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 […]
Four States Sue To Stop U.S. from Ceding Internet Control Four states — Arizona, Oklahoma, Nevada, and Texas — are suing to stop the U.S. government from transferring control of the Internet to an international body on Saturday. A U.S. Department of Commerce contract with the Internet Corporation for Assigned Names and Numbers, or ICANN, is set to expire Friday. ICANN, formed in 1998, manages domain names […]
The UAE was ranked first regionally and 16th globally in the latest Global Competitiveness Report issued by the World Economic Forum (Davos) in Switzerland. The report is one of the most important global competitiveness reports, which monitors annual performance and competitiveness of the economies of countries in terms of strength, weakness, impact on quality of life, prosperity and well-being of people. Switzerland, Singapore and the United States […]
Two years ago, Meitha Al Mazrooei and Rand Abdul Jabbar, two young architects, decided to form a partnership. The decision was born of frustration. Both had spent years studying their profession, Al Mazrooei at the American University of Sharjah (AUS) and Abdul Jabbar at Dalhousie University in Nova Scotia and Columbia University in New York, but given their views on the way that architecture is understood and […]
|By Matein Khalid| The Federal Reserve did not disappoint the financial markets after Janet Yellen’s FOMC conference on Wednesday. The US central bank did not raise the overnight borrowing (or Fed Funds rate) to 0.5% on the eve of the November election. This triggered a wild rally in the US stock market with the Dow Jones up 163 points, gold up to $1342 and oil to $46 […]
|By Matein Khalid| When Ben Bernanke uttered the word “taper” in May 2013, he triggered a bloodbath in emerging markets and a free fall in “fragile five” currencies that included the Indian rupee and the Indonesian rupiah. However, Asian equities markets, while not immune to a Fed rate hike, are far better positioned for higher US dollar interest rates than in 2013, let alone 2007 or 1998. […]
By Mark Hosenball and Joseph Menn | WASHINGTON/SAN FRANCISCO WASHINGTON/SAN FRANCISCO The Federal Bureau of Investigation is intensifying efforts to find enough evidence to enable the Justice Department to indict some of the Russians that U.S. intelligence agencies have concluded are hacking into American political parties and figures, U.S. law enforcement and intelligence officials said on Thursday. Building legal cases is difficult, largely because the best evidence […]
By Ankur Banerjee Samsung Electronics Co Ltd (005930.KS) formally recalled 1 million Galaxy Note 7 smartphones sold in the United States, replacing or refunding the flagship phones, whose susceptibility to catching fire has damaged the image of the Korean powerhouse. Samsung received 92 reports of batteries overheating in the United States, including 26 reports of burns and 55 cases of property damage, the company said as it […]
September 2016: Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Pope Francis during a visit to Vatican City. June 2016: President Sheikh Khalifa officially invited Pope Francis to visit the UAE. Sheikha Lubna Al Qasimi, Minister of State for Tolerance, presented the invitation during a visit to the Vatican. May 2016: A delegation of more than 300 […]
|Arabian Post Research|The Middle East geopolitics is set to enter a new flashpoint over the US legislation that will ultimately allow families of the victims of 9/11 to sue Saudi Arabian for responsibility for the terrorist attack. Both the US House of Representatives and Senate have passed a bill to this effect unopposed, but President Barack Obama is expected to veto the legislation, although Congress could override […]
|By Matein Khalid|I had written a column two weeks ago outlining my view that US equities faced a dangerous autumn and the S&P 500 index was set for a fall of 150 points. However, even I did not expect the S&P500 index to fall 52 points on Friday (the Dow dropped 394 points and NASDAQ 133 points), its worst performance since the Brexit shock. It was even […]
|By Luzi-Ann Javier| Central bankers are putting gold investors and traders on the defensive. More than 2,500 lots exchanged hands Friday for a put option giving owners the right to sell October futures at $1,300 an ounce, making it the most-traded option for the second straight day. The most active contract on the Comex slipped as much as 0.6 percent to $1,334.10. Holdings in exchange-traded funds backed by […]
By Se Young Lee and Jeffrey Dastin | SEOUL/NEW YORK SEOUL/NEW YORK A U.S. government safety agency on Friday urged all consumers to stop using Samsung Galaxy Note 7 phones, which are prone to catch fire, and top airlines globally banned their use during flights. Following reports that the phones’ batteries have combusted during charging and normal use, the U.S. Consumer Product Safety Commission […]
