After a day of chaotic communication, a stock sell-off and a $6.3bn writedown that may destroy one of Japan’s greatest industrial names, the Toshiba president’s bow of apology finally came. Satoshi Tsunakawa’s head nodded for just one perfunctory second on Tuesday. Most assume there will be much deeper, longer bows to come as Toshiba leads investors, customers, employees and Japan as a whole through the country’s first […]
As central bankers seek to wean markets off quantitative easing and exit the dangerous experiment of negative rates, they increasingly fret about the resilience of credit markets. How worried should they be? The US Treasury’s Office for Financial Research, the European Central Bank and the Bank of England have all issued warnings in their financial stability reports voicing concern over whether we might see fire sales that […]
SK Telecom, Deutsche Telekom, and Ericsson have demonstrated an intercontinental 5G trial network that will allow roaming services for the upcoming next-generation network. The South Korean telco and its German counterpart’s network slices are now available in each other’s footprint, the companies said. The successful demonstration was hosted at Deutsche Telekom’s R&D center in Bonn, Germany and SK Telecom’s at Yeongjongdo, where it also tested 5G connected […]
ABB collaborates with DEWA to integrate solar energy and support UAE’s clean energy ambition Zurich, Switzerland, February 14, 2017 ABB has successfully energized a major substation that will help evacuate power from the Mohamed Bin Rashid Al Maktoum (MBR) Solar Park, a key element of the vision to generate 7 percent of Dubai’s power from clean energy sources by 2020; 25 percent by 2030, and 75 percent […]
DUBAI // Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, used the last day of the World Government Summit to announce the formation of a National Committee on Sustainable Development Goals. In a session titled Collaboration to Achieving SDGs, the minister affirmed the UAE’s commitment to sustainable development and revitalised global partnerships by launching the committee and confirming the UAE will play host […]
When Federal Reserve chair Janet Yellen testifies before a Senate committee on the state of the economy on Tuesday, there will be plenty tuning in who believe the epitaph for the three-decade rally in the bond market has been rightly written. US president Donald Trump’s plan to ramp up government spending and axe corporate taxes threatens to accelerate inflation, push up interest rates and widen the deficit […]
Saudi Arabia is to host its first ever Comic Con as the Gulf kingdom aims to expand its offering of entertainment events. Supported by the recently-formed General Entertainment Authority, Comic Con will take place in Jeddah later this week. The authority is a government-sanctioned body borne out of Saudi Arabia’s Vision 2030 program and will partner with both government bodies and the private sector to grow the […]
By Manolo Serapio Jr | SANTA CRUZ, Philippines SANTA CRUZ, Philippines His brother kept telling him that the mine would reopen and he would be hired again: but when Winston Ordonez didn’t get a call from a mining firm, he took a laptop charger cable, tied it around his neck and hanged himself in his kitchen. Ordonez worked at the nickel mine operated by Eramen Minerals Inc […]
Ambitious plans to boost the UAE’s space programme by encouraging future generations of Emiratis to take up space and scientific research were announced on Tuesday. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the objective of the Mars 2117 Project is to develop the skills and capacities of nationals. “The Mars 2117 Project is a long-term project, […]
Like a scene from “The Jetsons,” commuters in Dubai, in the United Arab Emirates, may soon climb aboard automated flying taxis, soaring over busy streets and past the desert city’s gleaming skyscrapers, all — quite literally — at the push of a button. Passenger drones, capable of carrying a single rider and a small suitcase, will begin buzzing above the emirate as early as July, according to […]
The reaction to a strike at the world’s largest copper mine underlines the sharp reversal in fortune in one of the world’s key metals over the past four months. Copper has jumped 5 per cent in the past two days to a two-year high after a strike at the Escondida mine in Chile raised supply fears about a market that has been starved of investment. The dispute […]
|By Arabian Post Staff| Human carrying drones are expected to be introduced into service within the public transport system by July 2017, Mattar Al Tayer, Chairman of the Dubai Roads and Transport Authority, announced at the World Government Summit in Dubai. The future of transportation, specifically the impending arrival of autonomous cars, was a major topic at the second day of the summit, attended by 4,000 global […]
