BAE Employees Served Subpoenas in U.S. Over Saudi Arms Deal Investigation BAE Systems Plc employees received subpoenas in the U.S. last week as part of a Department of Justice investigation into whether the company violated corruption laws in arms sales to Saudi Arabia.
U.A.E., Kuwait, Saudi Stock Markets Decline; Qatar, Oman Indexes Advance United Arab Emirates, Kuwait and Saudi Arabian shares declined on speculation prices have outpaced prospects for earnings growth. Indexes in Qatar, Oman and Bahrain shares advanced.
Saudi Output Increase Will Not Lower Oil Price, Iraqi Oil Minister Says Saudi Arabia’s decision to increase oil production in June will not help lower the price of crude, Iraqi Oil Minister Hussain al-Shahristani said.
Dubai Probe of Deyaar Development’s Ex-CEO to Go to Court, Chairman Says Dubai Public Prosecution, which is probing Deyaar Development PJSC’s former chief executive officer for fraud, is likely to take the case to court, Deyaar’s Chairman Nasser Bin Hassan Al-Shaikh said.
Agility of Kuwait Says First-Quarter Profit Declined 10% to $140.7 Million Agility, the Middle East’s largest storage and logistics company, said first-quarter profit declined 10 percent, without giving a reason.
EFG-Hermes Says Talks With Lebanon’s Bank Audi on Hold After Violence EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank, said it has put on hold merger negotiations with Bank Audi, the largest Lebanese bank by assets, due to the violence in Lebanon.
Dubai Group Purchases 49% of Egypt’s Sphinx Glass for 730 Million Dirhams Dubai Group, which manages more than $40 billion on behalf of Dubai’s ruler Sheikh Mohammed Bin Rashid Al-Maktoum, said it bought a 49 percent stake in Egypt’s Sphinx Glass Co. for 730 million dirhams ($199 million).