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Dubai World Trade Centre (DWTC) is set to welcome 11 international congresses in 2014, spanning a variety of industry sectors. When combined, these congresses will contribute an estimated US$32millon (AED117 million) to the city’s economy. The congresses will attract more than 12,000 international delegates, including global thought leaders in their respective fields, which include healthcare, transportation, legal and technology sectors. “Dubai’s position as a premier international business […]

In an age of aerial drones and driver-less cars, Rolls-Royce Holdings Plc is designing unmanned cargo ships. Rolls-Royce’s Blue Ocean development team has set up a virtual-reality prototype at its office in Alesund, Norway, that simulates 360-degree views from a vessel’s bridge. Eventually, the London-based manufacturer of engines and turbines says, captains on dry land will use similar control centers to command hundreds of crewless ships. Drone […]

BuzzFeed has come a long way from cat lists. This month one of its journalists was on the ground in Kiev reporting on the crisis in Ukraine, and last December it published an in-depth article on a Chinese dissident living in Harlem, New York. The kittens haven’t disappeared, but these days there is serious journalism as well. When Facebook Inc tweaked its News Feed filters in December […]

|By Ole Hansen| Commodities showing strong gains for a third week with positive performances seen across all sectors, not least agriculture where coffee and sugar were strong performers followed by precious metals. Growth-dependent commodities such as energy and industrial metals also showed a positive return but were held back by another decline to a seven-month low in Chinese manufacturing confidence. Adverse weather across the Americas continues to […]

India’s Multi Commodity Exchange (MCX) is planning to sell its stakes in the Dubai Gold and Commodity Exchange (DGCX) to raise resources, the Economic Times reported. MCX currently holds 3.4% in DGCX, currently valued at $1. The Indian exchange had held 10 per cent stake in DGCX when it began operations in 2005, but it was later reduced to 5 per cent. In October last year, this […]

Technology will cause disruption and create opportunity at an accelerating pace, placing unprecedented pressure on ‘society’, China will move towards a half-way house of democracy, USA will become the Disunited States of America while India will be burdened with 150 billion people below the poverty line by 2050, according to the conclusions of a think-tank. The report is produced by Tangent Link, investment analysts and fund managers with a focus […]

High energy price volatility has for the first time replaced global climate framework as the top critical uncertainty driving the world energy agenda, according to the 2014 World Energy Issues Monitor, released by the World Energy Council (WEC). Global climate framework uncertainty, while still a key issue, is now perceived by energy leaders to have less impact than in the previous three years of the study. Meanwhile, […]

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A widening probe of the foreign-exchange market is roiling an industry already under pressure to reduce costs as computer platforms displace human traders. Electronic dealing, which accounted for 66 percent of all currency transactions in 2013 and 20 percent in 2001, will increase to 76 percent within five years, according to Aite Group LLC, a Boston-based consulting firm that reviewed Bank for International Settlements data. About 81 […]

An asteroid estimated to be the size of three football fields whizzed close to Earth on Monday, roughly a year after one exploded over Russia and injured 1,200 people. Slooh Space Camera tracked the approach of the asteroid as it raced past the planet at about 27,000 mph (43,000 kmph), starting at 9 p.m. EST (2 a.m. GMT, Feb. 18), the robotic telescope service said in a […]

Risk appetite is in full flow, led by Turkey’s remarkable return to the international bond markets on Wednesday, just weeks after a currency crisis had thrown the country, and through it the emerging markets asset class, into a tailspin. Not only did the sovereign raise US$1.5bn, it did so through a 31-year bond as investors cast aside doubts about Turkey’s vulnerable political and financial situation – on […]

A previously unknown flaw in a recent version of Microsoft Corp’s Internet Explorer web browser is being used to attack Internet users, including some visitors to a major site for U.S. military veterans, researchers said Thursday. Security firm FireEye Inc discovered the attacks against IE 10 this week, saying that hundreds or thousands of machines have been infected. It said the culprits broke into the website of […]

Gold rose 0.5 percent to a three-month high on Thursday, targeting a break above $1,300 after disappointing U.S. retail sales data weighed on the dollar and increased bullion’s appeal as a currency hedge. The dollar index tumbled 0.4 percent after U.S. retail sales fell unexpectedly in January and the number of Americans filing new claims for unemployment benefits rose last week, in the latest signs of slowing […]

