Business

Singapore 2G switchoff highlights digital divide
Jan 22

Singapore 2G switchoff highlights digital divide

Singapore : When Singapore pulls the plug on its 2G mobile phone network this year, thousands of people could be stuck without a signal -- digital have-nots left behind by the relentless march of technology. From technophobic pensioners to cash-strapped migrant workers, some 140,000 people in highly-wired Singapore...

Read More
Faulty batteries  blamed for Note 7 explosion
Jan 21

Faulty batteries blamed for Note 7 explosion

Seoul : A Samsung probe into the exploding batteries that forced the electronics giant to scrap its Galaxy Note 7 smartphones has found irregularly sized batteries caused overheating, the Wall Street Journal reported yesterday. The South Korean conglomerate was forced to discontinue its flagship Note 7...

Read More
OPEC oil output to come down in January
Jan 19

OPEC oil output to come down in January

Paris : Steeper cuts in OPEC oil production are likely this month as producers increasingly implement a recent landmark deal aimed at stabilising oil prices, the IEA said Thursday.  "Initial indications are that a steeper (month-on-month) decline may be on the way in January," said the International Energy...

Read More
Malabar Gold & Diamonds announces $91.28m expansion plans
Jan 18

Malabar Gold & Diamonds announces $91.28m expansion plans

Dubai : Malabar Gold & Diamonds, one of the world’s largest gold and diamond jewellery retailer, has announced a major investment amounting Dh 335 million (US$91.28m) in expansion plans of its retail network. The plan will see an addition of 24 stores in three months, from January 2017 to March 2017...

Read More
Britain will exit EU's single market: May
Jan 17

Britain will exit EU's single market: May

London : Prime Minister Theresa May on Tuesday said Britain will leave the EU's single market in order to restrict immigration in a clean break from the bloc, but lawmakers can vote on the final deal. "Brexit must mean control of the number of people coming from Europe, and that is what we will deliver. What I...

Read More
Saudi doubts extension to oil output cap needed
Jan 16

Saudi doubts extension to oil output cap needed

Riyadh : Saudi Arabia's Energy Minister Khaled al-Falih said Monday it was "unlikely" oil producers would need to extend a six-month cap on output, pointing to a pick-up in global demand.     "Based on my judgement today, I think it is unlikely that we will need to continue" after June, Falih told...

Read More
Saudi carrier flynas signs deal for 80 Airbus planes
Jan 16

Saudi carrier flynas signs deal for 80 Airbus planes

Riyadh : Low-cost Saudi carrier flynas on Monday signed an $8.6 billion deal with European plane manufacturer Airbus to purchase 80 A320neo single-aisle jets. Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes...

Read More
Germany defends car industry after Trump assault
Jan 16

Germany defends car industry after Trump assault

Frankfurt : German Vice Chancellor and Economy Minister Sigmar Gabriel on Monday warned US President-elect Donald Trump not to slap punitive tariffs on imports from carmakers like BMW, Daimler and Volkswagen. "The American car industry will be worse, weaker and more expensive" if Trump were to levy a 35-percent tax...

Read More
French group Essilor to buy Ray-Ban maker Luxottica
Jan 16

French group Essilor to buy Ray-Ban maker Luxottica

Paris : French lensmaker Essilor said Monday it has agreed to buy Italy's Luxottica, maker of Ray-Ban sunglasses, in a bid to create a new global giant in the sector. The news sent Essilor shares up by more than 14 percent on the Paris stock exchange and Luxottica shares upo more than 13 percent in Milan.  The...

Read More
China's troubled tech firm LeEco wins $2.2 bn lifeline
Jan 16

China's troubled tech firm LeEco wins $2.2 bn lifeline

Beijing : Cash-strapped Chinese tech firm LeEco secured a $2.2 billion investment from a group led by property developer Sunac China Holdings, but shares in the rescuer plunged Monday on news of the deal.  Hong Kong-listed Sunac said Friday it would plough 15.04 billion yuan into the sprawling LeEco empire,...

