|By Arabian Post Staff| There is a greater national focus on achieving operational efficiency across sectors in the Middle East – and one notable area that stands to benefit immensely from embracing digitally-enabled solutions is utilities, Booz Allen Hamilton says in its energy trend forecasts for 2017. Change continues to be the defining feature of the global energy sector in 2017. In the oil and gas industry, […]
Saudi Arabia has announced a timeline for implementation of a tax on harmful products including soft drinks and cigarettes, and said it has completely ruled out income tax contrary to previous reports, according to an official document. The Fiscal Balance Program 2020 report, published by the Saudi government last week, said the kingdom would impose a 50 percent tax on soft drinks and a 100 percent tax […]
Principal Investment Arm of the Government of Dubai Grows its Portfolio to AED 736.8 Billion Dubai 28 December 2016 Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six-month period ended 30 June 2016 showing Revenues of AED 82.5 Billion and a Net Profit of AED 10.3 Billion. These results are achieved against a backdrop of lower oil and commodity prices, a strong US […]
Singapore Oil prices fell in early trade in Asia on Thursday following a surprise build in U.S. crude stocks shown in data published by the American Petroleum Institute (API) late on Wednesday. U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were down 31 cents or 0.57 percent to $53.75 at 0104 GMT after settling up 16 cents at $54.06 per barrel in the previous session. Brent […]
Submitted by Nick Cunningham via OilPrice.com, Natural gas prices are surging as cold weather eats into U.S. inventories, tightening the market much more quickly than many analysts had expected. The blast of Arctic weather in December put a strain on natural gas markets, with millions of people cranking up the heat to keep warm. The EIA reported a surprise drop in storage levels in the week ending […]
The FTSE 100 was within touching distance of a closing high on Wednesday, as optimism about the outlook for metal prices lifted the shares of the heavyweight miners on Britain’s blue-chip index. On the market’s first day back after the Christmas holiday, the FTSE 100 was up 0.6 per cent at 7107.56 in early afternoon trading, putting it on track to surpass its closing high of 7103.98 […]
When the direct trading link between stock markets in Shenzhen and Hong Kong opened this month, local dignitaries were easy to spot at the launch events. Less conspicuous were international investors ready to take advantage of what was billed as a big opportunity to buy into Chinese equities. The link offers foreign investors greater access to shares on the Shenzhen Stock Exchange, home to some of China’s up […]
|By Arabian Post Staff| Abu Dhabi Stock Exchange (ADX) announced that short selling will be allowed for selected stocks from next year. The move is aimed at boosting trading volume and to attract foreign investors to the illiquid market. ADX is currently meeting brokerages ahead of the introduction of short-selling service early in 2017, according to a statement posted on the bourse’s website. The step would make […]
By Shinichi Saoshiro | TOKYO TOKYO Asia stocks followed Wall Street higher on Wednesday, while the dollar firmed against the yen following the release of upbeat U.S. economic data overnight. Crude oil prices held large gains on expectations of supply tightening once oil-producing nations implement a scheduled output cut. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.4 percent. Australian stocks rode a rise in […]
After a two-year experiment with free markets, the pain of low oil prices forced the world’s biggest producers to join forces in 2016 and tackle a global supply glut. Saudi Arabia-led Opec and non-member countries, primarily Russia, agreed after months of discussion and back channel diplomacy to cut production for the first time since the global financial crisis. Prices look set to end the year in the […]
Gazprom has submitted proposals to Brussels in an effort to bring to an end a five-year long antitrust probe into the company, it said on Tuesday. The Russian state-controlled energy giant, which did not disclose details of its offer, said that the plan sought to address the European Commission’s concerns “to the extent it is reasonable and possible”. “We hope that the commission — and ultimately the […]
A Kingdom of Oil From the beginning, the social contract between commoners and royals constituted a trade-off: a share of the country’s wealth in exchange for absolute rule by the Saud monarchs. A Life magazine correspondent visiting in 1943 described how, as King Abdulaziz waited on a roadside while a flat tire was fixed on his Packard, he gave a shepherd passing on camelback several gold pieces. […]
