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By Dustin Volz | WASHINGTON WASHINGTON More than 40 international business and technology organizations representing hundreds of companies on Friday expressed “deep concerns” to the Chinese government about a new cyber security law they said would likely increase the separation between China and the rest of the world economy. Beijing on Monday adopted a cyber security law it called necessary to counter growing threats of hacking and […]

By Tim Baysinger Twitter Inc (TWTR.N) said it was able to deliver more viewers than promised to advertisers on a U.S. election night livestream, good news for the microblogging site as it tries to ward off growing competition for ad dollars from Snapchat and Instagram. Twitter partnered with BuzzFeed to host an election night broadcast on Tuesday and attracted major advertisers, including Paramount Pictures, Amazon.com Inc’s (AMZN.O) […]

The EU is ready to use punitive anti-dumping tariffs on imports — such as steel — after a UK-led blocking minority of countries opposed to the reforms collapsed. Britain had been part of an alliance set on scuppering the plan as unnecessary and protectionist. But on Friday the Netherlands and Austria indicated that they would throw their weight behind the proposal, leaving the UK likely to be outnumbered when […]

By Dustin Volz Facebook Inc said on Friday it would no longer allow certain advertisers to exclude racial or ethnic groups when placing ads on its service, following criticism that the practice was discriminatory. The move comes amid growing scrutiny of how the world’s largest online social media network’s policies and algorithms shape what content appears in a user’s news feed. The unexpected victory of Donald Trump […]

By Catherine Cadell | SHENZHEN, China SHENZHEN, China Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion in transactions in the first hour of its annual ‘Singles’ Day’ sales blitz on Friday – a third more than in the first hour of last year’s spree. The 24-hour event held annually on Nov. 11 offers a benchmark for Alibaba’s performance and an […]

By Makiko Yamazaki | TOKYO TOKYO Japanese conglomerate Toshiba Corp swung to an operating profit in the July-September quarter, driven by strong demand for NAND flash memory chips from Chinese smartphone makers. That boom in demand has been a blessing for Toshiba, which is seeking to recover from a $1.3 billion accounting scandal by turning itself into a company more focused on chips, nuclear energy and social […]

DUBAI // A Chinese man tried to use his friend’s medical test results to obtain a residency visa, Dubai Criminal Court has heard. On September 17, the defendant and his friend, who are both 31 and have a similar appearance, carried out the offence, prosecutors said. The man was charged with using an official document belonging to another while the friend was charged with aiding and abetting, […]

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While Chinese truck manufacturers have invested in product quality and service in the Middle East, Western brands will need to expand their presence with high-tech trucks in the region, a report said. Now is an outstanding time to rebuild market presence in the Middle East, as structural shifts directly play to the advantage of high-quality truck manufacturers, said the new study entitled “The Truck Industry in the […]

By Catherine Cadell | BEIJING BEIJING A top Baidu Inc executive, widely seen as a potential successor to chief executive Robin Li, has resigned after an internal company probe found conflicts of interest involving another firm acquired by the Chinese search engine giant. Li Mingyuan, 32, known as the “prince” of Baidu within China’s tech community, stepped down following the investigation, according to an internal email seen […]

|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 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 Julia Love and Deborah M. Todd Samsung Electronics’s abandonment of the Galaxy Note 7 due to safety concerns will likely touch off a turf war among Android smartphone makers, analysts said, presenting them a rare opportunity to gain share but with less room for archrival Apple Inc. Consumers tend to commit to their choice between Apple’s iOS operating system for smartphones and Google’s Android, leaving Samsung’s […]

|By Arabian Post Staff| Saudi Arabia said it was holding investor meetings in London, Los Angeles, Boston and New York from Wednesday to  sell benchmark bonds maturing in five, 10 and 30 years. The issue is expected to be at least $10 billion. “It’s very good timing,” Bloomberg quoted Angelo Rossetto, a trader at GMSA Investments Ltd. in London, as saying. “I wouldn’t say now or never as […]

Apple Inc. is reportedly planning to open its first research and development center in China, allowing the tech giant to extend its reach in a vital market and maintain goodwill with the Chinese government. The Cupertino tech giant will eventually invest 300 million yuan, or $45 million, in the facility, which will have 500 employees, according to the state-run China Daily newspaper. Zhongguancun Science Park, a Beijing […]

  BEIJING Samsung Electronics Co Ltd, the world’s biggest smartphone maker, said on Thursday more than 1 million people globally are now using Galaxy Note 7 smartphones with batteries that are not vulnerable to overheating and catching fire.   Samsung on September 2 initiated a voluntary global recall of at least 2.5 million Note 7 smartphones due to faulty batteries causing some of the flagship devices to […]

By Edward Taylor and Eric Auchard | PARIS/FRANKFURT PARIS/FRANKFURT Alarmed by the threat posed by Silicon Valley firms to their businesses in developing autonomous driving systems, it was evident at the Paris Motor Show this week that carmakers are seeking to fight back by cooperating in areas of technology development where previously they might have tried to compete. Three big carmakers – BMW (BMWG.DE), Daimler (DAIGn.DE) and […]

|By Matein Khalid| The Federal Reserve did not disappoint the financial markets after Janet Yellen’s FOMC conference on Wednesday. The US central bank did not raise the overnight borrowing (or Fed Funds rate) to 0.5% on the eve of the November election. This triggered a wild rally in the US stock market with the Dow Jones up 163 points, gold up to $1342 and oil to $46 […]

|By Arabian Post Staff|The United Arab Emirates (UAE) has witnessed a 210.8% growth in the use of Chinese currency for payments in the last two years, data released by SWIFT has shown. More than 80% of the direct payments made between the UAE and China and Hong Kong in August 2016 were in CNY, representing one of the highest increases worldwide. Data also shows that the EMEA […]

/Klaus Wille/Bloomberg/Singapore-based hedge funds outperformed Asian rivals during the first seven months of the year thanks to a greater focus on India and global markets, according to data provider Eurekahedge Pte. Funds headquartered in Singapore returned 2 percent through July, while Hong Kong-based funds declined an average 2.3 percent, Eurekahedge said in a report Tuesday. Funds based in Australia rose 1.9 percent, while Japan-based funds declined 2.5 […]

|By Matein Khalid| When Ben Bernanke uttered the word “taper” in May 2013, he triggered a bloodbath in emerging markets and a free fall in “fragile five” currencies that included the Indian rupee and the Indonesian rupiah. However, Asian equities markets, while not immune to a Fed rate hike, are far better positioned for higher US dollar interest rates than in 2013, let alone 2007 or 1998. […]

President Obama arrived in New York City on Sunday evening for three days that will mix election-year politics with a farewell to the world stage at the United Nations. But the visit comes against a suddenly tense backdrop, after a powerful explosion rocked a Manhattan street and a man claiming fealty to the Islamic State stabbed several people in a Minnesota shopping mall. The president’s diplomatic schedule […]

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 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 […]

FRANKFURT Volkswagen’s luxury car unit Audi has agreed to deepen collaboration with Chinese internet technology groups to offer more digital services in the world’s largest car market. Audi and FAW-Volkswagen, VW’s joint venture with FAW Car Co Ltd, have signed letters of intent with Alibaba, Baidu and Tencent, Audi said on Sunday. Financial terms were not disclosed. Parent Volkswagen has been hobbled by a scandal over the […]

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