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May, 25, 2016

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Business > Middle East
The United Arab Emirates is introducing labor reforms that aim to tighten oversight of employment agreements for the millions of temporary migrant workers that comprise the bulk of the country's workforce, a top Emirati official said Tuesday.
 
Afghan buried minerals source of wealth, strife
A group of potato farmers sat cross-legged in a velvet-carpeted madrassa, pensively mulling assembling an armed militia to guard Afghanistan's largest iron-ore reserve buried in jagged Hindu Kush ridges flanking their village.
 
Iraq's electricity minister outlined to parliament Saturday a slew of problems that have contributed to abysmal power services, which have sparked widespread public anger and protests.
 
Kuwait has called on Saudi Arabia to resume production at a disputed border oil field, saying its neighbor will be held responsible for revenue losses, reports said Tuesday.
 
Israel's Teva buys Allergan generic drug company for US$40.5 billion
Israel's Teva Pharmaceutical Industries Ltd. said Monday it is purchasing Dublin-based Allergan Plc's generic pharmaceuticals business for US$40.5 billion, in what Israeli analysts called the largest-ever acquisition by an Israeli company.
 
Leading oil producer the United Arab Emirates will scrap subsidies on petrol and diesel from August to cut spending as low crude prices hit revenues, the energy ministry said Wednesday.
 
Foreign firms are eager to exploit the potential of Iran's long-isolated economy following a landmark nuclear deal, but experts say doing business in the Islamic republic will remain hugely challenging.
 
Ex Saudi foreign minister Prince Saud al-Faisal dies
Saudi Arabia's Prince Saud al-Faisal, formerly the world's longest-serving foreign minister who oversaw four decades of turbulent diplomacy for the oil-rich kingdom, died on Thursday.
 
'Yes or no' time in Iran nuclear talks
Iran lashed out at Western powers accusing them of changing positions at the 11th hour in intense nuclear talks, as the EU warned it was time Friday to say "yes or no" to a deal on the table.
 
The Egyptian pound has fallen to a new low against the U.S. dollar, the second such drop in days, the country's central bank said Sunday, in a move that could help boost much-needed foreign investment.
 
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