Alitalia SpA may follow British Airways parent IAG in quitting the Association of European Airlines as a rift widens over the competitive threat from Gulf carriers, which are the biggest shareholders at both companies. “A strong signal is needed and other airlines have already done that,” Alitalia Chief Executive Officer Silvano Cassano, whose Rome-based company is 49 percent owned by Etihad Airways PJSC, said in an interview. […]
/Marshall Hargrave/investorsalley.com/The end of Google’s reign as the king of search is near. Competitors are eating away market share and growth is sputtering. Trying to cherry-pick the next winner in search, however, is akin to rolling dice at a casino. All luck. Where investors are going to make their millions is in this red hot sector that is on the vanguard of life-saving technology that will revolutionize […]
Dubai’s drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. In 2013, Dubai’s government announced plans to turn the emirate into a centre for an “Islamic economy” with sharia-compliant businesses ranging from banking to asset management, trade, food preparation and certification, fashion, education and tourism. This looked like […]
|By TAP Staff| Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.72 million barrels per day (b/d) in March, up 800,000 b/d from February, and the highest monthly volume since November 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. In November 2012, OPEC output was estimated at 31.08 million b/d. Saudi Arabia boosted production by 280,000 […]
Deloitte appoints director forensic services in Saudi RIYADH, 3 days ago Deloitte Corporate Finance in the Middle East has appointed Abdullah Farid Shaker as principal director of forensic and financial advisory services, based in Riyadh, Saudi Arabia. “I am delighted to welcome Abdullah to our team, whose joining reflects the growing need for financial advisory services in the Middle East and in KSA specifically,” said Humphry Hatton, CEO […]
Bengaluru/By Vishnu Raja/The on-going brawl over telcos move to charge consumers differently and discriminate in favor of some apps opposed to others, had once existed in the past, but only in a realm of hypothetical discussions. The debate is becoming realistic as people in India begin to realize the importance of net neutrality (NN) and the ‘dangers’ this may pose to consumers. ISPs, globally, have a track record of such arbitrary actions and […]
India has bought the first oil for its strategic petroleum reserve (SPR), trade sources said on Monday, marking the start of a round of purchases by the world’s fourth-biggest oil consumer to build up emergency stockpiles. Oil prices have almost halved in the past year due to excess global production, leaving traders looking for any signs of new demand to help absorb the surplus. The sources said […]
QATAR. Notwithstanding the weak start for the global economy, Asian economies are expected to continue to grow rapidly in 2015. We expect economic growth to average 5.7% in 2015, the same rate as in 2014. However this masks significant differences across Asian countries that mainly depend on their exposure to global headwinds. India and Myanmar stand out as bright spots for 2015, while China, Indonesia, Malaysia and […]
The price of crude is falling sharply this afternoon, and is down more than 6 percent on the day. Energy analysts are sharply divided lately over where exactly the price of oil is going to go. Earlier today, the Baker Hughes Rig Count showed the smallest decline in active rigs in months, one small sign that the steep tapering off in drilling may be coming to an […]
Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 […]
|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]
Brent crude oil held below $56 a barrel on Tuesday on signs of slowing growth in China and as Saudi Arabia said its production was close to an all-time high. Factory activity in China, the world’s second-largest economy and top oil importer, slipped in March with the flash HSBC/Markit Purchasing Managers’ Index (PMI) reading at 49.2, below the 50-point level that separates growth from contraction. Economists polled […]
The next big threat to oil prices isn’t from OPEC or Bakken shale. It’s Russian samovars, or teapots. Simple refineries that process crude into fuel oil are scaling back, because when oil prices slump, the government reduces the discount that these refiners — known as teapots to those in the industry — get for exporting fuel. They use less crude, freeing it up for sale abroad, which […]
Salim Al Aufi, Oman’s undersecretary for oil and gas, likens attempts to cut the reliance on oil during a price slump to acting “with a gun pointed at your head.” If you have to make decisions under pressure, “you will probably make the wrong ones,” he said March 3 in Muscat during a panel discussion on the impact of the oil shock. Oman relied too much on […]
| By Michael Sasso| If you have to fly from New York to New Delhi on April 1, you can book through one of the three big U.S. airlines for at least $1,100 round trip. Or you can take one of Emirates’ luxurious Airbus A380s for less than $900. That choice is at the heart of the complaint raised by Delta, American, and United Continental with U.S. […]
As OPEC ‘s refusal to curb oil production contributes to a nine-month plunge in prices, a new paper suggests the group’s days may be numbered. OPEC, the Organization of the Petroleum Exporting Countries, has vowed to defend its market share against higher-cost producers such as U.S. shale drillers and companies developing Canada’s oil sands. Its strategy hinges on the odds that an extended period of low prices will lead other producers to […]
Dubai’s Drydocks World, owner of the Middle East’s largest shipyard, will ask creditors to amend the terms of its $2.3 billion restructuring deal originally signed in 2012, two sources aware of the matter said on Sunday. The move comes as Dubai World, a state-owned conglomerate which is also Drydocks’ parent company, is close to finalizing a revision of its own $14.6 billion debt pile which stems from […]
Oil and gas companies will spend about $450 billion buying each other this year as lower valuations caused by a drop in crude prices stimulate mergers and acquisitions, according to consultants A.T. Kearney. The value of M&A transactions in the oil and gas industry will probably rise by $10 billion from last year when deals totaled $440 billion, said Richard Forrest, A.T. Kearney’s lead partner for energy. […]
Arabtec’s chairman will meet officials of Egypt’s housing ministry on Wednesday to renegotiate the terms of a $40 billion plan to build one million homes in that country, a source familiar with the matter said. Dubai-listed Arabtec announced last March that it had reached agreement in principle with Egypt’s army to build the homes at 13 locations around the country, on land provided by the armed forces. […]
DUBAI, 4 days ago Wasl Asset Management Group has signed a ‘cloud for customer’ agreement with SAP, the largest of its kind in the enterprise software market company’s UAE history. The real estate development and management organisation will be deploying SAP’s latest cloud solutions to transform its business and provide an even higher standard of service for its customers, said the statement. Hesham Al Qassim, chief executive […]
The tide may be turning in the retreat of the U.S. oil explorers. Rigs targeting oil fell by 33 to 986, the smallest decline since Jan. 2, Baker Hughes Inc. said on its website Friday. Energy rigs in the Permian Basin shale region dropped by seven to 355 after dropping by as much as 49 earlier in the month. The Eagle Ford in Texas lost three rigs. […]
DUBAI, 2 days ago STME, a leading IT solutions provider, has upgraded the infrastructure and software requirements of Dubai-based wasl properties, a UAE semi-government property development entity, by adopting an efficient storage reclamation approach. “We understand that organisations today are struggling to accommodate growing volumes of data on a limited, if not declining, budget,” said Ayman Al Bayaa, CEO of STME. “However, by using a more […]
After an extensive and sometimes contentious public and politcal debate, the Federal Communications Commission (FCC) voted February 26, with a 3 to 2 split along party lines, in favor of new regulations intended to preserve Net neutrality. The vote is seen as a win both for the Obama administration and a large Net roots activist campaign that has been pushing for this outcome for several years. Under […]
Emaar Properties PJSC, Dubai’s largest publicly-traded real estate developer, plans to sell shares in its hotels unit in the second half and hired Rothschild as an adviser, three people with knowledge of the matter said. The offering is planned for later in the year because of conditions on the Dubai Financial Market, two of the people said, asking not to be identified as the information is private. […]
