Business

Geopolitics weigh, Abu Dhabi firm on ADNOC  IPO plan
Nov 21

Geopolitics weigh, Abu Dhabi firm on ADNOC IPO plan

Dubai : Most stock markets in the Middle East fell again yesterday, dampened by geopolitics, although Abu Dhabi was supported by plans for an initial public offer of shares by the distribution unit of Abu Dhabi National Oil Co (ADNOC). Regional tensions have risen in recent weeks between Saudi Arabia and Iran...

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Saudi to slap 5pc tax on fuel
Nov 20

Saudi to slap 5pc tax on fuel

Manama : Saudi Arabia plans to impose a 5 per cent value added tax on gasoline from January 1, 2018, the Saudi tax department said on one of its Twitter accounts. The announcement on a special VAT Twitter account set up by the General Authority of Zakat and Tax came in response to a question from a Saudi...

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Safran, Gulf Air in deal
Nov 16

Safran, Gulf Air in deal

Dubai : Gulf Air has signed an agreement to equip the airline’s new incoming fleet of 10 Boeing 787-9 Dreamliners and 12 Airbus A320neo with Safran Landing Systems wheels and brakes. Commenting on the agreement Gulf Air Deputy Chief Executive Officer, Captain Waleed Abdulhameed Al Alawi said: “We...

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Official bribed for World Cup vote
Nov 16

Official bribed for World Cup vote

New York : A key witness at a U.S. criminal trial has testified that a powerful soccer official took bribes to vote for Qatar to host the World Cup in 2022. Former marketing executive Alejandro Burzaco testified on Tuesday that Julio Grondona, of Argentina, demanded $1 million to help cover what he was owed...

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Airbus to sell 430 planes to Indigo
Nov 16

Airbus to sell 430 planes to Indigo

Dubai : Airbus signed a $49.5 billion deal on Wednesday to sell 430 airplanes to the Phoenix-based private equity firm that owns Frontier Airlines, striking the European aerospace company’s biggest deal ever at the Dubai Air Show. Meanwhile, Boeing reached an agreement with low-cost carrier FlyDubai to sell...

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Major markets sag, Dubai’s DSI surges after loss
Nov 16

Major markets sag, Dubai’s DSI surges after loss

Dubai : Major Gulf stock markets fell yesterday, partly because of retreating global equities and oil prices, though builder Drake & Scull surged in Dubai despite a heavy quarterly loss. The Saudi Arabian Capital Market Authority (CMA) issued a statement before the market opened saying that listed companies...

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Gulf markets mostly little changed
Nov 15

Gulf markets mostly little changed

Dubai : Major Middle East stock markets moved largely sideways yesterday with little positive news to spur buying, although GFH Financial continued surging in Dubai after disclosing details of its business strategy. In contrast to recent days, Saudi Arabia’s index spent almost the entire day higher,...

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India, US to have world’s greatest armies: say Trump, Modi
Nov 15

India, US to have world’s greatest armies: say Trump, Modi

Washington : US President Donald Trump and Prime Minister Narendra Modi have pledged that the US and India should have the world’s greatest militaries as they discussed bilateral strategic partnership and their shared commitment to a free and open Indo-Pacific region, according to the White House. The two...

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Gulf shares mostly weak
Nov 13

Gulf shares mostly weak

Dubai : Gulf stock markets mostly fell yesterday, although trading volume in Riyadh shrank, suggesting there was less panic selling of shares. The Saudi index fell as much as 1.5 per cent during the day but closed only 0.3pc lower after state-linked funds once again bought stocks in late trade. National...

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Gulf  stocks rebound a bit after  slide
Nov 10

Gulf stocks rebound a bit after slide

Dubai : Gulf stock markets rebounded slightly yesterday after a jittery week in which most dropped because of concern about Saudi Arabia’s anti-corruption purge, which could reduce Saudi fund flows to the region. The Saudi stock index spent most of the day lower before closing 0.3 per cent higher. Similar...

