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22 December 2016 Ashtead Technology has announced the acquisition of Abu Dhabi based TES Survey Equipment Services LLC for an undisclosed sum. The acquisition will enable the leading independent provider of subsea equipment and services to the offshore oil and gas industry to significantly increase its customer service offering in the Middle East, a region which has strong growth potential for Ashtead. Established in 2007 by Susan […]

|By Arabian Post Staff| Saudi Arabia unveiled a $237 billion budget for 2017, an 8 percent increase from 2016, with projections of a record 33 percent decrease in the Kingdom’s national deficit. “Our economy is firm and it has sufficient strength to cope with the current economic and financial challenges,” said King Salman bin Abdulaziz.. “We have sought through this budget and its programs to improve the […]

How long ago it seems — that post-referendum panic in the UK stock market. The pound plunged and the crowd ran into “safe havens” in the form of government debt, ditching those risky, tricky shares. On July 13, this column pointed out the folly of this strategy. At that moment, buying and holding the UK government’s 10-year bond guaranteed an annual return of just 0.9 per cent. […]

Virgin America refutes a recent report that one of its flight got delayed due to a Galaxy Note 7 prank. The company, however, did not comment on whether a passenger indeed trolled its flight 358 by renaming his Wi-Fi hotspot with the notorious Samsung device.  ( Drew Angerer | Getty Images ) BBC has reported that a Virgin flight has been disrupted almost to the point of […]

Nearly a decade ago, Warren Buffett bet Protege Partners, a fund of hedge funds, that over the course of 10 years the S&P would outperform Protege’s returns net of all fees, costs and expenses.  To make it real, the loser agreed to pay $1 million to the charity of the winner’s choice.   At this past year’s annual meeting, Warren Buffett provided an update on the now […]

As journalists grapple with the rise of fake news, it’s worth examining what happens when policymakers embrace misinformation instead of evidence when it comes to climate change. In September, YourNewsWire breathlessly told its readers that thousands of scientists had declared climate change “a hoax.” This was big news — at least on Facebook — where the YourNewsWire post was shared more than 550,000 times, making it the […]

As Uber Technologies Inc. battles to conquer India’s ride-sharing market, it is aiming to add a million new drivers to its platform, as detailed Thursday in a Wall Street Journal article. The ridesharing industry in the South Asian nation is already worth over a billion dollars a year between Uber and its main rival, Ola, and that figure could more than double in the next three years, according […]

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The stock market is an odd place. Red Hat, the leading Linux company, saw its third quarter of fiscal year 2017 grow by 18 percent year over year to $615 million. Up. Still, Wall Street had expected Red Hat to make $618.5 million — and the market immediately punished it with a 13.9-percent stock price drop. Red Hat headquarters presides over Linux’s first $2 billion company. I’ll […]

2016 was fact-checking’s finest year [1]. No it wasn’t, it was the year of “post-truth” [2] — some preferred “post-fact” [3] — and fact-checking is a fool’s errand. The discussion about facts in journalism worldwide has rarely been as fractured and animated as it has been in 2016, so we collected 366 links, one for each day of the year, to try and make sense of what […]

This is part of a series on the global rise of exchange traded funds You only need to look back to the tumultuous November in markets to see the growing significance of exchange traded funds that track bonds. While a bond from brewing behemoth Anheuser-Busch claimed the crown of being the most heavily traded corporate debt security last month, those volumes were dwarfed by bond ETFs. The average […]

Abu Dhabi-based Etihad Airways is reviewing its strategy of investing in European airlines and is seeking an exit in a shake-up that could lead to the departure of CEO James Hogan, company and industry sources told Reuters on Tuesday.  Etihad saw a strategy to take equity stakes in carriers like Air Berlin, Alitalia and Air Serbia as a way to expand its European network but losses have mounted with Air […]

This year. I started out as a managing editor of the L.A. Times. I end it as a vice president at CNN. We lived in Los Feliz, under the hills of Griffith Park and neon signs of donut shops. Now we’re in Jackson Heights, in the shadow of brick buildings and halal butchers and planes headed to LaGuardia. After the move, we let our 12-year-old walk to […]

