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Viber in Japanese hands for $900m

Rakuten Inc, one of the world’s largest Internet services companies, announced  its acquisition of pioneering messaging and VoIP company, Viber. Rakuten will acquire Viber for a total consideration of $900 million. The acquisition represents another bold step for Rakuten into the digital content space, following its acquisitions of Kobo, Wuaki.tv, and Viki. As people continue to shift from traditional content and communications platforms to mobile applications, Viber, […]

Microsoft says Windows 7 life will end in October

Microsoft has reportedly announced that it has extended life for PCs that come pre-installed with Windows 7 Professional, which means that those computers with consumer versions of the OS still face the axe on October 31 this year. The software manufacturer said that erroneous information about Windows 7’s ending was posted online in December, adding that only the consumer versions, including Windows 7 Home Basic, Home Premium, […]

Dubai sukuk success may open the gates

A well-timed launch saw Dubai Investments Park achieve favourable terms on its debut $300 million, 4.296 percent five-year Reg S sukuk issue, a deal that may serve to accelerate the plans of other regional potential issuers. The real estate firm, rated BB by Standard & Poor’s, kicked off the deal in a strong week for emerging markets and to a market starved of Middle East paper: it […]

Burj Khalifa: A ‘striking’ shot

Photos of the world’s tallest building are stunning in their own right. But this shot by photographer Michael Shainblum of the Burj Khalifa being struck by lightning on Wednesday is in another stratosphere altogether. Shainblum described on his 500 pix page how he stood out in the rain for four hours to capture a lightning strike around downtown Dubai. “I had no idea I would actually catch […]

Gold hits 3-month high

Gold rose 0.5 percent to a three-month high on Thursday, targeting a break above $1,300 after disappointing U.S. retail sales data weighed on the dollar and increased bullion’s appeal as a currency hedge. The dollar index tumbled 0.4 percent after U.S. retail sales fell unexpectedly in January and the number of Americans filing new claims for unemployment benefits rose last week, in the latest signs of slowing […]

Vodafone, Bharti score big win in $10b spectrum auction

Indian mobile phone market leaders Bharti Airtel and Vodafone  bought airwaves worth about $3 billion each in a hotly contested auction that raised nearly $10 billion, far exceeding the government’s target. No.1 Bharti and second-ranked Vodafone said they had won airwaves in the premium 900 megahertz band that was available in three key cities — Delhi, Mumbai and Kolkata. Conglomerate Reliance Industries, a new entrant in telecoms that is seen […]

Oman may be forced to sell assets if oil price falls

Oman may have to start selling foreign assets or borrow on international markets in coming years if government spending rises during a period of lower oil prices and economic growth, a report in a magazine published by its central bank said. “The sultanate has to tolerate one of the options in the coming years if there is any prediction of decrease in GDP (gross domestic product) growth […]

Empower starts $600m loan syndication

The $600 million loan which Emirates Central Cooling Systems Corp (Empower) is using to back its acquisition of Palm Utilities is being syndicated to other lenders, three banking sources said on Thursday. Dubai district cooling firm Empower announced last month that it was buying Palm Utilities from a unit of Dubai World for $500 million, the latest in a series of acquisitions which have seen assets shuffled […]

Asian stocks drop after year’s longest gain period

Asian stocks dropped after the regional benchmark index climbed for a sixth day yesterday to cap its longest run of advances this year. Asahi Group  Holdings Ltd. slid 4.5 percent in Tokyo after Japan’s second-largest beermaker’s net-income forecast missed estimates. Tokyo Tatemono Co. plunged 8.3 percent after the developer predicted full-year operating profit below analyst expectations. Qantas Airways Ltd. jumped 6.3 percent after the Sydney Morning Herald […]

Cyber attack adds to online currency risks

A massive cyber attack from unknown sources that has been spamming bitcoin exchanges is highlighting some of the dangers people can encounter when they exchange cash for digital currencies like the bitcoin, experts said on Wednesday. The attack, which is technically known as a distributed denial of service attack, involved thousands of phantom transactions, forcing at least three of the online platforms that store bitcoins and trade […]

India approves subsidy for raw sugar exports

India, the world’s biggest sugar producer after Brazil, will introduce a subsidy on raw sweetener exports to boost shipments amid a domestic glut, a government official said. The cabinet approved a 3,333 rupees ($54) a metric ton subsidy for exports in February and March and will review the amount in April, the official, who asked not to be named because the person isn’t authorized to speak to […]

Fox News – The Mercedes-Benz S-Class sedan has already put the world on notice, from its standard stance on opulence in the S550 to the impeccably impressive S63 AMG super sedan. Now, the sedan gets a sleeker, sportier companion: the 2015 S-Class Coupe. A striking profile marks the S-Class Coupe apart from the teeming hordes of four-doored coupe wannabes. This is a true coupe, and it wears its proportions like a larger-than-life sports […]