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Ahamed wins  Entrepreneur of  the Year award
Nov 10

Ahamed wins Entrepreneur of the Year award

New Delhi : Adeeb Ahamed, Managing Director, Tablez, was honoured with the Entrepreneur of the Year award at the Franchise Awards 2017 held at The Lalit, New Delhi on Wednesday. In its 15th edition, Franchise Awards 2017 are India’s topmost honour in retailing and recognizes personalities and businesses...

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OPEC ups oil demand outlook
Nov 08

OPEC ups oil demand outlook

London : Global demand for OPEC’s crude will rise in the next two years more slowly than expected, the group forecast, as a recovery in prices resulting from an OPEC-led supply cut stimulates renewed output growth from non-members. The Organization of the Petroleum Exporting Countries also said in its 2017...

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HSBC pledges $100 billion of finance by 2025 to combat climate change
Nov 07

HSBC pledges $100 billion of finance by 2025 to combat climate change

London : HSBC has pledged to provide $100 billion in financing and investment by 2025 to help combat climate change, the bank said on Monday. HSBC said it will facilitate financial flows to help boost support for clean energy and lower carbon technologies. “This will involve direct lending, bonds and...

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State funds support Saudi
Nov 07

State funds support Saudi

Dubai : Buying by government-linked funds supported Saudi Arabia’s stock market yesterday, asset managers said, but most other Gulf bourses fell as the Saudi crackdown on corruption sent shivers through the region. After falling in early trade, Riyadh’s index rebounded in the closing minutes to...

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Saudi closes higher after steep fall on corruption crackdown
Nov 06

Saudi closes higher after steep fall on corruption crackdown

Dubai : Saudi Arabia’s stock index rebounded to close higher yesterday after initially falling steeply in response to a crackdown on corruption that led to the detention of dozens of prominent political and business figures. Many local fund managers saw positives in the crackdown. “It removes...

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Tesla’s new update to soften acceleration
Nov 06

Tesla’s new update to soften acceleration

San Francisco : Electric car maker Tesla has released a software update to give drivers an option to soften the ‘crazy’ acceleration of its fleet of Model S and Model X vehicles.  Tesla’s new update is a significant change from the automaker’s previous modes called ‘Insane...

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Finnair begins weighing passengers
Nov 06

Finnair begins weighing passengers

Helsinki : Finnair has just begun a new program where it weighs passengers before take-off to help the Finnish airline collect more accurate data about weights on its flights. Paivyt Tallqvist, director for media relations at Finnair, confirmed that the airline was weighing passengers on Tuesday and Wednesday at...

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Airbus urges European fighter to counter US dominance
Nov 04

Airbus urges European fighter to counter US dominance

Berlin : European countries should step up efforts to jointly develop the next generation fighter jets to avoid becoming too reliant on US technology, Airbus Defence and Space chief executive Dirk Hoke said yesterday. “To date, the countries of Europe have indulged in expensive customised national...

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Oil near two-year high
Nov 04

Oil near two-year high

Amsterdam : Oil prices rose yesterday, nearing their highest levels in more than two years, with buyers attracted by expectations of an extension to a global pact to cut output that has reduced oversupply. Global benchmark Brent futures traded up 41 cents at $61.03 a barrel at 1345 GMT, approaching levels...

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Alibaba opens electronic trading hub in Malaysia
Nov 04

Alibaba opens electronic trading hub in Malaysia

Kuala Lumpur : Alibaba launched an electronic trading hub in Malaysia yesterday aimed at helping small- and medium-sized businesses, a first for the Chinese internet giant outside its home country. The hub, part of a “digital free trade zone” near Kuala Lumpur International Airport, went live during...

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Galaxy Note 8 sales hit 1 mn units in S Korea
Nov 03

Galaxy Note 8 sales hit 1 mn units in S Korea

Seoul : The sales of Samsung’s Galaxy Note 8 smartphone in South Korea have reached 1 million units in a little over a month’s time after the device hit local shelves, industry data showed yesterday. The South Korean tech giant started official sales of the 6.3-inch phablet on September 21, selling...

