|By Matein Khalid| The fall in oil prices since 2014 has triggered a liquidity crunch and higher funding costs in the UAE banking system. EIBOR is almost double the London interbank rate LIBOR. Non-performing loan (NPL) have begun to rise as property prices have fallen 20% from their peak and corporate/SME borrowers are hit by a sharp downturn in the business cycle. DIB shares reflect these macro […]
|By Arabian Post Staff| Adnoc announced plans to merge Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co. by the end of 2017. The new shipping company will operate more than 165 vessels, including vessels to carry liquefied natural gas, chemicals and bulk cargo, Adnoc said. The consolidation is expected to lead to improved efficiency and savings. The move is seen […]
Google, Hewlett Packard Enterprise and IBM are among nine tech giants coming together to promote a new standard for data center servers. Designed to speed up server performance, the OpenCAPI specification is aimed at helping businesses better handle today’s increasingly data-intensive workloads. Working together as part of the new OpenCAPI Consortium, the industry partners said they expect that the first products based on the new standards will […]
HP Inc. expects to lay off between 3,000 and 4,000 employees in the next three years amid slumping demand for its products, the company said Thursday. The layoffs come one year after HP Inc., the manufacturer of printers, laptops and personal computers, was spun off from Hewlett-Packard in Silicon Valley’s biggest corporate breakup. The other company in the split, HP Enterprise, provides data center technology and business […]
By Mai Nguyen and My Pham | HANOI HANOI Samsung Vietnam will maintain its current staff numbers and its exports target this year, the firm said on Wednesday, despite the parent company scrapping its flagship Galaxy Note 7 phone following a series of battery fires. Samsung Electronics, which employs around 110,000 people in Vietnam, finally pulled the plug on the new Note 7 phone on Tuesday, less […]
By Se Young Lee | SEOUL SEOUL Samsung Electronics’ (005930.KS) worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model. Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on […]
By Greg Roumeliotis and Liana B. Baker Salesforce.com Inc (CRM.N) is still deliberating whether it should make an offer for Twitter Inc (TWTR.N) in the face of resistance from Salesforce shareholders over the strategic merits and valuation of such a deal, people familiar with the matter said on Monday. Twitter shares have lost as much as a third of their value since Oct. 5 on concerns the […]
By Noel Randewich | SAN FRANCISCO SAN FRANCISCO Apple Inc’s (AAPL.O) stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd (005930.KS) suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices. Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode […]
|By Arabian Post Staff|Etihad Aviation Group and TUI AG confirmed they are in discussions to create a strong European leisure airline group, focused on point-to-point flying to connect key tourist markets. It is proposed to contribute the touristic operations of the airberlin group and the German TUIfly company, including the aircraft currently operated by TUIfly for airberlin under a wet-lease agreement, into a new airline group established […]
6-7 February 2017 Advanced Conferences & Meetings (ACM) is launching Future Landscape & Public Realm UAE conference in its third successful edition, on 6-7 February 2017 in Abu Dhabi. This focused conference will once again provide a unique platform for business professionals to discuss the latest challenges and opportunities covering the landscape and public realm industry in Abu Dhabi and the wider UAE, bringing together a broad […]
|By Arabian Post Staff| Abu Dhabi Islamic Bank, which bought Barclays Plc’s UAE retail business, has cut more than 200 jobs over the past three months, Bloomberg reported quoting some people. The cuts were made mostly in the retail business, the report said. About 100 people were dismissed last month, with the layoffs mostly affecting junior staff, one of the people said. A spokesman for the bank, […]
Standard Chartered Bank (China) (SCB China) has launched a direct trading business for RMB/AED and RMB/SR and the bank becomes the first batch of direct trading market-makers for RMB against AED and SR in China’s inter-bank FX market. Sami Mahfouz, head of Financial Markets UAE, said: “Standard Chartered has a broad network and historical presence in the Middle East and we offer one-stop products and solutions covering […]
