Many Emiratis live under pressure to find our identities between being members of big tribal families, proud of our heritage and culture, and being part of a modernised and ever-expanding country where every day we are more open to international business, and an ever-expanding community. I don’t see the distinction between expatriate and local, I see community. For an Emirati to be in that community setting is […]
A merger of German container shipping line Hapag-Lloyd and United Arab Shipping Company (UASC) is likely to take months to complete, partly due to financing issues blamed on a deep industry downturn, sources familiar with the deal say. Hapag-Lloyd signed a binding agreement with UASC in July to form the world’s fifth-largest line, valued at about 7 to 8 billion euros ($7.2-$8.3 billion), by the end of […]
20 December 2016 Al Habtoor Motors, the official dealer of FUSO in the UAE, has been rewarded yet again for its commitment to provide customers excellent service. It was awarded the ‘Best Customer Service’ Award at the recently held Daimler Trucks Asia Distributors Award 2016 ceremony held in Chennai, India. The event was attended by 217 delegates from 101 countries. Karl Hamer, Managing Director of Al Habtoor […]
BUENOS AIRES Argentina and Britain agreed on a framework to identify the bodies of dozens of unknown Argentine soldiers buried on the disputed Falkland Islands, Argentina’s Foreign Ministry said in on Tuesday. The two countries, which went to war over the islands in 1982 and have had strained relations for decades, also agreed to try to increase the number of flights to the remote islands. Britain has […]
By Melissa Fares and David Lawder | WEST PALM BEACH, Fla./WASHINGTON WEST PALM BEACH, Fla./WASHINGTON U.S. President-elect Donald Trump plans to put his pick for Commerce Secretary, billionaire investor Wilbur Ross, in charge of his get-tough trade policy, a transition team spokesman said on Tuesday. It is a signal of how Trump, who is also interviewing candidates to be the U.S. Trade Representative (USTR), plans to elevate […]
Nike Inc (NKE.N), the world’s No. 1 footwear maker, reported better-than-expected quarterly revenue, helped by higher demand from Western Europe, Greater China and emerging markets. The company’s shares were up 4 percent at $53.89 in after-market trading on Tuesday. Nike’s net income rose to $842 million, or 50 cents per share, in the second quarter ended Nov. 30, from $785 million, or 45 cents per share, a […]
The “animal spirits” that Donald Trump’s incoming US administration may unleash would have more far-reaching consequences on the economy and financial markets than any specific stimulus package he delivers, according to Bridgewater’s Ray Dalio. Mr Dalio, the founder of the world’s largest hedge fund group, wrote that “if this administration can spark a virtuous cycle in which people can make money, the move out of cash (that […]
The UAE’s Federal National Council on Tuesday endorsed the budget for 2017, set in late October by the Cabinet at AED48.7 billion ($13.3 billion), with a prime focus on education, social development and health. The budget is a marginal rise on the AED48.5 billion budget set for 2016, suggesting UAE authorities remain cautious about spending as low oil prices pressure state finances. The approval came at a […]
By Yeganeh Torbati | WASHINGTON WASHINGTON The United States on Tuesday blacklisted seven Russian businessmen and eight companies and government enterprises over Russia’s annexation of Crimea and the conflict in Ukraine, the U.S. Treasury said in a statement, moves Moscow called “hostile acts.” The sanctions come a month before U.S. President Barack Obama hands over power to President-elect Donald Trump, who has praised Russian President Vladimir Putin […]
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 […]
Talent acquisition will continue to be a key focus for Middle East-based companies in 2017 with recruiters focusing on quality of hiring, according to a new LinkedIn report. Jobs pertaining to operations, sales and engineering will be the highest priority roles to fill in the region in 2017, said its MENA Recruiting Trends 2017 report. According to the report, over 81 percent of regional talent leaders feel […]
The Dow and the Nasdaq hit record highs on Tuesday, with the blue-chip index just 13 points shy of the 20,000 mark, a level it has never scaled. Goldman Sachs (GS.N), which was up about 1 percent, gave the biggest boost to the Dow. U.S. stocks have been on a tear since the Nov. 8 presidential election, with the Dow up 9 percent and S&P more than […]