The Gionee M2017 Chinese smartphone is now official and it packs some impressive specs, including 7,000 mAh battery power and 6 GB of RAM. The 7,000 mAh battery capacity is the main selling point of this device, and is achieved through two 3,500 mAh battery units. It remains unclear just how Gionee managed to cram two batteries and get them to communicate with each other, but it likely […]
By Patrick Graham | LONDON LONDON Share prices inched higher on Tuesday as trading in some of the world’s major financial markets resumed after a Christmas break, with oil and the dollar also rising marginally. Concerns about Italian banks, Chinese growth and U.S. President-elect Donald Trump’s protectionist bent look set to keep investors on edge into the start of 2017. But expectations the new administration will splash […]
Saudi Arabia expects oil revenue to jump by 46 percent next year following the deal between the kingdom and other producers to curb output and drive up global prices. The world’s top oil exporter expects to collect SR480 billion ($128bn) from oil sales in 2017, compared with SR329 billion ($87.67 billion) this year, the finance ministry said in a budget statement last week. Non-oil revenue will climb […]
TOKYO Tokyo Electric Power (Tepco) is gauging demand for its first bond offering since the 2011 Fukushima nuclear calamity, with some market participants expecting a sale as early as February, people familiar with the plans said. Once-sceptical investors are now more comfortable with the utility’s outlook after government moves to reassess decommissioning and compensation costs, bankers and investors who asked not to be identified told Thomson Reuters […]
By Osamu Tsukimori | TOKYO TOKYO Oil prices were little changed on Tuesday in light pre-New Year holiday trading with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in. London Brent crude for February delivery LCOc1 was down 1 cents at $55.15 a barrel by 0335 GMT […]
Stacie Overton Johnson and Adam Workman pick their favourite restaurants of the year, based on great decor and ambience as well as fabulous food. • Reviewed meals are paid for by The National and conducted incognito. Contact the restaurants as prices may have changed since our original reviews newslide Abu Dhabi Butcher & Still Very few of us will ever be cool enough to recreate the Al […]
December 26, 2016 by: Joanna S Kao in New York Last week ‘Dear Evan Hansen’ became the seventh new Broadway show of 2016 to pull in more than $1m at the box office in a single week, at the end of a year in which New York’s theatre takings have so far been roughly flat at $1.34bn. Rising ticket prices and better models for variable pricing have made […]
AJMAN // With unspoilt beaches, majestic mountains and competitive prices, tourists from the UAE and around the world are flocking to the Northern Emirates. The Ajman Tourism Development Department said 552,220 tourists have stayed in hotels this year, compared to 509,658 last year, said Faisal Al Nuaimi, general manager of the department. In Fujairah, more than 760,000 visitors stayed in hotels, a 6 per cent increase from […]
Over the past year, technology and ‘sharing economy’ start-ups have continued their disruption of traditional industries — from Uber and other ride hailers’ shake-up of the taxi market to Airbnb’s myriad alternatives to conventional hotel stays. But which will be the next businesses to be challenged by further digitisation and automation? FT correspondents have looked ahead five to 10 years to identify those industry sectors and companies […]
China’s land ministry will automatically renew residential leases set to expire next year, temporarily dispelling homeowners’ concerns about an erosion of their property rights. In an announcement at the weekend, the land ministry said that 20-year residential property leases in the eastern city of Wenzhou would be automatically extended without charge, ending speculation that homeowners would face steep renewal fees equivalent to one-third of their property’s value. Ever […]
Dubai, December 25, 2016 Nikai Electronics, a part of the Nikai Group of Companies, has been honoured with the Sheikh Khalifa Business Excellence Award (SKEA) in the Commercial sector. The prestigious award, an initiative of the Abu Dhabi Chamber of Commerce & Industry, aims at providing continuous improvement and enhancing competitiveness within the business sector in the UAE. The coveted award was conferred to Nikai at a […]
2016 was chock-full of surprises, both in markets and in politics. As Goldman’s Allison Nathan explains, the year began with a perfect storm of worries that had become all too familiar already in 2015. Oil prices plunged and fears of faltering growth and a sharp depreciation of China’s currency escalated, driving disruptive sell-offs in credit and other risk assets. Confidence in global growth faltered, particularly after an […]
