|By Arabian Post Staff| The overall tourism spend by visitors to the UAE declined by 6% in the first quarter of 2016, according to a report on consumer card spends by Network International, the leading payment solutions provider in the MENA region. Due to a continuous appreciation in the US Dollar along with a bullish global economic outlook and a fall in the prices of crude oil, […]
A pedestrian walks past an Apple iPhone 6 advertisement at an electronics store in Mumbai, India, July 24, 2015. Reuters/Shailesh Andrade/File Photo NEW DELHI India has said Apple Inc must meet a rule obliging foreign retailers to sell at least 30 percent locally-sourced goods if it wishes to open stores in the country, a senior government official told Reuters. Apple is hoping to expand its retail presence […]
A GoPro Hero 3+ camera is seen at the Nasdaq Market Site before before GoPro Inc’s IPO in New York City, June 26, 2014. Reuters/Mike Segar SAN FRANCISCO Shares of GoPro Inc (GPRO.O) got a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal. Briefly a Wall Street favorite following an […]
MANILA More than three months have passed since $81 million was stolen in a brazen cyber-heist from Bangladesh’s central bank and sent to Manila – yet authorities in the Philippines appear no closer to nabbing those who laundered most of the money through a bank and casinos here. Nobody has been arrested, the National Bureau of Investigation (NBI) – the nation’s equivalent of the FBI – has […]
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the world’s first fully functional 3D-printed building in Dubai on Monday. Dubai: The world’s first fully functional 3D printed building was inaugurated in Dubai by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday. […]
Entertainer Kanye West arrives at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of ”Manus x Machina: Fashion in an Age of Technology” in the Manhattan borough of New York, May 2, 2016. Reuters/Lucas Jackson/Files Kanye West is being sued by a prominent Hungarian rock singer and composer, who accused the hip-hop star of sampling one of his best-known compositions without […]
This is the age of the disgruntled — in domestic politics and foreign affairs alike. Anti-establishment sentiment within countries is somehow echoed by the way the rule book of international relations is being torn up. These dynamics feed on each other. They are at play in America (the rise of Donald Trump), Europe (growing populism) and Asia (nationalism and an arms race). Finding a way to […]
Reuters/Kim Hong-Ji/Files SEOUL Samsung Electronics said it had struck a deal with a Alibaba Group Holding for owners of its phones to be able to more easily make payments with Alipay accounts – a move it hopes will boost sales in the world’s biggest smartphone market. Users of Samsung Pay will also have the option of paying with their Alipay accounts without having separately access the Alipay […]
A security guard keeps watch as he walks past a logo of Google at an exhibition stage during the 4th China (Shanghai) International Technology Fair 2016 in Shanghai, China, April 21, 2016. Reuters/Aly Song WASHINGTON Google has no plans to expand its partnership with Fiat Chrysler Automobiles NV to create a self-driving car, the program chief at the Alphabet Inc unit said on Thursday, affirming that the […]
|By Matein Khalid| If ever there was a year to win or lose money big time in emerging markets, 2016 was it. As an investor in the world’s dark alleys (the Third World rebranded as EM!), I am forced to dissect geopolitical, government/monetary policy, foreign exchange, flows, positioning and current account, volatility and credit cycle trends across emerging markets to develop money making strategies. It helps that I […]
Alibaba Executive Chairman Jack Ma attends the opening ceremony of the second annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China, December 16, 2015. Reuters/Aly Song/Files SHANGHAI Alibaba Group Holding Ltd’s chief Jack Ma has cancelled a speech at an anti-counterfeiting conference in the United States after the trade group behind it suspended the e-commerce giant’s recently gained membership. Alibaba has been dogged for […]
The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo Major U.S. banks are scrutinizing security of the SWIFT messaging network following cyber attacks in Bangladesh and Vietnam involving fraudulent transfer requests, according to media reports on Tuesday. JPMorgan Chase & Co (JPM.N) has limited SWIFT access to some employees amid questions about the breaches at two Asian banks, The Wall […]
