The global benchmark interest rate for trillions of dollars of corporate loans, credit cards and derivative contracts is approaching 1 per cent for the first time since the US emerged from recession, as global markets reach the end of a turbulent week. With the US Federal Reserve anticipating greater US economic strength in 2017, this has pushed the dollar to a 14-year high and spurred further selling […]
The upper house of Parliament passed Panama papers Inquiries Bill 2016 with majority vote on Thursday. The bill moved by Senator Aitzaz Ahsan and other senators was opposed by 15 senators, while 37 senators supported the bill in the Senate. The House also got approval for all clauses of the bill. Earlier, Minister for Law Zahid Hamid, Leader of House in the Senate Raja Zafarul Haq, Senator […]
Real estate investment made easy as 1,2,3; lucrative rental yields await investors Dubai, United Arab Emirates – 15 December 2016 DAMAC Properties, one of the leading luxury real estate developers in the region, today announced the launch of MOD, a collection of townhouses in the heart of international golf community AKOYA Oxygen. The homes in this community, with a contemporary expression of luxury, are priced to be […]
By Laila Bassam, Lisa Barrington and John Davison | ALEPPO, Syria/BEIRUT ALEPPO, Syria/BEIRUT The evacuation of the last opposition-held areas of the Syrian city of Aleppo was suspended on Friday after pro-government militias demanded that wounded people should also be brought out of two Shi’ite villages being besieged by rebel fighters. The second day of the operation to take fighters and civilians out of Aleppo’s rebel enclave […]
WASHINGTON A Chinese Navy warship has seized an underwater drone deployed by an American oceanographic vessel in international waters in the South China Sea, triggering a formal demarche from the United States and a demand for its return, a U.S. defense official told Reuters on Friday. The incident — the first of its kind in recent memory — took place on Dec. 15 northwest of Subic Bay […]
Russia said the evacuation of thousands of people trapped for months in the last rebel foothold of Aleppo was finished on Friday, hours after a series of blasts halted the operation. “The Syrian army operation to liberate the militant-controlled eastern districts of Aleppo is complete,” the Russian defence ministry said. “Syrian government forces are liquidating isolated pockets of resistance by radicals.” An agreement for rebels to withdraw […]
Makkah is facing an acute shortage of affordable housing, especially as the area around the Holy Mosque is being redeveloped to service religious tourists, according to a new report. Real estate consultants JLL said as with other major cities in Saudi, Makkah needs to address the growing issue against the need for seasonal accommodation and extreme land values. It said the Markazia – the area around the […]
South Korea’s IT export for November rose 3.3 percent compared to a year ago thanks to semiconductors and displays, the country’s trade ministry has said. The rise ends 14 straight months of decline caused by the rise of Chinese competitors and the global economic downturn. Total IT export for the month was $14.8 billion, a rise of 3.3 percent from a year ago, while import was $8.08 […]
The Supreme Court’s dealing with the Panama Papers has run up against procedural issues. First comes the retirement at the end of the month of the head of the bench, none other than the Chief Justice of Pakistan, Mr Justice Anwar Zaheer Jamali. At the last hearing of the case, it was announced that the case would be reheard, not treated as partly heard. Then there is […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices were stable on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut. But since any production cuts will only hit markets early next year and Iraq is still raising sales to Asia, analysts at Goldman Sachs said that the price […]
YOKOHAMA, Japan Nissan Motor Co (7201.T) Chief Executive Carlos Ghosn said on Friday he expected the Japanese automaker to post record sales in 2017, which would be a strong year for the auto industry despite volatility in currency and commodity markets. Ghosn also said he was confident that U.S. trade policy under President-elect Donald Trump would continue to promote strong ties with Mexico, where Nissan operates production […]
Latest asset of Abu Dhabi’s cruise tourism sector set to change face of ‘winter sun’ tourism in Abu Dhabi Abu Dhabi-UAE: December 15, 2016 Under the patronage of His Highness Sheikh Hamdan Bin Zayed Al Nahyan, Ruler’s Representative in the Western Region, Abu Dhabi Ports today has officially opened Sir Bani Yas Cruise Beach, offering cruise ship passengers a new beach destination with unmatched tourism experiences. […]
