|By Arabian Post Staff| The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops, Bloomberg reports. Money managers increased bets on lower West Texas Intermediate oil for the first time in five weeks as Iraq joined Iran, Nigeria and Libya in seeking to be excluded from OPEC’s first agreement to reduce output in eight years. The deal was reached […]
By David Shepardson | WASHINGTON WASHINGTON AT&T Inc may bypass a powerful telecommunications regulator by offloading a Time Warner broadcast station, analysts say, as the telecommunications giant braces for what is expected to be a lengthy and tough antitrust review of its proposed $85.4 billion deal to buy Time Warner Inc. Dallas-based AT&T said late Saturday the deal would need approval of the U.S. Justice Department and […]
Tech behemoth Dell EMC launched a torrent of new products and services for enterprise client at its Dell EMC World Austin event that wrapped up yesterday. Among the announcements were the new Endpoint Data Security and Management portfolio, new payment solutions for IT procurement, new versions of its Data Domain protection tool, and new analytics suites. Security Is the Word Digital security was one of the biggest […]
Major DDoS Attack Causes U.S. Outages on Twitter, Reddit, Others Early this morning, a large distributed denial of service attack (DDoS) directed at the Internet performance management company Dyn caused Web site outages for a number of its customers, including Twitter, Reddit, Spotify and SoundCloud. Services were restored to normal by 9:20 a.m. Eastern Time, the company said. In a status update shortly after 7 a.m., New […]
AT&T Trying To Buy Time Warner Inc. After its acquisition of satellite television service DirecTV, telephone giant AT&T Inc. might be setting its sights on an even bigger prize, Time Warner Inc. Bloomberg News reported Thursday afternoon that AT&T and Time Warner executives have engaged in preliminary talks about a potential merger or other partnerships. [Update: Friday evening, The Wall Street Journal reported that AT&T is in […]
|By Arabian Post Staff| Saudi Arabia’s $17.5 billion debut sovereign bond issue had a most successful start, with investor orders reaching $67 billion, according to reports. The huge response has meant that the oil kingdom is in a position to borrow more cheaply than was originally expected. According to Financial Times, the order book was also sufficiently large to enable the country to raise the amount it […]
|By Matein Khalid| The fall in oil prices since 2014 has triggered a liquidity crunch and higher funding costs in the UAE banking system. EIBOR is almost double the London interbank rate LIBOR. Non-performing loan (NPL) have begun to rise as property prices have fallen 20% from their peak and corporate/SME borrowers are hit by a sharp downturn in the business cycle. DIB shares reflect these macro […]
|By Arabian Post Staff| The UAE has started the process of staffing the Federal Tax Authority, which will be responsible for the implementation of the proposed federal tax system, beginning with the introduction of VAT. The Ministry of Finance is scouting around for a Compliance and Enforcement Director, who will help maximise Federal tax revenues through the development and implementation of compliance and enforcement strategies. Deloitte LLP […]
|By Arabian Post Staff| US$51.6 billion of Dubai’s debt will come due for repayment in 2016-18, with US$27.4 billion due in 2018, IMF has estimated. Over US$28.9 billion of Abu Dhabi’s debt will also come due during this period. According to IMF, these imply short-term rollover risks for both Dubai and Abu Dhabi, but for a larger extent in the case of Dubai. The Fund feels that […]
|By Arabian Post Staff| Adnoc announced plans to merge Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co. by the end of 2017. The new shipping company will operate more than 165 vessels, including vessels to carry liquefied natural gas, chemicals and bulk cargo, Adnoc said. The consolidation is expected to lead to improved efficiency and savings. The move is seen […]
|By Abdullah Aljunaid|The Alliance of Iran, Hezbollah and al-Qaeda and the attacks of September 11th 2001 Judicial rulings have shown that the calamitous and tragic events of September 11 were bourn of a relationship between Iran and Hezbollah and al-Qaeda. Will the coming days reveal a similar relationship with Daesh too? Hezbollah is widely known for its support of terrorism, forinciting sectarian strife in the Arab countries, and for the cooperation of its members with drug dealers in Europe, North and South America, Africa, as a means to finance […]
