Reports of unruly passengers disrupting airline flights have soared almost 17 per cent worldwide in 2015, with incidents such as passengers being verbally abusive or refusing to obey cabin crew occurring on one out of every 1,205 flights, the international trade association for airlines said on Wednesday. Some 10,854 plane rage incidents were reported to the International Air Transport Association by airlines last year, up from 9,316 […]
Dutch architect and scientists have delivered proof of principle for what started years ago with the question “Can we get energy from gravity?” The invention can now lead to a sustainable home energy generator. Over the past six months, architect Janjaap Ruijssenaars at Universe Architecture, Amsterdam and scientists from VIRO in Hengelo (NL) have been working on the physical evidence. As was expected based on earlier […]
Facing the prospect of another sharp fall in oil prices, Opec has finally put forward a measure that they hope will keep a floor on oil prices until the next demand season arrives, said Barclays in a new report. Based on media reporting, Opec plans to appoint a committee to iron out production cuts and baseline levels, and some ministers are circulating a production level of 32.5-33.0 […]
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market. This agreement further complemented and […]
The UAE was ranked first regionally and 16th globally in the latest Global Competitiveness Report issued by the World Economic Forum (Davos) in Switzerland. The report is one of the most important global competitiveness reports, which monitors annual performance and competitiveness of the economies of countries in terms of strength, weakness, impact on quality of life, prosperity and well-being of people. Switzerland, Singapore and the United States […]
MUMBAI/HONG KONG Wal-Mart Stores Inc is in talks to buy a minority stake in India’s largest e-commerce firm Flipkart, two people familiar with the matter said, as the world’s biggest retailer aims to break into a fast growing but highly competitive online retail market. One of the sources said the U.S. retailer was looking to invest between $750 million and $1 billion in Flipkart, but the final […]
|By Matein Khalid| The Federal Reserve did not disappoint the financial markets after Janet Yellen’s FOMC conference on Wednesday. The US central bank did not raise the overnight borrowing (or Fed Funds rate) to 0.5% on the eve of the November election. This triggered a wild rally in the US stock market with the Dow Jones up 163 points, gold up to $1342 and oil to $46 […]
|By Arabian Post Staff| High gold prices are threatening India’s status as a leading importer of gold and this has significant impact on Dubai gold trade. According to Indian reports, the Indian gold bazaars have seen a mass movement of people selling their gold jewelry. The market has transformed from whole sellers and brokers to individual gold sellers looking to take advantage of the high price of gold, […]
|By Matein Khalid| When Ben Bernanke uttered the word “taper” in May 2013, he triggered a bloodbath in emerging markets and a free fall in “fragile five” currencies that included the Indian rupee and the Indonesian rupiah. However, Asian equities markets, while not immune to a Fed rate hike, are far better positioned for higher US dollar interest rates than in 2013, let alone 2007 or 1998. […]
By Adam Jourdan and Tom Westbrook | SHANGHAI/SYDNEY SHANGHAI/SYDNEY Apple Inc fans from Sydney to Shanghai, the first customers worldwide to snap the new iPhone 7 off the shelves, cheered as they left stores on Friday brandishing their purchases, flanked by applauding sales staff. But underneath the usual fanfare, the crowds of enthusiasts and overnight campers were smaller than in past years. Some customers complained after the […]
|By Matein Khalid|I had written a column two weeks ago outlining my view that US equities faced a dangerous autumn and the S&P 500 index was set for a fall of 150 points. However, even I did not expect the S&P500 index to fall 52 points on Friday (the Dow dropped 394 points and NASDAQ 133 points), its worst performance since the Brexit shock. It was even […]
|By Luzi-Ann Javier| Central bankers are putting gold investors and traders on the defensive. More than 2,500 lots exchanged hands Friday for a put option giving owners the right to sell October futures at $1,300 an ounce, making it the most-traded option for the second straight day. The most active contract on the Comex slipped as much as 0.6 percent to $1,334.10. Holdings in exchange-traded funds backed by […]
