|By Arabian Post Staff|In further signs of consolidation by pro-reform Saudi Deputy Crown Prince Mohammed bin Salman, Saudi Arabia’s King Salman ordered the replacement of his central bank chief and Oil Minister Ali Al-Naimi, the most influential personality of the oil industry yet. The moves are understood to be influenced by the sweeping economic changes spearheaded by the Deputy Crown Prince as part of his visionary plan […]
In its ongoing effort to pursue enterprise markets, Apple announced yesterday that it is teaming up with SAP to develop iPhone and iPad apps for business users. As part of that partnership, the companies also plan to release a new software development kit (SDK) and launch a training academy to promote the building of native iOS apps for enterprises. Apple launched a similar partnership with IBM in […]
|By Matein Khalid| Habib Bank Ltd is one of the Pakistan’s oldest, biggest retail/corporate banks, privatized last year with a 51% controlling stake held by the Aga Khan Fund for Economic Development. Its recent price fall from 240 to 172 rupees (PKR, not INR!) is a compelling opportunity to own an undervalued, well managed proxy for consumption and credit offtake in a 190 million population country now […]
|By Rashidul Bari | Meet Soborno Isaac Bari, known as “4-Year-Old Einstein,” who has a very strange dream: He wants to get into Harvard at the age of 10, via the SAT. Of course, the SAT can’t determine whether he’s truly ready for college-level courses, but not many 4-year-olds can solve chemistry problems. His knowledge of the periodic table has impressed several academic institutions, including City University of New […]
A cushy government job, cheap fuel, a mortgage-free home and a bit of five-star travel and luxury shopping were never too much to expect in the Gulf. Yet what previously was taken for granted in the oil-rich region is being replaced by something more familiar to the western world: spending cuts, taxation, a scarcity of jobs and even strikes. There’s discontentment among young populations rarely seen before […]
|By Matein Khalid| After five years of pathetic under-performance, emerging markets are easily the asset class to own in 2016, as Europe is hit by a resurgent Euro/Italian banking woes and Japan by institutional gaijin selling and a stronger yen. A dovish Janet Yellen has talked down the US dollar and deferred the timing of FOMC interest rate hikes. The Chinese Politburo and People’s Bank have managed to […]
Apple Inc (AAPL.O) on Tuesday posted its first-ever decline in iPhone sales and its first revenue drop in 13 years as the company credited with inventing the smartphone struggles with an increasingly saturated market. The company’s sales dropped by more than a quarter in China, its most important market after the United States, and it also forecast another disappointing quarter for global revenues. Its shares fell about […]
ABU DHABI // A novel about the Palestinian diaspora and how life in exile compares with living under Israeli rule has won the ninth International Prize for Arabic Fiction. Rabai Al Madhoun was on Tuesday night declared the winner of the most prestigious literary award in the Arab world for his third novel, Destinies: Concerto of the Holocaust and the Nakba. The Palestinian author received US$50,000 (Dh183,600) […]
Technology stocks are cooling, and that could be bad news for the world’s most valuable company. Apple Inc. warned investors this week that its quarterly earnings report will contain bad news about iPhone sales. How bad? That remains to be seen. According to its January forecast, Apple’s revenue is set to drop for the first time in more than a decade as iPhone sales slow. Even though […]
By RICK GLADSTONE April 25, 2016 Iran said on Monday that it would seek to sue the United States at the International Court of Justice at The Hague to prevent the distribution of nearly $2 billion in impounded assets from Iran’s central bank to compensate American victims of overseas attacks. Distribution of the impounded assets, which the United States Supreme Court validated in a decision last week, has enraged […]
By MICHAEL D. SHEAR April 25, 2016 HANOVER, Germany — The United States will significantly increase the number of military personnel, including Special Forces, in Syria to fight the Islamic State, President Obama said on Monday as he concluded a six-day trip to the Middle East, Britain and Germany. Mr. Obama, whose comments came in a speech in which he pressed for European unity, said that he would add 250 […]
Today at Auto China 2016, Nissan unveiled the all-new Tiida, announced a Maxima launch, and further strengthened their presence in China through their Intelligent Mobility platform. Tiida is an example of Nissan’s Intelligent Mobility initiative, whereby the automaker envisions a world free from emissions and vehicular fatalities. “With Intelligent Mobility, we are making this vision a reality,” said Daniele Schillaci, Executive Vice President, Global Marketing & Sales, Nissan […]
