its

Britain and France joined forces at a European Union summit on Thursday to demand that bankers' bonuses be taxed heavily and Germany called for solidarity with Greece over a mounting debt problem. A British spokesman said Prime Minister Gordon Brown and French President Nicolas Sarkozy had agreed on the need to tax big bonuses substantially

Japan's Nikkei stock average rose 2.5 percent on Friday, snapping a three-day slide, as the yen retreated against the dollar and helped exporters extend gains made after improving U.S. job data. The yen lost ground, helped in part by data confirming expectations that China's economy is on a brisk recovery path, which prompted some investors

Want to stay in euro even if it means tough measures Outside stores damaged or barricaded against two days of riots, Greeks blame a stream of weak governments for plunging their country into financial crisis, and some hope Europe can take control of their finances. Where five years ago was euphoria from hosting a successful

European shares were higher at midday on Thursday, with financial stocks gaining strength after sharp falls in the previous sessions. By 1231 GMT, the pan-European FTSEurofirst 300 index of top shares was up 1 percent at 1,004.58 points. The index is up 56 percent since reaching a record low in early March and is up

Wall Street rose at the open on Thursday after new claims for jobless benefits rose more than expected but the number of people seeking extended benefits fell, and a separate report showed the U.S. trade deficit unexpectedly narrowed. The Dow Jones industrial average (.DJI) was up 62.35 points, or 0.60 percent, at 10,399.40. The Standard