|By Steve Austin| At first sight it appears that low oil prices are good for society. A low oil price helps us save dollars at the pump, acts as an economic catalyst making exchanges cheaper and thereby stimulating the economy. However, there are downsides as well, often out-of-sight-out-of-mind and we will address these today. Change in economic model For the first time we have entered an era […]
/By Matein Khalid/The oil market has been a rollercoaster in 2016. A global financial panic triggered by China’s yuan depreciation caused Brent crude to fall below $30 a barrel in late January. I was amazed at the sheer scale of the speculative short positions accumulated by oil traders and hedge funds in both West Texas and Brent futures markets, the highest since the oil crash of 2008. The […]
By Se Young Lee | SEOUL SEOUL Samsung Electronics Co Ltd (005930.KS) will replace all Galaxy Note 7 smartphones equipped with fire-prone batteries and halt sales of the flagship product in 10 markets, a devastating blow for what had been a revival in the firm’s mobile business. Koh Dong-jin, head of the South Korean company’s smartphone business, spoke at a news conference jam-packed with reporters and cameras […]
/By Matien Khalid/I have been bullish on emerging market debt as an asset class since last autumn. Even though the Chinese yuan devaluation was toxic, this asset class is up 12% in 2016, thanks to almost $5 billion in cash inflows. The tax amnesty in Indonesia, the political changes in Brazil after President Dilma’s impeachment, the election of a center-right pro-business government and $16 billion sovereign debt […]
ABU DHABI // Fish prices are expected to fall next month as the summer heat subsides after increasing by as much as 50 per cent over the past few months. Ali Al Mansouri, president of Abu Dhabi Fishermen Cooperative Society and the UAE Fishermen Cooperative Association, acknowledged the increased prices but said they would soon start to decrease. “Due to the summer heat the catch is very […]
|By Arabian Post Staff| Fitch Ratings has upgraded DP World Limited’s Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows the Fitch announcement in November 2015 revising DP World’s outlook to Positive from Stable. It reflects the global trade enabler’s strong performance and stable cash flow generation supported by its geographical […]
Has Samsung finally come up with a giant killer of a mobile device that can give it genuine leverage against Apple in that market? If the early reviews of the Galaxy Note 7 are any indication, that just might be the case. The Samsung Galaxy Note 7, set for release this week, has drawn almost unanimously positive reviews from technology media outlets. The Galaxy Note 7 is […]
KUWAIT. On Aug 12, S&P Global Ratings affirmed its ‘AA/A-1+’ long- and short-term foreign and local currency sovereign credit ratings on Kuwait. The outlook is stable. The affirmation indicates that our ratings on Kuwait continue to be supported by the sovereign’s high levels of accumulated fiscal, external, and household wealth, despite the low oil price environment. The ratings are constrained by the concentrated nature of the economy […]
A federal appeals court yesterday ruled that the Federal Communications Commission (FCC) overstepped its bounds when it issued an order to preempt state rules limiting the development of municipal broadband networks in Tennessee and North Carolina. The decision was welcomed by the telecom industry, which has in some places fought against city-led efforts to expand broadband services to more people. Supporters of local broadband expressed disappointment and […]
UAE. While cybersecurity is one of the most prevalent issues of our time, the resulting impact of a cyber incident is still largely unproven. Recognizing the need of business leaders to have clarity around the enterprise-wide effect of such events, Deloitte the global leader in cyber risk advisory services, released: “Beneath the surface of a cyberattack: A deeper look at business impacts,” a risk-based report outlining the […]
The fate of billions of dollars in investments in Turkish bonds hangs in the balance as Moody’s Investors Service prepares to reveal whether it’s handing the country a second junk rating on its debt. Moody’s, which put Turkey on review for a downgrade immediately after a failed military plot to oust the government last month, currently ranks the nation’s debt at Baa3, its lowest rung within investment […]
The Chicago Beach Hotel, Hard Rock Café and Jumeirah TV Tower are famous Dubai landmarks that disappeared years ago. Next to be added to the list: the Ramada Dubai. The hotel is another link to an old Dubai receding into memory at a rapid rate. When the four-star Ramada opened in Bur Dubai in 1983, it was mostly surrounded by desert. Today, more than three decades on, […]
