Compliance with a global supply cut deal by OPEC and non-OPEC oil producers is expected to improve over the next months, the UAE Energy Minister said on Sunday. OPEC has delivered more than 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply seen by Reuters, making a strong start to implementation of its first production cut […]
By Tetsushi Kajimoto and Stanley White | TOKYO TOKYO Japan’s economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but tepid private consumption and the risks of rising U.S. protectionism cast doubts over a sustainable recovery. Data on Monday showed the world’s third-largest economy grew an annualized 1.0 percent in October-December, roughly in line with […]
A bench led by Justice Dipak Misra was asked to direct the CBI to lodge FIRs and conduct probe into the alleged offences under the Prevention of Corruption Act and Prevention of Money Laundering Act. (PTI) The Supreme Court today will hear the plea seeking a Central Bureau of Investigation (CBI) probe into the Panama papers expose case, in which many Indian industrialists and celebrities have been […]
China’s largest property developer Dalian Wanda Group has set its sights on banks in Europe, including Germany’s Postbank, as it diversifies away from its core real estate business. The Beijing-based group led by China’s richest man is actively looking at several European financial institutions, three people familiar with the matter said. Postbank — which has been put up for sale by Deutsche Bank — was among the […]
Dubai, 12 February 2017 Emirates NBD (DFM: EmiratesNBD), a leading bank group in the region, held its tenth Annual General Meeting (AGM) at the Bank’s Headquarters. At the AGM, a review of the year ended 31st December 2016 was presented. Commenting on the business environment, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, said, “The UAE continues to stand out as a resilient and […]
Fourteen sailors were rescued from a burning boat at Dubai Creek this morning. Dubai Civil Defence used their recently-launched ‘Dolphin jetski and Floating Firefighting Station’ to help extinguish the blaze that caused traffic issues in the area. The incident occurred near the Floating Bridge in Dubai, which resulted in the popular route being closed off for time while authorities tackled the fire. Aerial footage of the fire […]
Top White House aide and policy adviser, Stephen Miller, sidestepped repeated chances during Sunday news shows to publicly defend embattled National Security Adviser Michael Flynn following reports that he engaged in conversations with Russian diplomat(s) about U.S. sanctions before Trump’s inauguration. The uncertainty came as Trump was dealing with North Korea’s apparent first missile launch of the year and his presidency, along with visits this week from […]
ANZ has announced the appointment Lynwen Connick as its new chief information security officer, who will leave her role as the first assistant secretary information sharing and intelligence at the Department of the Prime Minister and Cabinet in March to take up her new position. Connick, who replaces former CISO Steve Glynn, was previously responsible for advising Prime Minister Malcolm Turnbull on cyber policy, intelligence, and secure […]
Bleak about the future of journalism? Here are some encouraging statistics: In 2015, ProPublica ended the year with $450,000 in small donations (contributions less than $10,000 that weren’t individually solicited). In 2016, that amount was $2.9 million. So far this year, that number is already more than $600,000. ProPublica received $4,500 from monthly recurring donations in the month of October. By January, that number had increased to […]
SEOUL Samsung Group [SAGR.UL] leader Jay Y. Lee appeared at the South Korean special prosecutor’s office on Monday for questioning as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. Lee is accused of pledging 43 billion won ($37.31 million) to a business and organizations backed by Park’s friend, Choi Soon-sil, in exchange for support for a 2015 merger of two […]
The Nellis Air Force Base in Nevada was teeming with activity late last month, but it had nothing to do with testing alien technology, nuclear bombs, or any other conspiracy theory. This time, the U.S. Air Force focused on improving operations to achieve better results during warfare. The Air Force held a Red Flag 17-1 on Jan. 24 to test out its multi-domain operations, and made a […]
Japan’s economy grew at an annualised pace of 1 per cent in the final quarter of 2016 as yen weakness spurred a pick-up in exports and business investment. The figure, which was broadly in line with analysts’ expectations for a 1.1 per cent rise, confirms Japan’s economy is back on track after a wobble last summer. Robust growth will reinforce the political popularity of Prime Minister Shinzo […]