Top government leaders of Vietnam and Cambodia have expressed wishes to cement and develop bilateral ties in the spirit of “good neighbourliness, traditional friendship, all-faceted and long-lasting cooperation”.  Cambodian Prime Minister Hun Sen (L) and Prime Minister Nguyen Xuan Phuc During talks with Prime Minister Nguyen Xuan Phuc in Hanoi on December 20, Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen said his visit […]

BLOOVO.COM identifies key areas of regulatory focus to help SMEs take on job creation and national economic expansion role Dubai December 20th, 2016 With the oil price slump creating a USD 275 billion export shortfall for GCC countries, regional governments are prioritising economic diversification. Accelerating SME sector growth is an integral element of this economic strategy, says a new report by WWW.BLOOVO.COM . www.BLOOVO.COM’s research shows that SMEs […]

It started off as one of those typical conversations you have when you’re in a foreign country and the taxi driver recognizes you to be a foreigner. “Where are you from?,” he asks, soon after I get into the bright yellow taxi cab, to which I reply “Sri Lanka.”“Beautiful country,” he responds.“Have you been there?” I ask him politely.“No, but my friend went there for a holiday. He […]

ABU DHABI // Iran’s nuclear deal and the republic’s support for militias across the region are some of the major threats GCC countries face, the head of an Abu Dhabi think-tank told the British Parliament. Dr Ahmed Al Hamli told the International Relations Committee this threat had led to a regional shift of power from legitimate states to illegitimate terrorist groups, weakening the region for the Islamic […]

Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Imagine if Snopes, PolitiFact and The Associated Press fact-checked our holiday cards and letters — or many of our daily declarations — for the truth. Facebook, of course, just announced it would team with PolitiFact, FactCheck.org, the Associated Press, ABC […]

Our annual collection of media corrections is, undoubtedly, an excuse to chuckle at our industry’s missteps. But it’s also a recognition of an honorable practice that not everyone follows. Outlets that mark their corrected articles clearly or collect them in one easily searchable section (for example, The Guardian) may be over-represented in this list, but they should be commended. A note on selection: This is a list of media […]

U.S. stocks were higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares. The S&P technology index .SPLRCT rose 0.94 percent, leading the 11 major sectors. Microsoft (MSFT.O), Amazon (AMZN.O) and Apple (AAPL.O) were up between 1-1.8 percent, providing the biggest boost to the Nasdaq and the S&P 500. “Traditionally, as you head into the […]

WASHINGTON President-elect Donald Trump plans to nominate Virtu Financial founder Vincent Viola as secretary of the Army, the Trump transition team said on Monday. Viola is a West Point graduate and U.S. Army veteran who has founded companies, including the high-frequency trading firm Virtu Financial. He is a former chairman of the New York Mercantile Exchange, where he began his financial services career, and is a leader […]

Bank also aims to raise interest in Emirati youth to pursue banking and financial careers Dubai, 19 December, 2016 Emirates NBD, a leading bank in the region, has launched a brand new edutainment mobile simulation game, ‘Banki’ in its efforts to promote financial literacy in the UAE. Through its highly engaging and informational interface, Banki will target the nation’s youth to become economically aware at a young […]

By Ben Blanchard | BEIJING BEIJING An underwater drone taken by a Chinese naval vessel in the South China Sea last week is part of U.S. surveillance efforts in the disputed waterway, but Beijing won’t likely make a big fuss about its handover, Chinese state media and experts said. U.S. President-elect Donald Trump, who has vowed to take a more aggressive approach in dealing with China over […]

Ahmed Al-Balushi: The agreement contributes towards enhancing our public transport services Talal Al-Mamari: The partnership comes as part of Omantel 3.0 transformational strategy to enable digital society to flourish Muscat, December 18, 2016 Omantel, the Sultanate’s first telecoms provider, and Oman National Transport Company, ‘MWASALAT’, signed a partnership agreement to provide free WiFi in all MWASALAT buses, in addition to providing a number of other services […]

In his characteristic third-person style, One River Asset Management’s Chief Investment Officer Eric Peters takes on all-comers in his latest letter to investors; lamenting the rapidity of losses, juxtaposing Michelle Obama’s “hopeless” America with the US equity markets’ near-record “hope”, and denouncing the scourge of risk managers everywhere – central bankers… Hope all goes well… “No one has real risk on,” said the CIO, dizzy. “We’ve all […]

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