A preliminary October 2016 performance data report by STR has indicated Dubai experienced a 2% occupancy decrease to 77.9%. The research also showed a 10.3% ADR decrease to AED 767.58 (US $208.97) and a 12% RevPAR decrease to AED 598.09 ($162.83). The report indicated performance declines were consistent with significant supply growth. Based on daily data from October, Dubai reported increases in supply of 6.0% and demand […]
Wednesday 09:20 GMT. European stocks are tracking a mostly positive showing in Asia as Wall Street eyes record highs on hopes the Trump administration’s pledge of infrastructure spending and tax cuts will boost the US economy. The dollar and government bond yields are a touch firmer, keeping gold and industrial commodity prices in check. After the FTSE Asia-Pacific equity index rose 0.6 per cent, the pan-European Stoxx […]
BERLIN The new chief executive of Hugo Boss (BOSSn.DE) said he expects to return the struggling German fashion house to growth in 2018, announcing plans to simplify its brand portfolio and adjust prices in a bid to appeal to younger customers. Mark Langer, the former finance chief who was appointed CEO in May, said the company will focus in future on two main brands – upper premium […]
At the end of last week, the Reserve Bank of New Zealand cut interest rates. It could yet prove the last central bank to do so in the current cycle. For an inkling of why, look no further than the US government bond market. Treasuries are enduring their worst sell-off since the taper tantrum of 2013, when then Federal Reserve chairman Ben Bernanke first signalled the end […]
FUJAIRAH // Weather forecasters have warned of fog and poor visibility over most internal areas and some coastal western areas. The National Centre of Meteorology and Seismology confirmed on Wednesday morning that visibility could be less than 100 metres over the external roads of Abu Dhabi, Dubai to Al Ain plus Emirates Road and Mohammed bin Zayed road due to fog formation. The centre said skies would […]
TOKYO A pause in both the sell-off in global bonds and sharp rise in the dollar following Donald Trump’s election victory, together with Wall Street’s record high overnight helped Asian shares steady on Wednesday from a four-month low struck a day earlier. President-elect Trump’s plans to cut taxes and boost infrastructure spending would boost demand while his proposals to deport illegal immigrants and impose tariffs on cheap […]
Snapchat parent company, Snap Inc., has just filed confidentiality for its initial public offering (IPO), according to reports. News about a Snapchat IPO at a $25 billion valuation first surfaced back in October, and new reports now bolster such claims. The company is reportedly seeing to raise $4 billion, which would lead to a valuation of $25 to $35 billion. The confidential filing with the Securities and Exchange […]
|By Matein Khalid| Donald Trump’s shock win will have a profound impact on the GCC economic constellation via multiple feedback loops. His economic policies mean a much higher US dollar, anathema to GCC economies since it correlates with stock/property market crashes, banking stress and oil slumps. This is the macroeconomic linkage due to the GCC US dollar peg whose lessons the region learnt the hard way in […]
Rio Tinto’s lawyers uncovered more than a year ago internal emails about a questionable $10.5m payment to a consultant, but the mining company did not alert law enforcement authorities and investors about the matter until last week. The Anglo-Australian group said on November 9 it had notified authorities after discovering emails from 2011 that referred to the payment to the consultant, who helped head off a threat […]
|By Arabian Post Staff|Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi and First Gulf Bank, Bloomberg reported quoting some people with knowledge of the matter. The agency said Abu Dhabi is weighing a plan to merge Abu Dhabi Commercial Bank PJSC and Union National Bank and also combine Abu Dhabi Islamic Bank with Al-Hilal Bank. But […]
Sweden’s Riksbank is debating whether to become the first significant central bank to issue a digital currency as it responds to an increasing move away from cash in the Scandinavian country. The world’s oldest central bank — it was the first to issue paper banknotes in the 1660s — is launching a project to examine what a central bank-backed digital currency would look like and what challenges […]
Saudi Arabia’s central bank expects gross domestic product to grow 1.8 percent this year, faster than the 1.2 percent forecast by the International Monetary Fund, the bank said in its annual report, released on Monday. The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, the central bank said. At a news conference, central bank governor Ahmed Al Kholifey said that the […]
