Wall Street Ends Up After Volatile Session Wall Street scored a moderate gain after a volatile session Wednesday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector.

Kingfisher may phase out Simplifly Deccan Simplifly Deccan, the low-cost carrier (LCC) brand formed after the merger of full service airline Kingfisher and the LCC Air Deccan, may soon cease to exist.

Maruti Suzuki to use K-series engines In what would be a generational change in its engine technology, India's largest car manufacturer Maruti Suzuki has decided to introduce the new K-series petrol engine in all its cars in India in the next three to five years, according to the company's annual report for 2007-08.

RIL mulls JV with Petrobras Reliance Industries, the largest Indian private company, is in talks with Brazilian energy giant Petroleo Brasileiro (Petrobras) to set up two petrochemical joint ventures, sources close to the development said. Both greenfield projects will require a total investment of around $6 billion (nearly Rs 25,800 crore).

Jet cuts flights on Mumbai-San Francisco route A slowdown in international passenger traffic has forced Jet Airways to cancel two flights on the Mumbai-Shanghai-San Francisco route. The airline pulled out flights operating on Tuesdays and Wednesdays, citing a dip in load factors. Incidentally, the decision has been taken barely a week before Jet launches its Dubai operations on August 23.

German law to target non-EU bids Germany prepares legislation aimed at blocking sovereign wealth funds from taking big stakes in local firms.

Fannie Mae and Freddie Mac slump Shares in US mortgage finance giants Fannie Mae and Freddie Mac plunge again amid new talk of a government bail-out.

DP World signs Dh2.7b deal for London port DP World said it has signed a 400 million pounds (Dh2.7 billion) contract to build the first phase of a new port at London Gateway, being billed by the company as the most technically advanced container port in the world.

Satisfying growing appetite As global rice supplies shrink to alarmingly low levels, Japan's government is debating if it should hold on to its age-old price support policy by allowing cultivation of only 60% of its paddy fields.

Demand for life insurance rising The demand for life insurance cover in the UAE is growing rapidly as the country's mortgage market increasingly adopts preferred global insurance practices to back mortgage applications.

QIB eyes $300m in Islamic bonds Qatar Islamic Bank (QIB), the country's second-largest lender by market value, is considering selling Islamic bonds worth $300 million to refinance existing debt, two bankers said yesterday.

Bab Al Bahr piling works on track, says Rakeen Rakeen, the master-planner and land developer of the Ras Al Khaimah government has announced that it has recently completed the piling works for half of the residential component of the Bab Al Bahr and is set to proceed with the construction of the residential units.

Apple says older iPods have battery problem Apple said yesterday that iPod music players sold in 2005 and 2006 on rare occasion can overheat, fail and deform because of a battery defect traced to a single supplier, and that other models are fine.

Gold climbs on strong demand Gold rose in Europe yesterday as strong investor interest in coins and bars and resurgent jewellery demand supported prices after a recent dip. Gold was at $813.10/$814.10 at 1304GMT against $810.70/$811.90 an ounce late in New York on Tuesday, well above the nine-month low of $773.90 it touched on Friday.

Schon offers refunds on delayed projects Schon Properties, developer of the Dh3 billion Dubai Lagoon project, has confirmed that full refunds will be given to all investors that purchased units scheduled for completion by December 2007.

Oil sheds early gain on big increase in US inventories Oil traded near $115 a barrel yesterday, paring an earlier gain, after a US government report showed crude oil inventories rose much more than expected in the world's largest consumer.

Platts to overhaul Oman crude pricing Platts is looking to revamp its pricing methodology for Oman crude after the Middle Eastern oil benchmark surged above global markers Brent and Nymex, company officials said yesterday.

Iraq poised to sign Adhab field contract with China Iraq's Oil Minister Hussain Al Shahr-istani will visit Beijing at the end of this week to conclude a contract to develop the Ahdab oil field with a unit of China National Petroleum, an official at the ministry said.

LNG project delays to cut world supply Delays in liquefied natural gas ventures led by ExxonMobil and Chevron may pare global supplies by 100 million metric tonnes, more than the annual demand of South Korea and Japan, the world's biggest importers.

