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New oil pricing adds to Singapore clout
|TAP Special| Singapore’s importance as an oil trade centre has received further boost with Platts adopting e a new system from next month for determining oil product values with reference to loadings out of the city state as well as Malaysia. This is expected to encourage use of regional oil storage facilities. According to Reuters, the change in how fuel oil, diesel, jet fuel and gasoline are […]
Microsoft CEO Nadella Lays Out Mission in Internal Memo
In a memo to employees on Thursday, Microsoft CEO Satya Nadella spelled out his mission for the company: “to empower every person and every organization on the planet to achieve more.” Microsoft will also aim to “reinvent” productivity and business processes, build an intelligent cloud platform and create a more personal computing experience for its users, he said. Nadella’s vision statement comes just a week after the […]
Watch out, Chinese capital is coming!
Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with. With China’s leadership aiming to scale back the role of investment in the domestic economy, the nation’s surfeit of savings — deposits currently stand at $21 trillion — will increasingly need to […]
Gold recovers as Greece deal fails
Gold edged higher on Friday, recovering from its lowest in more than two weeks as Greece failed to reach an agreement with its international creditors, although gains were capped by expectations of a U.S. interest rate hike. Asian equities fell as Greece failed again to reach an agreement with its creditors and stumbled towards a default, while major currencies like the euro and dollar drifted as the […]
GCC construction sector in major growth phase
GCC construction … buoyant. GCC construction sector in major growth phase DUBAI, 1 days ago The GCC construction industry foresees growth for the next three years, encouraged by factors such as favourable macroeconomics, positive demographics, and rising tourism activities, said an industry expert. “Higher budget allocation towards construction sector, as part of the strategic vision of the member nations, lends an added push to the industry,” added […]
Stress is the main health concern for Middle East employers
UAE. The latest Towers Watson survey on Health Benefits reveals that employers are investing more in the health of their employees as many Gulf Co-operation Council (GCC) countries have implemented new legislation and amendments to laws that deal with mandates for employee healthcare coverage. These changes are already in effect or will come into effect in phases over the next few years and will implicitly impact employers. […]
The Many Miseries of Yemeni Families
As the civil war in Yemen continues, many families say they are living in constant fear. Parents say that their older children have been wetting their beds at night, and that younger ones are so traumatized that they are sent running for cover by the sound of a door slamming. The fighting between Houthi rebels and Saudi-backed government forces has displaced a million people, destroyed cultural heritage […]
Saudi Intervention Only Fans Yemen’s Flames
SANA, Yemen — For nearly three months, Saudi Arabia, along with its allies, has been bombing Yemen, its southern neighbor, hoping to force the retreat of Shiite rebels who have seized major cities and to return the country’s president from the Saudi guest mansion where he lives to the presidential palace. So far, it has not worked. The rebels, known as the Houthis, have gained ground, more […]
S&P rings Dubai alarm bell once more
|By K Raveendran| The trigger for Dubai’s property crash of 2009 had come in the form of a Standard & Poor’s report that warned of a serious price correction in the wake of a highly unrealistic boom. Six years later, the rating agency has issued another ominous report on Dubai’s property market, although there are not even the faintest signs of a boom present now. The warning […]
UAE property market is prepared for the correction that's underway, says S&P report
UAE. While Standard & Poor’s expects somewhat of a correction in the UAE’s residential real estate market after three years of sharp price appreciation–it should be nothing on the order that led to the Dubai crisis in 2009. After reaching a peak in 2014, the property market in the United Arab Emirates is set to soften in 2015 and early 2016. The market is facing a turnaround […]
UAE and Saudi Arabia continue to grow despite lower oil prices, finds Credit;©dit Agricole Private Banking report
UAE. The latest Crédit Agricole Private Banking research report, ‘Macro Comment – MENA Update’, noted that the UAE and Saudi Arabia continues to witness growth despite lower oil prices. The UAE even recorded high levels of job creation during this period. “Interestingly in the UAE, once again new orders and new export orders components reflected strong growth, while job creation hit a three-month high. This is reflected […]
