Daily brief: Top 7 business stories October 18, 2016
Here are the top 7 business headline you need to know today:
Egypt to gather additional $6bn needed for IMF deal
Egypt will gather $6 billion in bilateral funding to secure a $12bn International Monetary Fund (IMF) loan within one or two weeks, the country’s Finance Minister said.
The IMF had agreed in August to grant Egypt a $12bn, three-year loan to support the government reform program and fill the budget gap to rebalance currency markets.
Netflix surpasses expectation for number of subscribers
In its third quarter, video-streaming service Netflix has surpassed analysts’ expectations, as the number of subscribers added was more than 50 per cent higher than predicted.
New and longstanding original shows, such as Stranger Things and House of Cards, have attracted more international viewers and kept US viewers on board, despite Netflix’s subscription price hike.
Oil edges up as markets hope to balance
Oil prices rose Tuesday morning, with global inventories rising less than expected, as some analysts forecast markets to be more balanced than expected.
Samsung plans to invest $296m to expand India plant
While still coming out of its Galaxy Note 7 crisis, Samsung announced plans to invest $296 million to expand its plant in North India, the company said in a statement.
The plant, located in Noida, near the Indian capital of New Delhi, produces Samsung mobile phones, fridges and televisions.
Sheikh Mohammed sets up world’s first government accelerators
His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued instructions to set up the world’s first government accelerators to achieve the UAE National Agenda 2021.
“We instructed the setting up of the world’s first government accelerators to speed up work towards the realisation of the national agenda. We want to intensify efforts and accelerate our strides towards the future. Many challenges lie ahead and time is the biggest challenge. There are only five years to go,” Sheikh Mohammad said after the meeting, during which a plan to deliver National Agenda goals was approved.
Masdar Free Zone unveils new license to promote clean-tech entrepreneurs
Masdar City, one of the world’s most sustainable urban developments, is introducing new licences to encourage entrepreneurs to set up within the City’s business free zone.
Hamad port in Qatar to begin operations by year-end
The newly created Hamad Port will start operations at September 30, 2016, and the Doha Port will be completely shut for navigation on March 30, 2017, for drilling and development work valued at a cost of approximately QAR2bn, local media reported.