Mobile data traffic will see a five-fold boost within the next five years driven by the increasing number of smartphones grow as well as the usage of video , 4G network speeds and the number of connected devices. The prediction is set in the last edition of the Cisco Visual Networking Index (VNI) Global Mobile Data Traffic Forecast. The report adds that mobile data will account for […]
By Lucia Mutikani | WASHINGTON WASHINGTON U.S. producer prices recorded their largest gain in more than four years in January amid increases in the cost of energy products, but a strong dollar continued to keep underlying inflation at the factory gate tame. Rising raw material costs are boosting producer prices across the globe, notably in China, which is the biggest source of U.S. imports. But economists still […]
The US economy and fiscal policy face an uncertain path under the administration of Donald Trump, Janet Yellen warned on Tuesday as she declared “monetary policy is not on a preset course” but said it would be “unwise” to raise rates too slowly. Testifying before Congress on Tuesday, the Federal Reserve chair painted a picture of an economy with accelerating growth, higher inflation and a robust labour […]
Greece is planning to appoint Rothschild to advise on its debts as the country attempts to end a long-running creditor stand-off and avert default. Government officials hope to finalise the appointment before a gathering of eurozone finance ministers on February 20 that has been described as the last chance for Greece’s lenders to overcome their differences before European attention shifts to general elections in eurozone countries. Unless […]
The UAE shall take quality-focused steps to create a supportive environment for innovation at a legislative level and for educational system, economic and media segments, says UAE Economic Minister Dubai, February 14, 2017 Engineer Sultan bin Saeed Al Mansoori, Minister of Economy chaired the seminar on innovation and the future of economy at the World Government Summit, a global platform dedicated to shaping the future of government […]
By Pamela Barbaglia and Edward Taylor | LONDON/FRANKFURT LONDON/FRANKFURT PSA Group (PEUP.PA) is holding talks with General Motors (GM.N) about buying its European Opel division, the French carmaker said on Tuesday, a deal which would increase competition for market leader Volkswagen (VOWG_p.DE). The maker of Peugeot, Citroen and DS cars is “exploring a number of strategic initiatives with GM with the aim of increasing its profitability and […]
Ultra Street Fighter II: The Final Challengers is one of the games that will be coming to the Nintendo Switch, which will be launched globally on March 3. The title, which is a new version of Street Fighter 2, will feature two new characters in the form of Evil Ryu and Violent Ken, and will also add a new game mode for 2-versus-1 fights inspired by Street Fighter Alpha‘s […]
A striking feature of global financial markets since the crises of 2007 and 2008 has been the high propensity of many wealthy private investors to sit out all the turmoil, holding cash in bank accounts rather than in riskier assets. Might that be about to change? The word among bankers in conservative Switzerland — the world’s largest centre for cross-border private wealth management — is that it […]
By Robin Emmott and Kylie MacLellan | BRUSSELS/LONDON BRUSSELS/LONDON NATO’s European allies and Canada increased defence spending by 3.8 percent last year, or $10 billion more than 2015, the alliance’s head said on Tuesday, but a report said Britain missed a key NATO goal. Russia’s annexation of Crimea has given the alliance new momentum after years of cuts, but the International Institute for Strategic Studies, a global […]
Executive Nader Henein. BlackBerry BlackBerry executive Nader Henein believes that as more Internet of Things (IoT) and connected healthcare devices come into play, the industry must take steps to reevaluate their security — from the ground up. The use of IoT and connected devices can provide healthcare providers and patients with a range of benefits — such as the use of mobile technology to track conditions, improved […]
After a five-hour delay, Toshiba has finally unveiled a $6.3bn nuclear writedown. The company announced that Shigenori Shiga, the chairman of Toshiba, will step down after the struggling Japanese industrial group warned that it would book a ¥712.5bn ($6.3bn) writedown to reflect massive cost overruns and delays linked to several nuclear projects in the US. For the full year through March 2017, the company said it anticipates […]
US markets regulators have delayed enforcement of new derivatives rules due to come into effect in two weeks’ time because few of the hundreds of pension funds, insurers and asset managers affected would be ready in time. There were fears that the widespread lack of readiness to comply could have caused market disruption if they were enforced as planned on March 1. The rules require some derivatives […]
