Record trading of Dubai crude by two Chinese state companies this month on a decades-old oil pricing system has pushed the benchmark higher, even as other grades are being pressed lower by a global glut. The strong Dubai trade has forced Middle East producers to raise official selling prices (OSPs), driving Asian buyers to seek cheaper oil elsewhere or cut refinery runs due to low margins. Chinaoil […]
Mascots dressed as characters from the mobile video game ”Candy Crush Saga” pose outside the New York Stock Exchange March 26, 2014. Reuters/Brendan McDermid King Digital Entertainment Plc (KING.N), the creator of Candy Crush Saga, reported a 28 percent drop in quarterly profit as monthly unique users fell slightly and a strong dollar dented sales from outside the United States. The company’s shares slipped 8.2 percent in […]
INTERNATIONAL. Lifting sanctions related to Iran’s nuclear program will have a significant impact on the world oil market, the Iranian economy and Iran’s trading partners. Iran’s full return to the global market will eventually add about a million barrels of oil a day, lowering oil prices by US$10 per barrel next year, according to the World Bank, which also expects economic growth in the country to surge […]
Chinese airlines and European luxury car makers are emerging as the early losers after the People’s Bank of China let the yuan fall the most in two decades. China’s surprising move to cut its daily reference rate by 1.9 percent Tuesday rippled through global markets. Policy makers called the change a one-time adjustment and said its fixing will become more aligned with supply and demand. While it […]
A logo is pictured at Google’s European Engineering Center in Zurich April16, 2015. Reuters/Arnd Wiegmann/Files Google Inc’s overhaul of its operating structure is an acknowledgement of the lack of transparency surrounding its disparate businesses and projects, analysts said, but it remains to be seen how much more the company will actually disclose. Analysts and investors have long sought more granular detail on Google’s capital spending and cash […]
Sundar Pichai, Senior Vice President for Products, delivers his keynote address during the Google I/O developers conference in San Francisco, California May 28, 2015. Reuters/Robert Galbraith/Files SAN FRANCISCO A low-key style and an unusually firm handle on diplomacy propelled new Google chief executive Sundar Pichai to the top of the search engine giant, former colleagues said, cementing his successes such as creating the Chrome browser. As part […]
SAN FRANCISCO Google Inc (GOOGL.O) announced a surprise overhaul of its operating structure on Monday, creating a holding company called Alphabet to pool its many subsidiaries and separate the core web advertising business from newer ventures like driverless cars. The move appeared to be an attempt by the search engine giant to focus on its more creative and ambitious projects, while investors cheered the potential for more […]
DUBAI // An estate agent and property management company that went out of business last month was given a series of warnings and fines before regulators finally revoked its licence and ordered it to close. S&K, also known as Smith & Ken, continued operating for more than a month in defiance of the closure order. It eventually ceased trading on July 21 and filed for bankruptcy. More […]
RAS LAFFAN, Qatar — The temperature hovered around 100 degrees on the jetty here, where a set of pipes were connected to a giant red-hulled ship. But the moisture in the air froze on the pipes and flaked off, creating snowlike flurries on the early summer evening. The incongruous sight is common on the Qatari ship, the Al Rekayyat, which carries a frigid fuel known as liquefied […]
|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar NEW YORK Has the “curse of the Dow” finally caught up with Apple? Shares of the iPhone maker have been in a rut since posting disappointing quarterly results in late June, falling to a six-month low of $113.25 on Tuesday. […]
DUBAI // The guiding ethos of the Dar Al Ber Society, one of the UAE’s oldest charitable organisations, was established many centuries before the first dirham was donated. “Our people have always liked to help others, including the relatives of the foreigners who have visited here,” executive director Abdullah Ali bin Zayed said. “The people who started Dar Al Ber knew there were people out there asking […]
