Asian shares tumbled and the yen reached for seven-week highs against the dollar and euro on Monday as emerging markets remained under pressure, with the U.S. Federal Reserve poised to continue tapering stimulus and tighter credit conditions in China raising fears of a sharper economic slowdown. But U.S. stock futures suggested the selloff might abate later in the session. S&P 500 E-mini futures edged up 0.2 percent […]
Iranian President Hassan Rouhani said on Wednesday it was possible to turn more than three decades of enmity with the United States into friendship if both sides made an effort. He was speaking in a Swiss television interview after arriving at the World Economic Forum in Davos where he will court the global business community and meet a series of oil company executives on Thursday. Asked whether […]
By Simeon Kerr The many daily flights between Dubai and Tehran are always busy. But these days the Iranians heading home after business and shopping trips are being joined by rising numbers of briefcase-toting western and Asian passengers. They are part of a new wave of foreign investors eager to investigate business opportunities in post-sanctions Iran, a potentially lucrative trade that Dubai, the commercial hub of the […]
Abu Dhabi will pay Exxon Mobil Corp. and Inpex Corp. more to pump oil at the largest field off the emirate’s coast as it extends a contract with the companies. Exxon and Japan’s Inpex lengthened their deal for the Upper Zakum field in the Arabian Gulf by 15 years through 2041, the Asian company said today in a statement, without giving further terms. The companies may get […]
Asian markets sprang higher on Tuesday as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week. A drop in the yen helped Tokyo’s Nikkei rally 1.5 percent and dragged up markets from Seoul to Singapore. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS swung round to […]
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 […]
Iranian President Hassan Rouhani will court global business in Davos next week after winning an easing of some economic sanctions, but any trade bonanza depends on the long-term success of nuclear diplomacy. A U.S. stranglehold on Iran’s access to the international financial system, the uncertain future of talks on its nuclear program beyond a six-month initial deal, and vested interests in the Islamic Republic suspicious of Western […]
The long-term future of fields that produce about half Abu Dhabi’s oil remains unclear with only one day of a 75-year partnership with western oil companies left to run. Some of the world’s largest energy companies – ExxonMobil , Royal Dutch Shell, Total and BP – have been pumping crude from the Abu Dhabi desert for decades, taking payment in oil. From midnight on Friday, the 9.5 […]
Abu Dhabi will take full control of the UAE’ biggest oilfields when its decades-old venture with four western oil giants ends this weekend, while it weighs new partnerships that could include its long-term collaborators or Asian newcomers. The OPEC member country has held a 60-percent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the United […]
Indian budget airline SpiceJet has agreed to buy about 40 Boeing 737 jets worth over $4 billion at list prices, industry sources said, a move that could help the loss-making carrier as it seeks new investors. The deal includes a firm order for as many as 42 Boeing 737 MAX aircraft that offer fuel savings compared to SpiceJet’s existing fleet of current-generation Boeing 737s, the sources said. […]
Asian shares fell to a near four-month low on Tuesday, though the dollar rebounded after overnight weakness on disappointing U.S. services sector data that raised concerns about stuttering growth in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent, heading for a fifth straight day of losses. Japan’s Nikkei index shed 0.6 percent, adding to a 2.4 percent slide on Monday, […]
Thousands protested in Hong Kong on Wednesday pressing China to allow full democracy in the city as a battle intensifies over Beijing’s attempts to control the outcome of a planned direct election for the city’s leader in 2017. Beijing had promised direct elections in the former British colony as the goal for 2017, but the devil is in the details of the rules governing who can run. […]
Passenger traffic through Dubai International Airport rose 9.5 percent from a year earlier in November to 5.3 million people, airport authorities said on Monday. Western Europe recorded the largest increase in total passenger numbers in November, followed by the Indian subcontinent, the Middle East, Australasia and Africa, Dubai Airports said in a statement. Year-to-date passengers totalled 60.4 million people, an increase of 15.3 percent. Cargo volumes rose […]