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman unveiled his “Saudi Vision 2030” to reduce the kingdom’s reliance on oil. The blueprint, approved by King Salman, includes plans to sell less than 5 percent of Saudi Arabian Oil Co., or Aramco, the creation of the world’s largest sovereign wealth fund and raising non-oil revenue. Here’s a guide to the main elements of the plan, announced on Monday […]
Verizon Deploys OpenStack NFV in 5 U.S. Data Centers Working with Big Switch Networks, Dell and Red Hat, Verizon said it has just wrapped up “the industry’s largest-known” network functions virtualization (NFV) OpenStack cloud deployment across five of its data centers in the U.S. NFV enables network services typically provided by separate devices like routers, firewalls and load balancers to be delivered through a virtual machine environment. […]
By TIM ARANGO April 25, 2016 BAGHDAD — Iraqi forces, backed by American airstrikes and advised by American officers, have been making strides in Anbar Province, slowly taking back territory from the Islamic State. But in Falluja, a city in Sunni-dominated Anbar that has been in the hands of the Islamic State longer than any other in Iraq or Syria, civilians are starving as the Iraqi Army and militias […]
DUBAI // Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, wants driverless transport to account for 25 per cent of journeys in the emirate by 2030. The announcement was made on the opening day of the second Mena Transport Congress and Exhibition, an event organised by the Roads and Transport Authority – as a 10-seater driverless vehicle went on a trial run in the emirate. […]
Saudi Arabia’s plan for the post-hydrocarbon era will have to overcome habits developed over decades of relying on crude sales to fuel economic growth, create job and build infrastructure. Almost eight decades after oil was first found in the country, officials are set to unveil Deputy Crown Prince Mohammed bin Salman’s “Vision for the Kingdom of Saudi Arabia” on Monday, a blueprint seeking to reduce the reliance […]
BANGKOK After more than two years of riding high on growing demand for cloud data storage, Thailand’s hard disk drive exporters are bracing for a fall from grace. Data due later on Monday will likely show Thai exports of hard disk drives (HDDs) in March extended a run of double-digit growth after jumping 45 percent in the first two months of 2016 to $1.1 billion. The rise […]
DUBAI // He may be a desert explorer and 11-time world record holder, but there was one thing about Max Calderan that all the pupils at a primary school wanted to know – was he ever bitten by a snake? The answer was yes, but three days later it was the snake that died. The Italian adventurer recently became the first person to cross the 340-kilometres Tropic […]
UAE. JLL, the world’s leading real estate investment and advisory firm, today released its first quarter (Q1 2016) Dubai Real Estate Market Overview report, assessing the latest trends in the office, residential, retail and hotel sectors. In Q1 2016, it has been observed that most segments continue to soften across the Dubai market, but long term outlook still remains positive due to future growth drivers. Commenting on […]
UAE. The latest Global Economic Conditions Survey from ACCA and IMA, released today, found that more half of firms are either cutting or freezing employment, while only 14% are increasing investment in staff. Responding to the findings, Faye Chua, ACCA head of business focus said: “Take North America out of the equation and the economic picture painted by this survey isn’t a pretty one. Emerging markets are […]
INTERNATIONAL. There are now approximately 1,300 corporate venture funds worldwide and in 2015 US$28b of corporate venture capital (CVC) flowed into over 1,300 deals across a range of sectors[1]. The growth in the CVC market is explored in a new EY report, The Innovation Paradox, which, through data analysis and in-depth interviews with a range of corporate fund managers, looks at the variety of strategies, approaches and […]
In 1900, John and Horace Dodge founded the Dodge Brothers Company in Detroit, Michigan. They jumped into the mix of a budding automotive industry, attracting the attention of Olds Motor Vehicle Company and Ford. The Dodge bothers later became an exclusive supplier to Ford but that relationship was never meant to be. “I am tired of being carried around in Henry Ford’s vest pocket,” declared John Dodge […]
A Volkswagen logo is pictured at Volkswagen’s headquarters in Wolfsburg, Germany, April 22, 2016. Reuters/Hannibal Hanschke BEIJING Volkswagen AG is optimistic that its positive sales trend from the two previous quarters will continue in China, the world’s biggest auto market, its China chief Jochem Heizmann said on Sunday. Volkswagen also plans to invest 4 billion euros ($4.49 billion) with its joint venture partners in China this year, […]
