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Amit Singhal, senior vice president of search at Google, speaks at the garage where the company was founded on Google’s 15th anniversary in Menlo Park, California September 26, 2013. Reuters/Stephen Lam As one of Google’s earliest search pioneers steps down and the company’s leader in artificial intelligence takes his place, analysts say the move signals the company’s desire to make its search engine more sophisticated. Google parent […]

By SHUAIB ALMOSAWA and KAREEM FAHIM February 3, 2016 SANA, Yemen — An airstrike by a military coalition led by Saudi Arabia hit a cement factory north of Sana, Yemen’s capital, on Wednesday evening, killing at least 15 people, including civilian workers in nearby businesses, according to local security and medical officials. The bombing of the factory, in Amran Province, came days after Saudi officials pledged to form a high-level committee […]

|By Matein Khalid| “One country, two systems”. This was the historic formula under which Margaret Thatcher agreed to hand over the British Crown Colony of Hong Kong to the People’s Republic of China, then ruled by Paramount Leader Deng Xiao Ping. The Hong Kong dollar’s spike to 7.81, on the high end of its 7.75 – 7.85 band, demonstrates the sheer scale of the speculative attack against […]

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year. Analysts are projecting prices will climb more than $15 by the end of 2016. New York crude will reach $46 a barrel during the fourth quarter, while Brent in London will trade at $48 in the same period, the median of […]

Reuters/ DEBORAH M. TODD AND ANYA GEORGE THARAKAN/Alphabet Inc easily beat Wall Street’s quarterly profit forecasts on Monday, helped by strong mobile advertising sales, sending the shares of Google’s parent higher in after-hours trading to surpass Apple Inc as the most valuable U.S. company. For the first time, the company disclosed the profitability of Google’s search engine and its other online services, and how much it is […]

MODI SARKAR PICKS NAMES TO TRUMP RIVALS

 

By Arun Srivastava

 

The politics of vengeance has been the key factor in the Modi government denying the smart cities to the eastern Indian states. Except Bhubaneswar, Odisha’s capital, no city from Bihar, Uttar Pradesh, Jharkhand or Bengal has made it to the smart list. Last year, when the names of the cities for including in the list of the smart cities were being finalized Bihar government was given the impression that at least three of its cities – Bhagalpur, Biharsharif and Muzaffarpur – are among the 97 shortlisted and would be upgraded. But none made it to the first list of 20 released by the Union minister Venkaiah Naidu.

 

Reacting to it Bihar Chief Minister Nitish Kumar compared the Centre to the fabled “andher nagri (City of lawlessness)” for ignoring Bihar while picking the first list of 20 smart

Letters spell the word ”Alpahbet” as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. Reuters/Pascal Rossignol How much is Google-parent Alphabet Inc spending on “moonshots” – self-driving cars, glucose-monitoring contact lenses, Internet balloons and other ambitious projects? Investors will get their long-awaited answer when Alphabet reports fourth-quarter results after markets close on […]

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Drivers in the U.S. oil hub of Houston can fill their tanks for less than the cost in Abu Dhabi and Dubai for the first time since 2008 as falling crude prices push Middle East exporters to cut government fuel subsidies. The price of the cheapest grade in the United Arab Emirates, of which Abu Dhabi is the capital, is 1.51 dirhams per liter ($1.55 a gallon) […]

Saudi Arabia may further ease restrictions on foreign ownership in the economy and overhaul one of the world’s most restrictive visa systems as the kingdom seeks to draw investors to help reduce its reliance on oil exports. The world’s biggest oil exporter is considering allowing foreigners to own 100 percent of a company in at least four more industries, Mohanud Helal, secretary general of the Economic Cities […]

WHY TAX/GREEN BREAK FOR INDIA’S RICH?

 

By Garga Chatterjee

 

On 16th January, with much fanfare, the Union government announced its “Start-up India” scheme. On attendance were big people, big enough not to deserve any income tax break in their next seven lives. But this is precisely what the Government of India (GoI) has offered – an income tax exemption for first three years of a “start-up”. There will also be tax exemption on capital gains. After all its fake environment-love recently in Paris, this GoI scheme has also offered a three-year exemption on environment law compliance! Entities will only need to self-certify! In the name of “start-up”, exactly what anti-environment, anti-labour racket are we starting up here? This will also be true for labour law and working condition compliance (including payment of wages and benefits to staff). Shamelessly, this whole sch

|By Matein Khalid| The collapse in Brent crude oil below $30, a 20% fall in the Tadawul share index in January 2016’s global equity bloodbath, the cut in fuel subsidies and geopolitical risk escalation in the Middle East has spawned speculation in financial markets that Saudi Arabia will devalue the kingdom’s riyal, now pegged at 3.75 against the US dollar. Senior princes of the royal family and […]

