A month ago, India asked more than 1.2 billion people to turn out their pockets and turn in their old bank notes, all in an effort to stamp out corruption and tax evasion. A colossal undertaking by any standard, the experiment has unfolded in ways that few nations’ administrators might have been able to predict. That has forced the Indian government to adapt, sometimes without warning, to […]
WASHINGTON Donald Trump on Monday criticized Lockheed Martin’s F-35 fighter jet program as too expensive, the latest attack by the U.S. President-elect on large defense contractors. Lockheed shares dropped 5.1 percent and shares of several other defense contractors also tumbled. “The F-35 program and cost is out of control,” Trump said on Twitter, echoing campaign promises to cut waste in federal spending. “Billions of dollars can and […]
Sumner Redstone and his daughter Shari have scrapped plans to merge Viacom and CBS, the two media companies they control, amid disagreements about valuation and management control. The news surprised investors, who had been betting on a merger after months of discussions between America’s leading broadcast network and the owner of Paramount Pictures and MTV. Viacom shares fell as much as 8 per cent in morning trading […]
For the last 28 years, I have written a prediction column for the new year. I study our research and look for trends that provide hints of what might impact the tech industry in the near future. In 2017, be on the lookout for augmented reality products (more so than VR), the further development of autonomous vehicles and smart cities, and the impact of the […]
By Sophie Sassard | LONDON LONDON Rupert Murdoch’s Twenty-First Century Fox (FOXA.O) aims to make a firm cash bid for British broadcaster Sky (SKYB.L) this week, valuing the company at 10.75 pounds ($13.60) per share, several people familiar with the matter said on Monday. Fox and Sky have agreed to press ahead with a scheme of arrangement which could make it easier for Fox to get the […]
ABU DHABI // With kindergarten pupils making up nearly 20 per cent of the private schools population, investors are being encouraged to open more schools catering to the early years education. The Abu Dhabi Education Council, which regulates private schools in the emirate, recently held a workshop for about 60 prospective and current investors to offer information on the business opportunities available in the education market. It […]
The murky moral maze of the Middle East’s burgeoning home-help industry comes under the spotlight in A Maid for Each, a stark documentary that had its regional premiere at the Dubai International Film Festival on December 10. Most of this sobering film takes place inside the cramped confines of a small, but thriving, agency in Beirut, Lebanon, that matches well-off families with incoming immigrant workers. The cameras […]
· Chamber organised study mission to explore trade and investment opportunities in St. Petersburg · Delegation discussed Dubai-Russia trade ties with key stakeholders from the city’s public, private sectors 12 December 2016As part of its efforts to explore new business opportunities for its members and promote Dubai as a global business hub, Dubai Chamber of Commerce and Industry recently conducted a study […]
In Australia, over 137,390 animals once called pets are received annually by the RSPCA [PDF] alone, with rescue homes and animal shelters receiving surrendered animals faster than they can re-home those already in care. With few options other than euthanasia for those animals unable to be placed, self-taught coder John Bishop decided he needed to do something and launched Pet Rescue in 2003, an online service connecting […]
NEW DELHI—Early last month, Prime Minister Narendra Modi summoned his cabinet to a room in India’s capital, told them to leave their cellphones outside and delivered a shocker: He was about to go on national television to declare that almost 90% of the country’s paper money would no longer be legal tender. The move, prepared in secret by Mr. Modi and his advisers, kicked off a radical […]
Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of “normalization” of inventories and not necessarily just at raising oil prices. The Organization of the Petroleum Exporting Countries (OPEC) had previously agreed to cut output by 1.2 million barrels per day (bpd), and on Saturday, 11 non-OPEC producers agreed to join the effort […]
From July 1 2017, users of fixed-line broadband capable of 25Mbps or more are set to be hit with a AU$7 monthly charge, to be contributed to a Regional Broadband Scheme, under draft legislation released by the government on Monday. Citing a net cost of AU$9.8 billion to NBN over the next 30 years due to running non-profitable fixed wireless and satellite services, while still needing to […]
