America’s biggest, quietest tech monopoly has finally come under fire. If you made a cell phone call this year, you probably used a Qualcomm chip. The company makes the best modems to connect to cellular networks, but according to a federal complaint, it’s also spent years twisting arms and threatening partners to make sure that none of its competitors get a chance to do so. […]
Dubai-based Emirates airline has confirmed a restructuring of staff has seen some jobs become redundant. The airline declined to comment on the number of positions lost, but said “a very small number of staff” had been impacted. Arabian Business understands the training and recruitment division was affected after the airline decided to limit staff hiring and non-essential training, although this was not confirmed by Emirates. Impacted employees […]
Saudi Arabia’s anti-corruption body has accused executives and employees of Saudi Electricity Company (SEC) of misusing public funds, it said in a statement on Sunday referring the case for prosecution. The National Anti-Corruption Commission, or Nazaha, said it had identified irregularities in eight contracts concluded by the state-controlled utility company’s employees in Eastern Province worth more than 80 million riyal ($21.33 million), mostly involving the purchase of […]
By Roberta Rampton | WASHINGTON WASHINGTON U.S. President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country. Trump, who took office on Friday, promised to bring manufacturing plants back to the United States – an issue he said […]
Photo The Roman amphitheater, left, in Palmyra, Syria, in 2016. Satellite pictures on the right show the structure before it was damaged, above, and after. Credit Bryan Denton for The New York Times Islamic State militants have destroyed the facade of a second-century Roman amphitheater and another ancient monument in the historic city of Palmyra, Syria, the Syrian state-run news agency reported on Friday. The news agency, […]
Doha Bank, Qatar’s fifth-largest lender by assets, reported a 84.8 percent decline in fourth-quarter net profit on Sunday, according to Reuters calculations, missing analyst expectations. The bank earned a net profit of 35 million riyals ($9.61 million) in the three months to Dec. 31 against 231.4 million riyals in the same period of the previous year, Reuters calculations showed, using financial statements in lieu of a quarterly […]
Move over, EpiPen. You’ve got competition. Kaléo, a privately held pharmaceutical company based in Richmond, Virginia, has revealed that its Auvi-Q Auto-injector (epinephrine injection or USP auto-injector) will be available by prescription starting Feb. 14 this year. Auvi-Q was voluntarily recalled nationwide back in October 2015 because of reports of potential inaccurate dosage delivery. One of EpiPen’s strongest competitors so far, Auvi-Q Auto-injector will make a big comeback […]
A billionaire Chinese hedge fund manager has been jailed for five-and-a-half years for market manipulation in one of the country’s highest-profile financial crimes prosecutions since a market rout in 2015. Xu Xiang, an investment guru who used to be compared with Carl Icahn, led a loose-knit group of hedge fund managers from the port city of Ningbo known as the “Limit-up Kamikaze Squad” because of their penchant for […]
The Saudi finance ministry said on Sunday there would be no fees applied on remittances out of the country, days after the kingdom’s advisory Shura Council said it was looking at a proposal to impose a 6 percent levy on expatriate remittances. Saudi Arabia is “committed to the principle of free movement of capital in and out of the kingdom, in line with international standards,” the ministry’s […]
By Naveen Thukral | SINGAPORE SINGAPORE Oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. U.S. energy companies last week added the most rigs drilling for new production in almost four years. Drillers added 29 rigs in the week to Jan. 20, bringing the total count up to 551, the most since November […]
Abu Dhabi’s government merged two of its top investment funds on Saturday to strengthen their financial clout in an era of low oil prices, creating a company with assets totalling about $125 billion. The new fund, Mubadala Investment Co, was formed by merging Mubadala Development Co and International Petroleum Investment Co, which own corporate stakes in the energy industry and other sectors across the world. The new […]
By Tetsushi Kajimoto | TOKYO TOKYO Japanese companies believe that neither U.S. President Donald Trump nor Japan Prime Minister Shinzo Abe want to see the yen weaken significantly, a Reuters poll showed, a development they worry could spark an unwelcome political backlash. The Reuters Corporate Survey, conducted Jan. 4-17, also found that Japanese firms want Abe to push Trump hard on trade issues, while nearly a third […]
