Donald Trump has appointed Mike Pence, his running mate, to head his transition team as he prepares to start naming people to fill top posts in his administration. Mr Trump also appointed four members of his family, including his daughter Ivanka and her husband Jared Kushner, along with the financiers Anthony Scaramucci and Steven Mnuchin. The team will also include Stephen Bannon, his campaign chief executive, Reince […]
Warren Buffett has thrown his weight behind scandal-hit Wells Fargo, saying it is “a great bank that made a terrible mistake” whose new chief executive Tim Sloan is “exactly right” for the top job. Breaking his months-long silence on the debacle, the head of Berkshire Hathaway, the bank’s biggest shareholder, confirmed he has not sold any shares after the scandal erupted over sales practices. The famed investor […]
The International Monetary Fund approved a $12 billion loan program for Egypt to restore investor confidence and help revive an economy battered by years of political turmoil. The Washington-based lender’s executive board approved the three-year loan on Friday. Approval of the IMF loan program, the largest of its kind on record in the Middle East, comes a week after Egypt floated its currency to end a crippling […]
By Heather Somerville | SAN FRANCISCO SAN FRANCISCO The fledgling drone industry is in the throes of change as weak consumer demand and falling prices drive startups to shift their focus to specialized business applications. 3D Robotics – an early drone startup that raised more than$125 million from investors – has seen its consumer business all but crash. This week, it unveiled a new commercial strategy, announcing […]
Iran, which has said it’s exempt from OPEC’s accord to cut production, told the group it raised output by the most since international sanctions were lifted. Iraq, unwilling to curb its supplies, reported a higher level than OPEC’s estimates. Freed from curbs on its oil trade in January, Iran said it increased output by 210,000 barrels a day to 3.92 million a day in October from the […]
By Tim Baysinger Twitter Inc (TWTR.N) said it was able to deliver more viewers than promised to advertisers on a U.S. election night livestream, good news for the microblogging site as it tries to ward off growing competition for ad dollars from Snapchat and Instagram. Twitter partnered with BuzzFeed to host an election night broadcast on Tuesday and attracted major advertisers, including Paramount Pictures, Amazon.com Inc’s (AMZN.O) […]
As he ran for India’s highest office, Prime Minister Narendra Modi wooed voters with a promise to crack down on those who had accumulated troves of “black money” — cash earned through illegal means or corruption, or simply never declared to tax authorities. Mr Modi made good on his pledge on Tuesday with a shock declaration that so-called “high value currency notes” — denominations of Rs500 and […]
The EU is ready to use punitive anti-dumping tariffs on imports — such as steel — after a UK-led blocking minority of countries opposed to the reforms collapsed. Britain had been part of an alliance set on scuppering the plan as unnecessary and protectionist. But on Friday the Netherlands and Austria indicated that they would throw their weight behind the proposal, leaving the UK likely to be outnumbered when […]
J.C. Penney Co Inc (JCP.N) reported a 0.8 percent fall in quarterly comparable store sales on Friday, reflecting weak store traffic, increased price competition from online and off-price retailers and a general shift away from spending on apparel. Analysts on average had expected Penney’s same-store sales to increase 2.7 percent in the quarter, according to research firm Consensus Metrix. Penney’s net loss narrowed to $67 million, or […]
By Yashaswini Swamynathan U.S. stock index futures fell sharply on Friday as investors tailored their portfolios to benefit from president-elect Donald Trump’s proposed policies. The decline on Nasdaq futures was more pronounced. Facebook (FB.O), Apple (AAPL.O), Netflix (NFLX.O) and Alphabet (GOOGL.O) were off more than 1 percent in premarket trading, indicating that Thursday’s selloff in the technology sector was likely to continue. Investors also appeared to be […]
By Vladimir Soldatkin | MOSCOW MOSCOW Russia’s top oil producer Rosneft reported strong cashflow on Friday, strengthening its position for a continuing acquisition drive despite a worse than expected 77 percent decline in third-quarter net profit. Rosneft, which bought a controlling stake in mid-sized oil company Bashneft for 323 billion rubles ($4.9 billion) last month, has been looking for ways to increase its global exposure and become […]
Xbox One may already be cementing its position as the best-selling console in the United States after consistently beating PlayStation 4 in the past four months. This is considered the longest Xbox One dominance in the history of the consoles’ rivalry since they were both launched in November 2013. Xbox One October Sales The information is based on data gathered by The NPD Group and GfK Entertainment […]