CNN reports on the ‘plight’ of Burj Khalifa residents

CNN has reported on the plight of Burj Khalifa residents who faced the threat of unplugged air-conditioning and out of service elevators in a dispute with developer Emaar Properties over unpaid service fees. “ What is it like to live in the tallest building in the world? “Well, if the elevators stop, not that great. “Unplugged air conditioning and out-of-service elevators became a real threat for residents of […]

Gold retreats from 3-month high

Gold retreated from the highest level since November as a five-day advance damped physical demand and U.S. Federal Reserve Chairman Janet Yellen pledged to continue with a gradual tapering of stimulus. Bullion for immediate delivery lost as much as 0.6 percent to $1,284.15 an ounce, and was at $1,286.78 at 3:12 p.m. in Singapore. Prices climbed to $1,293.93 yesterday, the highest level since Nov. 14, capping a […]

Asian stocks climb after China data

Asian stocks climbed, Australia’s dollar strengthened to its highest in a month and commodities rallied after Chinese trade data exceeded estimates. European equity futures increased while the U.S. currency weakened and gold halted a five-day gain. The MSCI Asia Pacific Index added 1.1 percent as of 4:12 p.m. in Tokyo as a measure of Chinese shares in Hong Kong headed toward the biggest two-day gain since November. […]

India: Grassroots comics rules where media can’t reach

Devender Ojha was a student in high school when he created a comic strip about a headmaster who used to turn up to class drunk. The teenager made copies of his work and displayed them in his village in Uttarakhand. It wasn’t long before it got noticed. “After that, that headmaster was sacked from the school and new headmaster came there,” said Ojha, who is now 24 […]

Dubai Aerospace orders 20 aircrafts

Dubai Aerospace Enterprise (DAE), the largest aircraft leasing firm in the Middle East, has ordered 20 turboprop commercial aircraft with an option for another 20 planes from French-Italian manufacturer ATR, the company said on Wednesday. DAE put the value of the purchase at $988 million. “We aim to diversify our portfolio and expand into regional aircraft, to meet an increasing demand from airlines that are developing regional […]

PwC sees global assets under management at $100 trillion by 2020

Research from PwC predicts that global assets under management (AuM) will rise to around $101.7 trillion by 2020, from a 2012 total of $63.9 trillion. This represents a compound annual growth rate (CAGR) of nearly 6%. The report, Asset Management 2020: A brave new world, also finds that assets under management in the SAAAME (South America, Asia, Africa, Middle East) economies are set to grow faster than […]

Pizza delivered by drone!

 Oven-hot pizza delivered to your home by drone! Sounds like fantasy? Well, this could become a reality in Dubai and elsewhere in the UAE if tests currently under way succeed. The technology is almost there. The only limiting factor is the cost. Obviously a pizza costing AED55 with a delivery cost of AED550 wouldn’t make sense. But the people behind the idea say the cost will over […]

Seven top investment ideas for 2014

|By Cushla Sherlock| As the global economy continues its recovery, Credit Suisse’s top investment ideas focus on carefully selected themes which aim to help you generate more bang for your buck in 2014 – from China to cash-rich companies. In this video, Giles Keating, Head of Private Banking Research, explains the rationale behind the ideas and the investment implications.  Idea 1: Europe’s Recovery Rationale: Europe’s recovery is slowly […]

Google is top dealmaker

Google Inc., the company that leads Internet search, has gained a new superlative: top dealmaker. From buying a digital-thermostat developer to selling a mobile-phone business, Google has executed more deals than any company in the world over the past three years, according to data compiled by Bloomberg through January, up from 13th place in the three years prior. Advertising-firm WPP Plc was second, followed by chipmaker Intel […]

Bitcoin Foundation blames Mt Gox for trouble

The Bitcoin Foundation said the Mt. Gox Bitcoin exchange in Tokyo is to blame for technical faults that prevented customer withdrawals of the virtual currency that lost as much as 21 percent of its value today. “The issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox’s implementation of their highly customized wallet software, their customer support procedures and their unpreparedness,” […]

Column: Middle East and Microsoft’s new CEO

|By K Raveendran| Indians across the world celebrated the elevation of Satya Nadella as the new CEO of Microsoft. Dubai, with its compulsive spirit of celebration, was no exception. The talking point at the week-end parties in Emirates Hills and Arabian Ranches was none other than the Hyderabad techie, who, by virtue of his new role at the most admired company in the world, becomes the latest […]

Gold climbs to 2014-high before Yellen testimony

Gold rallied to the highest level since November as investors assessed further cuts to U.S. stimulus and Chinese buyers increased purchases to extend last year’s record consumption. Silver, platinum and palladium rose. Bullion for immediate delivery gained as much as 1 percent to $1,287.81 an ounce, the highest price since Nov. 18, and was at $1,283.85 by 3:01 p.m. in Singapore. A fifth day of advance would […]