DP World’s long-serving chief executive Mohammed Sharaf has retired with immediate effect, the Dubai-based port operator said on Wednesday. Sharaf had been CEO for 11 years and worked for the company for 23 years, a statement to the Nasdaq Dubai bourse said. DP World’s chairman Sultan bin Sulayem will carry out the CEO’s duties on interim basis, it said. The company has a portfolio of more than […]

UAE.  To coincide with the annual Arab Health Exhibition & Congress this week, six major investment opportunities in the GCC’s health care market in 2016 have been predicted by EY as being areas of high demand and growth in the region. According to the EY ‘Investment Big Bets – Healthcare and Life Sciences in the GCC’ report launched today, specialized centers of excellence (CoEs), home health care […]

A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, India, November 3, 2015. Reuters/Shailesh Andrade/Files MUMBAI India’s Reliance Communications Ltd (RCom) expects to reach a deal to sell its mobile phone masts business to a group of companies led by buyout firm TPG Capital Management LP in the next two weeks, its chief executive said on Monday. RCom last […]

FATAL ANTI-DALIT BIAS OF MODI’S MINISTERS

 

By Amulya Ganguli

 

In a voice choked with (feigned?) emotion, Narendra Modi told the Ambedkar University convocation last Friday that Rohith Vemula was forced to take his own life. But he did not specify who forced the Dalit student although the prime minister knew that the “culprits” were in his cabinet. Moreover, they are likely to continue in their posts despite their guilt – unless they are booked for the abetment of suicide.

 

The two “guilty” ministers, however, must be wondering what they did wrong. After all, when labour minister Bandaru Dattatreya shot off a letter to the “high school girl” – SmritiIrani has studied only up to Class XII – in the human resource development ministry, complaining about how Hyderabad University has become a “den of casteism, extremism and anti-national politics”

|By Matein Khalid| I had called for Brent crude to fall to $30 in successive columns since the November 2014 OPEC conclave in Vienna, when Saudi Arabia abandoned its traditional role as the “swing producer” the central bank of black gold. The world oil markets now face a supply shock, a demand shock, epic volatility and the loss of the “swing producer”. The world is running out […]

As Iran emerges from a decade of international sanctions, its Gulf Arab rivals are facing their toughest economic predicament since the global financial crisis. Governments across the six-nation Gulf Cooperation Council are taking unprecedented measures to counter the slump in oil prices, curtailing some of the world’s most generous welfare systems to plug widening budget deficits. In some countries, contractors are facing delays in government payments, while […]

Stocks across the Middle East tumbled as the easing of sanctions against Iran raised the prospect of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Shares in Tehran gained. Saudi Arabia’s Tadawul All Share Index dropped 5.4 percent to its lowest level since March 2011. Abu Dhabi’s ADX General Index fell into a so-called bear market. The Bloomberg […]

|By Matein Khalid| This was the ghastliest week for global risk assets since September 2011. Not even 290,000 new US jobs in December could negate the raw fear on Wall Street generated by the 10% fall in Shanghai, a yuan depreciation, market meltdowns of 6 – 7% in Tokyo, Hong Kong, Frankfurt, Mumbai and New York. Four months ago, I had published a KT article titled “History’s […]

|By Arabian Staff| Additional information forthcoming from state-owned Saudi oil giant Aramco suggests that the proposed IPO may be restricted to refining and other similar activities rather than the parent company as a whole. Aramco clarified in a statement the other day that while the company was studying options including a full initial public offering, one of the options under consideration is “listing of a bundle” of […]

Saudi Arabia’s potential initial public offering of its state oil company could be the largest ever, a juicy target for any ambitious Wall Street bank. In a country traditionally cold to outsiders, only a few have the experience to win it. JPMorgan Chase & Co. and HSBC Holdings Plc are among international lenders in the best position to win a role if the kingdom goes ahead with […]

|By Tyler Durden| Back in June 2013, when Deutsche Bank opened a gold vault in Singapore which could hold up to 200 metric tons, the German bank was euphoric about the prospects for storing physical gold: “Gold has traditionally been stored in London, Zurich and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve,” Mark Smallwood, […]

Saudi Arabia is considering its own Big Bang. The world biggest crude exporter is considering selling a stake in its state-owned company, which controls more than a tenth of the global oil market. A potential initial public offering is under review for Saudi Arabian Oil Co., also known as Aramco, Mohammed bin Salman, the kingdom’s deputy crown prince, said in an interview with The Economist. A decision […]

Ride-sharing app company Lyft today announced that it has raised $1 billion in new funding, including a $500 million investment from General Motors. The additional funds bring to $2 billion the total amount of capital the firm has attracted since it was founded in 2012. Under the new arrangement, Lyft and GM [Image credit: General Motors] will work together to build a network of on-demand, self-driving cars […]

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