A 2017 state budget plan released by Oman’s government on Sunday projected a smaller deficit but maintained tight curbs on spending because of low oil prices, which are hurting state revenues. Government spending this year is projected to total 11.7 billion rials ($30.4 billion) and revenues 8.7 billion rials, which would result in a deficit of 3 billion rials. That compares with the government’s original 2016 budget […]
The Central Bank of Oman will be forced to follow the US Fed’s tightening cycle over the coming months, despite low inflation and rising liquidity pressures at home, according to BMI Research. It said in a research noted that combined with low commodity prices, the strength of the US dollar, and weaker economic activity, Oman will adopt a more hawkish monetary policy to lead to average consumer […]
ABUJA Nigeria’s government will seek a lasting peace settlement with militants in the oil-producing southern Niger Delta region in 2017, President Muhammadu Buhari said in a New Year’s message on Saturday. Attacks on oil facilities in Nigeria’s energy hub, coupled with low oil prices, helped push Africa’s biggest economy into recession – the first in 25 years – in the second quarter. Crude oil sales account for […]
A new year is upon us and with it, a new season of art events and exhibitions is about to start. This month marks the opening of a host of exhibitions at Alserkal Avenue and across Dubai. Highlights include Asad Faulwell at Lawrie Shabibi from January 9, who continues his series on Algerian women who fought during the war for independence from French occupation, and their largely […]
Microsoft’s ongoing move to reposition itself as a cloud-first/mobile-first vendor continued in 2016. But readers of “All About Microsoft” here on ZDNet remained most interested in Windows 10’s rollout and futures this past year. Credit: ZDNet While it’s Microsoft’s commercial cloud story that many investors and analysts are watching most closely, Microsoft’s moves as the Windows company are what had — and will likely continue to have […]
Globalization, the path that the world economy has largely followed for decades, took some hefty blows in 2016. The election of Donald Trump as U.S. president and Britain’s decision to leave the European Union have raised questions over the future of tariff-free trade and companies’ freedom to move production to lower-cost countries. Borders are back in vogue. Economic nationalism is paying political dividends. “We […]
BEIJING China’s economy is on a steady growth path as 2016 ends, supported by a housing boom and billions in government investment, but the mood of policymakers is more cautious than celebratory as they face “complexity” in the new year. Controlling risks has been a constant refrain in recent months as the focus of policymakers switches to taming asset bubbles and checking unbalanced growth stemming from efforts […]
Social media firm Snap Inc may be the highest profile tech IPO planned for 2017, with the potential to raise billions. But more than a dozen expected stock offerings of relatively obscure software firms targeting business customers – little-known names such as Apttus, Tintri and Okta – could be just as important in thawing a long-frozen IPO market, according to investment bankers and advisers who work on […]
UAE-based Azizi Developments on Thursday said it was to press on with plans to launch 50 new developments in 2017, which will comprise residential, commercial and retail space, following talks with Dubai Land Department. The developer said in a statement that it discussed Dubai’s economic situation, the current market conditions and predictions for the upcoming year as well as regulatory changes. Sheikh Mohammed Bin Khalifa Bin Saeed […]
Getty Images/iStockphoto With 2016 drawing to a close, here is a look at some of the things — tech, as well as a number of industry metrics — that you should be keeping an eye on over the coming year. CES thoughts Before I begin, I want to mention the first big tech shindig of 2017, which will be CES. I pay very little attention to CES […]
Oil prices were on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years. US benchmark West Texas Intermediate (WTI) crude futures slipped 12 cents to $53.62 a barrel by 1400 GMT on Friday, while Brent front-month March crude futures were down 19 […]
By Yashaswini Swamynathan Wall Street aimed to end 2016 on a positive note, setting up the Dow for its best annual performance since 2013 amid increasing optimism about the outlook for the economy. The markets have shown surprising resilience to major political events, such as Britain’s vote in June to leave the European Union and the election of Donald Trump as U.S. president in November. U.S. stocks, […]