Iraqi Families Return to Fragile Stability in Tikrit After Liberation From ISIS
BAGHDAD — When Umm Ahmed returned to her Iraqi hometown, Tikrit, in recent days she found a city devastated by fighting with militants from the Islamic State: buildings burned, shops looted, schools shuttered and hospitals inoperable. Still, it was home, and it was good to be back. “Today, I am in the middle of Tikrit,” Umm Ahmed, 39, said last week, preferring to be identified by her […]
Helicopter makers upbeat despite slump
The downturn in the helicopter will likely last18 to 24 months, say experts. Helicopter makers upbeat despite slump PARIS, 17 hours, 21 minutes ago Top US and European helicopter executives said this week that the oil price-led commercial helicopter market slump would be temporary and that they will keep investing in new technologies given the sector’s positive long-term outlook. The downturn will likely last 18 to 24 […]
Saudi market opening hype unjustified
|By K Raveendran| There is much hype about the opening up of the Saudi stock market, but any detached view is least supportive of optimism. The more realistic assessment is based on the fact that the market has already factored in the positivity and moved too far ahead in the expectation of large foreign inflows, making the market expensive for any new entrants. According to the assessment […]
Non-oil to drive ME economies to 5pc growth
Non-oil to drive ME economies to 5pc growth DUBAI, 3 days ago Middle Eastern economies are anticipated to witness around five per cent growth this year due to the gradual shift in investment to non-oil sectors, a report said. However, implementing pragmatic macroeconomic policies to stabilise global oil prices at $50 to $60 per barrel is likely to remain a key challenge to revenue growth, added the […]
Fitch affirms Kuwait at 'AA'; Outlook stable
KUWAIT. Fitch Ratings has affirmed Kuwait’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’ with a Stable Outlook. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F1+’. KEY RATING DRIVERS Kuwait’s ratings reflect its exceptionally strong fiscal and external position, balanced against a heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of […]
Gaza Welcomes Break From Strife and Reopening of Border With Egypt
For an earnest young Christian named Ben Lowe, revelation came on the shores of Lake Tanganyika, in Africa. A relentless warming of the lake was reducing the catch of fish, the people were going hungry — and he had learned of scientific evidence that climate change was to blame. For the Rev. Brian Sauder, who grew up attending a small Anabaptist church in rural Illinois, the moment […]
Debt threatens to sink shale industry
|By TAP Staff| The shale industry boom, which was instrumental in oil producers like Gulf countries losing control of the market, is facing the risk of being sunk by the weight of debt. That should bring some reassurance to Gulf countries, who are now struggling to cope with the impact of lower oil prices. According to a Bloomberg report, drillers are devoting more revenue than ever to […]
Will Next-Gen Apple Watch Include a Video Camera?
Consumers are barely used to the Apple Watch, and already there’s discussion about what might be included with the next edition of the wearable. Media reports on Friday revealed details about a second-generation model that might sport a video camera and a new wireless system. The first Apple Watch was released just two months ago. The camera would be called the FaceTime Video Camera and would be […]
HP Unveils Pavilion X2 Hybrid, New Envy Laptops
Hewlett-Packard offered up a slew of new laptops on Friday, including the Pavilion x2 tablet-notebook hybrid that features a magnetic hinge so it can easily transform from notebook to tent mode to stand mode. The Envy notebooks, meanwhile, promise longer battery life and a new curved profile. “Customers want devices that are portable without sacrificing battery life or power,” said Kevin Frost, vice president and general manager, […]
Middle East cities experience significant jump in 2015 cost of living ranking powered by strong global currency fluctuations
UAE. Dubai and Abu Dhabi have been ranked as the 23rd and 33rd most expensive cities to live in (respectively) according to Mercer’s 2015 Cost of Living Survey. The two cities have experienced a significant jump compared to 2014, with Dubai soaring 44 places from last year’s position at 67 and Abu Dhabi going up 35 places 68th in 2014. Dubai and Abu Dhabi are the most […]
Lebanese economy is barely growing, survey of economists shows
LEBANON. Economena Analytics, a specialized economic information provider, released its Lebanese Economic Outlook (LEO) for the second quarter of 2015. Key forecast findings show heightened levels of pessimism in recent months, with growth forecasts for 2015 falling to 1.5% in the Q2 survey from 2% at the start of the year. The findings are based on the views of 17 leading Lebanese economists. None of the surveyed […]
