Shares of the biggest U.S. banks fell, led by a 2.2 percent decline in Citigroup Inc., after talks to provide Greece with additional bailout aid failed and the Greek government imposed capital controls. The Standard & Poor’s 500 Financials Index slid as much as 1.1 percent, the biggest decline in almost seven weeks. JPMorgan Chase & Co., the largest U.S. bank by assets, dropped 1.9 percent and […]
Dubai real estate developer Limitless has taken a step closer to securing a second restructuring on debt outstanding from Dubai’s property crash six years ago. It said on Monday it would repay 2.07 billion dirhams ($564 million) to creditors and has won the approval of almost 90 percent of banks to extend its remaining debt to December 2018. Limitless is seeking to follow in the footsteps of […]
UAE. A new report by The Boston Consulting Group (BCG), a global management consulting firm and the world’s leading advisor on business strategy, delves into the challenges faced by Exploration & Production (E&P) companies here in the GCC region. The fact is, these are trying times for E&P companies globally. Following more than a decade of strong financial returns, the industry has experienced several difficult years caused […]
VIENNA — Iran’s top nuclear negotiator was heading back to Tehran on Sunday to consult with his nation’s top leadership, as negotiators remained divided over how to limit and monitor Tehran’s nuclear program and even on how to interpret the preliminary agreement they reached two months ago. With all sides now acknowledging the talks would need to continue beyond what was once considered the absolute deadline for […]
TEHRAN — Persian carpets were rolled out in the Beit-e Rahbar, the downtown Tehran offices of Iran’s supreme leader, Ayatollah Ali Khamenei, on Tuesday, a sign that important guests were on their way. One by one, members of Iran’s establishment, politicians, clerics and commanders filed in, many exchanging the perfunctory greetings of committed rivals. They sat cross-legged and waited anxiously, knowing a crucial week of nuclear negotiations […]
Gold edged higher on Friday, recovering from its lowest in more than two weeks as Greece failed to reach an agreement with its international creditors, although gains were capped by expectations of a U.S. interest rate hike. Asian equities fell as Greece failed again to reach an agreement with its creditors and stumbled towards a default, while major currencies like the euro and dollar drifted as the […]
Networking company Netgear just made a big move in the cable modem router world. So big, in fact, that high-speed Internet users on home fronts everywhere have good reason to rejoice. The firm just rolled out the industry’s fastest-ever cable modem router. It’s the first router in the Nighthawk line and it aims at cable Internet subscribers who have an extreme need for broadband speed. The Nighthawk […]
GCC construction … buoyant. GCC construction sector in major growth phase DUBAI, 1 days ago The GCC construction industry foresees growth for the next three years, encouraged by factors such as favourable macroeconomics, positive demographics, and rising tourism activities, said an industry expert. “Higher budget allocation towards construction sector, as part of the strategic vision of the member nations, lends an added push to the industry,” added […]
By THOMAS ERDBRINK and RICK GLADSTONE June 23, 2015 TEHRAN — Iran’s supreme leader appeared to stiffen his hard line Tuesday on concessions in any nuclear agreement with foreign powers, one week before the deadline for completing an accord. In a speech broadcast live on Iranian state television, the supreme leader, Ayatollah Ali Khamenei, said he would not abide any freeze on Iran’s sensitive nuclear work for long periods, ruled out […]
By NICK CUMMING-BRUCE June 23, 2015 GENEVA — United Nations investigators condemned Syria’s government and armed opposition groups on Tuesday for deliberately targeting civilians with bombing and artillery attacks that were causing “unspeakable suffering.” “The government, with its superior firepower and control of the skies, inflicts the most damage in its indiscriminate attacks” on civilian-inhabited areas, aiming at targets like marketplaces and bakeries where people are likely to congregate, […]
|By K Raveendran| The trigger for Dubai’s property crash of 2009 had come in the form of a Standard & Poor’s report that warned of a serious price correction in the wake of a highly unrealistic boom. Six years later, the rating agency has issued another ominous report on Dubai’s property market, although there are not even the faintest signs of a boom present now. The warning […]
Open Source By ROBERT MACKEY Dozens of Egyptian women on Sunday defied a nationwide ban on unsanctioned street protests, rallying for an hour outside the presidential palace in Cairo to demand the release of political prisoners. The demonstration, staged where 23 opposition activists were arrested a year ago while marching against the protest ban, was called by organizers a “stand,” a form of peaceful assembly used during […]
