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BUSINESS NEWS

Stocks rally with crude on Fed rate odds

Muscat - 

Omani stocks rallied amid speculation that policy makers will mitigate the damage of the UK’s vote to leave the European Union, including a pause in the Federal Reserve’s tightening cycle.

Sohar Aluminium sets new annual production record

Muscat - 

Sohar Aluminium has set a new production record. The company achieved a record output of 377,186 tonnes in 2015, the highest in its history. Total output in 2014 was 363,528 tonnes.

PDO raises $4bn in international debut

Muscat - 

Petroleum Development Oman (PDO), acting on behalf of the Government of Oman, has successfully raised US$4bn from a group of international financial institutions.

Galfar names Hutchinson new finance chief

Muscat - 

Galfar Engineering and Contracting Co has appointed Gerard Hutchinson as its new chief financial officer.

MSM30 turns negative as volumes slip

Muscat - 

The benchmark index ended slightly lower on Tuesday, inching down 0.04 per cent to 5,761.32. Volume and turnover fell and came in at 11.5mn and RO2.52mn, respectively.

Omantel gets non-binding offer  for loss-making WorldCall stake

Omantel gets non-binding offer for loss-making WorldCall stake

Muscat - 

Omantel said on Tuesday its board of directors has received a non-binding offer from a Pakistani investor to acquire the company's shares in WorldCall Telecom Ltd (WTL).

QBG commits 5% of annual profits to CSR

Muscat - 

Following a recent meeting of its board of directors, the Qurum Business Group (QBG) has announced that it would allocate five per cent of its upcoming end-of-year net profits to QBG Echoes, the group’s dedicated corporate social responsibility (CSR) arm.

MSM30 index ignores Brexit-induced fears

Muscat - 

Most Omani stocks advanced as investors judged the Brexit-induced sell-off was overdone.



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