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Solar Impulse backers vow to see project ‘to the end’
ABU DHABI // Bertrand Piccard, co-founder of the Solar Impulse project and one of the pilots of Solar Impulse 2, the world’s first totally solar-powered aircraft, is looking to his staunchest supporters for funds to continue his journey around the world. Mr Piccard returned to Switzerland looking for €20 million (Dh80m) to repair the damage caused to Solar Impulse 2 as it flew to Hawaii. As the […]
FT deal and print media mergers
|By Matein Khalid|So Pearson PLC has sold the FT Group (with its flagship Financial Times newspaper) to Japan’s Nikkei Inc for $1.32 billion. Pearson will use the cash proceeds to increase its investment in education publishing businesses in the US and Canada, now 75% of revenues. This deal is a milestone in the history of newspaper publishing and my own life as an investor/financial journalist. I discovered […]
Attention now shifts to VAT
|TAP Special By K Raveendran| With the fuel subsidies issue having been settled, attention now shifts to the possibilities of introducing value added tax as another option to bolster the UAE’s financial resources. Starting August 1, 2015, special grade petrol across fuel stations in the UAE will cost Dh2.14 per litre, up 24.4 per cent from Dh1.72. The super grade will cost Dh2.25, up 22.9 per cent […]
Saudis expand price war downstream
INTERNATIONAL. The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the desert kingdom is now looking to conquer the refining sector as it has quickly become the […]
UAE fuel prices for August announced
ABU DHABI // Petrol prices across the country were today increased from Dh1.72 per litre of Special 95 to Dh2.14, an increase of 23.6 per cent. The revised price for Super 98 has been set at Dh2.25 and E Plus at Dh2.07. The price of diesel is set at Dh2.05, a 29 per cent drop from its previous price of Dh2.90. These prices come into effect on […]
Fuel price hike prompted by IMF views
|By K Raveendran| The deregulation of fuel prices in the UAE is no doubt a highly opportunistic move in the sense that the current oil price levels support market-driven pricing. But a major factor that prompted the decision is believed to be the recommendations of IMF. The UAE Ministry of Energy recently announced that domestic gasoline and diesel prices would be deregulated starting from 1 August 2015. […]
UAE Oil price deregulation policy will support the economy and help consolidate government finances, says ICAEW
UAE. The Institute of Chartered Accountants in England and Wales – ICAEW, has welcomed the new UAE oil price deregulation policy which aims to support the national economy, lower fuel consumption, protect the environment and preserve national resources. Commenting on the new policy, Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “Deregulating oil prices should support the national […]
Kerry Defends Iran Nuclear Deal Before Skeptical Senate
Video | Kerry Defends Nuclear Deal to Senate Secretary of State John Kerry defended the Iran nuclear deal on Thursday before the Senate Foreign Relations Committee, meeting resistance from Republican members of the group. By JONATHAN WEISMAN and MICHAEL R. GORDON July 23, 2015 WASHINGTON — After four and a half hours of contentious questioning, three cabinet secretaries deployed Thursday by President Obama to the Senate to defend his nuclear deal with […]
How a Palestinian Hamlet of 340 Drew Global Attention
Shepherding livestock in the West Bank village of Susiya. Residents have been displaced three times in the last 30 years and are faced with ejection once again. By DIAA HADID July 23, 2015 SUSIYA, West Bank — Yousef Nawajaa strode between the tents bedecked with Palestinian flags, scattered through parched orchards and rocky hills, shouting delightedly to a man nearby: “Hey, did you hear? John Kerry spoke about Susiya!” […]
The 'carbon bubble' will burst with profound implications for the Middle East's oil producing countries
UAE. Wermuth Asset Management has announced its expectation that, given the availability of solar power at $4 cents/kWh, a price with which crude oil could only compete if offered below $7/barrel, the ‘carbon bubble’ will burst and that it will have profound implications for the Middle East’s oil producing countries, global financial markets and the world economy. If COP21 leaders this year commit to a global 2⁰C […]
Geopolitical Analysis: The Turkish Enigma
INTERNATIONAL. In my “Net Assessment of the World,” I argued that four major segments of the European and Asian landmass were in crisis: Europe, Russia, the Middle East (from the Levant to Iran) and China. Each crisis was different; each was at a different stage of development. Collectively the crises threatened to destabilize the Eurasian landmass, the Eastern Hemisphere, and potentially generate a global crisis. They do […]
UAE deregulates fuel prices