|By Steve Austin| At first sight it appears that low oil prices are good for society. A low oil price helps us save dollars at the pump, acts as an economic catalyst making exchanges cheaper and thereby stimulating the economy. However, there are downsides as well, often out-of-sight-out-of-mind and we will address these today. Change in economic model For the first time we have entered an era […]
/By Matein Khalid/The oil market has been a rollercoaster in 2016. A global financial panic triggered by China’s yuan depreciation caused Brent crude to fall below $30 a barrel in late January. I was amazed at the sheer scale of the speculative short positions accumulated by oil traders and hedge funds in both West Texas and Brent futures markets, the highest since the oil crash of 2008. The […]
|By Arabian Post Staff|The new bankruptcy law of the UAE envisages the setting up of a regulatory body called the Committee for Financial Restructuring to administer the law and its procedures. The Committee will be in charge of: overseeing the procedures of financial restructuring outside the scope of the court and will appoint experts in the field of financial restructuring, establish an electronic record of individuals against […]
/By Arabian Post Staff/The UAE moved a step closer to a federal bankruptcy law when the country’s Cabinet approved the final draft of the new law. The law, which will help companies facing financial difficulties to restructure and avoid arbitrary liquidation and criminal proceedings by the state. Companies and individuals are now able to restructure their debt while avoiding bankruptcy liquidation. The law contributes to strengthening the […]
/By Matien Khalid/I have been bullish on emerging market debt as an asset class since last autumn. Even though the Chinese yuan devaluation was toxic, this asset class is up 12% in 2016, thanks to almost $5 billion in cash inflows. The tax amnesty in Indonesia, the political changes in Brazil after President Dilma’s impeachment, the election of a center-right pro-business government and $16 billion sovereign debt […]
By David Shepardson | WASHINGTON WASHINGTON Volkswagen AG has agreed to spend more than $1.2 billion to compensate its 650 U.S. dealers for their losses from the German automaker’s diesel emissions scandal, two sources briefed on the matter said on Thursday. The company and a lawyer for VW dealers announced a tentative settlement at a court hearing in San Francisco, but declined to disclose the amount. The […]
By Harry Pearl and Charlotte Greenfield | SYDNEY SYDNEY German tech entrepreneur and alleged internet pirate Kim Dotcom will seek a review of a Federal Court decision which rejected his bid to keep hold of millions of dollars in assets held in Hong Kong and New Zealand, his lawyer said. A three-judge panel of the 4th Circuit U.S. Court of Appeals ruled two to one on Friday […]
By Krishna N. Das and Karen Lema | MANILA MANILA Bangladesh’s central bank has said it is withholding findings of investigations into the cyber theft of $81 million from its account at the Federal Reserve Bank of New York to avoid tipping off the “foreign perpetrators” of the hack. Bangladesh Bank lawyer Ajmalul Hossain was responding to comments by Rizal Commercial Banking Corp (RCBC) in the Philippines […]
A federal appeals court yesterday ruled that the Federal Communications Commission (FCC) overstepped its bounds when it issued an order to preempt state rules limiting the development of municipal broadband networks in Tennessee and North Carolina. The decision was welcomed by the telecom industry, which has in some places fought against city-led efforts to expand broadband services to more people. Supporters of local broadband expressed disappointment and […]
A security guard stands guard outside a branch of Rizal Commercial Banking Corporation (RCBC) in Paranaque city, Metro Manila, Philippines August 2, 2016. Reuters/Erik De Castro/File Photo MANILA Rizal Commercial Banking Corp (RCBC) officials say they have preserved ties with major U.S. banks despite the use of one of its branches in Manila by cyber criminals to funnel $81 million stolen from the Bangladesh central bank’s account […]
A magnifying glass is held in front of a computer screen in this picture illustration taken in Berlin May 21, 2013. Reuters/Pawel Kopczynski/Illustration/File Photo SYDNEY Australia has set up a cyber-intelligence unit to identify terrorism financing, money laundering and financial fraud online, the government said on Tuesday, because of “unprecedented” threats to national security. The measure expands on a major platform of conservative Prime Minister Malcolm Turnbull, […]
