By Makiko Yamazaki | TOKYO TOKYO Japanese conglomerate Toshiba Corp swung to an operating profit in the July-September quarter, driven by strong demand for NAND flash memory chips from Chinese smartphone makers. That boom in demand has been a blessing for Toshiba, which is seeking to recover from a $1.3 billion accounting scandal by turning itself into a company more focused on chips, nuclear energy and social […]
|By Arabian Post Staff|Bank of America-Merrill Lynch has made moderate downward adjustments to its near-term growth forecasts in the light of the election of Trump as the next US President. “Given the high level of uncertainty about the exact policy changes at this stage, we are assuming that trade tensions and fiscal stimulus have offsetting impacts on growth in the medium term,” it said. While a wide […]
Emirates and the Gulf’s two other major airlines are likely to get pride of place at Frankfurt airport’s new terminal, allowing them to offer bigger premium-class lounges to compete more aggressively with local rival Deutsche Lufthansa AG. Frankfurt’s Terminal 3 will probably house Qatar Airways and Etihad Airways PJSC of Abu Dhabi, as well as Dubai-based Emirates, the world’s biggest carrier on international routes, Matthias Zieschang, chief […]
As of this morning, several hours after the U.S. presidential race was called for Donald Trump, some of the tech world’s leading voices had yet to weigh in on what those results could mean for Silicon Valley in particular and innovation in general. But many news outlets are saying the impacts could be disruptive in ways that the otherwise disruption-loving tech sector might not like. Meanwhile, venture […]
I took this video while on what often felt like a surreal bus ride through war-torn Syria. The video begins on the edge of the city of Aleppo, its western, government-held half. The area we drove through is all government held but has been intensely fought over, again and again, and has changed hands several times. The route we took connects the city to a key supply […]
Facebook Inc said on Monday, it was testing a feature that would let page administrators create job postings and receive applications from candidates, a move that could pressure LinkedIn Corp’s recruiting business. “Based on behaviour we’ve seen on Facebook, where many small businesses post about their job openings on their Page, we’re running a test for Page admins to create job postings and receive applications from candidates,” […]
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 Julia Fioretti | BRUSSELS BRUSSELS Britain’s privacy watchdog said on Monday that Facebook (FB.O) has agreed to suspend using data from UK users of its WhatsApp messaging app for advertisements or product-improvement purposes after the watchdog said consumers weren’t properly protected. The watchdog said the social media giant faces action if it uses such data without valid consent. The Information Commissioner’s Office (ICO) had said in […]
DUBAI // Investors who say they have lost millions of dirhams in a Dubai foreign exchange scam have turned to private investigators from the UK to help to recover their funds. More than 240 people have contacted Carlton Huxley, a private firm of legal and law enforcement consultants specialising in complex fraud investigations. Experts from the firm visited Dubai this week to interview those claiming to have […]
The next flagship phone from Samsung, the Galaxy S8, is expected to arrive early next year with a major new feature: a built-in intelligent digital assistant. The artificial intelligence will be made possible by Samsung’s acquisition of Viv Labs, which was announced last month. Founded by two of the creators of Siri, Apple’s signature digital assistant, Viv Labs said its technology represents a “new paradigm” for how […]
By Naomi Tajitsu and Chang-Ran Kim | TOKYO TOKYO Toyota Motor Corp is looking at mass-producing long-range electric vehicles (EVs) that would hit the market around 2020, the Nikkei newspaper reported on Monday, in what would be a dramatic reversal of strategy for the world’s top-selling automaker. Even as rivals such as Nissan Motor Co, Volkswagen AG and Tesla Motors have touted pure electric cars as the […]
International oil companies will probably cut investment spending about $370 billion this year and next, according to Wood MacKenzie Ltd., just as the United Arab Emirates warned that the “massive” number of projects being delayed because of the drop in crude prices could create a future shortage. Further investment cuts will mean a 3 percent reduction this year in oil and natural gas production, equivalent to 5 […]
|By Arabian Post Staff| The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops, Bloomberg reports. Money managers increased bets on lower West Texas Intermediate oil for the first time in five weeks as Iraq joined Iran, Nigeria and Libya in seeking to be excluded from OPEC’s first agreement to reduce output in eight years. The deal was reached […]
Microsoft Corp said it will be increasing pricing for its enterprise software and cloud services in the UK in the wake of the sterling’s plunge since Britons voted to leave the EU. The price increase, from Jan. 1 2017, will be 13 percent for its enterprise software and 22 percent for its enterprise cloud services, it said. Pricing changes will not apply to consumer […]
|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 […]
|By Arabian Post Staff| US$51.6 billion of Dubai’s debt will come due for repayment in 2016-18, with US$27.4 billion due in 2018, IMF has estimated. Over US$28.9 billion of Abu Dhabi’s debt will also come due during this period. According to IMF, these imply short-term rollover risks for both Dubai and Abu Dhabi, but for a larger extent in the case of Dubai. The Fund feels that […]
|By Abdullah Aljunaid|The Alliance of Iran, Hezbollah and al-Qaeda and the attacks of September 11th 2001 Judicial rulings have shown that the calamitous and tragic events of September 11 were bourn of a relationship between Iran and Hezbollah and al-Qaeda. Will the coming days reveal a similar relationship with Daesh too? Hezbollah is widely known for its support of terrorism, forinciting sectarian strife in the Arab countries, and for the cooperation of its members with drug dealers in Europe, North and South America, Africa, as a means to finance […]
|By Arabian Post Staff| The three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, has climbed 15 successive months to the highest in seven years, Bloomberg reported. It gained 84 basis points this year to 2.385 percent on Sunday, compared with a 27 basis-point advance in the London Interbank Offered Rate for dollars. Meanwhile, the loans-to-deposit ratio among Saudi banks, a key measure of […]
|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 Mai Nguyen and My Pham | HANOI HANOI Samsung Vietnam will maintain its current staff numbers and its exports target this year, the firm said on Wednesday, despite the parent company scrapping its flagship Galaxy Note 7 phone following a series of battery fires. Samsung Electronics, which employs around 110,000 people in Vietnam, finally pulled the plug on the new Note 7 phone on Tuesday, less […]
By Se Young Lee | SEOUL SEOUL Samsung Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a $2.3 billion hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history. Quantifying the financial pain of Tuesday’s move to scrap the Galaxy Note 7 smartphone after a global recall and weeks of mounting […]
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 […]
In just over two months, Samsung’s Galaxy Note 7 has gone from smartphone star to epic failure, with the South Korean firm confirming today that it is permanently halting production of the device. Linked to numerous battery-related fires, the Galaxy Note 7 could end up costing Samsung many billions of dollars. Launched in early August, the Galaxy Note 7 appears to have had a flaw that caused […]
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 […]
