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Canceling nearly 90% of cash in circulation cost India the mantle of world’s fastest-growing large economy in 2016, the International Monetary Fund said, though it categorized the slowdown as temporary. India’s growth slowed to 6.6% last year from 7.6% in 2015, according to the fund’s latest World Economic Outlook, which estimates that China’s economy grew by 6.7% in 2016. The fund expects India’s expansion to bounce back […]

By Nigel Stephenson | LONDON LONDON Investors sold sterling and stocks on Monday, seeking shelter in gold and the Japanese yen as uncertainty over Britain’s departure from the European Union and the policies of U.S. President-elect Donald Trump curbed appetite for risky assets. U.S. markets were closed for the Martin Luther King Day holiday, crimping market activity and potentially exacerbating price moves. The dollar .DXY rose, except […]

ABU DHABI // The country is working on a system to monitor and record its greenhouse gas emissions, says the new director general of the Global Green Growth Institute. Frank Rijsberman, who was on a two-day visit to the UAE for the World Future Energy Summit, said that although there was room for improvement, the UAE had become a leader in the renewable energy sector. “We’ve been […]

Elton John performed at a private wedding, alongside Mariah Carey, in London on Saturday – just days after the veteran British singer postponed his Dubai concert from January 20 until December 8, citing ill health. The change of date was the second time John rescheduled his UAE gig, which was initially set for December 15 last year. It was moved to January after he was diagnosed with […]

Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC’s plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs of commitments by other participants in the deal since it took effect […]

Dubai, January 16, 2017 Panacea Medical & Wellness Centre, a multi-specialty primary health care facility in Dubai, has received the Health Award for distinguished CSR contribution at the Annual Health Awards, jointly hosted by the Department of Economic Development (DED), Dubai and the HEALTH magazine, today. The award was presented to Panacea Medical & Wellness Centre by His Excellency Humaid Al Qutami, Chairman of Board of Directors […]

An electricity crisis that has caused protests and unrest in the Gaza Strip eased on Monday after Qatar donated $12 million to buy fuel for the Palestinian enclave’s lone power plant, officials said. For weeks, Gaza’s population of 2 million has been making do with barely a few hours a day of electricity – less than half its usual supply. The Energy Authority run by the enclave’s […]

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Driverless: Intelligent Cars and the Road Ahead • By Hod Lipson and Melba Kurman • MIT Press • 328 pages • ISBN: 978-0262035224 • £19.95 / $29.95 There is an old joke that has Bill Gates, then CEO of Microsoft, boast to the CEO of General Motors that if Microsoft built cars, they would cost $25 and get 1,000 miles per gallon. The GM CEO is supposed […]

By Noah Barkin | DAVOS, Switzerland DAVOS, Switzerland A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. As political leaders, businessmen and bankers converge on the resort in the Swiss Alps this week, they can draw hope from a more benign […]

Atlas Copco is to split itself in two and appoint a new chief executive as Sweden’s largest industrial group tries to boost shareholder value.  The Wallenberg-backed company is hoping to spin off its mining and construction tools business after a tough period following the slump in commodities market. That would leave the existing Atlas Copco to focus on compressors, vacuum technology and its big service business, which […]

MENA on-demand streaming service Starz Play has signed an agreement with 20th Century Fox Television Distribution to provide its movies and series to subscribers in the region. The agreement adds a large number of action and animation movies along with award-winning TV series to the Starz Play content library. The deal will see popular Fox movies like The Hills Have Eyes 2 and action-comedy The Heat available […]

16 January 2017 Oman Insurance Company (OIC), one of the UAE’s leading insurers, has become the first insurer in the Middle East to establish a corporate alliance with the Association of Certified Fraud Examiners (ACFE). The ACFE is recognized as the world’s largest and premier anti-fraud organization and has partnerships with numerous Fortune Global 500 organizations. Its role is to support the implementation of anti-fraud best practices […]

The PNP chief also calls on the public to stop using the term ‘Tokhang for ransom,’ saying it ‘hurts’ the police force Bea Cupin Published 4:40 PM, January 16, 2017 Updated 4:40 PM, January 16, 2017 KIDNAPPING CASE. PNP chief Ronald dela Rosa (right) says SPO3 Ricky Sta Isabel has since surrendered to the NBI, which is under Justice Secretary Vitaliano Aguirre II (left). File photo by […]