Indian mobile phone market leaders Bharti Airtel and Vodafone  bought airwaves worth about $3 billion each in a hotly contested auction that raised nearly $10 billion, far exceeding the government’s target. No.1 Bharti and second-ranked Vodafone said they had won airwaves in the premium 900 megahertz band that was available in three key cities — Delhi, Mumbai and Kolkata. Conglomerate Reliance Industries, a new entrant in telecoms that is seen […]

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 […]

Research from PwC predicts that global assets under management (AuM) will rise to around $101.7 trillion by 2020, from a 2012 total of $63.9 trillion. This represents a compound annual growth rate (CAGR) of nearly 6%. The report, Asset Management 2020: A brave new world, also finds that assets under management in the SAAAME (South America, Asia, Africa, Middle East) economies are set to grow faster than […]

 Oven-hot pizza delivered to your home by drone! Sounds like fantasy? Well, this could become a reality in Dubai and elsewhere in the UAE if tests currently under way succeed. The technology is almost there. The only limiting factor is the cost. Obviously a pizza costing AED55 with a delivery cost of AED550 wouldn’t make sense. But the people behind the idea say the cost will over […]

Google Inc., the company that leads Internet search, has gained a new superlative: top dealmaker. From buying a digital-thermostat developer to selling a mobile-phone business, Google has executed more deals than any company in the world over the past three years, according to data compiled by Bloomberg through January, up from 13th place in the three years prior. Advertising-firm WPP Plc was second, followed by chipmaker Intel […]

The Bitcoin Foundation said the Mt. Gox Bitcoin exchange in Tokyo is to blame for technical faults that prevented customer withdrawals of the virtual currency that lost as much as 21 percent of its value today. “The issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox’s implementation of their highly customized wallet software, their customer support procedures and their unpreparedness,” […]

|By K Raveendran| Indians across the world celebrated the elevation of Satya Nadella as the new CEO of Microsoft. Dubai, with its compulsive spirit of celebration, was no exception. The talking point at the week-end parties in Emirates Hills and Arabian Ranches was none other than the Hyderabad techie, who, by virtue of his new role at the most admired company in the world, becomes the latest […]

The Bayt.com ‘Millennials in the MENA’ survey, recently conducted by Bayt.com and YouGov Siraj, a research and consulting organization, has revealed that in the UAE, millennials (working professionals 35 years of age or below) are considered to be innovative and hardworking by older peers, and that the majority of them (71%) consider entrepreneurship more preferable than employment. Millennial Careers in the UAE: Current and Future Four in […]

A subsidiary of Dubai-based contractor Drake and Scull has won a 375 million dirham ($102.10 million) contract from local developer Nakheel , Drake and Scull said on Tuesay. The contract is related to a development at Nakheel’s Palm Jumeirah, a palm-shaped group of artificial islands just off Dubai’s coast, the firm said in a bourse statement. The firm identified the subsidary that won the contract as the […]

The price of the digital currency bitcoin slid to its lowest level in nearly two months on Monday after bitcoin digital marketplace Mt. Gox said a halt on withdrawals it announced on Friday would continue indefinitely after it detected “unusual activity.” The bitcoin price varied dramatically from one exchange to another, with Tokyo-based Mt. Gox, the best known operator of a bitcoin digital marketplace, recording one of […]

Smarting from growing losses, Taiwanese phone maker HTC Corp says it will expand its range of cheaper products as it fixes off-target marketing for its premium smartphones. The company that has long prided itself as a purveyor of upscale, feature-loaded products says it needs to sell more mid-tier and affordable smartphones after losing out in 2013. Muscled off-track by fast-growing Chinese rivals like Xiaomi Inc as well […]

|By Pankaj Mishra| There is a great, virtual storm blowing through India today, and the most frantic people in the country seem to be those trimming their sails to it. I refer to the shrewdly concerted campaign to make Narendra Modi seem like India’s natural and inevitable leader — a veritable miracle worker who, emerging triumphant in elections due by May, will raise despondently low growth rates […]

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