Tech giant Oracle announced the completion of its deal to acquire cloud company NetSuite for $9.3 billion in cash today. Oracle said that enough NetSuite shares — 53 percent — had been tendered in favor of the vote as of midnight Friday. The completion of the deal caps off a dizzying few weeks of mergers and acquisitions activity in the enterprise tech sector. For example, semiconductor-maker Broadcom […]
|By Arabian Post Staff|Emaar Malls recorded a net profit of AED 1.42 billion during the first nine months (January to September) of 2016, an increase of 16 per cent over the same period last year at AED 1.22 billion. The total revenue for the first nine months of the year was AED 2.39 billion, which is 10 per cent higher than the revenue of AED 2.17 billion […]
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 Liana B. Baker Berkshire Partners LLC is nearing a deal to acquire cloud networking firm Masergy, currently owned by another private equity firm, ABRY Partners, for more than $900 million, including debt according to sources familiar with the matter. A deal could be announced as soon as this week, the people said on Sunday, asking not to be named because the matter is […]
Major DDoS Attack Causes U.S. Outages on Twitter, Reddit, Others Early this morning, a large distributed denial of service attack (DDoS) directed at the Internet performance management company Dyn caused Web site outages for a number of its customers, including Twitter, Reddit, Spotify and SoundCloud. Services were restored to normal by 9:20 a.m. Eastern Time, the company said. In a status update shortly after 7 a.m., New […]
|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 […]
DUBAI // A group of students passionate about making a positive change have organised an official TEDx talk to inspire others to play active and positive roles in the community. The Year 11 pupils from Cambridge International School in Dubai have been working for more than a year to obtain permission for a TEDx event – an offshoot of the global conferences that bring together people to […]
A new partnership between long-time rivals Amazon Web Services (AWS), part of Amazon.com, and VMware could prove to be a major deal for enterprise hybrid cloud users as well as the competitive landscape that services them. Yesterday, the companies announced that they will be cooperating on a new hybrid service, dubbed VMware Cloud on AWS, designed to make it easier for enterprises to run VMware applications on […]
Google, Hewlett Packard Enterprise and IBM are among nine tech giants coming together to promote a new standard for data center servers. Designed to speed up server performance, the OpenCAPI specification is aimed at helping businesses better handle today’s increasingly data-intensive workloads. Working together as part of the new OpenCAPI Consortium, the industry partners said they expect that the first products based on the new standards will […]
|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 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 […]
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 […]
|By Arabian Post Staff| Saudi Arabia said it was holding investor meetings in London, Los Angeles, Boston and New York from Wednesday to sell benchmark bonds maturing in five, 10 and 30 years. The issue is expected to be at least $10 billion. “It’s very good timing,” Bloomberg quoted Angelo Rossetto, a trader at GMSA Investments Ltd. in London, as saying. “I wouldn’t say now or never as […]
By Noel Randewich | SAN FRANCISCO SAN FRANCISCO Apple Inc’s (AAPL.O) stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd (005930.KS) suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices. Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode […]
|By Arabian Post Staff|Etihad Aviation Group and TUI AG confirmed they are in discussions to create a strong European leisure airline group, focused on point-to-point flying to connect key tourist markets. It is proposed to contribute the touristic operations of the airberlin group and the German TUIfly company, including the aircraft currently operated by TUIfly for airberlin under a wet-lease agreement, into a new airline group established […]
|By Arabian Post Staff| Despite external debt remaining at tight spreads due to still-high leverage and refinancing challenges, Dubai will muddle through the current crisis in terms of debt rollovers, Bank of America-Merrill Lynch said in its latest research. Although the investment bank expects the local bid on the shorter end to weaken due to low oil prices, it sees chances of less supply risk for Dubai […]
The Interpreter By AMANDA TAUB It is a truth universally acknowledged by every war correspondent, humanitarian aid worker and Western diplomat: Some wars, like Syria’s, receive tremendous public attention, which can translate into pressure for resolution. But many others, like Yemen’s still raging but much ignored conflict, do not. Some of the reasons are obvious; the scale of Syria’s war is catastrophic and much worse than Yemen’s. […]
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 […]
IT services provider Cognizant Technology Solutions Corp (CTSH.O) said it was conducting an internal investigation into possible violations of U.S. anti-corrupt practices laws related to payments in India, sending its shares tumbling on Friday. The company also said President Gordon Coburn had resigned and would be replaced by Rajeev Mehta, the head of IT services. Cognizant, which gave no reason for Coburn’s departure, did not respond to […]
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 […]
Apple Inc. is reportedly planning to open its first research and development center in China, allowing the tech giant to extend its reach in a vital market and maintain goodwill with the Chinese government. The Cupertino tech giant will eventually invest 300 million yuan, or $45 million, in the facility, which will have 500 employees, according to the state-run China Daily newspaper. Zhongguancun Science Park, a Beijing […]