With retailers like Best Buy and GameStop not offering preorders for Nintendo’s NES Classic console, the battle to find one on its November 11 launch day has become all the more competitive. Many gamers are looking to Amazon for a chance to snag one of the retro consoles, and now we have more details on exactly when the machines will go on sale. Go ahead and set […]
Staples is looking to cash in on some Black Friday 2016, and it aims to do that with some smashing deals. Folks who are looking to pick up a new Surface laptop and or other Windows 10 devices should be pleased by what Staples is offering. We know of what Staples is planning because of a recently leaked advertisement. From what we can tell, these deals are more […]
ABU DHABI // Mass extinction of species, how to boost economic growth without harming the planet and the effects of mass agriculture are all issues to be addressed at the Cop 22 summit. The meeting in Morocco, which began this week, follows last year’s Paris Agreement, where 196 countries committed to reducing global warming to less than 2°C. One of the major discussion points is that the […]
The model numbers for Samsung’s upcoming Galaxy S8 series and Galaxy Note 8 have leaked. According to a reliable source, the SM-G950 and SM-G955 will make up the Galaxy S8 series, while SM-N950 has been reserved for the Galaxy Note 8. Samsung and wireless carriers who sold the Galaxy Note 7 have been urging Note 7 owners to exchange the defective smartphone, but as we saw in […]
UAE. In the GCC, healthcare, industrials & materials and financial services have recorded the largest fluctuations in mergers and acquisitions (M&A) activity, despite the gradual decline witnessed by the industry since 2014. According to research published today in The Boston Consulting Group’s (BCG) 2016 M&A Report, Masters of the Corporate Portfolio, companies that regularly acquire and divest businesses as part of their corporate strategy consistently outperform less […]
By Makiko Yamazaki | TOKYO TOKYO Japanese conglomerate Toshiba Corp swung to an operating profit in the July-September quarter, driven by strong demand for NAND flash memory chips from Chinese smartphone makers. That boom in demand has been a blessing for Toshiba, which is seeking to recover from a $1.3 billion accounting scandal by turning itself into a company more focused on chips, nuclear energy and social […]
Saudi Arabian stocks extended their winning streak to six days, entering a bull market as investors bet the government’s belated payments to contractors would help spur more gains. The Tadawul All Share Index added 2.3 percent to the highest level since July, taking its rally this week to 7.7 percent. The gauge has advanced more than 20 percent since a recent low on Oct. 3, crossing the […]
|By Arabian Post Staff|Donald Trump’s election as American President is expected to further complicate OPEC’s efforts to strike a deal for output freeze. OPEC was already struggling to finalize a deal and with Trump, it has become all the more difficult. In fact, Trump’s surprise victory threatens to deepen a market sell-off, according to UBS Group AG. Yet the uncertainty arising from the President-Elect’s policies — from […]
|By Arabian Post Staff| Dubai Electricity and Water Authority (DEWA) has confirmed that the ACWA Power and Harbin Electric consortium has begun construction of the 2,400 megawatt (MW) Hassyan clean coal power station, based on the Independent Power Producer (IPP) procurement model.The plant will be the first-of-its-kind in the region and is fully-compliant with set international standards, adopting the use of ultra-supercritical technology. In June, DEWA and the […]
Emirates Group first-half profit plunged 64 percent as the world’s biggest airline by international traffic struggled with a rising U.S. dollar and political and economic uncertainty that damped global travel and weighed on fares. Net income fell to 1.3 billion dirhams ($364 million) in the six months through September from 3.7 billion dirhams a year earlier, the Dubai-based carrier said Wednesday in a statement. Revenue rose 1 […]
|By Arabian Post Staff|The gold price breached US$1,300/oz in the wake of Donald Trump’s victory, up from US$1,275/oz before the vote counting began. Gold price has increased, outperforming other assets, including other safe havens. The market is expeting short term volatility in the wake of the election result as it signals a major political and economic change. Gold trading volumes have risen sharply in Asia. Western markets, which […]
Wearable camera maker GoPro Inc said on Tuesday it would recall about 2,500 of its recently introduced Karma drones because they lost power during use. GoPro’s shares were down 4.7 percent at $10.35 in extended trading. The recall comes less than a week after GoPro downgraded holiday forecasts to $600 million to $650 million in revenue for the fourth quarter, below analysts average estimate of $666.14 million […]