The downturn in the helicopter will likely last18 to 24 months, say experts. Helicopter makers upbeat despite slump PARIS, 17 hours, 21 minutes ago Top US and European helicopter executives said this week that the oil price-led commercial helicopter market slump would be temporary and that they will keep investing in new technologies given the sector’s positive long-term outlook. The downturn will likely last 18 to 24 […]
Non-oil to drive ME economies to 5pc growth DUBAI, 3 days ago Middle Eastern economies are anticipated to witness around five per cent growth this year due to the gradual shift in investment to non-oil sectors, a report said. However, implementing pragmatic macroeconomic policies to stabilise global oil prices at $50 to $60 per barrel is likely to remain a key challenge to revenue growth, added the […]
For an earnest young Christian named Ben Lowe, revelation came on the shores of Lake Tanganyika, in Africa. A relentless warming of the lake was reducing the catch of fish, the people were going hungry — and he had learned of scientific evidence that climate change was to blame. For the Rev. Brian Sauder, who grew up attending a small Anabaptist church in rural Illinois, the moment […]
|By TAP Staff| The shale industry boom, which was instrumental in oil producers like Gulf countries losing control of the market, is facing the risk of being sunk by the weight of debt. That should bring some reassurance to Gulf countries, who are now struggling to cope with the impact of lower oil prices. According to a Bloomberg report, drillers are devoting more revenue than ever to […]
Yemenis waited to buy food and water in Taiz on Friday. The United Nations secretary general, Ban Ki-moon, has appealed for a two-week humanitarian truce in honor of Ramadan, which began this week. By SOMINI SENGUPTA June 19, 2015 UNITED NATIONS — The United Nations mediator for Yemen peace talks said on Friday that four days of discussions had ended with no agreement for even a brief pause in […]
A second cache of 276,394 documents stolen from Sony Pictures Entertainment — possibly by hackers in North Korea — was posted online Thursday by the not-for-profit media organization WikiLeaks. Posted on the third anniversary of WikiLeaks’ founder Julian Assange’s asylum in the Ecuadorian embassy in London, the latest Sony documents include confidential memos from executives on coming films, notes on IT strategies, financial forecasts and movie marketing […]
UAE. Dubai and Abu Dhabi have been ranked as the 23rd and 33rd most expensive cities to live in (respectively) according to Mercer’s 2015 Cost of Living Survey. The two cities have experienced a significant jump compared to 2014, with Dubai soaring 44 places from last year’s position at 67 and Abu Dhabi going up 35 places 68th in 2014. Dubai and Abu Dhabi are the most […]
LEBANON. Economena Analytics, a specialized economic information provider, released its Lebanese Economic Outlook (LEO) for the second quarter of 2015. Key forecast findings show heightened levels of pessimism in recent months, with growth forecasts for 2015 falling to 1.5% in the Q2 survey from 2% at the start of the year. The findings are based on the views of 17 leading Lebanese economists. None of the surveyed […]
ABU DHABI // The prices of meat and vegetables increased by 20 per cent and 5 per cent respectively by vendors in Mina Market on the eve of Ramadan. According to Al Ittihad, The National’s Ararbic sister publication, workers at Mina Market expressed their anger at the price rise, which they claim happens every year on this occasion. They said some vegetable and meat vendors were deliberately […]
SANTIAGO, Chile — A haunting, yellowish glow radiates from the tiny section of empty wooden benches and crumbling concrete behind the north goal at Estadio Nacional. All around this space there is noise: 47,000 soccer fans screaming and jumping in delight as Chile’s national team plays Ecuador in the opening game of the Copa América. But no one sits on those wooden benches. They are reserved in […]
VATICAN CITY — Pope Francis on Thursday called for a radical transformation of politics, economics and individual lifestyles to confront environmental degradation and climate change, as his much-awaited papal encyclical blended a biting critique of consumerism and irresponsible development with a plea for swift and unified global action. The vision that Francis outlined in the 184-page encyclical is sweeping in ambition and scope: He described a relentless […]
MUMBAI India’s oldest and most distinguished IT firms are doing what would have been almost sacrilegious a few years ago – holding coding marathons to develop innovative fixes and deploying “commando” units to resolve clients’ IT woes within hours. Infosys (INFY.NS), Wipro (WIPR.NS) and other Indian IT giants, which rose to prominence during the outsourcing boom in the 1990s and 2000s, have struggled to keep pace with […]
