|By Arabian Post Staff| Decreasing Saudi Arabia’s reliance on oil revenues could include the introduction of VAT and so-called sin taxes, observers say. Other issues under consideration include the partial privatization of selected state assets – including Saudi Aramco – and better utilization of state-owned real estate. The Kingdom has been successfully diversifying its economy over the past decade, with non-oil revenues increasing by 29 percent this […]
Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency. The IEA trimmed 2016 estimates for global oil demand as China’s economic expansion weakens and raised forecasts for supplies outside the Organization of Petroleum Exporting Countries. While non-OPEC supply is set to drop 600,000 barrels a day […]
In a world awash with cheap oil, buyers in the world’s biggest consuming region aren’t clamoring for an additional 500,000 barrels a day from Iran. As international sanctions against the country are lifted and Oil Minister Bijan Namdar Zanganeh looks to make good on his pledge to regain market share lost in Asia, he’ll have to contend with a global glut that’s dragged down prices and spawned […]
Iran’s release from sanctions testifies to its new relationship with the United States as it moves from pariah state to regional power, a status that could come at the cost of Saudi Arabia, Washington’s chief Arab ally. Enemies and allies alike must adjust to Iran becoming an uninhibited power broker in the Middle East after its nuclear deal with world powers and Saturday’s lifting of sanctions that […]
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 […]
Oil fell briefly below $30 a barrel on Tuesday, extending a relentless selloff that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint. The day’s near 4 percent drop marks a seventh day of losses for oil. Traders have all but given up attempting to predict where the new-year rout will end, with momentum-driven […]
Saudi Arabia’s move to isolate Iran raises the specter of deepening conflicts in the volatile Middle East after the biggest meltdown in relations between the two regional powers in almost three decades. The Saudi government and staunch ally Bahrain severed diplomatic ties, giving Iranian ambassadors 48 hours to leave after protesters set the Saudi embassy in Tehran on fire over the weekend following the execution of Saudi cleric […]
Oil gained for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric. Futures rose as much as 3.5 percent in New York, extending Thursday’s 1.2 percent advance. Iran’s Supreme Leader Ayatollah Ali Khamenei warned of repercussions and protesters armed with rocks and firebombs attacked the Saudi embassy […]
|By Matein Khalid| Emerging markets were an entirely predictable horror story once again in 2015. The oil/mining bust, currency meltdowns, China’s hard landing, sovereign credit downgrades, banking system crises, corruption scandals and geopolitical crises from Ukraine to Syria, the Black Sea to the South China Sea devastated investor wealth in emerging markets. India’s Sensex and Nifty were down 9% while the rupee has depreciated to 66 […]
The Cisco Systems logo is seen as part of a display at a technology conference in Chicago, Illinois, May 4, 2015. Reuters/Jim Young NEW YORK Cisco Systems Inc did not infringe a patent holding company’s wifi technology, a U.S. appeals court ruled on Monday, reversing a near $64-million judgment against the networking equipment maker in the long-running patent dispute. After eight years of litigation that also included […]
A North Korean operating system is seen in this screen shot taken in Seoul December 23, 2015. Reuters/James Pearson SINGAPORE/SEOUL North Korea’s homegrown computer operating system mirrors its political one, according to two German researchers who have delved into the code: a go-it-alone approach, a high degree of paranoia and invasive snooping on users. Their research, the deepest yet into the secretive state’s Red Star OS, illustrates the […]
A map of China is seen through a magnifying glass on a computer screen showing binary digits in Singapore in this January 2, 2014 photo illustration. Reuters/Edgar Su/Files BEIJING China’s parliament passed a controversial new anti-terrorism law on Sunday that requires technology firms to hand over sensitive information such as encryption keys to the government and allows the military to venture overseas on counter-terror operations. Chinese officials […]
