The United Arab Emirates said it would let domestic fuel prices move more freely in a politically sensitive reform that could save the government billions of dollars and begin reducing the wealthy country’s love of gas-guzzling cars with big engines. Gasoline and diesel will be deregulated from Aug. 1 and a new pricing policy linked to global levels will be introduced, state news agency WAM quoted the […]
Apple Inc. shares tumbled, wiping out $32 billion in market value, after disappointing iPhone sales rekindled concerns over whether the company can keep making must-have products. Even though iPhone sales climbed 35 percent to 47.5 million units in the fiscal third quarter, the result fell short of the 48.8 million shipments projected by analysts. That, plus a revenue forecast for the current period that missed estimates, on […]
An Apple iPhone 6 is seen on display at the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar Forget that iPhone unit sales were not as strong as many had expected; that the revenue forecast fell short of the average estimate, and that there was no clarity on Apple Watch sales. Analysts, for the most part, remain […]
JIDDA, Saudi Arabia — Defense Secretary Ashton B. Carter gave a surprisingly upbeat assessment on Wednesday of American relations with Saudi Arabia, asserting that the kingdom welcomed the international nuclear deal reached with its regional rival, Iran. Mr. Carter, who visited Jidda and held his first meeting with King Salman, also said the Saudi monarch would visit the United States this fall and is committed to fighting […]
ABU DHABI // The family of a man who died after undergoing surgery at a hospital in Al Ain will have to wait to find out how much compensation they are entitled to. Before his death, the man sued Tawam Hospital in Al Ain for Dh7million in 2013, alleging an unqualified surgeon, W H, botched a bladder operation, leaving him with a clogged artery and intestinal gangrene. He […]
Citigroup Inc’s consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products. Citi will also pay civil […]
|By Matein Khalid| As a student of investing and the son of a painter/art historian, I cherish art as a visceral, spiritual value but am also intrigued by its historical linkage to banking and the financial markets. The happiest moments of my life have been spent in the Prado, Tate, Hermitage, Rijksmuseum, Ufizi, MOMA, Met, the National Gallery on Trafalgar Square, the Louvre, Musee d’Orsay and so […]
The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. Reuters/Kai Pfaffenbach Micron Technology Inc (MU.O) has told China’s Tsinghua Unigroup Ltd that its $23 billion acquisition offer is not realistic because U.S. authorities would block the deal due to national security concerns, according to people familiar with the matter. The Boise, Idaho-based chipmaker’s […]
The rout in commodities deepened with prices touching the lowest since 2002 as the prospect of higher U.S. interest rates sent gold tumbling. Raw materials are losing favor with investors as the dollar gains amid signals from Federal Reserve Chair Janet Yellen that the central bank may raise rates this year on the back of an improving U.S. economy. Higher borrowing costs curb the attractiveness of commodities […]
Crude slumped below $50 a barrel in New York for the first time in more than three months on speculation that Iranian shipments will climb, extending a global glut. West Texas Intermediate decreased as much as 1.9 percent. Iran will focus on regaining oil sales it lost due to sanctions regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran Monday. U.S. crude […]
Ashley Madison founder Noel Biderman demonstrates his website on a tablet computer during an interview in Hong Kong August 28, 2013. Reuters/Bobby Yip/Files TORONTO Hackers threatened to leak details including the credit card information, nude photos and sexual fantasies of as many as 37 million customers of a dating website that caters to cheating spouses, the KrebsOnSecurity blog reported. The dating website AshleyMadison.com’s Canadian parent, Avid Life […]
ABU DHABI // Rulers, religious leaders and legal experts on Monday welcomed a new law against hate crime and religious or racial discrimination. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the law “guarantees the freedom of individuals from religious intolerance … and underpins the UAE’s policy of inclusiveness”. It also showed the wisdom of the leadership in a country that was sending a […]
ABU DHABI // The brightest 15-year-old in the world can’t find a place at university because she’s too young. Sitara Brooj Akbar moved from Pakistan to the UAE last year after breaking international records in passing examinations. She is the youngest pupil to reach the top level, Band 9, in the International English Language Testing System. IELTS Band 9 qualifies her as an “expert user” of English, […]