The decision by India’s top investigating agency to probe a third billionaire-led mining deal in six months puts at risk government efforts to revive $160 billion of stalled projects. The Central Bureau of Investigation said on Dec. 23 it started probing Anil Agarwal, who runs the country’s biggest aluminum and copper producer. It alleged irregularities in his 2002 purchase of the state’s 26 percent stake in Hindustan […]
Luxury brands are stepping up the battle for travelling shoppers with more outlets at airports and on cruise ships, tapping into one of the fastest growing sections of the market that looks set to keep booming thanks to soaring numbers of Asian tourists. Revenues from travel retail, which also includes sales on airplanes, rose 9.4 percent in 2012 to $55.8 billion, according to a market study by […]
Surging vegetable prices led wholesale price inflation to a 14-month high in November, reinforcing expectations Reserve Bank of India (RBI) will have to raise interest rates again this week at a time the country’s economy is flagging. Policymakers have been grappling with high prices for food staples such as onions and potatoes even after the RBI raised interest rates by a quarter percentage point in each of […]
Japan and Southeast Asian countries called for freedom of the air and sea on Saturday, as China’s military assertiveness raises regional tensions and after U.S. and Chinese warships narrowly avoided collision in the disputed South China Sea. China’s recent announcement of an air defense zone covering disputed islands in the East China Sea and its territorial claims in the South China Sea have raised concerns that a […]
The UAE will add 29.2 million passengers over the next four years at a compound annual growth rate, or CAGR, of 6.6 per cent as total global air passenger numbers are expected to rise to 3.91 billion by 2017, the International Air Transport Association, or Iata, said on Tuesday. As airlines across the globe expect to see a 31 per cent increase in passenger numbers between 2012 […]
National Bank of Abu Dhabi (NBAD) will take on more staff to grow its commercial business and tap the “enormous opportunities” created by Dubai’s successful 2020 World Expo bid, its CEO said, even as it pursues international expansion. The United Arab Emirates’ (UAE) largest lender plans to add around 900 jobs to its current headcount of 6,500 next year across 18 countries, with a focus on new […]
India’s (SENSEX) benchmark stock index surged to a record and the rupee climbed to a four-month high after the nation’s main opposition party won the state polls. The S&P BSE Sensex rose 1.5 percent to 21,311.03 at 12:03 p.m. in Mumbai and the currency touched 60.8475 per dollar, the strongest level since Aug. 12. Ten-year bonds ended a seven-day losing run. ICICI Bank soared 4.6 percent, sending […]
Booming housing markets in emerging Asia have pushed global residential property prices to a new peak, according to a report on Friday. Consultancy Knight Frank’s global house price index rose 4.6 percent over the 12 months to the end of September, taking it 4 percent higher than its previous peak in the second quarter of 2008. “The index’s strong performance has been assisted not just by headline […]
Just a few days after being chosen to host the 2020 World Expo convention, the glittering city of Dubai was also named the world’s leading destination at the 20th edition of the World Travel Awards which took place in Doha over the weekend. The city of superlatives, home to some of the world’s most impressive architectural and engineering feats and holder of several Guinness records, now also boasts the […]
Middle East crude for immediate delivery traded at its biggest premium in two years to later shipments last month after Royal Dutch Shell bought an unprecedented number of cargoes. The price gap between the earliest loadings of the benchmark Dubai grade and those for two months later climbed to $2.82 a barrel on Nov. 21, the widest spread since 2011, according to data compiled by Bloomberg. The […]
The United States on Friday congratulated the United Arab Emirates on landing the 2020 World Expo trade exhibition — the first time that a Middle Eastern nation will host the event. The UAE on Thursday won its bid to host the six-month event in Dubai, beating out Russia, Brazil and Turkey. “This is a significant first as the UAE serves not only as the region’s business hub, […]