Mark Karpeles, chief executive of Mt. Gox, attends a news conference at the Tokyo District Court in Tokyo February 28, 2014. Reuters/Yuya Shino/Files TOKYO Mark Karpeles, the former head of defunct bitcoin exchange Mt. Gox, was arrested on Saturday in connection with the disappearance of hundreds of millions of dollars worth of the virtual currency, Japanese media reports said. The French-born Karpeles, 30, is suspected of falsifying […]
The Abu Dhabi Securities Exchange (ADX) is considering introducing with the Dubai Mercantile Exchange (DME) futures and options contracts for specific Abu Dhabi stocks as well as market index futures, a top DME official said. The exchanges have established a joint committee which will examine the issue over the next few months, DME Managing Director Owain Johnson told Reuters. “You have to go to the market and […]
Standard Chartered … restructuring senior management Standard Chartered audit head to become UAE chief executive DUBAI, 1 days ago Standard Chartered has picked Julian Wynter, group head of internal audit, as UAE chief executive, two sources told Reuters on Monday. Wynter is likely to take charge in August after the departure of current UAE chief executive Mohsin Nathani, who resigned from the bank in April, said one […]
|By Matein Khalid|So Pearson PLC has sold the FT Group (with its flagship Financial Times newspaper) to Japan’s Nikkei Inc for $1.32 billion. Pearson will use the cash proceeds to increase its investment in education publishing businesses in the US and Canada, now 75% of revenues. This deal is a milestone in the history of newspaper publishing and my own life as an investor/financial journalist. I discovered […]
Gold stocks dropped, erasing most of yesterday’s gains, on concern Chinese buyers are losing their appetite for the metal. Gold Fields Ltd., which owns mines in South Africa and Australia, sank 6.7 percent as of 2:34 p.m. in Johannesburg. Sibanye Gold Ltd. and AngloGold Ashanti Ltd. tumbled more than 6 percent. The FTSE/JSE Africa Gold Mining Index fell 5.5 percent and is trading near the lowest since […]
UAE. To preserve economic and social stability and continue with development plans, MENA governments are considering tax measures to broaden their revenue base and increase tax yields. The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments […]
People talk in front of a Baidu’s company logo at Baidu’s headquarters in Beijing January 16, 2014. Reuters/Jason Lee Baidu Inc’s (BIDU.O) quarterly profit missed analysts’ estimates as China’s biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu’s shares fell more than 8 percent in extended trading on Monday after the company’s […]
Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 48 percent fall in second-quarter net profit on Monday as bourse turnover slumped. The firm, which runs securities trading in Dubai, made a net profit of 132.4 million dirhams ($36.05 million) in the three months to June 30, down from a net profit of 252.5 million dirhams in the year-ago period, a statement said. DFM’s […]
DUBAI // A leading estate agent and property management company in Dubai has gone out of business with the loss of dozens of jobs. S K Real Estate ceased trading last Tuesday without warning to most of its 70 employees. The glass door to the company’s office on floor 11 of Concord Tower in Media City has been smashed. Staff at neighbouring businesses arrived at work yesterday to […]
JERUSALEM — The two issues with perhaps the broadest consensus and resonance in Israeli politics are opposition to the Iran nuclear deal and support for the release of Jonathan J. Pollard, the convicted Israeli spy, from a North Carolina prison. Now the two could be tied together, as some in Washington appear to be highlighting Mr. Pollard’s likely parole in November in hopes of quieting the vigorous […]
REUTERS – Amazon.com Inc’s shares surged more than 20 percent in early trading on Friday, adding more than $46 billion to the company’s market value, after strong growth in the e-commerce giant’s cloud business drove a surprise quarterly profit. The company’s market capitalization soared to more than $270 billion, overtaking that of Wal-Mart Stores, the world’s biggest retailer. Revenue from Amazon’s cloud operations – Amazon Web Services […]
A surge in shares of Amlak Finance since they returned to Dubai’s stock market last month has raised concerns about a new wave of unbridled speculation on one of the region’s biggest exchanges. The Islamic mortgage lender has soared about 150 percent since it restarted trading in early June after a six-year suspension due to debt problems. At its latest close of 2.52 dirhams, the stock is […]
