ABU DHABI // It has gone so fast – and so far, so good. It’s already the third anniversary of work starting on the UAE’s first nuclear power plant at Barakah, near the border with Saudi Arabia. And it is still on budget and set to go live in late 2017, ultimately providing a quarter of the Emirates’ energy needs. But becoming the first new member to […]
TEHRAN — Ayatollah Ali Khamenei, the supreme leader of Iran, voiced support on Saturday for his country’s nuclear deal with world powers while emphasizing that it did not signal an end to Iran’s hostility toward the United States and its allies, especially Israel. “Their actions in the region are 180 degrees different from ours,” he said. Speaking after a special prayer marking the end of the Muslim […]
|By TAP Staff| The chief executive of Al Hilal Bank Mohamed Jamil Berro has resigned citing personal reasons. Berro was withe the bank for the past seven years. According to a bank statement, Sarie Asaad Arar has been appointed acting group chief executive. Arar, with 25 years of banking experience, currently holds the position of chief business officer at Al Hilal Bank. In January this year, Reuters […]
INTERNATIONAL. Global investors have raised their holdings of cash significantly in response to a weaker global economic outlook, particularly in China, according to the BofA Merrill Lynch Fund Manager Survey for July. Overall, equity allocations are unaffected by the higher risk aversion, however. • Confidence in the global economy falls sharply: 42percent of investors expect strengthening over next year, down from 55 percent a month ago.• China heads concerns: […]
UAE. Retailers in the UAE experience some of the best conditions in the world in which to operate in, benefitting from a strong quality of infrastructure and a robust economic environment, says Arcadis in its Retail Operation Index. The UAE ranks eighth place in the overall rankings and first place in the Middle East, while quality of transportation and ease of getting up-and-running is holding many other […]
JERUSALEM — Israeli commentators have described this week’s Iran nuclear deal as a “personal failure,” a “stinging failure,” and a “colossal failure” for Prime Minister Benjamin Netanyahu. Yair Lapid, a rival who heads an opposition faction in Israel’s Parliament, called it “the greatest failure in foreign policy of any Israeli prime minister since the state’s establishment” and demanded his ouster. Mr. Netanyahu has framed his career over […]
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TEHRAN — “Happy nuclear deal” said Cyrus Razzaghi, a business consultant here, when he picked up the phone on Wednesday. Mr. Razzaghi has been trying to make a business of organizing seminars and meetings for European and American companies interested in Iran, but it had been a bit slow until now. Even though, technically, many of them could have done business here despite the sanctions, they feared […]
WASHINGTON — President Obama on Wednesday urged lawmakers to support the nuclear deal reached with Iran, saying that failure to put it into effect would increase the likelihood of war in the Middle East and accelerate a nuclear arms race in the region that would threaten the safety of the United States. “That’s the choice that we face,” Mr. Obama said in opening comments at a news […]
INTERNATIONAL. A desperate battle was fought last week. It pitted Germany and Greece against each other. Each country had everything at stake. Based on the deal that was agreed to, Germany forced a Greek capitulation. But it is far from clear that Greece can allow the agreement reached to be implemented, or that it has the national political will to do so. It is also not clear […]
UAE. Dubai continued to see steady supply growth during the first six months of the year, as performance within the residential and hospitality markets began to soften after a three year period of sustained growth, according to the Q2 2015 Dubai MarketView by global property consulting firm CBRE. According to the CBRE report, Dubai’s rental market continues to outperform the transactional market in 2015, although residential leasing […]
UAE. KPMG’s third annual ‘Top of Mind’ consumer survey, in conjunction with the Consumer Goods Forum (CGF), has found that growth and top-line expansion, consumer trust and a sound omni-channel strategy are the top priorities for consumer company executives – both globally and in the UAE. KPMG and CGF surveyed close to 550 senior consumer, manufacturing and retail executives globally to gain insight into the economy, the […]
