|By Arabian Post Staff| The overall tourism spend by visitors to the UAE declined by 6% in the first quarter of 2016, according to a report on consumer card spends by Network International, the leading payment solutions provider in the MENA region. Due to a continuous appreciation in the US Dollar along with a bullish global economic outlook and a fall in the prices of crude oil, […]
DUBAI // Parents are struggling to pay for their children’s education, with employers cutting or doing away with allowances as school fees rise along with the wider cost of living. And there are fears that cutting those allowances will make it harder to attract the best and brightest from overseas to work here, at a cost to the economy. “This year in Abu Dhabi there will be […]
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the world’s first fully functional 3D-printed building in Dubai on Monday. Dubai: The world’s first fully functional 3D printed building was inaugurated in Dubai by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday. […]
|By Arabian Post Staff| Emirates Islamic announced the successful closure of its US$ 750 million 5-year Sukuk from its US$ 2.5 billion Certificate Issuance Programme. The issue, which will be listed on NASDAQ Dubai and the Irish Stock Exchange, received overwhelming investor interest from across the globe and marked the Bank’s return to the international debt capital markets after a period of four years. In September 2015, […]
By PATRICK SCOTT May 23, 2016 LUXOR, Egypt — After five and a half years of misery, the people in Egypt’s depressed tourism industry had reason for a bit of hope. The United Nations World Tourism Organization on May 11 chose Luxor to host two of its major gatherings later this year, potentially drawing 400 to 600 people and plenty of attention to this ancient city along the Nile […]
UAE. According to EY’s latest Global Fraud Survey, Corporate misconduct – individual consequences, only 29% of executives in the Middle East recognize cybercrime risk, compared to 47% globally. T he survey found that many respondents maintain the view that fraudulent activity is not their problem, despite recognizing the prevalence of the issue in their own countries. Michael Adlem, EY’s MENA Fraud Investigation & Dispute Services (FIDS) Leader, […]
UAE. Cyber-crime is not a new phenomenon, but it’s hitting the headlines as never before. According to PwC Middle East’s latest report, there is a renewed willingness among organizations to invest in security, with many organizations incorporating strategic initiatives to improve security and reduce risks. PwC Middle East’s Global State of Information Security survey 2016 looks at how the survey results from over 300 Middle East companies […]
INTERNATIONAL. Global inclusion in the internet could bring seven percent of the world’s population – 500 million people – above absolute poverty levels, and add US$6.7 trillion (£4.6 trillion) to global economic output, according to a new study by Strategy&, PwC’s strategy consulting business. The study, for Facebook, encompassed 120 countries over a 10-year period and examines how barriers to accessing the internet could be removed, and […]
This is the age of the disgruntled — in domestic politics and foreign affairs alike. Anti-establishment sentiment within countries is somehow echoed by the way the rule book of international relations is being torn up. These dynamics feed on each other. They are at play in America (the rise of Donald Trump), Europe (growing populism) and Asia (nationalism and an arms race). Finding a way to […]
|By Arabian Post Staff| Dubai’s government owned property developer Limitless will make an early payment of 2.07 billion dirhams ($564 million) to banks and trade creditors after reaching a second debt restructuring deal with them, Bloomberg reported. The company will pay 1.9 billion dirhams to banks this month, covering 43 percent of the outstanding loan amount, Limitless said in an e-mailed statement on Thursday. It will pay 163 million […]
The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo LONDON/CHICAGO Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo complied. Over 10 days, Wells approved a total of at least 12 […]
A team of scientists working at the U.S. Department of Energy’s (DOE) Argonne National Laboratory and led by Northern Illinois University physicist and Argonne materials scientist Zhili Xiao has created a new material, called “rewritable magnetic charge ice,” that permits an unprecedented degree of control over local magnetic fields and could pave the way for new computing technologies. The scientists’ research report on development of magnetic charge […]
Despite the plethora of graphic design tools available to organizations, creating good visual content is often a labor-intensive process requiring many hours of work by highly trained professionals. A new suite of software by Adobe, however, is hoping to change that. The platform, called Adobe Spark, is designed to help non-professional designers create their own visual content. Besides being a fun tool for students and individuals, the […]
|By Matein Khalid| If ever there was a year to win or lose money big time in emerging markets, 2016 was it. As an investor in the world’s dark alleys (the Third World rebranded as EM!), I am forced to dissect geopolitical, government/monetary policy, foreign exchange, flows, positioning and current account, volatility and credit cycle trends across emerging markets to develop money making strategies. It helps that I […]
The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo Major U.S. banks are scrutinizing security of the SWIFT messaging network following cyber attacks in Bangladesh and Vietnam involving fraudulent transfer requests, according to media reports on Tuesday. JPMorgan Chase & Co (JPM.N) has limited SWIFT access to some employees amid questions about the breaches at two Asian banks, The Wall […]
Since shortly after Twitter launched in 2006, users of the microblogging site have generally been limited to tweets of no more than 140 characters each. However, the company is reportedly considering a change to eliminate images and links from that limit. The length restriction on tweets made sense in the pre-smartphone era, when SMS text messages had to abide by similar limits. But today’s much more powerful […]
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) revealed a more than $1 billion stake in Apple Inc (AAPL.O) in a rare foray into the technology sector, which Buffett has largely shunned apart from a poorly performing investment in IBM (IBM.N). Shares of Apple rose 3.7 percent on the news, closing up $3.36 at $93.88. Berkshire made its investment in the first quarter, before the iPhone maker in April […]
The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo After an $81 million cyber heist at the Bangladesh central bank, the Federal Reserve Bank of New York said there was no problem with its procedures for approving fund transfers, according to a letter released on Friday by a U.S. lawmaker who had questioned those methods. U.S. Representative Carolyn Maloney had […]
SAN FRANCISCO Apple Inc’s (AAPL.O) $1 billion investment in Chinese ride sharing company Didi Chuxing intensifies a race to acquire technology, talent and market access in a rapidly evolving global personal transportation market. Apple’s investment comes as auto and technology industry executives and investors are placing bets that self-driving car systems, electric vehicles and ride sharing will eventually converge to allow companies to sell rides in self-driving vehicles, […]
The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo SWIFT, the global financial messaging network that banks use to move billions of dollars every day, warned on Thursday of a second malware attack similar to the one that led to February’s $81 million cyber heist at the Bangladesh central bank. The second case targeted a commercial bank, SWIFT spokeswoman Natasha […]
The sun rises behind the entrance sign to Facebook headquarters in Menlo Park before the company’s IPO launch, May 18, 2012. Reuters/Beck Diefenbach/File Photo Facebook (FB.O) on Thursday emphasized that it does not permit its employees to block news stories from its “Trending Topics” list based on political bias, amid a controversy over how the social media superpower selects what news it displays. Technology news website Gizmodo […]
|By Arabian Post Staff|The heads of governments of two tax havens, under spotlight for disclosures of corruption and black money, advised major world players including the US to set their own houses in order before bullying small territories like theirs. Addressing an anti-corruption summit in London on Thursday, Allan Bell, chief minister of the Isle of Man, and Cayman Islands Premier Alden McLaughlin called on the U.S. and […]
Reuters/Ralph Orlowski/Files FRANKFURT The European Central Bank will set up a database to register incidents of cyber crime at commercial banks, aiming to create an early warning and analysis system for big lenders, it told a German newspaper on Thursday. Attackers earlier this year stole $81 million from a Bangladesh central bank account at the New York Fed in one of the biggest-ever cyber […]