Read More
Black Lady Liberty to grace US coin
Jan 15

Black Lady Liberty to grace US coin

Washington : The United States is set to issue a commemorative $100 gold coin that depicts Lady Liberty -- a national symbol generally portrayed as a white woman -- as an African American for the first time. The 24-karat gold piece will be released in honour of the United States Mint’s 225th anniversary,...

Read More
Saudi airline flynas in $8.6 bn Airbus deal
Jan 12

Saudi airline flynas in $8.6 bn Airbus deal

Riyadh : Saudi low-cost carrier flynas has concluded an $8.6 billion purchase deal with Airbus, a major shareholder said on Thursday. Kingdom Holding Co, which owns a 34 percent stake in the airline, said flynas has finalised the "deal with Airbus for the purchase of new aircraft." The statement gave no details of...

Read More
Samsung heir becomes suspect in corruption scandal
Jan 11

Samsung heir becomes suspect in corruption scandal

Seoul : Samsung heir Lee Jae-Yong has become a criminal suspect in a widening probe into the corruption and influence-peddling scandal engulfing impeached South Korean President Park Geun-Hye, prosecutors said Wednesday. Lee, vice chairman of Samsung Electronics and the son of the Samsung Group chairman Lee Kun-Hee,...

Read More
Alibaba to buy China mall operator in $2.6 bn plan
Jan 10

Alibaba to buy China mall operator in $2.6 bn plan

Shanghai : Chinese e-commerce titan Alibaba will take control of domestic department store Intime through a $2.6 billion privatisation scheme, the companies said Tuesday, sending shares of the mall operator surging. Alibaba and Intime founder Shen Guojun have together offered to pay HK$10 per share to buy the...

Read More
McDonald's sells China operations for $2.08 bn
Jan 09

McDonald's sells China operations for $2.08 bn

Beijing : US fast-food giant McDonald’s will sell a controlling stake in its China and Hong Kong business for up to $2.08 billion to a consortium including state-owned Citic and the Carlyle Group, it was announced Monday. The deal is part of an international turnaround plan as McDonald's  struggles...

Read More
Hope, and fear, as US Gulf allies look to Trump
Jan 05

Hope, and fear, as US Gulf allies look to Trump

Dubai : US Gulf allies are looking at Donald Trump to tilt Washington in their favour, analysts say, but fear a dangerous void if the incoming president goes so far as to tear up the Iran nuclear deal. Still fuming after the nuclear agreement was brokered over their objections, Saudi Arabia and its fellow Arab states...

Read More
Tech spending to slip in world of political uncertainty
Jan 04

Tech spending to slip in world of political uncertainty

Las Vegas : Global spending on consumer technology is expected to slip this year due to factors including a strong US dollar and political uncertainty prompted by Brexit and  President-elect Donald Trump. Consumer Technology Association senior director of market research Steve Koenig revealed the US trade...

Read More
Chrysler's new tech-rich concept car aims young
Jan 04

Chrysler's new tech-rich concept car aims young

Las Vegas : Fiat-Chrysler on Tuesday unveiled a concept car designed for Millennials: an electric-powered minivan with modular components that can be adapted for autonomous driving. The Chrysler Portal concept car was unveiled at the Consumer Electronics Show in Las Vegas to show off its technology in a design...

Read More
Hyundai group aims to sell 8.25 mn cars in 2017
Jan 02

Hyundai group aims to sell 8.25 mn cars in 2017

Seoul  : South Korea's largest automakers Hyundai Motor and its affiliate Kia have forecast sales of 8.25 million vehicles this year amid hopes that new factories will tap into emerging markets.  The projected sales for 2017 mark a slight increase from the previous year's target of 8.13 million, the Hyundai Motor...

Read More
China to cut coal capacity by 800 million tonnes by 2020
Jan 01

China to cut coal capacity by 800 million tonnes by 2020

Beijing : China has set a target of reducing its annual coal capacity by 800 million tonnes, according to a government plan reported Saturday by state media. Despite the target, Beijing expects total coal output to rise to around 3.9 billion tonnes by 2020,...