Sharing screenshots or footage of Watch Dogs 2’s full-frontal nudity may get your account suspended by Sony. After accidentally taking down some female NPCs during a playthrough of Ubisoft’s new open world shooter, Adam, a UK QA tester, used the PlayStation 4 Share feature to screenshot a fallen character seemingly wearing crotchless panties. “On Sunday evening I accidentally blew up a few women in a back alley […]
The world’s favourite spy has arrived in Dubai with a licence to thrill – or at least, we have his cars, suits, guns, gadgets and even a few of the women that have helped to make the 24 Bond movies the most enduring film franchise of all time, raking in an estimated US$14 billion (Dh51.4 bn) since Sean Connery introduced us to 007 in 1962’s Dr No. […]
A sell-off reverberating through sovereign bond markets tested investor appetite on Monday for a multibillion-dollar corporate bond sale, as money managers wait for volatile price swings to subside. Pfizer successfully completed a $6bn bond sale on Monday but several investors familiar with the sale said interest was subdued by the recent volatility in fixed-income markets, which has seen the yield on both the 10 and 30-year Treasuries […]
SINGAPORE Oil prices rose around 2 percent on Tuesday to move away from multi-month lows struck the day before, pushed higher by expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts. U.S. crude futures for December delivery CLc1 had climbed 90 cents, or 2.1 percent, to $44.22 a barrel by 0340 GMT. They struck their lowest in nearly two months […]
New London office construction activity has fallen 42 per cent from a year ago as Brexit and other uncertainties cast a shadow over the property market. Work began on 40 new office developments totalling 2.8m square feet over the past six months, down from a record 4.8m square feet recorded a year earlier, according to Deloitte Real Estate’s Crane Survey. Total development activity rose slightly from a […]
With US president-elect Donald Trump’s governing priorities slowly starting to take shape, the US steel industry emerged on Monday as one sector where investors are placing their bullish bets. Three companies — US Steel, AK Steel and iron-ore producer Cliffs Natural Resources — saw their stock ratings upgraded by Morgan Stanley analysts in the wake of last week’s election, pushing their share prices up. Mr Trump’s election […]
A guide of things to do today in the UAE. newslide Abu Dhabi Tennis Get tickets now for the Mubadala World Tennis Championship and see top players, including Jo-Wilfried Tsonga, Tomáš Berdych, Rafael Nadal, Andy Murray, Milos Raonic and David Goffin, who will be in the capital for the championship. • December 29 to 31, from 4pm on December 29 and 30; from 1am on December 31, […]
By Ann Saphir | WICHITA FALLS, Tex. WICHITA FALLS, Tex. Markets are betting heavily that the man Americans last week elected as their next president will enact fiscal and other policies that will boost U.S. growth and inflation, but at least one U.S. central banker is pushing back. Since Republican Donald Trump was elected U.S. president last week, the 10-year Treasury yield has climbed to its highest […]
MARRAKECH // When Majid was able to connect the final wire on his solar-powered light, it was hard to tell what lit up the room more – the light or the nine-year-old’s eyes. He was one of 30 children at Centre Fiers and Forts orphanage, located half an hour’s drive from Marrakech, who learnt on Monday how to assemble the lights donated by Beacon of Hope, a […]
Giant blades of grass made from galvanised iron, a room full of rotting bananas and a spring-mounted fibreglass donkey bearing a model of a Sufi dervish are just a few of the more peculiar artworks that will go on show when the eighth edition of Abu Dhabi Art opens tomorrow. The art fair will feature booths from 35 galleries, which means the event is significantly smaller than […]
After months of sending government troops to battle militants blowing up oil pipelines in the Niger Delta, Muhammadu Buhari tried a different tack. The Nigerian president invited the region’s community leaders and traditional rulers to his villa this month for talks — a step energy sector executives hoped could halt a wave of sabotage since January that has cost the country billions of dollars in damages and […]
Brent crude oil dropped below $44 a barrel on Monday to hit its lowest level for three months, as a strengthening US dollar and doubts over Opec’s ability to agree supply curbs when it meets this month led to funds selling out of the market. Hedge funds and other large speculators have been paring their bets on higher oil prices for the past month, with the latest […]
