|By TAP Staff|Meraas Holding said the first phase of its ambitious e $2.7 billion Dubai Parks and Resorts project incorporating the Legoland park would be completed by 2016. In addition to the Legoland park, that initial phase will include a Bollywood-themed park celebrating the Indian film industry and another known as Motiongate Dubai promising to bring Hollywood characters to life. Plans also call for a central retail […]
By Nivedita Bhattacharjee MUMBAI Wed Sep 3, 2014 11:01am IST Android mascots are lined up in the demonstration area at the Google I/O Developers Conference in the Moscone Center in San Francisco, California, May 10, 2011. Credit: Reuters/Beck Diefenbach/Files MUMBAI (Reuters) – Google Inc’s (GOOGL.O) partnership with three Indian phone makers is set to rev up fast-growing demand for lower priced smartphones, and spell more trouble for […]
NEW DELHI: Diesel price deregulation looks imminent after the difference between retail sale price and its actual cost dropped to a historic low of just 8 paisa. This is the first time in over a decade that retail pump prices are almost in line with imported cost of the nation’s most consumed fuel. Under-recovery or the gap between retail selling price and the cost of import […]
Meraas Holding, a state-owned property firm that is developing some of Dubai’s most ambitious real estate projects, is in talks with banks to raise up to $4 billion, sources aware of the matter said on Monday. Dubai has bounced back rapidly from a debt crisis in 2008, when property prices fell by more than half, and state-linked property companies have started work on several major projects in […]
|By TAP Staff|The global Sukuk industry is expected to be one of the fastest growing segments of the Islamic finance industry with huge growth potential in the Gulf Cooperation Council (GCC) region, according to a report by the Dubai Chamber of Commerce and Industry. This is particularly true of Dubai where Sukuks are expected to play an important role over the next decade in securing funds for […]
By Lior Cohen: Silver’s downward trend reached an impasse last week. Let’s examine the relation between silver and U.S. equities and gold. Also, will the upcoming non-farm payroll report adversely impact the price of silver? Last week, silver inched up 0.2%. The silver ETF, iShares Silver Trust (NYSEARCA:SLV), also edged up by 0.1%. Moreover, companies, including Silver Wheaton (NYSE:SLW) and Pan American Silver (NASDAQ:PAAS), also slightly recovered […]
NEW DELHI: The prices of electricity in the spot market have zoomed to record highs of around Rs 6 per unit (kWh) over the last week, a reflection of the debilitating coal shortage and severe strains on the transmission interconnections between the northern and western regions. Spot prices on the IEX, the country’s largest exchange, have shot up to over Rs 10 during peak hours, with […]
KUWAIT. A recent report issued by KFH Research, a subsidery for KFH Group, sees continued positive outlook for the Kuwaiti construction industry, on the back of strong domestic demand in the Kuwaiti economy and a pick-up in government capital spending. Overview and Outlook “While we remain fundamentally cautious about the country’s medium-term investment outlook, we note that higher growth in bank lending over the last few months […]
UAE. Dubai World, the state-owned company at the center of the emirate’s 2009 financial crisis, reached a deal with its main creditors to extend the repayment of $10.3 billion of debt, two people with knowledge of the matter said. The group, which owns the world’s third-largest ports operator, agreed with its creditor committee to repay in 2022, four years later than previously agreed on, the people said, […]
By Wall Street Breakfast: EconomyEuro zone inflation continued to fall in August, with consumer prices rising just 0.3% Y/Y, well below the ECB’s target of just below 2%. The new figures released by Eurostat boost expectations that the central bank will announce further stimulus measures, and will likely result in lively discussion at the ECB’s Sept. 4 policy meeting next week. The U.S. and EU are considering […]
DP World Jebel Ali, UAE. DP World After posting a decent set of numbers in the first half, a company can be excused if it sounds optimistic about its growth outlook. In DP World’s case – the numbers are more than decent. The Dubai-based ports operator, one of the largest globally, reported a solid 26% jump in six-month earnings as it added new capacity amid a pick […]
West Texas Intermediate traded near the lowest closing price in seven months after speculators cut bullish bets and as supply rises in the U.S., the world’s biggest consumer. Brent was steady in London. Futures were little changed in New York after falling 0.3 percent yesterday. Crude inventories probably shrank by 1.8 million barrels to 360.7 million last week, a Bloomberg survey shows before an Energy Information Administration […]
