Category: Business

|By Arabian Post Staff| GE marked a new milestone in its operational presence in Kuwait with the opening of the GE Kuwait Technology Center (GEKTC), a flagship facility that will foster localized research, provide hands-on training and build an innovation ecosystem specifically for the power sector.Approved by the Kuwait Direct Investment Promotion Authority (KDIPA) for a Foreign Investment License last year, the 6,000 sq meter GEKTC, based at Agility in Sulaibiya, is the first facility of its kind outside of

|By Arabian Post Staff| The global oil market will most likely remain oversupplied for the rest of 2016 and well into 2017, rating agency Standard & Poor’s has forecast. The view has been attributed to global oil production remaining in excess of demand, and the resulting persistently high crude oil and product inventories putting spot prices and near-term futures under significant pressure.Members of the Organization of Petroleum Exporting Countries (OPEC), particularly Saudi Arabia, have actually increased production levels to near

|By Arabian Post Staff| Platts, independent provider of information and benchmark prices for the commodities and energy markets, announced that it will publish independent, outright price assessments for a range of oil products for the Middle East market on a Free-On-Board Fujairah basis starting October 3, 2016.The new assessments are for gasoline, diesel/gasoil, jet fuel and fuel oil. They will be published alongside existing physical netback values for these products which derive their values from the price assessments at the

|By Arabian Post Staff| DEWA has awarded the contract for Independent Power Producer (IPP) Advisory Services for the 200MW Concentrated Solar Power (CSP) Plant to a consortium led by KPMG Lower Gulf Limited (Financial), alongside Mott MacDonald (Technical) and Ashurt (Legal).This is part of DEWA’s efforts to increase the percentage of renewable and clean energy in the energy mix, and support the Dubai Green Energy Strategy 2050, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister

|By Luzi-Ann Javier| Central bankers are putting gold investors and traders on the defensive.More than 2,500 lots exchanged hands Friday for a put option giving owners the right to sell October futures at $1,300 an ounce, making it the most-traded option for the second straight day. The most active contract on the Comex slipped as much as 0.6 percent to $1,334.10. Holdings in exchange-traded funds backed by gold fell for a second day on Thursday.There’s reason to be worried. Federal Reserve

|By Steve Austin| At first sight it appears that low oil prices are good for society. A low oil price helps us save dollars at the pump, acts as an economic catalyst making exchanges cheaper and thereby stimulating the economy. However, there are downsides as well, often out-of-sight-out-of-mind and we will address these today.Change in economic modelFor the first time we have entered an era of sustained low oil prices. For a start, we have explained the 'why' part this

|By Arabian Post Staff| Ford Motor Company has terminated its dealership agreement with Kuwait’s Arabian Motors Group WLL for the Ford and Lincoln brands, a top functionary of the US carmaker confirmed.The company will now go with Alghanim Auto, with which it had a relationship since March this year as an official importer. Alghanim Industries is one of the largest privately-owned and professionally managed companies in the region that enjoys an exceptional track record of success in automotive distribution, sales

|By Arabian Post Staff| Iran’s leading private bank, Bank Mellat, won a major legal battle against the UK Treasury in its claim of $4 billion damages for the sanctions imposed on it in 2009, when the English Court of Appeal, presided by Lord Chief Justice Thomas of Cwmgiedd, upheld the bank’s claim that damages should cover loss to future income as well.Bank Mellat brought this claim following a Judgment of the Supreme Court of the United Kingdom, in June 2013,

|By TAP Staff| The Organization of Petroleum Exporting Countries has forecast the first fall in U.S. oil production in eight years.Total output of crude and natural gas liquids is forecast to fall 0.5 percent to 12.47 million barrels a day next year, the Organization of Petroleum Exporting Countries said in its monthly market report Monday. The decline is being driven by the fall in prices, which has curbed spending, OPEC said. U.S. oil drillers have idled more than half the nation’s

|By TAP Staff| With the nuclear deal between Iran and the world powers complete, American business interests are looking for opportunities. But before all the sanctions are lifted, U.S. and global businesses will have to clear plenty of hurdles before they begin investing in and selling to Iran, Voice of America said.The agreement, which puts strict limits on Iran’s nuclear development for 10 years, calls for lifting economic sanctions by the international community.Suzanne DiMaggio, a senior fellow and director of

|By TAP Staff| Dubai’s bilateral trade with was valued at AED 47 billion in the first quarter of 2015, it was revealed. For the whole of last year, Dubai-China trade was worth a record AED 175 billion.The statistics were revealed at a meeting between Director of Dubai Customs Ahmed Mahboob Musabih and Consul General of the People's Republic of China in Dubai, Li Lingbing.The two sides explored Dubai-China bilateral trade ties and discussed mechanisms for further coordination in Customs operations

