News Column

Business news briefs July 9

July 8, 2014


Dubai Gold and Commodities plans spot silver

Dubai: The Dubai Gold & Commodities Exchange will consider starting a silver contract for immediate delivery after spot gold is introduced in the third quarter. The spot gold contract was delayed from starting last month partly because specifications had to be changed and also because of Ramadan this month, said Madyan Jabr, head of communications for the DGCX. The gold contract will be for 1kg (32.15 troy ounces). DGCX already trades gold futures."Futures are to hedge risk, not to get the gold," Jabr said.

Etihad Airways revenues up 28 per cent

Abu Dhabi:Abu Dhabi'sEtihad Airways said yesterday it posted a 28 per cent surge in revenues in the first half of 2014, hitting $3.2 billion, with passenger and cargo volumes up. The fast-growing carrier said it experienced its "strongest ever performance for the six-month period," with passenger numbers rising 22 percent to 6.7 million, compared to the first half of 2013. It did not say whether it registered any profits or losses. Etihad Cargo also carried 25 per cent more freight.

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Source: Times of Oman

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