AL MUKALLA, Yemen — Houthi rebel fighters fired rockets toward the southern city of Aden on Sunday, killing at least 43 people in a residential neighborhood, health and military officials said. The attack came two days after the exiled Yemeni government, which is supported by Saudi Arabia and opposes the Houthis, declared that Aden had been “liberated” after the Houthis and their allies were driven from several […]
BEIRUT, Lebanon — The security forces in Saudi Arabia have carried out a nationwide dragnet in recent months that resulted in the arrest of more than 400 people believed to be connected to the Islamic State jihadist group, the Saudi Interior Ministry said on Saturday. The people who were arrested were linked to recent attacks inside the kingdom; they planned attacks or monitored potential targets, or used […]
BAGHDAD — The Islamic State group has claimed responsibility for a bombing in eastern Iraq, and Iraqi officials on Saturday said the death toll had risen to 100, with 20 more missing and more than 100 wounded. The bomb tore through a marketplace on Friday as shoppers prepared for a major Muslim holiday in Khan Bani Saad, a mostly Shiite town about 12 miles from Baquba, the […]
DUBAI // A woman whose brother suffered a severe brain injury after a car crash has launched a campaign against tailgating. In August 1990, Nikki Carroll was living and working in Paris when her brother James, who had just received his A-level results, was a passenger in a car being driven in Dublin, Ireland, by a friend who was a newly qualified driver. “Due to high speed […]
Have you ever received an e-mail that sounds snarky and overreact because you’re reading the undertones between the lines? Or has anyone ever snapped at you for an offensive e-mail that you sent with the best of intentions? IBM is working to eliminate that problem with Watson Tone Analyzer. Big Blue is convinced a computer can accurately and automatically detect the tones conveyed in a message and […]
ABU DHABI // It has gone so fast – and so far, so good. It’s already the third anniversary of work starting on the UAE’s first nuclear power plant at Barakah, near the border with Saudi Arabia. And it is still on budget and set to go live in late 2017, ultimately providing a quarter of the Emirates’ energy needs. But becoming the first new member to […]
|By TAP Staff| The Saudi stock market, the largest market in the GCC with a total market capitalisation of approximately$550 billion, is drawing interest from a large number of potential foreign investors. The Saudi Stock Exchange opened to qualified foreign investors (QFI) for the first time one month ago. Increased participation from international financial institutions is primarily designed to help enhance the sophistication and stability of the […]
CAIRO — Security forces killed six antigovernment protesters at Islamist demonstrations near Cairo on Friday morning, highlighting continued tensions two years after the military takeover that removed President Mohamed Morsi of the Muslim Brotherhood. The clashes, in the Giza neighborhoods of Talbiya and Nahia, took place as crowds gathered after morning prayers that signaled the beginning of the Eid al-Fitr holiday, at the end of the holy […]
Secretary of State John Kerry on Friday defended the Obama administration’s work to free Americans held in Iran, saying he had raised the issue at every meeting in final bargaining over the nuclear dispute and was “very, very hopeful.” Mr. Kerry’s remarks on the imprisoned Americans, during an interview on MSNBC about the negotiations, came against a backdrop of heightened sensitivity over the unresolved issue. Critics of […]
Google Inc’s (GOOGL.O) shares soared as much as 16.8 percent on Friday, crossing the $700 mark and adding nearly $68 billion to its market value, as strong growth in YouTube viewership allayed concerns about Facebook Inc’s (FB.O) push into video. The stock’s surge, which sent the Nasdaq composite index to a record intraday high, came a day after Google reported better-than-expected profit for the first time in […]
INTERNATIONAL. Global investors have raised their holdings of cash significantly in response to a weaker global economic outlook, particularly in China, according to the BofA Merrill Lynch Fund Manager Survey for July. Overall, equity allocations are unaffected by the higher risk aversion, however. • Confidence in the global economy falls sharply: 42percent of investors expect strengthening over next year, down from 55 percent a month ago.• China heads concerns: […]