|By Arabian Post Staff| Signs of friction over OPEC’s production freeze plan are already emerging, with more members questioning the proposed numbers. Iraq and Venezuela had already expressed doubts over data compiled by OPEC for this purpose on the ground that the data has been compiled from secondary sources. And now Iran has joined the protest. Output estimates compiled by OPEC’s Vienna-based secretariat are “not acceptable,” Bloomberg […]
|By Arabian Post Staff| The three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, has climbed 15 successive months to the highest in seven years, Bloomberg reported. It gained 84 basis points this year to 2.385 percent on Sunday, compared with a 27 basis-point advance in the London Interbank Offered Rate for dollars. Meanwhile, the loans-to-deposit ratio among Saudi banks, a key measure of […]
|By Arabian Post Staff| A high level panel will examine the effects and ramifications of de-risking for Middle East banks, under which correspondent banking relationships are constrained or blocked by international regulators protecting their banks from perceived risk such as money laundering or financing terrorism. The panel will discuss how banks manage de-risking, how it affects their small and medium sized corporate clients in the Middle East […]
|By Arabian Post Staff| The Dubai Islamic Economy Development Centre is in the process of developing a National Bonds Sukuk Trading Platform, which uses assets in the local economy to structure Shariah-compliant consumer financing. This is pat of the initiative to develop new strategies to meet the liquidity management and personal financing needs of Islamic banks and Islamic windows at conventional banks. These products are expected to […]
|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, […]
|By Arabian Post Staff| Goldman Sachs Group Inc. won a landmark case when a London court ruled that there is no evidence to prove the bank resorted to unlawful practices to get Libyan officials to invest with it, a move that led to $1.2 billion loss to Libya. The verdict put to rest claims the bank leveraged its reputation as well as lavish meals and prostitutes to […]
By Sankalp Phartiyal and Anya George Tharakan | MUMBAI/BENGALURU MUMBAI/BENGALURU Infosys Ltd cut its annual revenue growth target for the second time in three months as India’s software service exporters feel the pinch of major Western clients holding back on spending as they wait to see how November’s U.S. presidential election and Europe’s Brexit drama play out. While it reported second-quarter net profit grew 6.1 percent, the […]
A new partnership between long-time rivals Amazon Web Services (AWS), part of Amazon.com, and VMware could prove to be a major deal for enterprise hybrid cloud users as well as the competitive landscape that services them. Yesterday, the companies announced that they will be cooperating on a new hybrid service, dubbed VMware Cloud on AWS, designed to make it easier for enterprises to run VMware applications on […]
Versatility is what you want from a sleep shelter when you wander deep into the wilderness. And the lightweight, durably-designed Sunda delivers. This tent-hammock does it all, whether your campsite is a mossy grove or a steep stand of pines. Its modular design makes it simple to set up on the ground or hang it in the trees. Either way, you have a dry, weatherproof & well-ventilated […]
Google, Hewlett Packard Enterprise and IBM are among nine tech giants coming together to promote a new standard for data center servers. Designed to speed up server performance, the OpenCAPI specification is aimed at helping businesses better handle today’s increasingly data-intensive workloads. Working together as part of the new OpenCAPI Consortium, the industry partners said they expect that the first products based on the new standards will […]
HP Inc. expects to lay off between 3,000 and 4,000 employees in the next three years amid slumping demand for its products, the company said Thursday. The layoffs come one year after HP Inc., the manufacturer of printers, laptops and personal computers, was spun off from Hewlett-Packard in Silicon Valley’s biggest corporate breakup. The other company in the split, HP Enterprise, provides data center technology and business […]
|By Matein Khalid| The Algiers pact was a game changer in the international oil markets. Crude oil prices have risen to three month highs above $50 Brent after OPEC agreed to cut output to the 32.5 – 33 MBD range, with the symbolic Saudi-Iranian deal reinforced by a sharp drop in US inventories and Hurricane Matthew’s havoc in the Caribbean. Unfortunately for OPEC, the US land rig […]
By Mai Nguyen and My Pham | HANOI HANOI Samsung Vietnam will maintain its current staff numbers and its exports target this year, the firm said on Wednesday, despite the parent company scrapping its flagship Galaxy Note 7 phone following a series of battery fires. Samsung Electronics, which employs around 110,000 people in Vietnam, finally pulled the plug on the new Note 7 phone on Tuesday, less […]
