Social media giant Facebook Inc (FB.O) on Friday set a $6 billion buyback program for its Class A shares, beginning in the first quarter of 2017. Facebook’s shares were up 1.1 percent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close. The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17. (bit.ly/2fcxJoA) (bit.ly/2fE2wvw) Athwal has […]
Five years ago, the only luxury brand that was dabbling in the world of technology was Vertu. And far from becoming a dominant player in the mobile market, it remains an outsider – despite the fact that its product is, in fact, a piece of technology. But over the last few years – probably on the back of brands like Apple and Google increasingly vying for luxury […]
ABU DHABI // The UAE on Friday reaffirmed its commitment to the global battle against climate change. Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, told the Cop22 summit in Morocco of the country’s belief in the importance of turning the Paris Agreement into a reality. “Turning the Paris Climate Agreement into real initiatives requires enormous efforts and collaboration at the local, regional […]
Dubai, November 18, 2016: Technoform, the world-leading German manufacturer of insulation for aluminum windows, doors, and facades, announced that it is updating its thermal insulation products, ensuring a higher quality in profiles of aluminum windows, doors and facades. “Technoform has offered numerous innovations that back environmental laws and sustainability that meet UAE Vision 2021. It also strives to increase the use of aluminum insulation profiles through cutting-edge […]
The UAE’s workers will get a three-day holiday to mark UAE National Day and Commemoration Day at the start of next month. The Federal Authority for Government Human Resources has announced that public and private sector worker will have a holiday from Thursday December 1 to Saturday December 3, giving one day off from the regular working week. Workers will return to work on Sunday December 4. […]
MILAN Fiat Chrysler Automobiles (FCA) (FCHA.MI) said it has teamed up with U.S. internet giant Amazon (AMZN.O) to start selling cars online offering an additional discount. Initially only Italian buyers will be able to purchase their cars with a simple click online and the offers on Amazon.it will be limited to three models – the 500, the Panda and the 500L. FCA said the choice was deliberate […]
Klampfer Middle East and Brayan Group have formed a partnership enterprise to service the UAE’s mechanical, electrical and plumbing (MEP) sector. Klampfer-Brayan Electromechanical Contracting (KBEC) was conceptualised by Klampfer Middle East managing director, Günther Hinterberger, and Brayan Group CEO Praveen Sarapure. Hinterberger said: “As a European company with an international engineering portfolio, Klampfer is moving toward increasing and diversifying our Middle East market share beginning with the United Arab Emirates. Our […]
Committed to keeping Dubai a competitive shopping destination: Mohammed Ali Rashed Lootah Dubai, 18 November 2016 The Department of Economic Development has trained 100 employees from Dubai Parks and Resorts, the region’s largest integrated theme park destination, to conduct compliance checks as part of its ‘Self Inspector’ programme. Under the programme launched last year by the Commercial Compliance and Consumer Protection (CCCP) sector in DED, employees nominated […]
U.S. stocks looked set to open little changed on Friday, with all three major indexes near record highs, a day after Federal Reserve Chair Janet Yellen sent a strong signal that interest rates would be increased next month. The Fed could raise rates “relatively soon”, Yellen said in a congressional testimony on Thursday, adding that she would serve out her term. Traders are pricing in an 83 […]
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Bahrain Petroleum Company (Bapco) is in talks with export credit agencies (ECAs) to finance the expansion of its Sitra oil refinery, a project estimated at around $5 billion, sources familiar with the situation said on Thursday. The state-run Bahraini company is talking to seven or eight ECAs to back a component of the project financing, said one of the sources, who added that the financing could be […]
Just over a year ago I conducted a social experiment as a taxi driver behind the wheel of a Careem taxi. Careem is a Dubai-based transportation company, founded in 2012, that allows customers to request a taxi via a smartphone app either immediately or for a later time. In a country where it is a battle to stand on the street under the summer sun for half […]
The market interpretation of the US election result can be expressed in just three letters, repeated several times: “USA! USA! USA!” Amid the noise that followed last week’s election victory for Donald Trump, one signal was clear — whatever the outcome will be the US, it will be far worse for the rest of the world in general, and emerging markets in particular. Outside of financial crises, […]