Read More
Toshiba shares plunge further after loss warning
Dec 29

Toshiba shares plunge further after loss warning

Tokyo : Toshiba shares plunged by double digits Thursday for a third straight session, as investors dumped the stock on expectations the company will take a massive loss on its US nuclear business. The troubled company's stock plummeted as much as 25.55 percent at one point -- virtually the maximum fall permitted for...

Read More
Emirates agreement with Rolls-Royce on A380 engines
Dec 29

Emirates agreement with Rolls-Royce on A380 engines

Dubai : Dubai's Emirates said Thursday it has reached an agreement with Rolls-Royce over a "technical issue" relating to the engines of Airbus's A380 superjumbo, and confirmed receiving one plane this week. The carrier also said it "will continue to receive deliveries of both A380s and (Boeing) 777s in...

Read More
Kuwait to  import gas from Iraq
Dec 29

Kuwait to import gas from Iraq

Kuwait City : Kuwait is set to begin importing up to 200 million cubic feet of gas daily from neighbouring Iraq, oil ministers from the two Arab nations said after talks yesterday. Cited by Kuwait News Agency KUNA, Iraqi Oil Minister Jabbar al-Luaibi said the project “will see the light very...

Read More
BMW to recall nearly 200,000 cars in China
Dec 26

BMW to recall nearly 200,000 cars in China

Beijing : German luxury carmaker BMW will recall nearly 200,000 vehicles in China because of flawed airbags, according to the country's quality regulator and the company. Some 168,861 imported cars produced between December 2005 and December 2011, and 24,750 vehicles produced locally between July 2005 and December...

Read More
Saudi daily apologises Aramco sale claim
Dec 25

Saudi daily apologises Aramco sale claim

Riyadh : A Saudi financial newspaper Sunday retracted an article it published the previous day saying that Riyadh planned to sell a 49 percent stake in state-owned oil giant Saudi Aramco within a decade. "Al-Eqtisadiah apologises for the information published on Aramco," said the paper, which like most media in Saudi...

Read More
Chinese group wins 40% stake bid in Pakistan Stock Exchange
Dec 23

Chinese group wins 40% stake bid in Pakistan Stock Exchange

Karachi : A Chinese consortium is set to acquire a 40 per cent stake in Pakistan’s main bourse, the country’s stock exchange said yesterday.  At least 17 entities had expressed an interest in the Pakistan Stock Exchange (PSX), whose benchmark stock index was one of the best performing...

Read More
Brookfield buys Indian mobile tower business for $1.6bn
Dec 21

Brookfield buys Indian mobile tower business for $1.6bn

New Delhi : Indian internet and telecoms company Reliance Communications said Wednesday it had agreed to sell its mobile phone tower business to Canadian asset management giant Brookfield for $1.6 billion. Reliance Communications said the deal represented the largest investment by a foreign investor in Indian...

Read More
Qatari banks hold $44-billion merger talks
Dec 20

Qatari banks hold $44-billion merger talks

Doha : Three Qatari banks announced Tuesday that they are in merger talks to create a financial institution with assets of more than $44 billion. Masraf Al Rayan, Barwa Bank and International Bank of Qatar said the potential merger would create the third largest Sharia-compliant bank in the Middle East, in a...

Read More
IMF chief Lagarde found guilty over French tycoon payment
Dec 20

IMF chief Lagarde found guilty over French tycoon payment

Paris : A French court on Monday found IMF head Christine Lagarde guilty of negligence over a massive state payout to a tycoon when she was French finance minister, but she will continue to lead the fund. Lagarde was spared her a fine or prison sentence, and the International Monetary Fund board meeting in...

Read More
Will car vending machine upend used car sales?
Dec 20

Will car vending machine upend used car sales?

Washington : If brick-and-mortar stores fear Amazon and e-commerce as a threat to their existence, used car dealers may be terrified by the newest development in their industry: a car vending machine. Yes, it's real. And no, you can't shake it to get a free one. Online used car retailer Carvana opened its newest...

