DUBAI // Sheikh Mohammed bin Rashid met the Armenian president on Thursday for a meeting in which their countries signed agreements in security, science, emergency response and commerce. In his meeting with Serzh Sargsyan at Zabeel Palace in Dubai, the Vice President and Ruler of Dubai said the UAE welcomes countries that support peace and human values. Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of […]
|By Arabian Post Staff|Donald Trump’s election as American President is expected to further complicate OPEC’s efforts to strike a deal for output freeze. OPEC was already struggling to finalize a deal and with Trump, it has become all the more difficult. In fact, Trump’s surprise victory threatens to deepen a market sell-off, according to UBS Group AG. Yet the uncertainty arising from the President-Elect’s policies — from […]
|By Arabian Post Staff| Dubai Electricity and Water Authority (DEWA) has confirmed that the ACWA Power and Harbin Electric consortium has begun construction of the 2,400 megawatt (MW) Hassyan clean coal power station, based on the Independent Power Producer (IPP) procurement model.The plant will be the first-of-its-kind in the region and is fully-compliant with set international standards, adopting the use of ultra-supercritical technology. In June, DEWA and the […]
RAMALLAH, West Bank — Much about Yasir Arafat remains an enigma, in death as in life. The man who came to embody the Palestinian national cause was variously born in Jerusalem, or Gaza, or Cairo. It was never entirely clear what led to his death in a French military hospital in November 2004. The Yasir Arafat Museum will proffer answers to these questions when it opens to […]
|By Arabian Post Staff| It might be possible in the not too distant future to travel between Dubai and Abu Dhabi in 12 minutes if plans announced today materialise without any major hitch. Hyperloop One, which is reinventing transportation by developing the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and the Dubai Roads and Transport Authority (RTA) agreed […]
|By Arabian Post Staff| The Ministry of Finance (MoF) announced the UAE’s membership to the Global Forum on Transparency and Exchange of Information, following the UAE Cabinet’s decision in 2010 on MoF’s implementation of the G20 resolutions for the exchange of information for tax purposes. The Ministry will be responsible for coordinating with government bodies to collect financial information of international companies operating in the country. The UAE Cabinet had […]
TEHRAN — For all of Iran’s attractions — breathtaking scenery and numerous World Heritage sites, among other things — there are plenty of downsides to vacationing in the Islamic republic. Alcohol is forbidden. There is very little night life, at least in public. All women, including visiting foreigners, are obliged to wear a head scarf. Then there are Iran’s politics: its strident anti-Western stance; seemingly random arrests […]
By THOMAS ERDBRINK November 5, 2016 TEHRAN — In the past, Iranians looking to mock the United States would burn cardboard effigies of Uncle Sam or Lady Liberty. But in recent months, as the American presidential election took a series of bizarre turns, Iranians seeking to make fun of the “Great Satan” have ditched the arts and crafts and simply switched on their TV sets. Iran’s state television, a […]
|By Arabian Post Staff| The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops, Bloomberg reports. Money managers increased bets on lower West Texas Intermediate oil for the first time in five weeks as Iraq joined Iran, Nigeria and Libya in seeking to be excluded from OPEC’s first agreement to reduce output in eight years. The deal was reached […]
Microsoft Corp said it will be increasing pricing for its enterprise software and cloud services in the UK in the wake of the sterling’s plunge since Britons voted to leave the EU. The price increase, from Jan. 1 2017, will be 13 percent for its enterprise software and 22 percent for its enterprise cloud services, it said. Pricing changes will not apply to consumer […]
|By Arabian Post Staff| Signs of friction over OPEC’s production freeze plan are already emerging, with more members questioning the proposed numbers. Iraq and Venezuela had already expressed doubts over data compiled by OPEC for this purpose on the ground that the data has been compiled from secondary sources. And now Iran has joined the protest. Output estimates compiled by OPEC’s Vienna-based secretariat are “not acceptable,” Bloomberg […]
