Oman Observer - Business

By A Staff Reporter
MUSCAT — The Middle East markets raised $4.72 billion from 13 IPOs in the second quarter of 2008 compared to $3.9 billion in the same period in 2007. The capital raised was 20 per cent higher than amounts raised in the first quarter of 2008. Saudi Arabia’s Al Inma Bank was the largest IPO in the Middle East in the second quarter of 2008 raising $2.8 billion....

TOKYO — Toyota Motor Corp said yesterday that its global group sales rose 2.2 per cent in the six months to June from a year earlier to about 4.82 million vehicles. Japan’s largest automaker, in a close race against Detroit giant General Motors for the world’s top ranking, said its sales in the second quarter of 2008 gained 1.8 per cent to almost 2.41 million vehicles.

MUMBAI — Indian shares surged 5.94 per cent yesterday after the government won a parliamentary confidence vote, boosting its economic reform agenda, dealers said. The government’s win averted snap elections and allows it to push on with implementing a nuclear energy deal with the United States that had been opposed by left-wing and communist parties.

LONDON — A rapidly slowing UK economy is at significant risk of falling into recession and will force the Bank of England to cut interest rates next year even in the face of high inflation, a Reuters poll showed. The quarterly poll of 70 economists, taken on July 16-23, showed economists cut their growth forecasts for 2008 to only 1.5 per cent from the 1.7 per cent....

Row at TNK-BP could hit Russia’s 2009 oil output

MOSCOW — A worsening fight between BP and its four Russia-connected partners over their joint venture TNK-BP could hit Russia’s oil production next year, tightening already stretched global supplies, industry sources said. The four billionaires have demanded a $900 million cut in capital spending at TNK-BP for the rest of 2008....

Boeing reports 19pc drop in quarterly profit

CHICAGO — Boeing reported yesterday a 19 per cent drop in quarterly profit to $852 million, coming up short of Wall Street estimates but maintaining its outlook through 2009. The US aerospace giant also said its key 787 Dreamliner programme remains on schedule for test flights late this year and initial deliveries in the third quarter of 2009.