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Shell, Total, PSO fuel harm Honda Pak engines
Nov 03

Shell, Total, PSO fuel harm Honda Pak engines

Islamabad : Pakistan’s state oil and gas regulator said yesterday it would investigate a complaint that fuel suppliers including local units of Shell and Total as well as Pakistan State Oil (PSO) had added manganese to their gasoline. Honda Motor Co’s Pakistan subsidiary, Honda Atlas Cars (Pakistan)...

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China eyes greater US access for its aircraft and parts
Nov 03

China eyes greater US access for its aircraft and parts

Shanghai : China’s aviation safety regulator expects a recently signed aircraft certification agreement with the United States to boost U.S. market access for Chinese-made planes and aircraft parts. The Civil Aviation Administration of China (CAAC) said in an e-mail to Reuters that an agreement it...

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Gulf barely moves, Egypt pulls back
Nov 02

Gulf barely moves, Egypt pulls back

Dubai : Gulf stock markets mostly moved sideways yesterday, drawing little strength from rising oil prices, while Egypt pulled back after closing at record highs for three straight days. Brent oil futures rose to $61.70 per barrel, their highest since July 2015, while global equity markets continued climbing....

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India jumps to 100 in ease of doing business
Nov 02

India jumps to 100 in ease of doing business

New Delhi : India broke into the top 100 in the World Bank’s Ease of Doing Business rankings, notching up the biggest improvement among all countries on the back of big gains on a number of measures. The rise to the 100th position from 130 last year made India one of the top 10 best-improved countries and...

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F15 wings to be built in Saudi Arabia by Boeing
Nov 01

F15 wings to be built in Saudi Arabia by Boeing

Washington : Marc Allen, president of Boeing, told Al Arabiya TV that military aircraft wings and other parts will be built in Saudi Arabia. “We are currently building wings for military aircraft along with other parts in Saudi Arabia,” Allen said on the sidelines of the Future Investment...

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Kuwait to pump $160bn to five islands
Nov 01

Kuwait to pump $160bn to five islands

Kuwait is planing a mega-project to develop five islands at an investment cost of $160 billion, which it is hoped will generate around $40 billion dollars a year, in addition to providing about 200,000 jobs, a government study  revealed. The project aims to establish an integrated free zone, new operating rules...

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Saudi plans to extract uranium domestically
Oct 31

Saudi plans to extract uranium domestically

Abu Dhabi : Saudi Arabia plans to extract uranium domestically as part of its nuclear power programme and sees this as a step towards “self-sufficiency” in producing atomic fuel, a senior official said yesterday. Extracting its own uranium also makes sense from an economic point of view, said Hashim...

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Petchems, telecom lift Saudi  stocks
Oct 30

Petchems, telecom lift Saudi stocks

Dubai : Petrochemical stocks and an earnings beat by Saudi Telecom Co lifted Riyadh’s stock market yesterday while other Gulf bourses were sluggish, once more ignoring a strong performance by Wall Street on the previous trading day. The Saudi stock index climbed 0.7 per cent. Unusually, four of the 10 most...

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Jeff Bezos is world’s richest person
Oct 30

Jeff Bezos is world’s richest person

New York : Amazon.com Inc Chief Executive Jeff Bezos has unseated fellow tech billionaire Bill Gates as the richest person in the world, profiting from the e-commerce company’s meteoric stock rise to reach a fortune of $90.6 billion. Amazon shares jumped 1.6 percent at the start of trading on Thursday,...

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Zain  profit  hit by  forex losses
Oct 30

Zain profit hit by forex losses

Kuwait City : Kuwaiti telecoms giant Zain yesterday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq. The company’s net profit in the third quarter fell seven percent to 40 million dinars ($132 million) from 43 million dinars ($142 million) in...

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Suzuki says will have to  move to e-cars
Oct 29

Suzuki says will have to move to e-cars

New Delhi : Maruti Suzuki India, the country’s biggest carmaker, said on Friday it planned to build electric cars as the government strives to electrify all new vehicles by 2030, though it didn’t give a timeline for the process. Maruti Suzuki’s chairman said there was still no clear roadmap on...

