A Saudi English-language daily has become the country’s first newspaper with a female editor-in-chief after the Saudi Gazette this week appointed Somayya Jabarti to succeed veteran journalist Khaled Almaeena for the top post. “I was pleasantly surprised,” she told the Wall Street Journal over the phone, “because I did not think we as a country were ready for a female editor. But I believe this is a […]
Rakuten Inc, one of the world’s largest Internet services companies, announced its acquisition of pioneering messaging and VoIP company, Viber. Rakuten will acquire Viber for a total consideration of $900 million. The acquisition represents another bold step for Rakuten into the digital content space, following its acquisitions of Kobo, Wuaki.tv, and Viki. As people continue to shift from traditional content and communications platforms to mobile applications, Viber, […]
|By Arjuna Mahendran|The GCC stock and bond markets remain a safe haven to investors, underpinned by solid fundamentals. The Expo 2020, MSCI inclusion of the UAE and Qatari markets in the emerging market (EM) category, infrastructure spending across countries – the GCC Railway project to mention one – the revival of trade, tourism and real estate – as tensions in Egypt, Syria and Iran subside somewhat – […]
A massive cyber attack from unknown sources that has been spamming bitcoin exchanges is highlighting some of the dangers people can encounter when they exchange cash for digital currencies like the bitcoin, experts said on Wednesday. The attack, which is technically known as a distributed denial of service attack, involved thousands of phantom transactions, forcing at least three of the online platforms that store bitcoins and trade […]
U.K. billionaire Richard Branson said his Virgin Galactic venture is on track to carry its first fare-paying passenger to the edge of space this year, and that he plans to take his family on a flight some time in 2014. Virgin Galactic, which completed the third rocket-powered supersonic flight of its SpaceShipTwo vehicle from Mojave Air and Space Port in California last month, is on course to […]
Dubai Aerospace Enterprise (DAE), the largest aircraft leasing firm in the Middle East, has ordered 20 turboprop commercial aircraft with an option for another 20 planes from French-Italian manufacturer ATR, the company said on Wednesday. DAE put the value of the purchase at $988 million. “We aim to diversify our portfolio and expand into regional aircraft, to meet an increasing demand from airlines that are developing regional […]
Nissan announced sales for NV350 Urvan in the GCC region have reached 5063 units exactly one year after its launch. The model has also achieved a record segment share of 26.3% in the 3rd Quarter of the 2013 fiscal year (October – December). The result reflects sales growth of more than 50% between February and December last year compared to the same period in 2012. Nissan NV350 […]
The health of the U.S. economy and the extraordinary and controversial measures the Federal Reserve has taken to support it will top the agenda on Tuesday when Janet Yellen testifies to lawmakers for the first time as head of the Federal Reserve. Yellen, in just her second week on the job since succeeding Ben Bernanke earlier this month, will want to reinforce the central bank’s determination to […]
Final approval for .abudhabi and .dubai web addresses may be only months away, with experts predicting widespread uptake. The global authority that controls the launch of new domain names, the Internet Corporation for Assigned Names and Numbers (Icann), is in the final stages of approval for the two. It is hoped that by linking the web addresses to the geographical location of a website, it will boost […]
Gold held steady on Thursday as global equities remained volatile amid lower risk appetite and concerns over economic growth, and as investors waited for cues from U.S. jobs data. A mixed bag of U.S. data added to pressure from the emerging markets turmoil on equity markets, underpinning safe-haven assets such as gold and the yen. “Even when stocks have rallied over the past few trading sessions, we […]
For global automakers, the dusty backroads of rural India could be the new El Dorado. As economic torpor suffocates demand for new cars in India’s megacities, incomes are growing faster in small towns and country areas. That’s pushing the likes of General Motors and Honda Motor Co to fan out in search of buyers in places where fewer than 20 people in every thousand own a car […]
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 […]
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 […]
Lower-than-expected holiday iPhone sales and a weak revenue forecast by Apple Inc renewed fears about Chinese demand and a tepid global market, wiping 8 percent off company stock. This year was to have been Apple Inc’s watershed moment in China, when a long-awaited deal with the nation’s largest carrier was to have propelled it back toward the top ranks of its most crucial market, clawing back ground […]
A leading rights watchdog said a Dubai news conference Thursday on human rights issues in the United Arab Emirates was abruptly cancelled, a move it alleges underscores threats to freedom of expression in the Gulf nation, AP reported. Human Rights Watch said it was told Wednesday by the Novotel hotel, where the event was due to take place, that the conference was being called off because a […]
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 […]
Dubai’s office spaces are witnessing an “uptick in activity” in the wake of the city’s winning Expo 2020 bid, with growing demand in Business Bay and Jebel Ali. According to Property Finder Group, job creation between 2013 and 2021 is estimated at over 277,000 and a number of major international corporates and start-ups are expected to establish their offices in Dubai in the years leading up to […]
The arrest this week of Ralph Lauren’s niece Jennifer for pushing a Delta Air Lines Inc. crew member is the latest example of spiraling inflight misbehavior that industry body IATA says poses a growing threat to safety. The 41-year-old was convicted Jan. 8 of drunkenness and threatening, abusive or insulting behavior aboard an aircraft that had forced her Delta flight bound for New York from Barcelona to […]
The Index tower on Dubai’s answer to Wall Street has 23 floors of empty offices out of the 25 it opened in 2011. A few hundred feet away, buildings controlled by the Dubai International Financial Centre are almost full. The difference is ownership. The office space in the Index on Sheikh Zayed Road was sold in pieces to nine different investors under a system known as strata […]
Bond issuance from the Gulf Arab region is set to surge next year on the back of heavy infrastructure spending and refinancing needs, while the Abu Dhabi sovereign may return to the market after an absence of nearly five years. The region’s issuance of conventional bonds and sukuk fell to $28.97 billion this year from $36.90 billion in 2012, according to IFR, a Thomson Reuters unit. That […]
Japan and Southeast Asian countries called for freedom of the air and sea on Saturday, as China’s military assertiveness raises regional tensions and after U.S. and Chinese warships narrowly avoided collision in the disputed South China Sea. China’s recent announcement of an air defense zone covering disputed islands in the East China Sea and its territorial claims in the South China Sea have raised concerns that a […]
Dabur India Ltd, the household goods maker controlled by the billionaire Burman family, is expanding in the rural market of the world’s second-most populated nation to revive sales that grew at the slowest pace in two years. The company increased its rural network to cover 36,000 villages as of October from 14,000 in March 2012, Dabur said in an e-mail. That helped the maker of Hajmola digestive […]
Dubai’s benchmark stock index rallied the most in more than two months after the emirate won the right to host the World Expo 2020. The DFM General Index advanced 4 percent to 3,015.65 at 10:02 a.m. in the city, bringing the gain for the year to 86 percent. Emaar Properties , builder of the world’s biggest shopping mall by floor space, jumped 3 percent and Dubai Investments […]
When the British government said last month it would issue its first Islamic bond, the implications went far beyond the debt market: it was a signal that London will not back down in an escalating tussle among cities for Islamic financial business. London has long been the default center for international firms to issue sharia-compliant bonds, part of a fast-growing Islamic finance sector that will be worth […]