It has been touted as one of the most exciting Dubai mega-projects of recent years and has now come to fruition. The $735m Dubai Water Canal — carved out of land between Business Bay and Jumeirah — opened to the public last month, creating a water-bound ‘mini-Manhattan’ that flows from Downtown Dubai to the ocean. The 3.2km-long canal is the final segment of the Dubai Creek extension, […]
ISLAMABAD: The upper house of Parliament passed Panama papers Inquiries Bill 2016 with majority vote on Thursday. The bill moved by Senator Aitzaz Ahsan and other senators was opposed by 15 votes while 37 senators supported the bill in the house. The house also got approval for all clauses of the bill. Earlier, Minister for Law Zahid Hamid, Leader of the House in Senate Raja Zafar ul […]
Convoys of green buses and ambulances ferried several thousand rebels and wounded civilians through the rubble-strewn streets of Aleppo on Thursday as the highly anticipated evacuation of the last opposition enclave of the northern Syrian city finally began. The operation got off to a shaky start after the first ambulances were shot at in the morning, wounding three people and underlining the fragility of a deal brokered […]
If Donald Trump has made bank stocks great again, Janet Yellen has just made them even greater. US financial stocks were on a tear on Thursday, extending their strong post-election market gains after the Federal Reserve raised interest rates on Wednesday and signalled that at least three more rises are on the cards for next year. The prospect that the US central bank might have to raise […]
By Gabriela Baczynska | BRUSSELS BRUSSELS European Union leaders agreed on Thursday to extend the bloc’s main economic sanctions against Russia over the turmoil in Ukraine for six months until mid-2017, diplomats said. The decision was expected and the formal process to extend the sanctions on Russia’s defence, energy and financial sectors will take place early next week, they said. “We welcome unanimous decision by the EU […]
By Leonardo Goy | SALGUEIRO, Brazil SALGUEIRO, Brazil The rusting tracks of Brazil’s Transnordestina railway peter out and give way to a dirt trail in a remote corner of the country’s arid northeast, far from the ports or farms it was meant to serve. No trains run on these tracks and the cleared path for one of Brazil’s most ambitious infrastructure projects is used only by local […]
Humility is an act of worship and one of the first merits that Allah bestowed upon believers, worshippers will be told on Friday. Humbleness in dealing with others is a virtue that demands showing leniency and respect and an acceptance of the truth. And as it is an honourable trait, Allah ordered his Prophet to embrace it in a Quranic verse that says: “and lower your wing […]
Everyone is gaga over the idea of frictionless grocery shopping: tap your phone on a turnstile device upon entry, retrieve food from the shelves, and walk out; your bill is charged to the credit card connected to your device. No waiting in line; no chit chat as your groceries are rung up. In other words, say hello to Amazon Go, which will be tested in […]
Thousands of people had gathered outside a hospital in the Mashhad neighborhood, which is still controlled by rebels, hoping that an evacuation deal announced on Tuesday by Turkey, Russia and Syrian rebels would hold. But the constant threat from snipers, bombs and shelling was unsettling. Video Aleppo Activists Say Final Goodbyes as Assad Closes In Syrian government forces had reclaimed most of rebel-held eastern Aleppo by Tuesday, […]
Last week, the Library of Congress (LOC), the nation’s largest library, announced a partnership with the Digital Public Library of America, the nation’s largest digital library. The first fruits of that collaboration—5,000 maps from the Revolutionary War, Civil War, and panoramic map collections—are available immediately, with many more to come. However, you don’t have to be an historian or cartographer to appreciate why this partnership is a […]
KUWAIT CITY: A Kuwaiti rights group Wednesday called on the country to abolish its “kafala” system for expats which has long been criticized as a form of bonded labor or even slavery.In its 2016 annual report, the Kuwait Association for the Fundamentals of Human Rights called for “abolishing the current kafala system and replacing it with rules according to international standards.”The rights group also expressed concern over […]
Commercial banks in Qatar will see their profitability fall under continued pressure in the coming years as deposit growth slows and interest rates drop, new research shows. A report by BMI Research, part of Fitch Group, states: “In the first 10 months of 2016, the average interest rate on government securities stood at 2.65 percent, well below the average of 5.96 percent that banks demand on private […]
