Zayed Future Energy Prize leads discussion on innovation for sustainable development in UAE during Innovation Week in Masdar City Abu Dhabi-UAE: 24 November 2016 The Zayed Future Energy Prize convened a majlis of business, science, technology and youth leaders in Masdar City today, to explore ways in which innovation can unlock potential in the economy to sustainably deliver on the goals of the UAE Vision 2021. Entitled […]
Billionaire investor Wilbur Ross, known on Wall Street as the “king of bankruptcy” for his record of buying failing companies, will be tapped as Donald Trump’s commerce secretary, putting an advocate of renegotiating US trade pacts in a key economic post. Mr Ross was a close adviser to Mr Trump during his campaign and helped develop the president-elect’s policies for corporate tax cuts, increased infrastructure spending and […]
Hopes of a fix to the collateral squeeze facing the eurozone’s €5tn short-term funding markets were boosted this week after reports emerged the European Central Bank will consider ways to ease rules on how it lends its stockpile of sovereign debt. A lack of good quality collateral, which market participants use to secure loans, has crippled the single currency area’s short-term funding (“repo”) markets. One big reason […]
By Stanley Carvalho and Agnieszka Flak | ABU DHABI/MILAN ABU DHABI/MILAN Alitalia could cut up to 2,000 jobs as controlling shareholder Etihad Airways pushes for sweeping changes to turn the loss-making airline around, according to sources close to the matter. The Italian carrier may also ground at least 20 planes to cut certain unprofitable routes on domestic and regional services where it is struggling to compete with […]
|ARABIAN POST SPECIAL|By K Raveendran| As predicted, Emaar chairman Mohammed Alabbar’s foray into e-commerce has already started creating waves in the regional and global online retailing market. In an apparent move to retain its clout, global e-commerce leader Amazon.com is reportedly in talks to acquire Dubai-based online retailer Souq.com. Amazon is reportedly considering a bid for all of souq.com, which had initially planned to sell a minority stake. […]
While most global equity markets were subdued due to the US Thaksgiving holiday, the FX world was very busy overnight, marked by the relentless dollar surge on expectations of a rate hike not only in December but further in 2017, sending Asian currencies to the weakest level in 7 years: the Bloomberg-JPMorgan Asia Dollar Index reached 103.32, the lowest level since March 2009. The regional FX plunge […]
China has become the first country to receive more than 1m patent applications in a single year — a record the World Intellectual Property Organisation said reflected “extraordinary” levels of innovation in the world’s most populous nation. “[The Chinese] are making innovation a central part of their economic strategy,” Francis Gurry, director-general of the UN agency, said at a briefing in Geneva. While sceptics have long argued […]
November 24, 2016 by: Jamie Chisholm, Global Markets Commentator Thursday 08:30 GMT. European equity markets are trading cautiously in the wake of solid US data that bolstered the case for a near-term rate rise from the Federal Reserve and which has triggered another bout of dollar strength. The rampant buck is battering many emerging market currencies and leaves gold down $5 to $1,182.5 an ounce, the metal’s […]
Emarat Dzayer Group, a Dubai-based conglomerate, and Groupe Imetal, a Government of Algeria entity, have signed an agreement to develop a $1.6 billion steel plant in Algeria’s Annaba Province. The agreement was signed on Tuesday on the sidelines of the Algerian-Emirati Investment Forum. The agreement will create Emarat Dzayer Steel Company, a joint venture in which Groupe Imetal will hold 51 percent stake through its two subsidiaries […]
By Shinichi Saoshiro | TOKYO TOKYO Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher U.S. interest rates, while the dollar’s bull run continued with U.S. bond yields propelled to multi-year highs. Japanese stocks swam against the tide and rose to a near 11-month high as the yen weakened. Spreadbetters saw a mixed opening for European stocks, forecasting a slightly […]
November 24, 2016 by: Yuan Yang in Beijing and Peter Wells in Hong Kong Ctrip International has agreed to pay £1.4bn ($1.7bn) for Skyscanner, the Scottish airfare comparison website, in move that will help the Chinese online travel group target the country’s booming outbound tourism industry. Some 120m Chinese tourists went abroad last year — more than double the number of 2010, according to the China Tourism Research […]
|AN ARABIAN POST SPECIAL| A little or lesser known DIFC company floated by a few Indians is caught up in a controversy involving a big ticket acquisition worth billions of dollars. The acquisition bidder claims that the bid for a major gaming company was made on the basis of funding commitment by the DIFC company, which however denies any connection with the bid. The controversy relates to […]