Financial markets in 2016 endured an escalation of negative interest rates, the collapse and subsequent rebound in commodity prices and fluctuating stock market valuations. The test for investors began in week one, as fears of a China slowdown roiled stock indices weeks after the Federal Reserve began to normalise policy. Over the ensuing months, the Brexit vote and US election would prove significant mile markers, shift thinking […]
BEIJING China’s Ministry of Agriculture said on Friday the recent outbreaks of bird flu have been handled in a “timely and effective” manner without spreading and have not affected chicken products or prices. In an emailed statement to Reuters, the government department said the situation in the world’s second-largest poultry consumer was “stable”. The comments come as South Korea and neighbouring countries battle outbreaks of various strains […]
In August, US group ValueAct announced a $1.1bn stake in Morgan Stanley. Yet the notorious boardroom activist had no plans to shake up management, no beef with strategy at the investment bank. The stock, it said, was simply cheap. Mere months later an investment that had seemed brave at the time is worth $1.8bn. ValueAct’s gain is just one of the more striking examples of an extreme […]
Saudi Arabian commercial bank deposits rose to their highest level this year in November, a sign that a liquidity crunch due to low oil prices is easing as the government liquidates foreign assets to pay its bills, official data showed on Wednesday. Bank deposits climbed to 1.624 trillion riyals ($433 billion) from 1.610 trillion riyals in October, the fourth straight month-on-month gain, the central bank figures showed. […]
Singapore Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks. U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were up 18 cents or 0.33 percent to $53.95 at 0105 GMT after settling 29 cents lower at […]
A poll of 60 staff members of The National resulted in useful travel hacks, such as low-fare flights with flexible date options, hassle-free packing, and convenient add-ons, that can make your holiday a more cheerful, potentially cheaper experience. newslide Be flexible The prices of flights and hotel rooms varies a lot depending on demand, so compare prices, choose less busy dates and even be willing to alter […]
The Malaysian opposition has attacked a state company’s investment in a palm oil project in Indonesia, saying it is a costly handout to a foreign businessman connected to Prime Minister Najib Razak. Malaysia’s state-owned Federal Land Development Authority, known as Felda, plans to buy a 37 per cent stake in Eagle High, controlled by Indonesian conglomerate Rajawali Group, for $505m. The deal will be financed by the […]
By Tom Hals | WILMINGTON, Del. WILMINGTON, Del. Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process. Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capital from creditors with a $750 million […]
Russia is set to round off a year of rejuvenated global standing with the distinction of watching its currency stand apart from other major economies and resist US dollar strength. The rouble has been the only major currency to appreciate against the dollar since the end of September and, so far this year, has outperformed rivals, up more than 21 per cent against the dollar to Rbs60.48. […]
By Yashaswini Swamynathan Wall Street looked set to open little changed on Thursday, a day after the S&P 500 index suffered its biggest fall in two months, putting a damper on a post-election rally. A report showed the number of Americans applying for jobless claims fell by 10,000 to 265,000 last week, indicating sustained strength in the labor market. U.S. equities had been enjoying a rally since […]
Long-running Broadway musical Cats will be staged at the Qatar National Convention Center from February 1 to 4 2017, organisers have revealed. Tickets for the show have gone on sale at Virgin Megastore and online outlets with prices ranging from $41 (QR150) to $330 (QR1,200). The award-winning musical is based on T.S. Eliot’s Old Possum’s Book of Practical Cats, and includes popular hits such as Memory and […]
(Image: file photo) Legacy vendors and the cloud The cloud has devastated revenue, growth and margins of legacy vendors. Any CFO can look online to see what similar capacity, performance, and higher availability costs compared to the huge capital costs of traditional RAID arrays. 2016 saw the world’s largest independent storage company — EMC — bought by Dell, after shopping itself to all the big system vendors. […]
