|By Matein Khalid| Even as China’s President meets the capo di tutti capi in Seattle, its manufacturing PMI falls to 47, a post Lehman low, with new export orders in a slump. I found it significant that the offshore yuan fell 200 pips to 6.4346 after the PMI. This proves my core argument, outlined a month ago. The Middle Kingdom will respond to its economic decline and […]
Gulf Related will borrow 2.3 billion dirhams ($626 million) from Abu Dhabi Commercial Bank to finance the construction of a shopping mall that will house the first Macy’s store outside the U.S. Gulf Related, a venture between Abu Dhabi’s Gulf Capital and New York-based Related Cos., announced the plan in a statement Monday. The 400-store mall, scheduled to open in 2018, is in Abu Dhabi’s new business […]
Middle East By THOMAS ERDBRINK September 27, 2015 President Hassan Rouhani of Iran is scheduled to address the United Nations General Assembly on Monday. Thomas Erdbrink, the Tehran bureau chief for The New York Times, looks at what message Mr. Rouhani has for international leaders and how it might be received. What’s different from the last time President Rouhani spoke to the General Assembly? Mr. Rouhani, Iran’s leader since […]
Janet Yellen may have unwittingly helped the Indian dollar-loan market rebound from a three-year low. Less than a week after the Federal Reserve Chair delayed raising U.S. interest rates, billionaire Mukesh Ambani’s Reliance Industries Ltd. hired 16 banks for a $1.5 billion loan and Rural Electrification Corp. also approached lenders. That takes the pipeline of local dollar-denominated loans planned, mandated or in syndication to more than $5 […]
While Dubai continues to pump out sumptuous new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf. A shortage of affordable homes and a reduction in overseas allowances since the financial crisis are pushing foreign staff on middle incomes out to less glamorous areas of the city far from the office, or to […]
Narendra Modi, Prime Minister of India, addresses a plenary meeting of the United Nations Sustainable Development Summit 2015 at United Nations headquarters in Manhattan, New York, September 25, 2015. Reuters/Mike Segar SAN FRANCISCO Prime Minister Narendra Modi will not only speak to Silicon Valley’s biggest executives during his two-day visit to the U.S. tech hub but will also take questions from some of Facebook Inc’s 1.5 billion […]
SHARJAH // A lack of jobs is leading some Khor Fakkan residents to call for more Emiratisation, while others are concerned about health insurance and retirement allowances. Many who have graduated from universities cannot find a job and are calling for prospective Federal National Council (FNC) members to intervene. Jamila Rashed, 26, graduated in 2010 and was still looking for employment. “I applied to the public and […]
UNITED NATIONS — Mark Zuckerberg, chief executive of Facebook, promoted access to the Internet as “an enabler of human rights” and a “force for peace” on Saturday, as he announced that his company would help the United Nations bring Internet connections to refugee camps. “It’s not all altruism,” Mr. Zuckerberg said later, in an implicit acknowledgment that drawing new users to his service is also good for […]
|By TAP Staff| FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank’s new ‘Startup Proposition’ offers new businesses a range of financial solutions, from business current accounts and business credit cards, to start-up loans, overdrafts and trade/working capital facilities, with no collaterals required. The start-up package is designed to support new businesses in the initial stages […]
CEOs WARY OF CHINA BUT LOOK TO MODI TO DELIVER By S. Sethuraman The 70th session of the United Nations…
Narendra Modi, Prime Minister of India, addresses a plenary meeting of the United Nations Sustainable Development Summit 2015 at United Nations headquarters in Manhattan, New York, September 25, 2015. Reuters/Mike Segar SAN FRANCISCO Prime Minister Narendra Modi has documented his push to bring U.S. investments and jobs back to India on his Facebook and Twitter pages since landing in the United States this week, posting photos with […]
WASHINGTON President Barack Obama announced on Friday that he had reached a “common understanding” with Chinese President Xi Jinping on curbing economic cyber espionage, but threatened to impose U.S. sanctions on Chinese hackers who persist with cyber crimes. The two leaders also unveiled a deal to build on a landmark emissions agreement struck last year, outlining new steps they will take to deliver on pledges they made […]
Bloomberg|David McLaughlin| Google Inc. is back under U.S. antitrust scrutiny as officials ask whether the tech giant stifled competitors’ access to its Android mobile-operating system, said two people familiar with the matter. The Federal Trade Commission reached an agreement with the Justice Department to spearhead an investigation of Google’s Android business, the people said. FTC officials have met with technology company representatives who say Google gives priority to its own […]