By PETER BAKER September 30, 2016 JERUSALEM — From across the ocean and across the Green Line, they came on Friday to the mountaintop sanctuary of Mount Herzl to bid farewell to Shimon Peres, marking what one called the “end of the era of giants.” But the question of the moment was whether it was a funeral for a man or for his dream. Twenty-three years after Mr. Peres […]
UAE-based telecommunications service provider du has demonstrated e-SIM for the first time in the Middle East, in collaboration with Gemalto, a world leader in digital security. The e-SIM initiative will enable du’s subscribers to activate the e-SIM on any device over the air. This will allow for an enhanced user experience in a new era of technology adoption that supports multi-device usage – such as smart watch, […]
UAE. (ME NewsWire )–Despite the fact that FinTech has been causing significant digital disruption to global finance for almost a decade, the sector is still in need of strong guidance against regulatory hurdles, says a new report from ACCA (the Association of Chartered Certified Accountants). The report, FinTech – transforming finance, finds that while FinTech’s impact on finance and banking is proving to be as revolutionary to […]
UAE. The UAE industrial market has continued to show a relatively steady performance despite the emergence of economic headwinds, amidst on-going global uncertainty, according to the H1 2016 UAE Industrial & Logistics MarketView, by global real estate consultancy firm CBRE. The softening of crude oil prices over the past 18 months has had mixed effects on the UAE industrial sector, and on the markets in Dubai and […]
The UAE was ranked first regionally and 16th globally in the latest Global Competitiveness Report issued by the World Economic Forum (Davos) in Switzerland. The report is one of the most important global competitiveness reports, which monitors annual performance and competitiveness of the economies of countries in terms of strength, weakness, impact on quality of life, prosperity and well-being of people. Switzerland, Singapore and the United States […]
By Edward Taylor and Eric Auchard | PARIS/FRANKFURT PARIS/FRANKFURT Alarmed by the threat posed by Silicon Valley firms to their businesses in developing autonomous driving systems, it was evident at the Paris Motor Show this week that carmakers are seeking to fight back by cooperating in areas of technology development where previously they might have tried to compete. Three big carmakers – BMW (BMWG.DE), Daimler (DAIGn.DE) and […]
UAE. A new report by The Boston Consulting Group (BCG) reveals that, when it comes to its current-level Sustainable Economic Development Assessment (SEDA) scores, the UAE outperforms the GCC and the rest of the world in most dimensions—including income, employment, education, infrastructure, civil society, governance, and environment. Across these dimensions, the UAE topped the average scores of both the GCC and the rest of the world. The […]
UAE. Mobile phones are the most commonly used device among consumers in the UAE and more than half of all consumers (59%) prefer using their smartphones over any other device to make payments, the new Mastercard Impact of Innovation Study reveals. The study surveyed 23,000 consumers in 23 different countries across the Middle East, Africa and Europe about their attitudes to digital technology. It found that while […]
UAE. Dubai’s residential and hospitality markets have rebalanced towards a “new normal” in the first six months of 2016, according to Deloitte’s new report “Deloitte Real Estate Predictions 2016 – H1 Review.” The report predicts that residential sale prices will decline further in Dubai for the balance of 2016, but that this rate of decline will slow, as value and affordability returns to the market. “Our real […]
The European Union’s law enforcement agency, Europol, issued a warning today regarding the cybercrime threat landscape, particularly threats emanating from the so-called “Darknet.” Produced by Europol, the “2016 Internet Organized Crime Threat Assessment” report, outlines the biggest threats online. The annual report concluded that techniques that have normally been associated with cybercrime are now extending into other crime and threat areas, said Rob Wainwright, director of Europol. […]
BlackBerry plans to stop making its signature smartphones internally, signaling a strategic shift for a company that built its reputation on innovative smartphone technology. Rather, all development for BlackBerry-branded phones will be left to BlackBerry’s partners, which will license BlackBerry’s technology and brand, while the Canadian company concentrates on growing its software business. “We believe that this is the best way to drive profitability in the device […]