WASHINGTON The Trump administration may no longer enforce a rule requiring individual Americans to carry health insurance or pay a penalty if they do not, a senior White House official said on Sunday Speaking on ABC’s “This Week” program, Kellyanne Conway, counselor to the president, said President Donald Trump “may stop enforcing the individual mandate.” Separately, on CBS’ “Face the Nation” show, she reiterated Republican promises that […]
Shah Rukh Khan has had a busy few weeks, almost single-handedly promoting his new film, the crime drama Raees (Wealthy). The 51-year-old Indian superstar, who visited Dubai for a press conference and meet-and-greet with fans at Bollywood Parks on Saturday, has had to do without help from his co-star, Pakistani actress Mahira Khan, while publicising the film in India and overseas. A recent ban by the Film […]
By Carmel Crimmins and Pamela Barbaglia | DAVOS, Switzerland DAVOS, Switzerland U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump. But many Europeans still need convincing. At the annual gathering of the world’s political and business elites in the Swiss resort of Davos, U.S. financiers told investors and overseas’ rivals […]
Here are the market-related questions FT reporters will be examining this week, the first in which a Nato-ambivalent son of a New York property baron will command the world’s most powerful political office. Will the Trump-trades persist with the president in power? The post-election story in markets has largely been about what campaign promises turned into reality could do to a US economy already several years into […]
The world’s largest pension fund, Japan’s GPIF, is under intensifying pressure to draw a “line in the sand” on corporate governance standards in the country as other investors rail against a controversial takeover deal. The imbroglio centres around Panasonic’s proposed purchase of PanaHome. Investors say it represents one of the sternest tests to date of Japan’s stewardship and governance codes, guidelines introduced in 2014 as part of the “Abenomics” drive to […]
Energy ministers from OPEC and non-OPEC countries meeting in Vienna on Sunday have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time. “I am satisfied, I am optimistic and, as I said, the markets are on their way to rebalance and it’s happening,” Saudi energy minister Khalid al-Falih said. Compliance […]
Dubai, 22nd January 2017 Propertyfinder Group, the UAE’s leading real estate search portal, expects unit handovers in Dubai this year to be significantly lower than developers’ official projections, which should help support prices. While that may not be welcome news for off-plan investors hoping to soon pick up their keys, a more protracted handover schedule is better for market stability and in the long term helps protect […]
By Rania El Gamal and Vladimir Soldatkin | VIENNA VIENNA A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet for the first time in Vienna on Sunday. The committee is expected to discuss how to best monitor compliance with the deal reached late last year as well as what level of compliance would […]
The Google Pixel and the Samsung Galaxy S7 are top-notch Android-powered devices that are vying with each other to rein supreme in the hotly-contested smartphone space. Both the Galaxy S7 and the Pixel are equipped with great camera capabilities and battery support. The two phablets also house a fingerprint scanner, which increases the device’s security. Here is a comparison of both the Android smartphones to help you ascertain, which […]
Jessie J performs at Mall of the Emirates. Courtesy Mall of the Emirates The experience also included a cat walk presentation from Etoile La Boutique. Courtesy Mall of the Emirates The singer performed her hit songs Price Tag, Bang Bang and Who You Are. Courtesy of Mall the Emirates The experience also included a cat walk presentation from Etoile La Boutique. Courtesy of Mall the Emirates The […]
Kuwait is well positioned to mitigate the impact of lower oil prices on the economy despite a deterioration in the country’s fiscal position, according to the International Monetary Fund. It said in a new report that Kuwait’s nonhydrocarbon growth has moderated from 5 percent in 2014 to about 3.25 percent last year as a result of the drop in oil prices. However, large financial buffers and low […]
By Brenda Goh and Muyu Xu | SHANGHAI/BEIJING SHANGHAI/BEIJING With 6 million Chinese tourists expected to travel abroad over the Lunar New Year break, China’s January 27 to February 2 holiday is crucial for Taiwan tour agency operator Li Chi-yueh, who relies on mainland visitors for a third of his revenue. But Li’s hopes are not high this year, after the number of mainland tourists plummeted 36 […]