US President Donald Trump has warned US airlines that foreign rivals “bring big investments” while pledging to support them amid tough competition, in the latest indication of his stance in the ongoing dispute between Gulf and US carriers. The new president told a White House meeting with the country’s largest airlines, air freight companies and airports on Thursday that he would support the US aviation industry in […]
BERLIN Volkswagen (VOWG_p.DE) said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker’s VW brand would retain about 2,000 of them as labor leaders and executives wrestle over the company’s turnaround plan. Labor leaders at VW last week halted cooperation with top managers on issues such as overtime work and apprenticeships after […]
When investors last month thumbed through the voluminous marketing materials from Blue Nile, the US online jeweller being taken private by Bain Capital, a few numbers — and footnotes — stood out. Blue Nile was seeking to raise $180m of debt to fund the $500m private equity takeover. By one measure, Blue Nile’s debtrepresented roughly four times its adjusted earnings before interest, taxes, depreciation and amortisation of […]
UK-based Liberty House Group on Sunday said it will agreement Tata Steel UK’s speciality steels business for $125 million (AED458 million). The deal secures the future of around 1,700 jobs directly, and thousands more in the supply chain and regional economy, a company statement said. In an exclusive interview published in Arabian Business on Sunday, Sanjeev Gupta, executive chairman, Liberty House Group said he was “very close” […]
Manny Pacquiao will have his next fight in the UAE, the boxer confirmed on social media. The eight-division world champion has previously held talks about having a bout hosted in the UAE, and now it looks like it will finally happen in Abu Dhabi, despite mixed messages in the media. The fight, which will be against Australian fighter Jeff Horn, was due to take place at Suncorp […]
Sarah Tew iPad sales are awful. Truly awful, and while CEO Tim Cook might be bullish about the tablet’s future, Apple desperately needs to do something to turn sales around if it’s going to come off life support. Must read: Does your iPhone have a battery drain problem? “We’ve got some exciting things coming on iPad,” Cook said during Apple’s last financial conference call, “and I’m optimistic […]
By David Shepardson | WASHINGTON WASHINGTON The chief executives of 18 major automakers and their U.S. units urged President Donald Trump to revisit a decision by the Obama administration to lock in vehicle fuel efficiency rules through 2025. In a letter sent late Friday and viewed by Reuters, the chief executives of General Motors Co (GM.N), Ford Motor Co, Fiat Chrysler Automobiles NV, along with the top […]
Loss-making Dubai construction firm Arabtec is working with boutique investment bank Moelis to study options for the company’s capital structure, sources familiar with the matter told Reuters on Sunday. A mandate for restructuring advisory firm AlixPartners to reduce overheads at Arabtec was completed at the end of last year, the sources said, declining to be named as the information is not public. The sources said that the […]
The latest retailer to join the “anti-Trump resistance“, is also the one which despite being closest to death managed to crush short sellers on Friday after its stock soared on the announcement of yet another hail ymary restructuring: according to Reuters, Sears and Kmart are discontinuing online sales of 31 Trump Home items. An obvious publicity stunt meant to distract the public’s attention from the company’s chronic […]
While federal regulation has stagnated, local activism in the wake of the 2015 accident spurred Southern California regulators to revive a 27-year-old effort to ban HF. “Let’s see if we can phase this out to provide an extra level of protection for the public,” Philip Fine, a deputy executive director of the South Coast Air Quality Management District, said in an interview. Separately, California officials have been […]
SEOUL South Korea’s special prosecutor said it would again summon Samsung Group scion Jay Y. Lee on Monday to question him on suspicion of bribery, as it investigates a graft scandal that has engulfed the country’s president. Last month, special prosecution officials questioned 48-year-old Lee for more than 22 hours straight, but a court rejected a warrant to arrest him in the inquiry into a scandal that […]
Do you think camels are only useful for crossing the sand dunes – or as photo opportunities for tourists? Think again. Camels have always offered much more to Arab society than simply a means of transport. They also provided their owners with meat, milk, clothes and more besides – and many of these other uses for “Bedu’s best friend” are increasingly coming back into fashion. With the […]
