It was a bit less spectacular and a lot less glamorous than most Hollywood disaster movies. But the recent mega-breach at Sony Pictures Entertainment had more than its share of drama and improvisation. Numerous media outlets this week published behind-the-scenes looks at how the crisis, one of the worst cyberattacks on an American company, was handled internally. Among other unusual steps, studio CEO Michael Lynton communicated with […]
Gulf stock markets rose on Thursday as Saudi Arabia released a 2015 state budget that will keep spending high, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil prices. The Saudi budget envisions state spending at a record 860 billion riyals ($230 billion) next year, up 0.6 percent from the 2014 budget plan. That would be the smallest rise […]
The United Arab Emirates central bank discussed margin lending at a board meeting this week and ordered that all aspects of the issue be studied, the central bank said on Wednesday. In a brief statement describing discussions at the board meeting, the central bank did not elaborate on how the study would be conducted or what action might be taken in response. The Dubai stock index has […]
In Saudi Arabia, where the currency has been fixed at about the same rate for 28 years, even the tiniest swings in the futures market reflect concern the peg will be broken. So the 0.2 percent drop that traders see by next year shows this is the most worried they’ve been about it since 2009. For Standard Chartered Plc and Abu Dhabi Commercial Bank PJSC, that speculation […]
Gulf governments seek to improve the livesof citizens and create jobs. Oil slump won’t derail $500bn Gulf infrastructure plan DUBAI, 2 days ago Slumping oil prices will not halt a massive ramp-up in Gulf infrastructure spending, as rich nations deploy huge reserves to maintain a breakneck development pace and the rest turn to buoyant funding markets. However, states are being urged to consider the most effective funding […]
Wireless giant T-Mobile has agreed to pay more than $90 million as punishment for placing unwanted third-party charges on phones, also known as “mobile cramming,” the Federal Trade Commission said Friday. If the announced agreement is approved by a U.S. District Court, it would resolve an FTC lawsuit filed in July that accused T-Mobile of billing customers for unwanted charges, including horoscope, love tip and celebrity gossip […]
Family firms… ouperforming non-family companies Family firms ‘key driver of GCC growth’ DUBAI, 1 days ago Family firms, which represent around 75 per cent of the private sector economy in GCC, outperform non-family firms by 15 per cent, and their continued success is a vital contributor to overall GCC growth, a report said. Family firms, which represent around 75 per cent of the private sector economy in […]
Labour leader Ed Miliband with MP for Manchester Central Lucy Powell Photo: Steve Back / Barcroft Media It was only a matter of time before Lucy Powell got it in the neck for being successful, young – and above all female. Just days after Ed Miliband promoted her vice-chair of Labour’s election campaign, the briefings against her began. Yesterday they reached a new frenzy, after she was blamed […]
Less than a week after announcing new in-house search capabilities, Facebook has quietly stopped serving up results from Microsoft’s Bing search engine. The change, made without fanfare, was confirmed by a Facebook spokesperson, according to a report by Reuters. Bing, rolled out by Microsoft in 2009, remains a distant second behind Google in terms of search engine market share. According to the latest U.S. desktop search engine […]
Benchmark U.S. oil prices are poised to test $55 a barrel after a six-month rout pushed crude to the lowest in five years. West Texas Intermediate crude ended below $58 today for the first time since May 2009 after the International Energy Agency cut its global demand forecast for the fourth time in five months. Prices are down 46 percent from this year’s highest close of $107.26 […]
India wants to buy more rough diamonds directly from mining companies as the world’s biggest polisher of the gems seeks to bypass traditional dealers. Prime Minister Narendra Modi called on more major suppliers such as Russia’s OAO Alrosa to sell directly to India, which polishes 80 percent of the world’s diamonds, avoiding trading centers such as Antwerp and Dubai. Speaking alongside President Vladimir Putin in New Delhi […]
Sliding oil prices, leverage and sheer panic have exposed the fragility of Gulf equity markets just as they are becoming mainstream destinations for international investors. In May, MSCI upgraded Qatar and the United Arab Emirates to emerging-market status, drawing billions of dollars of new money to them. Saudi Arabia will open its bourse to direct foreign investment next year, which could draw tens of billions of dollars […]