HONG KONG Chinese telecoms equipment group ZTE Corp (000063.SZ) (0763.HK) said on Friday it has won a further reprieve to Feb. 27 on export restrictions that were imposed on the company by the U.S. government. In March, the U.S. Commerce Department hit ZTE with some of the toughest-ever U.S. export restrictions for allegedly breaking sanctions against Iran but has since issued temporary reprieves on the curbs. The […]
Challenges and solutions concerning entrepreneurial strategies discussed at length by public and private sectors during dialogue hosted by Dubai Chamber of Commerce and Industry and MEED, organisers of Innovation Live! The need for introducing a platform as a ‘one-stop shop’ for starting business in the UAE identified as key to progress. Dubai, UAE, 18 November, 2016 The inaugural Innovation Live!, an official anchor event for UAE Innovation […]
Kuwait will need $116b over the next six years to finance its budget deficit caused by low oil prices, according to a report by International Monetary Fund (IMF). The Gulf country posted its first budget shortfall of $15 billion for the first fiscal year following 16 years of surpluses after which it adopted a series of austerity measures including raising fuel, power and water prices. The government […]
WOLFSBURG, Germany Volkswagen (VOWG_p.DE) unveiled plans to cut 23,000 jobs in Germany to help achieve 3.7 billion euros ($3.92 billion) in annual savings by 2020 to turn around its core brand and help fund a shift to electric and self-driving cars following its emissions scandal. The agreement foresees a 25 percent improvement in productivity at German plants, the company said at a news conference on Friday. The […]
The Board of Directors of the Center for Public Integrity today announced the resignation of the Center’s Chief Executive Officer, Peter Bale. Mr. Bale, previously vice president and general manager of digital operations at CNN International, had been based in London for the three years prior to his move stateside. He is resigning to pursue other international media opportunities. Bale’s tenure at the Center, the global nonprofit […]
“I need that moment when I think, ‘This sucks,’” is how he put it. When he first started running, Engle did it as a form of penance — “I was feeling badly about myself and wanted to punish myself,” he said. Then, as he realized he was good at running long distances, ultramarathons — and other, even more extreme events — became a way to test his […]
Qatar’s Energy Minister Mohammed Al Sada said on Thursday that Iran and Iraq were being asked to freeze oil output at current levels as part of a wider deal to restrain production. “We are discussing with both countries on that and we are looking at various ways and means of coming to a mutual understanding,” Sada told reporters. The energy minister also said that Qatar, the world’s […]
By David Shepardson | WASHINGTON WASHINGTON U.S. President-elect Donald Trump said Ford Motor Co Executive Chairman Bill Ford Jr told him the automaker would not move a Kentucky plant to Mexico, but the firm said it informed him the decision was to keep one vehicle in U.S. production. On Thursday, Trump posted on Twitter: “I worked hard with Bill Ford to keep the Lincoln plant in Kentucky. […]
You know Tony Robbins. He’s the world’s most famous performance and motivational coach. He’s advised everyone from Bill Clinton to Serena Williams, from Leonardo DiCaprio to Oprah Winfrey (who calls him “superhuman”). He was called in to advise Bill Clinton during his impeachment and counts billionaires such as Virgin’s Richard Branson and casino magnate Steve Wynn among friends. He first broke onto the self-improvement scene 30 years […]
|By Ilyas Zameer| Learning from the past is old. It is no longer relevant in times like today. This world is volatile, unpredictable, catastrophic and yet extraordinarily amazing ( VUCA). Learning from the past can only help you if the future is going to be the same as the past, and it isn’t. November of any year is a great time to plan for the next year. […]
|By Ramesh Mahalingam| As someone who has worked in businesses across the ownership spectrum, I am tempted to pose this question to all aspiring CFOs: All other factors being equal, what is the fundamental difference in the approach to the financial reporting function as between a publicly listed company and a privately-owned business? The answer lies not in the IFRS standards, which by and large, do not […]
Saudi Energy Minister Khalid Al Falih said on Thursday he was optimistic that OPEC would formalise a preliminary oil output deal reached in Algeria in September. “I’m still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states’ levels and fair and balanced cuts among countries,” he told Saudi-owned Al-Arabiya TV. Falih said he believed the market was on […]