Read More
Etihad Airways cuts jobs to reduce cost
Dec 19

Etihad Airways cuts jobs to reduce cost

Abu Dhabi : Etihad Airways has begun cutting jobs in a restructuring process to reduce cost as it faces tough competition and a weakened global economy, the Emirati carrier said on Monday. A spokesman for the carrier owned by the government of oil-rich Abu Dhabi said the process had started, but declined to...

Read More
Linde, Praxair set to reveal $65 bn merger
Dec 19

Linde, Praxair set to reveal $65 bn merger

Frankfurt : German industrial gases maker Linde and US competitor Praxair are set to announce a $65-billion merger to create a global leader in the sector in the coming days, the Financial Times reported Monday. Linde and Praxair's previous attempt at a tie-up failed in September, but they are now expected to reveal...

Read More
STC to buy stake in Careem ride app
Dec 19

STC to buy stake in Careem ride app

Riyadh : Saudi Arabia’s largest telecommunications firm STC plans to buy a 10 per cent stake in car booking firm Careem, the company said yesterday. Careem is a competitor of US-based Uber, a smartphone app that connects passengers and drivers. In a notice to the Saudi stock exchange, Saudi Telecom Co...

Read More
BP signs $2.2 bn Abu Dhabi oil deal
Dec 18

BP signs $2.2 bn Abu Dhabi oil deal

Abu Dhabi : British oil giant BP secured a 10-per cent share in an onshore oil concession in Abu Dhabi yesterday in a deal worth $2.2 billion, the companies said. BP signed an agreement with Abu Dhabi National Oil Company (ADNOC) to take a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO)...

Read More
Bahrain observes Martyrs Day today
Dec 17

Bahrain observes Martyrs Day today

Manama : Bahrain today observes the second Martyrs Day, which was set by His Majesty King Hamad bin Isa Al Khalifa last year. The day was announced as a remembrance of all the soldiers and policemen who were martyred while defending the Kingdom’s peace and security. The commemoration day was launched as per a...

Read More
China's Wanda sells historic Madrid building
Dec 16

China's Wanda sells historic Madrid building

Hong Kong : China's property-to-entertainment conglomerate Wanda on Friday said it will sell a landmark building in Madrid for 272 million euros ($284 million), due to political and market uncertainties in Spain.  The 25-storey building, once the tallest in Spain at 117 metres (384 feet), will be sold to Spanish...

Read More
California shuts down Uber's self-driving cars
Dec 15

California shuts down Uber's self-driving cars

San Francisco : California shut down Uber's testing of self-driving cars shortly after the ride-sharing service launched its pilot in San Francisco, citing a lack of permit and threatening to sue. Uber Technologies Inc. launched the test without a permit as required by the US state. Twenty companies...

Read More
China's selfie app Meitu debuts on Hong Kong exchange
Dec 15

China's selfie app Meitu debuts on Hong Kong exchange

Hong Kong : China's popular selfie app developer Meitu made a muted debut on the Hong Kong stock exchange Thursday after the biggest IPO by a technology company in the city in almost a decade. With 456 million monthly active users, the Xiamen-based company targets teenagers and young adults, primarily female, who use...

Read More
Top honour for Joy Alukkas at NDTV Awards
Dec 15

Top honour for Joy Alukkas at NDTV Awards

Dubai : Joyalukkas Group Chairman  and MD, Joy Alukkas was recognised as “Business Innovator” at the NDTV Gulf Indian Excellence Awards 2016, held on 11 December, at the Hyatt Regency Dubai Creek Heights.  The star-studded event was India news broadcasting pioneer NDTV’s first major event...

Read More
Gulf pulls  back on  caution
Dec 15

Gulf pulls back on caution

Dubai : Stock markets in the Gulf retreated yesterday in shrinking trading volumes as investors turned cautious ahead of the US interest rate hike and guidance from the US central bank expected late in the day. Petrochemical shares, which have been dragging Saudi Arabia’s main index lower over the last two...

