MOGADISHU // Pirates have hijacked an oil tanker off the coast of Somalia, officials and a piracy expert said on Tuesday. It is the first hijacking of a large commercial vessel there since 2012. The Aris 13 on Monday reported being approached by two skiffs, said John Steed from the organisation Oceans Beyond Piracy. Mr Steed said eight crew members were aboard the ship, which had been […]
The pound took a tumble on Tuesday after politicians paved the way for Article 50 to be triggered this month, leading analysts to warn that Brexit was still not priced in to the value of the UK currency. Sterling fell as much as 0.9 per cent in Tuesday morning trading to just above $1.21, its weakest level since Theresa May, prime minister, promised a parliamentary vote on […]
The San Francisco Department of Public Health has revealed that two people are critically ill and are now in the hospital after drinking toxic herbal tea that they bought at a Chinatown shop. The patients, a woman and a man, became ill within an hour of drinking tea made from leaves they bought from Sun Wing Wo Trading Co. The two individuals quickly experienced weakness, which was followed […]
Turkish president Recep Tayyip Erdogan has loomed over European politics for more than a decade, entangled in the awkward embrace of reluctant allies. This weekend he burst into the middle of a fraught electoral season. The Dutch were behaving like Nazis, the Germans too, he said, by banning his foreign minister from speaking at rallies in their countries and setting police dogs on Turks who protested the […]
Nervousness in the US stock market has climbed to the highest level since the aftermath of the presidential election, even as equities have charted a mostly smooth path to further all-time highs in recent weeks. Credit Suisse’s fear barometer rose at the end of last week to 35.6, an increase of almost 10 points from the previous week and the highest reading since November 9, the day […]
By Irene Preisinger | MUNICH, Germany MUNICH, Germany German Chancellor Angela Merkel underscored the importance of free trade in a speech to business leaders in Munich, before her first trip to meet U.S. President Donald Trump in Washington for talks on a range of issues, including defense spending. Merkel had been due to meet Trump for more than two hours on Tuesday, but her trip was postponed […]
Leonardo Maugeri of Harvard University, who in 2012 predicted a glut in oil supplies and a steep fall in prices, has warned that there is again a prospect that the market is heading for “a substantial fall”. Strong growth in global supply, he argues in a new paper, is outpacing the increase in demand, in spite of the production cuts agreed by Opec and 11 non-Opec countries […]
This Wednesday, Oct. 14, 2015, file photo, shows a Mobileye camera system that can be installed in your car to monitor speed limits and warn drivers of potential collisions, mounted behind the rearview mirror during a demonstration of the system, in Ann Arbor, Mich. Intel is buying Mobileye in a deal announced Monday, March 13, 2017, and valued at about $14.09 billion, the latest push by a […]
Abraaj Group Art Prize In October last year, Rana Begum won the US$100,000 (Dh367,250) Abraaj Group Art Prize. The title is awarded each year to aid an artist realise a proposed project, which is later unveiled at Art Dubai. Begum, a Bangladeshi-born, London-raised artist, is interested in the geometry of a city. Her brightly coloured, angular metal sculptures and installations look at the unexpected architecture of a […]
Stock photo The price of Bitcoin plummeted after the US Securities and Exchange Commission (SEC) denied a request to bring Bitcoin to the financial market, highlighting how the value of the virtual currency can change within minutes. In February, the virtual currency’s value reached an all-time high of over $1,300 with investors taking a punt on rumors SEC would allow the first Bitcoin ETF. An exchange-traded fund […]
Zain Group held its annual Ordinary General Assembly in a gathering that constituted a quorum of 66.79% and approved a cash dividend of 35 fils Vice-Chairman Bader Al Kharafi: “Investments in emerging technologies will diversify our revenue streams.” New Board of Directors elected for three years; Scott Gegenheimer given new role as CEO of Operations Advertisement Kuwait – 12 March, 2017 Zain Group, a leading mobile telecom […]
SEOUL Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. Brent crude LCOc1 had fallen 35 cents, or 0.68 percent, to its lowest since Nov. 30 at $51.02 per barrel by 0231 GMT. It closed the previous session down 1.6 percent at $51.37. U.S. West Texas Intermediate crude (WTI) CLc1 […]