LONDON British luxury brand Burberry (BRBY.L) said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5. Italian Gobbetti, the former boss of French brand Celine, was named as Christopher Bailey’s successor as CEO last July. Bailey will take on the […]

Al Hamra Real Estate Development has introduced new five year payment plans for units in Al Hamra Village. Prices for properties in the Ras Al Khaimah development start at AED 3,300 per month, payable over five years. According to the developer, this compares to AED 55,000 for the annual rent of a studio apartment in Dubai’s Jumeirah Lake Towers; AED 50,000 in Dubai Marina; and AED 70,000 […]

South Korean prosecutors are seeking an arrest warrant for Samsung Electronics vice chairman Lee Jae-yong for his role in the bribery scandal involving the country’s president The request follows their quizzing of him on Friday, which lasted over 22 hours, over whether Samsung knowingly paid Choi Soon-shil, a close friend to President Park Geun-hye, bribes to have a controversial merger of its affiliates approved. The court will […]

By Ben Hirschler | DAVOS, Switzerland DAVOS, Switzerland Trust in governments, companies and the media plunged last year as ballots from the United States to Britain to the Philippines rocked political establishments and scandals hit business. The majority of people now believe the economic and political system is failing them, according to the annual Edelman Trust Barometer, released on Monday ahead of the Jan. 17-20 World Economic […]

SYDNEY Plans to provide government support to keep open a 30-year-old aluminum smelter in Australia owned by Alcoa (AA.N) have made “progress”, parties involved in talks said on Monday without giving details. The government is offering financial support to help supply the Portland smelter in southern Australia with sufficient power in the wake of a blackout late last year that left it running at only one-third of […]

Seldom have such small chips carried such a heavy load. China’s fledgling semiconductor industry, after a messy birth, now finds itself in the crosshairs of conflicting political goals in Beijing and Washington. Chips are a key plank of China’s industrial plans, attracting a massive $150bn government subsidy. This reflects national angst over reliance on overseas markets — it spends more on importing semiconductors than oil — and […]

Dubai, UAE – January 16, 2017 Under the patronage of H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and President of Dubai Health Authority, the 7th Emirates Otorhinolaryngology Audiology and Communication Disorders Congress (EROC) will begin on 18th January with 2,000 delegates participating from around the globe. Otolaryngology is the branch of medicine that deals with diagnosis, treatment and prevention […]

Delta Air Lines CEO has again raised the prospect that President-elect Donald Trump’s administration would intervene in the US carriers’ dispute with Gulf airlines. Ed Bastian, speaking to investment analysts during the carrier’s recent quarterly earnings call, said that officials from the US ‘big three’ – American, United and Delta – have already met with officials from Trump’s transition team to discuss current industry issues, including the […]

By Richard Balmforth | PARIS PARIS Former Prime Minister Manuel Valls, long tipped to win the left-wing ticket for France’s presidential election this spring, trailed his rivals after a debate on Sunday where his immigration policies came under fire. In the televised debate, Valls faced six other contenders ahead of a Socialist primary starting on Jan. 22 to pick a candidate who can keep next May’s presidential […]

Optus has announced extending mobile coverage along the Highway 1 route in Western Australia by using nine small cells that utilise Optus’ satellite services rather than having to build out additional mobile towers. The small cells will be located at the Billabong Roadhouse, Overlander Roadhouse, Wooramel Roadhouse, Minilya Roadhouse, Nanutarra Roadhouse, Fortescue River Roadhouse, Pardoo Roadhouse, Sandfire Roadhouse, and 80 Mile Beach, Western Australia. “We are investing […]

By Kenneth Rijock MIAMI, USA — Tax authorities in Malta have announced that the government of Panama has declined to assist them in their investigations into tax evasion initiated following information released by journalists in the Panama Papers documents leak scandal. Tax investigators from Malta have asked to see emails of the law firm of Mossack and Fonseca, which allegedly assisted Maltese nationals evade income taxes, and […]

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