Dubai’s problems stem from the surreal happenings in real estate there, with the place being home to the world’s tallest tower and the biggest man-made islands
The demand growth story is now a no-brainer what with robust Index of Industrial Production numbers, strong growth rate in automobile sales, which in turn spell better offtake in tyres
A key reason for the decline in profitability has been Tata Steel Europe Ltd’s Teesside Cast Products facility, a large steel slab-making unit, which suffered losses because some key buyers reneged on their contracts