The Firefox Web browser has overtaken both of Microsoft’s browsers put together when it comes to market share, according to a new report. That’s the good news for Mozilla, which develops Firefox. The bad news is that Google’s Chrome browser is leaving both Mozilla and Microsoft in the dust. According to the latest figures from Statcounter, 60.5 percent of worldwide users opted for Chrome as their browser […]
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) revealed a more than $1 billion stake in Apple Inc (AAPL.O) in a rare foray into the technology sector, which Buffett has largely shunned apart from a poorly performing investment in IBM (IBM.N). Shares of Apple rose 3.7 percent on the news, closing up $3.36 at $93.88. Berkshire made its investment in the first quarter, before the iPhone maker in April […]
|By Arabian Post Staff| Saudi Arabia ranks among the top dozen foreign holders of U.S. debt, the Treasury Department disclosed, breaking its silence on the issue for the past four decades. “The stockpile of the world’s biggest oil exporter stood at $116.8 billion as of March, down almost 6 percent from a record in January, according to data the Treasury disclosed Monday in response to a Freedom-of-Information […]
A security guard keeps watch as he walks past a logo of Google at an exhibition stage during the 4th China (Shanghai) International Technology Fair 2016 in Shanghai, China, April 21, 2016. Reuters/Aly Song LONDON Google faces a record antitrust fine of around 3 billion euros ($3.4 billion) from the European Commission in the coming weeks, British newspaper The Sunday Telegraph said. The European Union […]
SAN FRANCISCO Apple Inc’s (AAPL.O) $1 billion investment in Chinese ride sharing company Didi Chuxing intensifies a race to acquire technology, talent and market access in a rapidly evolving global personal transportation market. Apple’s investment comes as auto and technology industry executives and investors are placing bets that self-driving car systems, electric vehicles and ride sharing will eventually converge to allow companies to sell rides in self-driving vehicles, […]
Apple Chief Executive Officer Tim Cook speaks during a event for students to learn to write computer code at the Apple store in the Manhattan borough of New York December 9, 2015. Reuters/Carlo Allegri/Files Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the […]
|By Arabian Post Staff|The heads of governments of two tax havens, under spotlight for disclosures of corruption and black money, advised major world players including the US to set their own houses in order before bullying small territories like theirs. Addressing an anti-corruption summit in London on Thursday, Allan Bell, chief minister of the Isle of Man, and Cayman Islands Premier Alden McLaughlin called on the U.S. and […]
|By Matein Khalid| The April payrolls data demonstrated that US economic growth has hit a soft patch. The US economy only added 160 jobs in April, less than the expected 203,000 average in the first three months of 2016. One disappointing data point does not imply a macroeconomic trend reversal since the US economy added 2.8 million jobs between March 2015 and March 2016. Statistical and measurement errors […]
|By Matein Khalid| Habib Bank Ltd is one of the Pakistan’s oldest, biggest retail/corporate banks, privatized last year with a 51% controlling stake held by the Aga Khan Fund for Economic Development. Its recent price fall from 240 to 172 rupees (PKR, not INR!) is a compelling opportunity to own an undervalued, well managed proxy for consumption and credit offtake in a 190 million population country now […]
|By Matein Khalid| After five years of pathetic under-performance, emerging markets are easily the asset class to own in 2016, as Europe is hit by a resurgent Euro/Italian banking woes and Japan by institutional gaijin selling and a stronger yen. A dovish Janet Yellen has talked down the US dollar and deferred the timing of FOMC interest rate hikes. The Chinese Politburo and People’s Bank have managed to […]
An Apple iphone 6 with Apple Pay is shown in this photo illustration in Encinitas , California June 3, 2015. Reuters/Mike Blake SAN FRANCISCO Apple Inc’s first-ever drop in quarterly iPhone sales has spurred Chief Executive Tim Cook to turn the spotlight on prospects for its services business, but the field is rife with competition and may prove challenging for a brand based on gadgets. Second-quarter earnings […]
Apple Inc (AAPL.O) on Tuesday posted its first-ever decline in iPhone sales and its first revenue drop in 13 years as the company credited with inventing the smartphone struggles with an increasingly saturated market. The company’s sales dropped by more than a quarter in China, its most important market after the United States, and it also forecast another disappointing quarter for global revenues. Its shares fell about […]
