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The U.S. House of Representatives narrowly approved a one-year extension of federal borrowing authority on Tuesday after Republicans caved into President Barack Obama’s demands to allow a debt limit increase without any conditions. The 221-201 vote, carried mainly by Democrats, marked a dramatic shift from the confrontational fiscal tactics House Republicans have used over the past three years, culminating in last October’s 16-day government shutdown. It came […]

|By K Raveendran| Indians across the world celebrated the elevation of Satya Nadella as the new CEO of Microsoft. Dubai, with its compulsive spirit of celebration, was no exception. The talking point at the week-end parties in Emirates Hills and Arabian Ranches was none other than the Hyderabad techie, who, by virtue of his new role at the most admired company in the world, becomes the latest […]

|By Pankaj Mishra| There is a great, virtual storm blowing through India today, and the most frantic people in the country seem to be those trimming their sails to it. I refer to the shrewdly concerted campaign to make Narendra Modi seem like India’s natural and inevitable leader — a veritable miracle worker who, emerging triumphant in elections due by May, will raise despondently low growth rates […]

RP Group of Companies on Sunday announced ambitious growth plans and said it would invest Dh4 billion in new hotels and mixed-use developments in the UAE this year. The diversified global business conglomerate with strong business interests in the Gulf region and India, said its development projects would generate more than 7,500 new jobs in Dubai. “The group’s new projects in 2014 will create more than 25,000 […]

Meryl Davis and Charlie White did not lose sleep over what U.S. Figure Skating called “laughable” allegations suggesting the United States and Russia had brokered a deal to help each other win gold medals at the Sochi Olympics. “There was an anonymous report citing an unnamed source that there was some kind of collusion between America and Russia regarding the ice dancing competition,” U.S. Figure Skating spokesperson […]

San Franciscans have long blamed the technology sector for rising rents. Now, a study from real-estate company Trulia backs them up. Rents are rising faster in U.S. tech hubs than in the rest of the country, Trulia said in a report released Thursday. In January, it said, rents rose 3.3 percent in the nation’s 100 biggest metropolitan areas in January, but they rose by an average of […]

The lone developer of the smash hit Flappy Bird has created an update that fixes problems that have frustrated many players. Now the game will be more accessible to players, and it won’t be quite as frustrating. While the game has proven addictive, it has also made players want to toss their phone out the window after lots of bird crashes. Creator Dong Nguyen of dotGears Studios […]

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|By TAP Staff| [easy_wiki]Middle East[/easy_wiki] airlines recorded the strongest increase in passenger traffic in 2013,a rise of 12.1% compared to 2012, but below the 15.4% growth recorded in 2012 compared to 2011, according to IATA full-year traffic results for 2013. Carriers in the region have benefitted from the continued strength of regional economies, particularly Saudi Arabia and the United Arab Emirates and solid growth in business-related premium […]

Oman, which faces Iran across the Strait of Hormuz, said it’s poised to start raising cash for a $3 billion rail line offering an alternative route for oil and freight shipments that funnel through the 21 mile-wide channel. The nation of 3.3 million people, located on the southern side of the strait, is considering issuing bonds by the end of 2014 to kick-start funding for the track […]

Air carriers flying to Winter Olympics host Russia were warned today to watch for toothpaste tubes containing materials that could be turned into a bomb, a U.S. law enforcement official said. The official declined to elaborate on the intelligence that sparked the warning, which was sent to U.S. and foreign airlines, just two days before the start of the 2014 games in Sochi, Russia. Security at Sochi […]

Investment bankers in Europe are off to the leanest start to a year in a decade as dwindling income from deal-making and trading presses firms to reduce costs. Revenue from arranging mergers, loans and stock and bond offerings for clients in Europe, the Middle East and Africa fell 22 percent to $1.58 billion last month from the year-earlier period, according to data compiled by New York-based research […]

Several travel and tourism offices in Kuwait agree that the number of Kuwaiti tourists visiting Dubai during the holidays in the last four seasons has been the highest so far, reports Al-Jaridah daily. Mohammad Al-Tasabaji, the General Manager of a travel agency, revealed that many airlines have increased the number of flights to Dubai due to a large number of travelers from Kuwait who choose Dubai as […]

Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, according to the latest HotStats survey by TRI Hospitality Consulting Middle East. During December, Dubai continued to record strong performance levels, reflecting the growth experienced throughout the year, the survey said. These latest figures follow a recent pronouncement by the head of Dubai’s Department of Tourism and Commerce Marketing […]

The U.K. has chosen HSBC Holdings  to arrange and advise on its debut Islamic bond planned for as early as this year in an effort to become the first non-Muslim nation to sell the debt, a Treasury official said. Other banks will be mandated closer to the time of the sale, the official said yesterday, asking not to be named because the information isn’t public. Linklaters LLP […]

The Federal Reserve’s decision to keep trimming its economic stimulus drew fire on Friday as India’s central bank chief said Americans should be more attuned to the global impact of their policies, and the IMF called for vigilance given strains in financial markets. The push-back came on Fed Chairman Ben Bernanke’s last day on the job and two days after the U.S. central bank reduced the pace […]

When planners designed the Business Bay district in Dubai at the height of the last real-estate boom, they boasted it would become the largest business and office district in the Middle East. Yet a visit to the site today suggests there is a lot more living than working taking place, with nannies pushing carriages and children romping around a playground. Throughout Dubai, developers are restarting projects that […]

The executive suite is not the only place that is greying in India’s 40-year-old information technology sector. As the $108 billion industry enters middle age and its growth slows, the three-million-strong workforce is also getting older, making it harder to extract some of the cost advantages of the young, cheap labour for which it is known. Firms have had to change in order to attract and support […]

GEMS Education celebrated the listing of a $200 million (AED 735 million) Sukuk on NASDAQ Dubai on Tuesday, with founder and Chairman Sunny Varkey ringing the market opening bell at Dubai Financial Market (DFM). The nominal value of Sukuk currently listed in Dubai has now reached $13.28 billion (AED 48.8 billion). More than 50% of that sum, amounting to $6.85 billion (AED 25.2 billion), has come from […]

Dubai’s flagship airline Emirates is expected to move all of its operations to the emirate’s new Al Maktoum International Airport after 2020, a senior executive at Al Maktoum said on Tuesday. Big international carriers, including Emirates, have so far not indicated any plans to move to the new airport, which officially launched passenger services in October last year. “Emirates have to move to the new airport at […]

Gold’s biggest slump in three decades has been a boon for MKS (Switzerland) SA’s PAMP refinery near the Italian border in Castel San Pietro, whose bullion sales to China surged to a record as demand rose for coins, bars and jewelry. As prices plunged 28 percent in 2013, investors dumped a record 869.1 metric tons from gold-backed funds traded mostly in the U.S. and Europe. Much of […]

The head of Dubai’s Chamber of Commerce strongly disagrees with the estimate of how many jobs the city’s 2020 Expo win will bring to the emirate – he thinks it will be way more. Analysts have calculated that Dubai’s world fair triumph will create 277,000 jobs, about 14 per cent of the current population of Dubai. But not only does Hamad Buamim reckon the figure is feasible, […]

The rupee hits 62.90 in early trade, its lowest level since November 22, as Asian stocks trading with heavy losses. The pair last trading at 62.77/78 vs Friday’s close of 62.66/67. Dealers will closely watch for RBI intervention at current levels after the RBI was suspected to have sold dollars in late session on Friday. The RBI to decide on rates on Tuesday. While the consensus still […]

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 […]

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