New Delhi: State-owned oil marketing company Hindustan Petroleum Corporation Ltd is looking at a possible tie-up with Reliance Industries Ltd to expand its oil retailing business. With retail diesel prices inching towards market rates, and petrol already de-regulated, the oil retailers are now reviewing their business strategies. Benefits for both HPCL is keen to expand its retailing operations, while Reliance Industries, having burnt its fingers […]
QATAR. International food prices have been declining in recent months, reflecting record harvests and weak global demand. Declining food prices have in turn contributed to lower inflation in the Eurozone, the United Kingdom (UK) and the United States (US). This trend, coupled with a weak Eurozone recovery and mixed economic data in the US, suggests that the risk of global deflation remains high. As such, we expect […]
A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh. Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year. Reuters The Wall Street Journal lists the top 10 companies by market value that might interest foreign investors once the market is opened up for direct […]
The execution of U.S. journalist James Foley by someone with a British accent has sparked soul-searching in the U.K. as to how and why the country has become an exporter of extremists to the Middle East. Prime Minister David Cameron vowed to redouble efforts to stop radicalized Britons traveling to Iraq and Syria to “take part in extremism and violence.” “The fundamental problem is as long as […]
NEW DELHI: Ahead of the September 30 deadline for announcing new gas prices, the government has set up a four-member committee of secretaries (CoS) to review the gas-pricing formula. The panel will hold its first meeting with stakeholders on Monday. “A CoS has been formed with secretaries of the power ministry, fertiliser ministry and expenditure department as members. Petroleum ministry’s additional secretary Rajive Kumar will be […]
Switzerland’s Bank Sarasin mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, a court at Dubai’s financial centre found on Thursday in a ruling that could set a precedent for similar disputes in the region. The Dubai International Financial Centre’s (DIFC) Court of First Instance ordered Sarasin to pay compensation in what may be one of the biggest awards in the 10-year history of the […]
If you wanted to make a quick buck in property, Dubai would have been the place to do it in the last couple of years. And the desert of superlatives is still going strong despite a partial slowdown. According to CBRE Group , apartment prices increased by a more modest 3.2 percent in the second quarter of 2014, bringing gains over the last year to 21 percent. […]
KOLKATA: Scanty rainfall over the past three days has led to a burgeoning power deficit and a sharp rise in spot prices of electricity in the country. The shortfall of power widened to 11,000 Mw from between 4,000 Mw and 6,000 Mw earlier, while prices at the spot market surged to as much as Rs 7.80 per unit during the peak evening period from Rs 3-4 […]
Op-Ed Contributor By MICHAEL SINGH August 19, 2014 WASHINGTON — President Obama surprised many recently when he diagnosed the crisis gripping Iraq as partly an economic one, noting that Iraqi Sunnis were “detached from the global economy” and thus frustrated in achieving their aspirations. While Iraq’s chaos has many sources, the president is nevertheless on to something; and it’s not just Iraqi Sunnis, but the entire Middle East that […]
OPEC is not worried about a slide in oil prices towards $100 a barrel, delegates from the producer group said, with current levels seen as acceptable for producers while higher seasonal demand in the coming weeks was expected to support the market. Brent crude fell to a 14-month low of $101.11 a barrel on Monday as investor concerns over conflict in Ukraine and Iraq eased and Libyan […]
People wait to buy Ooredoo SIM cards in Yangon, Myanmar. Zumapress Qatar-based Ooredoo on Friday became the first foreign telecommunications company to offer services in Myanmar, setting up the country to be one of the world’s first predominantly mobile-Web nations. Ooredoo’s rollout, more than a year after the company won one of two coveted licenses to operate in Myanmar, will be followed by service from Norway’s Telenor […]
London home sellers cut asking prices by the most in more than six years this month, adding to signs that the property market in the U.K. capital is coming off the boil. London values fell 5.9 percent from the previous month to an average 552,783 pounds ($922,300), the biggest drop since December 2007, property website Rightmove Plc said today. Nationally, prices declined 2.9 percent, a record for […]
