Emirates Group first-half profit plunged 64 percent as the world’s biggest airline by international traffic struggled with a rising U.S. dollar and political and economic uncertainty that damped global travel and weighed on fares. Net income fell to 1.3 billion dirhams ($364 million) in the six months through September from 3.7 billion dirhams a year earlier, the Dubai-based carrier said Wednesday in a statement. Revenue rose 1 […]
|By Arabian Post Staff| It might be possible in the not too distant future to travel between Dubai and Abu Dhabi in 12 minutes if plans announced today materialise without any major hitch. Hyperloop One, which is reinventing transportation by developing the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and the Dubai Roads and Transport Authority (RTA) agreed […]
|By Arabian Post Staff|The gold price breached US$1,300/oz in the wake of Donald Trump’s victory, up from US$1,275/oz before the vote counting began. Gold price has increased, outperforming other assets, including other safe havens. The market is expeting short term volatility in the wake of the election result as it signals a major political and economic change. Gold trading volumes have risen sharply in Asia. Western markets, which […]
DUBLIN Ireland’s government will this week formally submit its appeal against the European Commission’s multi-billion-euro demand for back taxes from Apple (AAPL.O), Finance Minister Michael Noonan said on Tuesday. Ireland’s cabinet agreed in September to join the iPhone maker in appealing the Commission’s order that the U.S. tech giant pay up to 13 billion euros to Dublin after ruling the firm had received illegal state aid. [nL8N1BE1ZT] […]
Print newspapers may be disappearing like the home telephone, but not after Election Day. Remembering the frenzy for old-fashioned papers the morning after Barack Obama’s historic win in 2008, newspapers are printing extra copies and setting up temporary retail stands this year, regardless of whether the nation elects the first woman or reality TV star as president. The Los Angeles Times is also selling a commemorative printing-press […]
While Chinese truck manufacturers have invested in product quality and service in the Middle East, Western brands will need to expand their presence with high-tech trucks in the region, a report said. Now is an outstanding time to rebuild market presence in the Middle East, as structural shifts directly play to the advantage of high-quality truck manufacturers, said the new study entitled “The Truck Industry in the […]
The reality today is that most enterprise applications are well on their way to being cloud based. We’ve seen it with simple workloads such as HR and payroll, travel and expense management, and in the last decade we’ve seen the cloud as the new normal for customer relationship management (CRM) deployments. In fact, a recent Gartner report predicts that the public cloud services market in the Mena […]
By Jack Kim and Ju-min Park | SEOUL SEOUL South Korean prosecutors raided the offices of Samsung Electronics on Tuesday as part of a probe over a political scandal involving President Park Geun-hye and her friend who is alleged to have exerted improper influence in state affairs. A prosecution official told Reuters the search is related to the scandal involving the president’s friend, Choi Soon-sil, but declined […]
By David Shepardson | WASHINGTON WASHINGTON AT&T Inc may bypass a powerful telecommunications regulator by offloading a Time Warner broadcast station, analysts say, as the telecommunications giant braces for what is expected to be a lengthy and tough antitrust review of its proposed $85.4 billion deal to buy Time Warner Inc. Dallas-based AT&T said late Saturday the deal would need approval of the U.S. Justice Department and […]
|By Arabian Post Staff| Saudi Arabia’s $17.5 billion debut sovereign bond issue had a most successful start, with investor orders reaching $67 billion, according to reports. The huge response has meant that the oil kingdom is in a position to borrow more cheaply than was originally expected. According to Financial Times, the order book was also sufficiently large to enable the country to raise the amount it […]
|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 […]
A new partnership between long-time rivals Amazon Web Services (AWS), part of Amazon.com, and VMware could prove to be a major deal for enterprise hybrid cloud users as well as the competitive landscape that services them. Yesterday, the companies announced that they will be cooperating on a new hybrid service, dubbed VMware Cloud on AWS, designed to make it easier for enterprises to run VMware applications on […]
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 Matein Khalid| The Algiers pact was a game changer in the international oil markets. Crude oil prices have risen to three month highs above $50 Brent after OPEC agreed to cut output to the 32.5 – 33 MBD range, with the symbolic Saudi-Iranian deal reinforced by a sharp drop in US inventories and Hurricane Matthew’s havoc in the Caribbean. Unfortunately for OPEC, the US land rig […]
By Julia Love and Deborah M. Todd Samsung Electronics’s abandonment of the Galaxy Note 7 due to safety concerns will likely touch off a turf war among Android smartphone makers, analysts said, presenting them a rare opportunity to gain share but with less room for archrival Apple Inc. Consumers tend to commit to their choice between Apple’s iOS operating system for smartphones and Google’s Android, leaving Samsung’s […]
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 Arabian Post Staff| Saudi Arabia said it was holding investor meetings in London, Los Angeles, Boston and New York from Wednesday to sell benchmark bonds maturing in five, 10 and 30 years. The issue is expected to be at least $10 billion. “It’s very good timing,” Bloomberg quoted Angelo Rossetto, a trader at GMSA Investments Ltd. in London, as saying. “I wouldn’t say now or never as […]
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 […]
The Interpreter By AMANDA TAUB It is a truth universally acknowledged by every war correspondent, humanitarian aid worker and Western diplomat: Some wars, like Syria’s, receive tremendous public attention, which can translate into pressure for resolution. But many others, like Yemen’s still raging but much ignored conflict, do not. Some of the reasons are obvious; the scale of Syria’s war is catastrophic and much worse than Yemen’s. […]
By Andrew Chung | NEW YORK NEW YORK A federal jury in Texas on Friday night ordered Apple Inc to pay more than $302 million in damages for using VirnetX Holding Corp’s patented internet security technology without permission in features including its FaceTime video conferencing application. The verdict came in a new trial in Tyler, Texas that had been ordered by the judge in the case, Robert […]
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, […]
Facing the prospect of another sharp fall in oil prices, Opec has finally put forward a measure that they hope will keep a floor on oil prices until the next demand season arrives, said Barclays in a new report. Based on media reporting, Opec plans to appoint a committee to iron out production cuts and baseline levels, and some ministers are circulating a production level of 32.5-33.0 […]
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 […]