DUBAI // Housewives are risking fines and even jail by selling clothes, beauty products, home accessories and other items on social media without securing approval or a licence from authorities. The women, from India and Pakistan, are using sites such as Facebook and Instagram to sell their wares, which they either make themselves or bring from their home countries. This form of cottage industry is common on […]
Law Blog rounds up the morning’s legal news: Authorities allege $1 billion fraud at Platinum Partners: Top executives at the hedge-fund firm, including founder Mark Nordlicht, were arrested and charged with defrauding investors in one of the biggest such cases since Madoff’s Ponzi scheme. [WSJ, Bloomberg] Judge Persky cleared: A California judicial disciplinary panel found no grounds to sanction Santa Clara County Judge Aaron Persky over the six-month sentence […]
BlackBerry’s big bet on software and services is making progress — albeit slowly. The Canadian former phone maker turned software developer posted Tuesday a fiscal third-quarter profit of just one cent for the quarter, beating Wall Street expectations, which predicted a two cent loss (statement). No longer a smartphone company, BlackBerry is investing in software and services. Read more. However, the company did miss on revenue, bringing […]
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. It could be called the “NBC Very, Very Late Nightly News With Brian Williams.” Instead, it’s “The 11th Hour With Brian Williams” on MSNBC — a new show starring an old face who’s honorably doing what he does well in […]
A unit of UAE-based KEF Holdings has launched a $100 million manufacturing park, spanning one million sq ft, to cater to the infrastructure needs in India and GCC markets. With 10 manufacturing lines featuring the latest technology, KEF Infra One in Krishnagiri, Tamil Nadu in India, promises significant cost and time savings in building hospitals, homes, schools, hotels and specialised infrastructure. Faizal E Kottikollon, founder and chairman, […]
Submitted by Jayant Bhandari via Acting-Man.com, India’s Currency Ban – Part VI India’s Prime Minister, Narendra Modi, announced on 8th November 2016 that Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes would no longer be legal tender. Linked are Part-I, Part-II, Part-III, Part-IV, and Part-V, which provide updates on the demonetization saga and how Modi is acting as a catalyst to hasten the rapid degradation of […]
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 […]
20 December 2016 UAE – As the UAE increasingly becomes a thriving hub for entrepreneurs, the demand for accounting and finance skills will rise to sustain business and ensure success and survival amidst regional and global economic pressures, according to financial experts. Recent analysis revealed by professional networking site LinkedIn showed that the UAE has the highest percentage of members indicating entrepreneurship as their job function across the […]
By Alastair Sharp and Allison Martell | TORONTO TORONTO BlackBerry Ltd (BB.TO)(BBRY.O) on Tuesday posted an adjusted profit that beat expectations even as revenue dropped sharply, as the software growth it is relying on failed to fully make up for its retreat from handsets and lost service fees. The Canadian smartphone pioneer has gone through a wrenching transition in recent years featuring huge writedowns and job cuts […]
ABU DHABI // Motorists will pay more for their car insurance from January 1 when new tariff rates are introduced and companies pass on the cost of ambulance services and courtesy cars to customers. New maximum and minimum premiums will be set for third-party and comprehensive policies, depending on vehicle type. The UAE Insurance Authority has issued a new vehicle insurance tariff system, on which premiums are […]
Otsimo provides free games for autistic children to help improve attention spans using machine learning and gamification. Image: Otsimo Autistic spectrum disorders, or ASDs, impose huge costs, both human and economic, on sufferers, their families, and the community. The human toll, in terms of care and impaired relationships, is almost impossible to quantify. Looking at the US alone, the economic expenditure last year was estimated at about […]
Facebook faces a potential fine after the European Commission accused the social network of being misleading during the approval process of its $19bn takeover of WhatsApp. In a “statement of objections” on Tuesday, the European Commission charged the Silicon Valley giant with inaccurately claiming during the 2014 takeover that it was technically impossible to combine automatically user information from Facebook and WhatsApp. Facebook surprised its users this […]