Asia unlikely to plug all holes in Iran's energy industry Iran's oil and gas sector is turning to energy-hungry Asia for money, expertise and technology to sidestep US sanctions and pressure, but cannot find all the answers in the east.

Global food crisis coming to an end as farmers boost plantings A worldwide food crisis that sent prices of wheat, rice and corn to records and sparked riots from Haiti to Ivory Coast may be over after farmers boosted plantings, a top official in India's food ministry said.

Positive sentiment helps Sensex end losing streak Indian shares rose 0.9 per cent yesterday, snapping a five-day losing streak, with sentiment helped by a rebound in world markets on optimism that China would introduce a stimulus package to boost growth.

Two-day rally comes to an end as real estate woes continue The two-day rally in the UAE markets came to an end yesterday, with Dubai and Abu Dhabi indices falling 1.17 per cent and 0.41 per cent respectively.

Gulf must attract private sector investments The private sector has played a great role in the development of Gulf economies in the past century. It was the centre of gravity of regional economies in the pre-oil era thanks to its various activities and strong association with key sectors.

Ideas may make some difference Measuring development progress was behind the foundation of Ideas, a voluntary, charitable membership-based organisation that is geared for developing countries yet draws its 800 members from both developed, developing and emerging economies.

Software update issued for iPhone Apple has issued a software update for the latest iPhone to help fix connection problems that led to a flurry of online complaints from customers, a European mobile service provider said on Tuesday as Credit Suisse reported strong US sales of the device.

Dubai restrictions remain a worry for truckers Transportation businesses in Dubai heaved a sigh of relief when diesel prices were cut and some truckers even lowered their freight charges, but restrictions on truck movements on Dubai's roads remain a concern, transporters told Gulf News.

du BlackBerry unlimited data package is limited to gigabyte The 'unlimited national' data package for BlackBerry recently launched by telecom operator du, is in fact restricted to usage.

Laptop market in Middle East grows 87% Business notebook sales surge 60% in the second quarter as consumers take advantage of emerging technology.

Saudi Arabia will allow foreigners to buy shares Saudi Arabia said yesterday it would allow foreigners to buy shares listed on its stock market through licensed intermediaries, a major step toward opening the largest Arab bourse to foreign capital.

UAE denies reports on tobacco duty The Federal Customs Authority has denied reports that it intends to increase customs duties on tobacco products by 200 per cent.

Pakistani equities plunge 3.6% Pakistan stocks fell nearly four per cent yesterday as investors sold blue chips amidst uncertainty whether the coalition government's parties can work together to tackle pressing economic issues.

Inter-bank liquidity dries up as speculators unwind While other markets in the Gulf have seen a jump in their inter-bank rates over US rates, UAE rates have been trading at a discount which will be gradually corrected, a BNP Paribas note on Gulf currencies said.

UAE bond investors face untested laws in default Investors in bonds sold by UAE borrowers may have to wait longer to recoup their money after a default because laws are untested and less favourable to creditors than in "more developed jurisdictions", Standard & Poor's said.

DP World awards 400m pounds contract to build UK port DP World said yesterday it has awarded a 400 million pounds (Dh2.7 billion) contract to build the first phase of a new port at London Gateway, Britain's first deep sea container port development in a quarter century.

Homebuyers hit hard due to absence of credit bureau Delays in securing a mortgage in the UAE, often caused by the lack of a developed credit bureau that is capable of determining the creditworthiness of a potential property buyer, are leaving an increasing number of homebuyers frustrated, according to Chris Dommett, chief executive of leading indep-endent mortgage adviser John Charcol Dubai.

Property exposure a challenge for banks UAE banks have reported a 30 to 60 per cent increase in their first half profits. Despite such strong profit growth analysts are questioning its sustainability and the overall asset quality of local banks due to their direct and indirect exposure to the real estate sector.

Nakheel to seek US investments Senior executives of Nakheel are scheduled to go to the United States tomorrow to meet with a number of top US developers and investors seeking investment opportunities in Dubai.

Dubai defies global downturn as value of trade increases by 50% Dubai is defying the global economic downturn and demonstrating impressive trade growth.

Terminal 3 will open in October Terminal 3 at Dubai International Airport (DIA), which will more than double the current passenger handling capacity, will open for exclusive use by Emirates on October 14, Dubai Airports said yesterday.