Britain’s exit from the European Union will mean it can forge free trade deals with Gulf Arab allies, foreign minister Boris Johnson said on Friday in a speech also heralding closer defence ties to the conservative monarchies. Johnson was speaking at a conference in Bahrain a day after footage was published of him accusing Saudi Arabia, an important ally for Britain, and Iran of stoking proxy wars […]
The recent deal to keep Carrier jobs in the United States is not at all unusual. It only received so much press because Trump made it a campaign issue and saw an opportunity to record a big early PR victory before he even took office. Government and corporations cooperate, negotiate deals, scratch each others backs, kickback ill-gotten gains, and function as a career advancement funnel for corrupt […]
By Joyce Lee | SEOUL SEOUL South Korean Prime Minister Hwang Kyo-ahn will begin getting official briefings from aides of President Park Geun-hye on Monday, having assumed presidential authority in a caretaker role following her impeachment by parliament last week. Hwang has sought to calm anxiety over national security and to reassure financial markets while Park’s presidency is held in limbo pending the outcome of a Constitutional […]
By Howard Schneider | WASHINGTON WASHINGTON The Federal Reserve inaugurates the Trump era this week with a near-certain interest rate increase and new economic forecasts providing a first glimpse into whether the U.S. election has reshaped the central bank’s growth and inflation outlook. Fed fund futures show a 97 percent probability that the Fed will lift rates by a quarter of a percentage point at the end […]
The Islamic Development Bank has listed a $1.25 billion sukuk on Nasdaq Dubai, the region’s international financial exchange. It is the seventh sukuk listing on the exchange by the IDB, making it the largest sukuk issuer on Nasdaq Dubai at $8.55 billion. Altogether, Nasdaq Dubai has 56 sukuk listings totalling $43.96 billion, making it the largest exchange in the world for Sukuk by value. Based in Saudi […]
11 December 2016 Dubai-UAE – National Bonds Corporation (National Bonds), the leading sharia-compliant savings and investments company in the UAE, has launched its Prestige wealth management program for the benefit of high net-worth customers that total more than 11,000 of the company’s 817,000 client base. National Bonds announced the program at a special gala dinner at the Ritz Carlton in Dubai International Financial Center (DIFC). Attended by guest […]
Developer Diyar Al Muharraq has announced that 50 percent of Al Qamra freehold residential plots were sold on the launch day of the second and final phase of the project Bahrain. The launch followed the successful sale of the first phase which witnessed “tremendous public response”. The second phase of Al Qamra sees the launch of 54 freehold residential plots ranging from 300 to 550 square metres, […]
Boeing officials, already dismayed by Mr. Trump’s attack last week over the costs of a new Air Force One, acknowledged that the Iran jet deal still faced contingencies — a polite way of saying they were deeply worried about whether Mr. Trump and the Republican-led Congress would support it. Continue reading the main story Beyond that deal, Boeing and other companies that export jet engines, high-tech products […]
Swiss pharmaceutical manufacturer Lonza Group AG (LONN.S) is in advanced talks to acquire Capsugel, a U.S. maker of capsule products and other drug delivery systems, for more than $5 billion, according to people familiar with the matter. The deal would come as Lonza seeks to boost its life sciences capabilities and produce a wider range of molecules used in active pharmaceutical ingredients and drug delivery. It held […]
2016 was a big year for VR (Image: Jake Smith/ZDNet) Virtual reality isn’t some weird concept coming in the distant future. It’s here. It’s been a major year in VR, with many consumer options now on the market from big hardware players in time for Christmas 2016’s shopping rush. We saw the breakout of Facebook, Google, Sony, and others with their first headsets aimed at the masses. […]
Al Ain-based Al Dahra Agriculture has announced that it has completed the acquisition of a majority stake in Australian feed processor Glenvar Hay. The purchase will lead to the formation of a new entity called Al Dahra Glenvar Hay Pty Limited, a statement said. Glenvar Hay has been producing a variety of quality feed products since 1925 and has an established sales network domestically in Australia and […]
MILAN Italy’s biggest bank by assets UniCredit (CRDI.MI) has reached a deal to sell its asset manager Pioneer to France’s Amundi for more than 4 billion euros ($4.2 billion), a source with knowledge of the matter said on Sunday. The deal, which the source said involves a special dividend of about 500 million euros to be paid to UniCredit, is one of various disposals being pursued by […]