Video | Accord is ‘Bad Mistake,’ Netanyahu Says Prime Minister Benjamin Netanyahu of Israel said the nuclear agreement would enable Iran to continue its “aggression and terror” throughout the region. By ISABEL KERSHNER July 14, 2015 JERUSALEM — Furiously denouncing the accord to limit Iran’s nuclear program on Tuesday as “a historic mistake,” Prime Minister Benjamin Netanyahu said that Israel would not be bound by the agreement and warned […]
Video | Iranians Celebrate Nuclear Deal Iranians took to the streets on Tuesday night to celebrate the nuclear accord between the United States and Iran. By THOMAS ERDBRINK July 14, 2015 TEHRAN — Weary of sanctions and isolation, many ordinary Iranians rejoiced on Tuesday over a historic nuclear agreement with world powers led by the United States, the main enemy for nearly four decades. But their excitement was tempered […]
|By TAP Staff| The end of sanctions could bring a rapid economic boom Iran, which had its oil exports halved by sanctions, and its economy cut by about 20 percent. The prospect of a deal has already helped push down global oil prices because of the possibility that Iranian supply could return to the market. Oil prices tumbled more than a dollar on Tuesday after the deal […]
|By Matein Khalid| Last week was a roller coaster and the Nikkei Dow closed at 19,800. Abenomics has had a seismic impact on Japan’s economy, financial markets and banking system. The yen has fallen from 76 on the eve of the election in 2012 to 122 against the US dollar. Corporate profits have exploded. Land price rises, job growth, bonuses, capex and consumer spending have lifted Japan […]
A Blackberry sign is seen in front of their offices on the day of their annual general meeting for shareholders in Waterloo, Canada June 23, 2015. Reuters/Mark Blinch/Files TORONTO BlackBerry Ltd named Carl Wiese as head of global sales on Monday, an appointment that comes at a critical juncture for the smartphone industry pioneer, which needs to spur top-line growth in order for its turnaround efforts to […]
M&A values reached during Q2 is belowits median level of the last six years. Mena M&A market hits three-year low in Q2 DUBAI, 12 hours, 18 minutes ago The Mena M&A market markedly regressed during the second quarter (Q2) of 2015, well behind its prolonged three-year revived activity, with the total value reaching only $3 billion, a report said. With the total number of completed deals on […]
Iranian stocks climbed to the highest level in three months as diplomats from the Persian Gulf country and six negotiating powers moved closer to reaching a nuclear accord. The Tehran Stock Exchange’s benchmark index advanced 1.2 percent on Sunday to 67,646.4, the highest level since April 15, as officials sought to clinch a deal that would help lift sanctions crippling Iran’s economy. Bank Saderat Iran was the […]
|By K Raveendran| The Dubai property market, which has of late shown strong signs of weakening, may get support from a very unlikely source. Wealthy Chinese investors cashing out of the stock market carnage are said to be scouting for overseas property markets in leading cities to park their funds. Dubai might be one of them. Around 20 percent has been knocked off the value of Chinese […]
Prices for German luxury cars in China are tumbling as the country’s stock market sell-off and worries about broader economic growth chill demand for auto brands that once commanded price premiums from affluent Chinese consumers. At Mercedes-Benz stores operated by a dealer group with nearly 200 multiple brand outlets, customer traffic at showrooms has dwindled markedly since mid-June, when a stock market slide that saw indexes plunge by […]
|By Matein Khald| During the 2008 post-Lehman financial meltdown, home prices in Dubai fell by 60-70 per cent and a generation of offplan flippers and leveraged investors/buyers (a mortgage, by definition, is a highly leveraged and speculative financial product. There is a reason the word “mortgage” derives from the French “mort” or death!) were wiped out. However, the Arab Spring, global liquidity and the successful debt restructuring […]
An employee stands in front of the Apple flagship store on 5th Avenue in New York April 22, 2015. Reuters/Brendan McDermid/Files WASHINGTON/SAN FRANCISCO U.S. government antitrust regulators are looking into claims about whether Apple’s treatment of rival streaming music apps is illegal under antitrust law, according to three industry sources. Apple recently launched a new music streaming service, Apple Music. It also provides the App Store platform […]
UAE. Core Savills, the largest commercial lease transaction and one of the leading international real estate companies in the UAE, is optimistic on the outlook for the Dubai real estate market. Research released today by the firm has suggested declining apartment and villas prices in the emirate since the market peaked late last year will stabilize during 2016 and return to growth later in the year or […]