So Brexit was not a historical accident after all. The Trump victory seals it. A complacent, mainly urban liberal class, has been undone by a revolt. Nationalists are in charge of Washington and London now. These “strongmen” and “strongwomen” will control borders, restrict the movement of labour and subject cross-border M&A to ever tighter public scrutiny tests. Security will come first. The twin freedoms of capital and […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the U.S. Thanksgiving holiday kept traders from making big new bets on markets. International Brent crude oil futures LCOc1 were trading at $49.00 at 0403 GMT, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude […]
November 24, 2016 by: Neil Hume, Commodities and Mining Editor The new chief executive of Rio Tinto said on Wednesday that he would focus on sweating the company’s assets and improving productivity rather than transformational mergers and acquisitions. Ahead of his first in-depth strategy presentation, Jean-Sébastien Jacques said that the Anglo-Australian miner could boost cash generation by as much as $5bn by the end of 2021 by […]
|By Arabian Post Staff| Emarat Dzayer Group, a Dubai-based diversified business conglomerate, and Groupe Imetal, a Government of Algeria undertaking, has signed an agreement to develop a US$1.6 billion (Dh5.87 billion) steel plant in Algeria’s Annaba Province. The agreement was signed on Tuesday in Algeria, on the sidelines of the Algerian-Emirati Investment Forum in the presence of Abdel Malek Sellal, Prime Minister of Algeria, Sheikh Mansour Bin Zayed […]
Nasdaq is asking regulators to approve a new order type in the latest example of how the dynamics of speed are changing in the world’s largest equity market. In a letter to the Securities and Exchange Commission, the US exchanges operator proposed a so-called extended life priority order attribute, which would give priority to retail orders seen by the whole market when traders agree not to cancel […]
LONDON Britain made fewer cars last month for the first time in more than a year, driven by slower domestic demand and prompting the industry’s lobby group to renew its call for the government to maintain free trade as Britain leaves the European Union. Overall output fell by an annual 1 percent to 151,795 units in October, the Society of Motor Manufacturers and Traders (SMMT) said on […]
With a number of iconic infrastructure projects in the pipeline for the GCC, innovation remains the focus for the region’s infrastructure and heavy industry Dubai, UAE, 23 November 2016 As the GCC gears up for multi-billion dollar infrastructure initiatives such as Dubai Expo 2020 and the FIFA World Cup 2022 in Qatar, the region’s infrastructure and heavy machinery industry has turned its focus towards exciting new sustainable […]
The US government bond market suffered a renewed sell-off and the dollar powered to a fresh 13-year high on Wednesday, as stronger economic data bolstered the case for an interest-rate increase and reinforced the view that the multi-decade bond bull market has reached a turning point. The Republican sweep of the White House and Congress, coupled with president-elect Donald Trump’s promise to unleash a $1tn economic stimulus […]
By Lucia Mutikani | WASHINGTON WASHINGTON New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. The brightening economic outlook received a further boost from other data on Wednesday showing a jump in consumer sentiment this month following the election of […]
Iraq, the second-largest oil producer in OPEC, will shoulder part of the burden of output cuts outlined by the group in September, Prime Minister Haider Al-Abadi said. “Iraq will cut its output to preserve prices,” Al-Abadi told reporters in Baghdad on Wednesday. The country wants OPEC to reduce production by a total of 900,000 barrels a day when it meets next week in Vienna because the crude-market […]
Impala Asset Management, the $2.2bn hedge fund run by George Soros’s former chief investment officer, is benefiting from bets that an overhaul of America’s infrastructure and sustained demand from China will buoy appetite for commodities. Robert Bishop, who founded Impala in 2004, said they decided infrastructure would be a win whoever won the US election, but doubly so in the case of Donald Trump, a real estate […]
Eurozone corporate bond risk premiums have jumped to their highest level since July, as Donald Trump’s victory in the US election effectively erases gains generated by the European Central Bank’s policy of buying companies’ debt. A sharp rise in global bond yields since Mr Trump’s triumph has also spurred an underperformance of European credit relative to the US corporate debt market. Higher corporate credit spreads in euros, […]
