|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 […]
|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 […]
|By Arabian Post Staff|Up to AED 7 billion in outstanding loans were restructured by UAE banks through negotiations with over 1700 small and medium enterprises in distress, the UAE Banks Federation has revealed. The restructuring was done under an initiative of the Federation named “Modus Operandi”. The initiative was launched by the Federation earlier in the year under which lenders to SMEs experiencing repayment difficulties agree to […]
For part 1 of this series, click here. Traffic on highway 65 was moderate and became heavy once we merged onto highway 10. Gone was the tranquility of the country side. We stopped to refuel north of Biloxi. The Maritime museum would have been a nice place to visit, but we were late in the day and they were likely closed. Besides, we wanted to make it […]
The Interpreter By MAX FISHER You could be forgiven, after five years of Syria’s war dominating front pages, for feeling lost. It is easy to track the war’s toll: It has killed 400,000 people, displaced millions, opened space for the Islamic State, and sucked in foreign powers, including the United States. It is harder to keep track of the how and why. The basics can seem even […]
Sometimes, things don’t turn out like we expect. This is the case with Chevrolet and the Chevelle. It started as a conventional car but evolved into a road warrior, carrying the muscle car torch for a new generation. The Chevelle had a body-on-frame design that, while basic, really unlocked its potential as a muscle machine. There was a time when the LS6 Chevelle was the fastest American car […]
By Adam Jourdan and Tom Westbrook | SHANGHAI/SYDNEY SHANGHAI/SYDNEY Apple Inc fans from Sydney to Shanghai, the first customers worldwide to snap the new iPhone 7 off the shelves, cheered as they left stores on Friday brandishing their purchases, flanked by applauding sales staff. But underneath the usual fanfare, the crowds of enthusiasts and overnight campers were smaller than in past years. Some customers complained after the […]
By Mark Hosenball and Joseph Menn | WASHINGTON/SAN FRANCISCO WASHINGTON/SAN FRANCISCO The Federal Bureau of Investigation is intensifying efforts to find enough evidence to enable the Justice Department to indict some of the Russians that U.S. intelligence agencies have concluded are hacking into American political parties and figures, U.S. law enforcement and intelligence officials said on Thursday. Building legal cases is difficult, largely because the best evidence […]
|By Arabian Post Staff| Dubai-based Shaikhani Group announced a major foray in Dubai’s property market with 11 real estate projects with a collective value exceeding Dh3.5 billion (US$950 million) that are in various stages of development. Shaikhani Group’s 11 projects will deliver 2,100 residential and commercial units in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis. Of these, the company is at an advanced stage of […]
By Ankur Banerjee Samsung Electronics Co Ltd (005930.KS) formally recalled 1 million Galaxy Note 7 smartphones sold in the United States, replacing or refunding the flagship phones, whose susceptibility to catching fire has damaged the image of the Korean powerhouse. Samsung received 92 reports of batteries overheating in the United States, including 26 reports of burns and 55 cases of property damage, the company said as it […]
September 2016: Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Pope Francis during a visit to Vatican City. June 2016: President Sheikh Khalifa officially invited Pope Francis to visit the UAE. Sheikha Lubna Al Qasimi, Minister of State for Tolerance, presented the invitation during a visit to the Vatican. May 2016: A delegation of more than 300 […]
|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 […]
|By Arabian Post Staff| The generations of Millennials, meaning people between the ages of 19 and 35, as well as Centennials, denoting young people aged up to 18, will most probably end up poorer than their parents and grand parents, a Bank of America-Merrill Lynch report titled Thematic Investing: The New Kids on the Block has predicted. Gen Y (“Millennials”, 19-35Y) and Gen Z (“Centennials”, 0-18Y) are […]
|By Arabian Post Staff| Patent grants from the GCC in chemistry have seen a five-fold increase in the last decade, according to the World Intellectual Property Organization (WIPO). Producing up to USD102.6 billion worth of products a year, petrochemical industry is a main generator of patents from Gulf region along IT and electronics. “The petrochemical industry in the Gulf is of global standards where there is an […]
|By Arabian Post Staff| Switching from conventional ‘Western’ financial practices to Islamic banking gives distinct advantages to banks, with the change improving the liquidity and value of stocks, a study of the merger between a Bahrian Islamic bank and a conventional bank revealed. Researchers at the Universities of Birmingham and Brighton studied a merger that took place in Bahrain, between an Islamic bank and a conventional bank […]
|By Arabian Post Staff| Abu Dhabi’s Masdar City without light switches or water taps has much to teach people around the world about saving energy and precious resources. With its low-rise and energy efficient buildings, smart metering, excellent public transport and extensive use of renewable energy, the 2,000 citizens of Masdar City are living in a place which is a ‘green’ example to city planners around the […]
|Arabian Post Research|The Middle East geopolitics is set to enter a new flashpoint over the US legislation that will ultimately allow families of the victims of 9/11 to sue Saudi Arabian for responsibility for the terrorist attack. Both the US House of Representatives and Senate have passed a bill to this effect unopposed, but President Barack Obama is expected to veto the legislation, although Congress could override […]
|By Matein Khalid|I had written a column two weeks ago outlining my view that US equities faced a dangerous autumn and the S&P 500 index was set for a fall of 150 points. However, even I did not expect the S&P500 index to fall 52 points on Friday (the Dow dropped 394 points and NASDAQ 133 points), its worst performance since the Brexit shock. It was even […]
Hot and hazy weather is forecast over the country on Sunday, with partial cloud cover at times over some areas. The cloud amounts will increase over eastern areas with a chance of convective formations by the afternoon, according to the National Centre for Meteorology and Seismology. The wind will be light to moderate, and will freshen at times stirring up dust. High temperatures along the coast are […]
|By Arabian Post Staff| With the Algiers meeting of OPEC drawing closer, the approach of the price boost initiatives is itself apparently evolving into something totally different from the initial idea of some sort of an output freeze. The new buzz word seems be ceiling rather than the freeze. Of course, the overriding consideration is voluntarism. According to reports, the OPEC producers, particularly the camp led by […]
|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 model For the first time we have entered an era […]
|By Arabian Post Staff| There is a growing digital divide between those wealth managers who offer engaging and client-friendly websites that are continually updated and improved, and those who are lacking in a number of key areas. The quality of the websites of the latter group is, at best, stagnating, and mobile websites in particular remain a weakness. These are the key findings of the new report […]
|By Arabian Post Staff| The extent to which the economic slowdown has affected the performance of companies is fairly well known. Still, when Abu Dhabi’s sovereign wealth fund and corporate entity Mubadala announced its half yearly result, it came as a shocker. The Mubadala Development Co., which has announced a merger with International Petroleum Investment Co., has posted a first half loss of AED 4.43 billion ($1.2 […]
/By Matein Khalid/The oil market has been a rollercoaster in 2016. A global financial panic triggered by China’s yuan depreciation caused Brent crude to fall below $30 a barrel in late January. I was amazed at the sheer scale of the speculative short positions accumulated by oil traders and hedge funds in both West Texas and Brent futures markets, the highest since the oil crash of 2008. The […]