The Trump administration’s sweeping dismissal of dozens of US attorneys held over from the Obama administration leaves the president with sudden gaps in top law enforcement positions across the country. The swift dismissals which began with Friday phone calls from Dana Boente, the acting deputy attorney-general, to 46 US attorneys, now puts pressure on the Trump administration to select candidates who will pass congressional scrutiny to fill […]
Chinese leasing companies have taken ownership of hundreds of vessels in deals worth tens of billions of dollars in the latest sign of the industry’s rapid transformation amid a long-running financial crisis. The deals made by Chinese companies, including the leasing businesses of ICBC, China Minsheng Bank and Bank of Communications, have provided badly-needed financing for shipowners as miserable trading conditions dominate most shipping sectors. Although there […]
By Angela Moon | NEW YORK NEW YORK For some millennial investors, loyalty to one of their favorite apps matters more than financial details in the case of Snap Inc. The stock of Snapchat’s parent company has been on a roller-coaster ride since its market debut last week, surging more than 70 percent from the initial public offering price in the first two days of trading and […]
Here are the main questions facing investors and markets as a new trading week beckons. What will the Federal Reserve say?Sometimes words matter more than action. A quarter percentage point tightening is all but baked in after the February jobs report, when 235,000 jobs were created — eclipsing market expectations. Of greater importance is whether Fed officials indicate a willingness for a faster rate of tightening in […]
Everspin has shipped over 60 million MRAM chips in the last eight years. So why haven’t you heard of them? MRAM is a different type of nonvolatile memory, with unlimited durability, good speed – 35nsec reads and writes – 20+ years of data durability, lower power consumption than flash, byte addressability, and the ability to endure extreme temperatures. It also costs much more than flash. As such […]
The Trump administration on Friday asked all remaining US attorneys appointed by Barack Obama to tender their resignations, including Preet Bharara, the top prosecutor in Manhattan. Dana Boente, acting deputy attorney-general, phoned the 46 US attorneys appointed by the previous administration and asked them to step down. The order from attorney-general Jeff Sessions came as a surprise to many in the Department of Justice. In November Mr […]
Harmonix, the developer behind the Rock Band franchise, and Hasbro, the company behind several popular trading card games such as Magic: The Gathering, are teaming up for a music mixing trading card game. Named DropMix, the game will be made available in September this year. ‘DropMix’: The Music Mixing Game DropMix, as described by Harmonix in its announcement, is a fast-paced music mixing game that allows players to […]
By Trevor Hunnicutt and Gertrude Chavez-Dreyfuss | NEW YORK NEW YORK The U.S. Securities and Exchange Commission on Friday denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin, the digital currency. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market. CBOE […]
Burkhard Varnholt last week paid €14 for lunch for two people at a smart restaurant in Berlin. “The euro is so cheap,” says Credit Suisse’s deputy chief investment officer. It is cheap because of one factor: Marine Le Pen. In normal circumstances, the euro would be trading a lot higher on the back of the eurozone’s record current account surplus, an unemployment rate at its lowest in […]
Samsung Electronics has completed the acquisition of Harman International Industries in a deal worth $8 billion, the company announced. Harman stockholders will receive $112 per share in cash, and the deal was approved by the US firm’s stockholders and local and foreign regulators, the Korean company said. Harman will be 100 percent owned by Samsung, while Dinesh Paliwal will remain as Harman’s CEO. The company’s workforce, headquarters, […]
The two most powerful men in the world oil market appeared together in Houston on Tuesday to tell the world that their strategy was on track. In December, Khalid al-Falih and Alexander Novak, the energy ministers of Saudi Arabia and Russia, orchestrated a 24-nation plan to cut oil output in the first half of 2017. This week they spoke to reporters in a hotel conference room at the […]
The SEC just issued their ruling on the Winkelevoss bitcoin ETF, and it wasn’t good news for enthusiasts of the digital currency. Regulators rejected the proposed application, mainly because of the lack of regulation currently surrounding bitcoin. An approval would have meant that the public could invest in bitcoin simply by purchasing shares in the ETF, which would trade on a U.S-based stock exchange. The assumption was that an […]