The United Arab Emirates said it would let domestic fuel prices move more freely in a politically sensitive reform that could save the government billions of dollars and begin reducing the wealthy country’s love of gas-guzzling cars with big engines. Gasoline and diesel will be deregulated from Aug. 1 and a new pricing policy linked to global levels will be introduced, state news agency WAM quoted the […]
UAE ministers and industry chiefs praise petrol price deregulation
ABU DHABI // A decision to link gas and diesel prices to global oil markets has been described by industry leaders as an important reform initiative for the country. Suhail Al Mazroui, the Minister of Energy, announced on Wednesday that fuel prices will be deregulated from August 1 as part of the government’s plan “in diversifying sources of income, strengthening the economy and increasing its competitiveness in […]
Trade integration key to reduce poverty and support growth in Africa
INTERNATIONAL. Africa continues to remain vastly unexplored, and making Africa’s most remote regions accessible for trade will not only promote prosperity in those regions, but also elevate the continent’s continued growth path. This is according to Charles Brewer, Managing Director of DHL Express Sub-Saharan Africa, commenting on The Role of Trade in Ending Poverty report, jointly written by the World Bank Group and World Trade Organisation, recently released by […]
Oil falls below $50
Crude slumped below $50 a barrel in New York for the first time in more than three months on speculation that Iranian shipments will climb, extending a global glut. West Texas Intermediate decreased as much as 1.9 percent. Iran will focus on regaining oil sales it lost due to sanctions regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran Monday. U.S. crude […]
U.N. Moves to Lift Sanctions on Iran After Nuclear Deal
UNITED NATIONS — The United Nations Security Council on Monday unanimously approved a resolution that creates the basis for international economic sanctions against Iran to be lifted, a move that incited a furious reaction in Israel and potentially sets up an angry showdown in Congress. The 15-0 vote for approval of the resolution — 104 pages long including annexes and lists — was written in Vienna by […]
The question of nuclear waste in the UAE
ABU DHABI // It has gone so fast – and so far, so good. It’s already the third anniversary of work starting on the UAE’s first nuclear power plant at Barakah, near the border with Saudi Arabia. And it is still on budget and set to go live in late 2017, ultimately providing a quarter of the Emirates’ energy needs. But becoming the first new member to […]
Google gains billions in value as YouTube drives ad growth
Google Inc’s (GOOGL.O) shares soared as much as 16.8 percent on Friday, crossing the $700 mark and adding nearly $68 billion to its market value, as strong growth in YouTube viewership allayed concerns about Facebook Inc’s (FB.O) push into video. The stock’s surge, which sent the Nasdaq composite index to a record intraday high, came a day after Google reported better-than-expected profit for the first time in […]
Clearing Hurdles to Iran Nuclear Deal With Standoffs, Shouts and Compromise
VIENNA — One by one, the roadblocks to a nuclear accord between Iran and the United States had been painstakingly cleared. But as the negotiations went into their third week in the neoclassical Coburg Palace hotel this month, a major dispute lingered over whether a ban on Iran’s ability to purchase conventional weapons and missile technology would remain in place. The American delegation, led by Secretary of […]
After Iran Nuclear Deal, Thaw in Foreign Business Opportunities Will Be Slow
TEHRAN — “Happy nuclear deal” said Cyrus Razzaghi, a business consultant here, when he picked up the phone on Wednesday. Mr. Razzaghi has been trying to make a business of organizing seminars and meetings for European and American companies interested in Iran, but it had been a bit slow until now. Even though, technically, many of them could have done business here despite the sanctions, they feared […]
Iran Deal Denounced by Netanyahu as ‘Historic Mistake’
Video | Accord is ‘Bad Mistake,’ Netanyahu Says Prime Minister Benjamin Netanyahu of Israel said the nuclear agreement would enable Iran to continue its “aggression and terror” throughout the region. By ISABEL KERSHNER July 14, 2015 JERUSALEM — Furiously denouncing the accord to limit Iran’s nuclear program on Tuesday as “a historic mistake,” Prime Minister Benjamin Netanyahu said that Israel would not be bound by the agreement and warned […]
Iran Celebrates Nuclear Deal, Tempered by Cynicism and Hard-Liner Warnings
Video | Iranians Celebrate Nuclear Deal Iranians took to the streets on Tuesday night to celebrate the nuclear accord between the United States and Iran. By THOMAS ERDBRINK July 14, 2015 TEHRAN — Weary of sanctions and isolation, many ordinary Iranians rejoiced on Tuesday over a historic nuclear agreement with world powers led by the United States, the main enemy for nearly four decades. But their excitement was tempered […]