|By Arabian Post Staff| The three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, has climbed 15 successive months to the highest in seven years, Bloomberg reported. It gained 84 basis points this year to 2.385 percent on Sunday, compared with a 27 basis-point advance in the London Interbank Offered Rate for dollars. Meanwhile, the loans-to-deposit ratio among Saudi banks, a key measure of […]
By Sankalp Phartiyal and Anya George Tharakan | MUMBAI/BENGALURU MUMBAI/BENGALURU Infosys Ltd cut its annual revenue growth target for the second time in three months as India’s software service exporters feel the pinch of major Western clients holding back on spending as they wait to see how November’s U.S. presidential election and Europe’s Brexit drama play out. While it reported second-quarter net profit grew 6.1 percent, the […]
A new partnership between long-time rivals Amazon Web Services (AWS), part of Amazon.com, and VMware could prove to be a major deal for enterprise hybrid cloud users as well as the competitive landscape that services them. Yesterday, the companies announced that they will be cooperating on a new hybrid service, dubbed VMware Cloud on AWS, designed to make it easier for enterprises to run VMware applications on […]
|By Matein Khalid| The Algiers pact was a game changer in the international oil markets. Crude oil prices have risen to three month highs above $50 Brent after OPEC agreed to cut output to the 32.5 – 33 MBD range, with the symbolic Saudi-Iranian deal reinforced by a sharp drop in US inventories and Hurricane Matthew’s havoc in the Caribbean. Unfortunately for OPEC, the US land rig […]
|By Arabian Post Staff| Saudi Arabia said it was holding investor meetings in London, Los Angeles, Boston and New York from Wednesday to sell benchmark bonds maturing in five, 10 and 30 years. The issue is expected to be at least $10 billion. “It’s very good timing,” Bloomberg quoted Angelo Rossetto, a trader at GMSA Investments Ltd. in London, as saying. “I wouldn’t say now or never as […]
|By Arabian Post Staff|Etihad Aviation Group and TUI AG confirmed they are in discussions to create a strong European leisure airline group, focused on point-to-point flying to connect key tourist markets. It is proposed to contribute the touristic operations of the airberlin group and the German TUIfly company, including the aircraft currently operated by TUIfly for airberlin under a wet-lease agreement, into a new airline group established […]
WASHINGTON — The United States formally suspended talks with Russia about the protracted Syria conflict on Monday because of the Russian military’s role in the assault on the besieged Syrian city of Aleppo. The United States also shelved plans with Russia for the joint military targeting of jihadists in Syria, the State Department said in a statement. The American step reflected aggravated tensions with Russia on a […]
By PETER BAKER September 30, 2016 JERUSALEM — From across the ocean and across the Green Line, they came on Friday to the mountaintop sanctuary of Mount Herzl to bid farewell to Shimon Peres, marking what one called the “end of the era of giants.” But the question of the moment was whether it was a funeral for a man or for his dream. Twenty-three years after Mr. Peres […]
By MARK LANDLER September 30, 2016 WASHINGTON — When Bill Clinton took his place on Friday at Mount Herzl in Jerusalem for the state funeral of Shimon Peres, he was part of a tangled tableau: leaders from Israel and the United States who came together to mourn a giant of peace but who nurse their own political feuds and rivalries, stretching back two decades. Standing close to the former […]
Facing the prospect of another sharp fall in oil prices, Opec has finally put forward a measure that they hope will keep a floor on oil prices until the next demand season arrives, said Barclays in a new report. Based on media reporting, Opec plans to appoint a committee to iron out production cuts and baseline levels, and some ministers are circulating a production level of 32.5-33.0 […]
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market. This agreement further complemented and […]
BlackBerry plans to stop making its signature smartphones internally, signaling a strategic shift for a company that built its reputation on innovative smartphone technology. Rather, all development for BlackBerry-branded phones will be left to BlackBerry’s partners, which will license BlackBerry’s technology and brand, while the Canadian company concentrates on growing its software business. “We believe that this is the best way to drive profitability in the device […]
|By Arabian Post Staff| OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production, Bloomberg reported. Saudi Arabia and Iran, whose rivalry thwarted a deal with other major producers in April, didn’t reach agreement after two days of […]