Reliance Industries Ltd., owner of the world’s biggest oil refining complex, reported an unexpected increase in profit as earnings from investments and lower finance costs compensated for a drop in operating income.Net income rose to 55.1 billion rupees ($894 million), or 17.10 rupees a share, in the three months ended Dec. 31 from 55 billion rupees, or 17 rupees a share, a year earlier, according to a regulatory filing yesterday. That beat the 53.1 billion-rupee median of 26 analyst estimates

India’s incoming central bank Governor Raghuram Rajan has little room to use borrowing costs to spur Asia’s third-largest economy as the rupee plummets, interest-rate swaps show.The cost to lock in rates for a year using the contracts surged 267 basis points this quarter to 10.16 percent yesterday as investors bet the Reserve Bank of India will prolong a cash crunch it created to shore up the currency. A similar rate in China was at 4.09 percent. The RBI said it

Wells Fargo reported its 10th consecutive quarter of earnings growth as a result of a booming business originating and refinancing mortgages.The bank’s second-quarter profit was a record $4.6 billion, a 17 percent rise from the $3.9 billion profit it reported a year earlier. The San Francisco-based company earned 82 cents a share, above the 81 cents expected by the analysts polled by SNL Financial.Wells has largely skirted the trading and derivatives controversies that have engulfed many of its large competitors

CHICAGO (Reuters) - Russell Wasendorf Sr was arrested on Friday after allegedly stealing more than $100 million from clients of his now-bankrupt brokerage PFGBest, using little more than a rented P.O. Box, Photoshop and inkjet printers to dupe regulators for decades. In the dramatic conclusion to a week-long drama that has shaken trader confidence in the trillion-dollar U.S. futures markets, FBI agents arrested Wasendorf, 64, at the Iowa City hospital he was taken to after he tried to commit suicide on

A mining company is concerned the postponement of public hearings on its NICO project could delay construction plans and add another year to a project that's already taken three-and-a-half years to review.Fortune Minerals Ltd. wants to build a cobalt-gold and bismuth mine at its Nico property, located about 90 kilometres north of Behchoko, N.W.T.A hearing was scheduled to be held in Behchoko at the Elizabeth Mackenzie School on August 1st and 2nd, but the hearings are now tentatively postponed until

NEW YORK (Reuters) - A state judge on Friday temporarily blocked plans by Martha Stewart Living Omnimedia to sell certain branded products at J.C. Penney stores.The preliminary injunction was a win for Macy's , which has sued Martha Stewart Living claiming it has exclusive rights to sell certain Martha Stewart products including soft furnishings, dinnerware and cookware.In issuing the preliminary injunction, New York State Supreme Court Justice Jeffrey Oing said Macy's had shown likelihood of ultimate success in its lawsuit.

A Barclays employee notified the Federal Reserve Bank of New York in April of 2008 that the firm was underestimating its borrowing costs, following potential warning signs as early as 2007 that other banks were undermining the integrity of a key interest rate.In 2008, the employee said that the move was prompted by a desire to “fit in with the rest of the crowd” and added, “we know that we’re not posting um, an honest Libor,” according to documents that

"This has shaken our company to the core," CEO Jamie Dimon said.The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives.JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $US1.4 billion in the first three months of the year.Mr Dimon's original

K. Raveendran, Special to Gulf NewsWhen Dubai Islamic Bank announced the launch of its first property development in Dubai Marina in January last year, there was only a hint that the world's first Islamic bank might be looking at the emirate's booming real estate sector somewhat more seriously than the rest of the banks. But in less than a couple of years, DIB has emerged as the country's leading bank in the property business, not only consolidating its domestic role, but