CRM giant Salesforce is working to fortify the quoting and billing functions of its software platform. To do so, the customer relationship management company just snapped up SteelBrick. Financial terms of Salesforce’s acquisition of the six-year-old startup were not disclosed in the announcement. But the technology giant’s regulatory filing reveals the deal is worth $360 million. That’s about half of the rumored price on the street. Salesforce […]
The logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street is seen in this file photo illustration taken in Madrid on December 10, 2014. Reuters/Sergio Perez/Files SAN FRANCISCO The U.S. Department of Justice is pursuing a criminal investigation of a May 2014 data breach at ride service Uber [UBER.UL], including an examination of whether any employees at competitor […]
The sign outside the Target store is seen in Arvada, Colorado in this January 10, 2014 file photo. Reuters/Rick Wilking/Files Target Corp (TGT.N) is in the early stages of developing its own mobile wallet, three people familiar with the matter said, joining Wal-Mart Stores Inc (WMT.N) in posing a threat to recent entrants like Apple Pay. The fourth-largest U.S. retailer has not committed to launch the product, […]
RURAL DEVELOPMENT MAY CLINCH 2016 POLL FOR MAMATA
By Ashis Biswas
As the ruling Trinamool Congress (TMC) and opposition parties gear up for the next round of West Bengal Assembly elections, their campaign themes have been established.
The TMC is contesting on a ‘development’ slogan, while the twin pillars of the opposition’s campaign will be ‘lawlessness and economic stagnation’, broadly speaking.
At first sight, the TMC’s claim of having improved the state’s economy may look suspect, if not downright dubious, to most observers. However, initial impressions may be deceptive. After 54 months of its tenure, the ruling TMC has consolidated its position in rural Bengal. Especially in the highly populated South Bengal districts, which account for most of the 294 seats in the Assembly, the TMC is confident of doing better than its op
|By Matein Khalid| The plunge in crude oil after OPEC’s Vienna conclave, Dr. Draghi’s failure to resist Bundesbank pressure not to fire another ECB easy money bazooka, Wall Street’s junk bond debacle and an imminent rise in the Fed Funds rate for the first time since 2006 will all shape the next big trades in Planet Forex. The Euro has risen to 1.10 on Draghi’s failure to […]
|By Arabian Post Staff| The fiscal restructuring across GCC, including the introduction of additional taxation, will have serious implications for real estate investments in these countries, according to real estate investment and advisory firm JLL. Fiscal restructuring is already evident in the form of budgetary cuts among GCC countries including the UAE. As governments become more cautious about their finances, there is a likelihood of cuts in […]
As oil crashes through $35 a barrel in New York, some producers are already living with the reality of much lower prices. A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less […]
Leading memory chipmaker Micron Technology Inc. is going all in on Inotera Memories, snapping up the remaining shares of the company it doesn’t already own. The sale price: about $3.2 billion. Micron already owned 33 percent of Inotera, which it acquired from Qimonda in 2008. Inotera, which provides DRAM foundary services based on 30nm process technology, produces about 120,000 wafer starts every month for Micron. “The acquisition […]
|By K Raveendran| With the new Public-Private Partnership law having come into being last month, Dubai is set to witness a new phase in its development, as private investments begin to flow into further development of the emirate’s infrastructure. This would mean the private sector directly getting involved in projects like airport expansion, extension of the Dubai Metro and similar infrastructure projects and sharing the risks in […]
Oil declined to the lowest level since 2008 in London amid estimates that OPEC’s decision to scrap production limits will keep the market oversupplied. Brent futures capped the biggest weekly decline in more than a year. The global surplus will persist at least until late 2016 as demand growth slows and the Organization of Petroleum Exporting Countries shows “renewed determination” to maximize production, the International Energy Agency said Friday. […]
WASHINGTON For artificial intelligence and smart machines to really take off, computers are going to have to be able to think more like people, according to experts in the field. Researchers are now making important progress toward that goal. Scientists said on Thursday they had created a computer model, or algorithm, that captures the unique human ability to grasp new concepts from a single example in a […]