Read More
Saudi,  UAE retreat
Dec 14

Saudi, UAE retreat

Dubai : Stock markets in the Gulf pulled back yesterday as investors turned their attention to an expected US interest rate hike on Wednesday and the upcoming Saudi Arabian state budget for 2017. In Riyadh, the index declined for a second straight session, falling 0.8 per cent. Trading volume shrank by roughly...

Read More
Hong Kong stocks end higher
Dec 14

Hong Kong stocks end higher

Hong Kong : Hong Kong shares ended slightly higher on Wednesday following another record close on Wall Street as investors look ahead to the conclusion of a key Federal Reserve policy meeting later in the day. The Hang Seng Index ticked up 9.92 points to 22,456.62 by the break. But the benchmark Shanghai...

Read More
India's TCS ousts Mistry from board as purge is stepped up
Dec 14

India's TCS ousts Mistry from board as purge is stepped up

India's Tata has ousted Cyrus Mistry as a director of its cash cow IT business Tata Consultancy Services as the Indian conglomerate steps up its purge of its former chairman. TCS said in a statement late on Tuesday that shareholders had voted overwhelmingly at an extraordinary general meeting in India's commercial...

Read More
Qatar to cut oil production from January 1
Dec 13

Qatar to cut oil production from January 1

Doha : State-owned Qatar Petroleum, one of the largest oil companies in the world, announced on Tuesday that it will reduce production levels from the beginning of next year. The reduction -- beginning on January 1 -- comes following the recent decisions by OPEC and non-OPEC oil-producing...

Read More
Chinese billionaire looking for successor after son refuses to takeover
Dec 13

Chinese billionaire looking for successor after son refuses to takeover

Beijing : China's richest man, owning a $92 billion empire, on Tuesday said he is looking for a successor, most likely from a group of professional managers, to take over his business after his son declined to be his heir apparent. Wang Jianlin, 62, founder and chairman of Dalian Wanda Group Co, whose business...

Read More
Qatar Airways in talks to change Airbus order for A320 planes
Dec 13

Qatar Airways in talks to change Airbus order for A320 planes

Doha : Qatar Airways is renegotiating with Airbus to change an order for up to 80 A320 neo planes to the larger A321 neos, the Gulf carrier’s chief executive said yesterday.  The switch to the larger planes is an option after Qatar Airways refused to accept four A320 neos earlier this year over issues...

Read More
Eni sells 30% of 'supergiant' field to Russia's Rosneft
Dec 12

Eni sells 30% of 'supergiant' field to Russia's Rosneft

Milan : Italian energy giant Eni on Monday announced the sale of 30 percent of its huge offshore gas field to Russian oil giant Rosneft.  Valued at $1.125 billion, the deal reduces Eni's stake in the huge Mediterranean field, which lies in Egyptian territorial waters, to 60 percent.  The agreement will...

Read More
Philips to sell Lumileds majority share for $1.5bn
Dec 12

Philips to sell Lumileds majority share for $1.5bn

The Hague : Dutch electronics giant Philips announced Monday the sale of a majority share in its Lumileds LED lighting business for $1.5 billion, after cancelling the sale earlier this year over US regulatory concerns. "Royal Philips today announced that it has signed an agreement to sell an 80.1-percent interest in...

Read More
Saudi, Qatar gain after deal to cut output
Dec 12

Saudi, Qatar gain after deal to cut output

Dubai : Stock markets in Saudi Arabia and Qatar posted broad-based gains yesterday after OPEC and non-OPEC oil producers a day earlier reached their first deal since 2001 to curtail oil output jointly in a drive to prop up prices. It is not clear whether oil prices can rise much further in response to the deal,...

Read More
Historic Deal
Dec 12

Historic Deal

Vienna : Eleven countries agreed yesterday to cut their oil output, teaming up with the OPEC cartel in an exceptional bid to end the world’s glut of crude and reverse a dramatic fall in income. Russia and 10 other non-OPEC states will reduce their production by more than half a million barrels per day...

Read More