INTERNATIONAL. Just four per cent of businesses are able to extract the full value from the information they hold, with over a third (36 per cent) lacking the tools and skills they need to do so, according to new research from storage and information management company, Iron Mountain (IRM) and PwC. As a result, 43 per cent of the European and North American companies surveyed obtain little […]
INTERNATIONAL. Gleaming glass skyscrapers, state-of-the-art technology, and wealthy merchant families have replaced the Gulf’s muddy towns and villages populated by traders and pearl fishers that once lacked electricity, running water or modern communications. The region’s modern day projection of a visionary cutting- edge, 21st century urban environment masks however the fact that some things have not changed. Gulf states continue to be ruled by the same families, […]
UAE. The Middle East & North Africa ranks well above North America, Europe and Latin America in terms of market growth opportunities according to the Grant Thornton Global Dynamism Index (GDI) 2015. However, the region is lagging behind on a number of other indicators including labour market and financing environment. The GDI – which combines 22 indicators across five growth areas to identify the best business growth […]
UAE. Switzerland, the United Kingdom, Sweden, the Netherlands and the United States of America are the world’s five most innovative nations, according to the Global Innovation Index 2015, while China, Malaysia, Viet Nam, India, Jordan, Kenya, and Uganda are among a group of countries outperforming their economic peers. The GII 2015 looks at “Effective Innovation Policies for Development” and shows new ways that emerging-economy policymakers can boost […]
DUBAI // A woman who claimed she was tortured and threatened with rape after being mistaken for an Al Qaeda terrorist faces months of uncertainty awaiting the outcome of a legal case against the Kenyan government. Mother of three Kamilya Mohammedi Tuweni, 50, relived her 72-day ordeal this week as she gave testimony via video link from London to the high court in Nairobi. She was too […]
Microsoft has announced that Almoayyed Computers, the flagship division of Almoayyed International Group, has won the ‘Microsoft Country Partner of the Year 2015 Award for the Kingdom of Bahrain’. Awards were presented in several categories, with winners chosen from a set of more than 2,300 entrants from 108 different countries worldwide. Almoayyed Computers was honoured among a global field of top Microsoft partners for demonstrating excellence in […]
A senior French economic and political delegation is in Tehran to lay the groundwork for the first business contracts between France and Iran since an accord to curb its nuclear programme in July. France’s main business lobby group, the Medef, is sending a delegation comprising more than 100 firms to Iran, including companies such as oil major Total, planemaker Airbus and car manufacturer Peugeot. “We’re trying to […]
|By TAP Staff| Integrated Capital, the capital markets arm of Abu Dhabi Financial Group, announced that it has placed and syndicated to its clients 20.3 percent of the $700 million notes issued by EA Partners IBV, a funding vehicle for Etihad Airways, its airport services business and five of its equity partners. Integrated Capital invested $142 million during the allotment period for the debut notes. The note […]
|By TAP Staff| Al Noor Hospitals Group of Abu Dhabi announces that it has reached an agreement to acquire Rochester Wellness. Founded in 2006, Rochester Wellness is a leading provider of long-term physical, speech, and occupational rehabilitation therapy caring for patients in their homes and through two inpatient facilities in Dubai and Muscat. The business operates 51 beds and generated revenue of $ 5.6 million during the […]
EDIRNE, Turkey — Doaa, a 25-year old Syrian, was lying in the shade one day last week, trying to shelter herself from the scorching sun in a makeshift camp near this northwestern border city. A pile of blankets next to her quivered, and a tiny hand emerged. Her son, Nassim, was just a week old. Doaa had walked out of a hospital in Istanbul a few days […]
INTERNATIONAL. The era of the autonomous vehicle (AV) is fast approaching. Mass-market adoption of AVs will be the greatest inflection point for the automotive industry since the introduction of the assembly line and will confer tremendous benefits on society, according to a new report from The Boston Consulting Group (BCG). The report, titled Revolution Versus Regulation: The Make-or-Break Questions About Autonomous Vehicles, is being released today. It […]