Most Gulf firms can prosper with $70 oil DUBAI, 6 days ago Plunging stock markets in the Gulf show investors are panicking about the prospect of $70 oil next year. But heavy state spending means most firms in the region, with the big exception of petrochemical producers, are likely to do just fine. The main Saudi stock index sank 4.8 per cent on Sunday, bringing its losses […]
Visitors walk past by the Ilissos statue, a part of the collection of ‘The Parthenon Marbles’, also known as the ‘Elgin Marbles’ in the Hermitage Museum in St. Petersburg Photo: ANATOLY MALTSEV/EPA By Boris Johnson 6:10AM GMT 08 Dec 2014 Follow The other day, I saw at close hand the bravery and professionalism of a Malaysia Airlines cabin crew as they grappled with a passenger who was being, […]
Oman’s stock market sank on Sunday after Standard & Poor’s cut its outlook for the country’s sovereign rating and local cement firms said natural gas prices would double – examples of the pain which the weaker Gulf oil exporters may face because of the slide in oil prices. Brent crude slipped 0.8 percent to $69.07 a barrel on Friday after Saudi Arabia slashed its oil prices for […]
The latest entrant into Islamic finance is leading the industry in the new direction of socially responsible investment – which could even include the fight against Ebola. Last week an immunisation programme secured a $500 million issuance of Islamic bonds, or sukuk, in the largest debut issue ever by a global non-profit organisation, under a broader trend to use bond markets to fund development and humanitarian projects. […]
Oil market analysts are debating if oil will fall to $50. In North Dakota, prices are already there. Crude sold at the wellhead in the Bakken shale region in North Dakota fell to $49.69 a barrel on Nov. 28, according to the marketing arm of Plains All America (PAA) Pipeline LP. That’s down 47 percent from this year’s peak in June, and 29 percent less than the […]
Shares in Dubai declined to the lowest level in five months as the emirate’s largest stock traded without the right to its next dividend and Gulf markets retreated amid plunging oil prices. The DFM General Index (DFMGI) fell 2.2 percent to 4,186.11 at the close. The gauge lost 19 percent since the most recent peak on Sept. 3, leaving it less than 50 points away from a […]
If you have an Xbox and you’re having a hard time signing on to Xbox Live, there may be a nefarious reason for that. A hacker group that made a name for itself by attacking online gaming services has apparently struck again. In a Twitter post, Lizard Squad claims it took Xbox Live down. This is the same Lizard Squad that executed a distributed denial of service […]
When it comes to smartphone sales, the growth is still there — but it’s slowing. Smartphone sales growth will continue at nearly 10 percent each year through 2018, well off the pace of recent years, according to a new mobile phone forecast from International Data Corp. (IDC). Worldwide smartphone shipments will reach a total of nearly 1.3 billion units in 2014, an increase of 26.3 percent over […]
North Korea is an astonishing survival into the 21st century of 19th century traditions of oriental despotism. Just as the old kings of Korea were demigods, beyond mortal criticism and revered as infallible by their awed subjects, so the present-day rulers of North Korea are presented as geniuses who can make no mistakes. Moreover, in this tradition, the monarch personifies the nation – to mock Kim Jong-un […]
Plunging stock markets in the Gulf show investors are panicking about the prospect of $70 oil next year. But heavy state spending means most firms in the region, with the big exception of petrochemical producers, are likely to do just fine. The main Saudi stock index sank 4.8 percent on Sunday, bringing its losses from its September peak to 23 percent. Dubai’s index is down 21 percent […]
When Google recently rolled out the new Android 5.0 Lollipop operating system, it touted the release as its biggest Android update yet, with an emphasis on delivering an integrated experience across multiple devices. However, early users are fuming mad over Lollipop, with bugs and problems souring the Lollipop experience. What’s the problem? As one of our commenters wrote, “Where do I begin?” Batteries that drain too fast, […]
Voters today rejected a referendum requiring the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold. Had it been approved, it would have led to purchases of at least 1,500 metric tons over five years. With lower oil prices reducing costs for consumers and the U.S. considering raising interest rates, demand is fading for hedges against inflation such as […]