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Saudi invests  $1 billion in Branson’s companies
Oct 28

Saudi invests $1 billion in Branson’s companies

The Kingdom of Saudi Arabia intends to invest $1 billion in Virgin Group space companies, according to billionaire Richard Branson’sconglomerate on Thursday. The contract is described as a “partnership on spaceflight, satellite launch and space-centric entertainment,” backed by the Public...

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Markets flat on steady oil, banks weigh on  Abu Dhabi
Oct 27

Markets flat on steady oil, banks weigh on Abu Dhabi

Dubai : Stock markets in the Middle East were largely flat yesterday on the back of steady oil prices, but exchanges in Dubai and Abu Dhabi shed some value, dragged down by some companies missing investors’ expectations. Oil prices steadied, supported at near multi-month highs by tighter crude markets, but...

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Basel III had gone too far, says CBB Governor Al Maraj
Oct 27

Basel III had gone too far, says CBB Governor Al Maraj

Riyadh : Bahrain’s central bank governor said yesterday that stricter international bank rules, known as Basel III, had gone too far and banks had been burdened with too much regulation. “We have to be careful about how far we go from now onwards, not watering down what we have done but at least we...

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US-bound passengers face tough screenings
Oct 27

US-bound passengers face tough screenings

Dubai : New security screenings for all passengers on U.S.-bound flights began yesterday, with airlines worldwide questioning flyers about their trip and their luggage in the latest Trump administration decision affecting global travel. However, confusion still remains about the new regulations, which come at...

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Emaar IPO plan hits Dubai stocks
Oct 23

Emaar IPO plan hits Dubai stocks

Dubai : Dubai’s leading real estate developer, Emaar Properties, pulled the emirate’s stock index lower yesterday while Saudi Arabia’s index again retreated from major technical resistance. The Dubai index lost 0.8 per cent to 3,644 points, pulling back from resistance on the August peak of...

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Saudi Arabia says oil market improving
Oct 22

Saudi Arabia says oil market improving

Baghdad : The global oil market is improving and stabilising, Saudi Oil Minister Khalid al-Falih said in Baghdad yesterday. In a speech at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil...

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OPEC seeking consensus on oil  supply cut extension
Oct 20

OPEC seeking consensus on oil supply cut extension

London : Oil producers are working to build consensus on extending their deal to reduce supplies, OPEC’s secretary general said yesterday, with the potential for continuation throughout 2018 forming a basis for talks. The Organization of the Petroleum Exporting Countries, plus Russia and nine other...

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First Saudi commercial flight jets to Baghdad after 27 years
Oct 19

First Saudi commercial flight jets to Baghdad after 27 years

Riyadh : Saudi budget carrier flynas on Wednesday made the first commercial flight from Riyadh to Baghdad since 1990, as ties with neighbouring Iraq show signs of improvement. “Our first flight took off today from Riyadh to Baghdad,” the company wrote on Twitter, posting pictures of the cabin...

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Joyalukkas celebrates Diwali  with showroom in Abu Dhabi
Oct 19

Joyalukkas celebrates Diwali with showroom in Abu Dhabi

UAE : Joyalukkas brings Madinat Zayed residents more reasons to celebrate Diwali, with a million choices in jewellery, a dazzling festive collection, up to 500,000 gold coins to give away and a delightful new showroom at the heart of the UAE capital’s western most region.  The showroom in Madinat...

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Gulf mixed, insurers help Saudi
Oct 18

Gulf mixed, insurers help Saudi

Dubai : Gulf stock markets were mixed despite strong oil prices yesterday while Saudi Arabia’s insurance sector continued to recover from last week’s losses. The main Saudi index inched up 0.2 per cent. In the insurance sector, which sank last week on expectations for a shakeout in the sector caused...

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KFH net profit increases 12pc
Oct 17

KFH net profit increases 12pc

Kuwait : Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that “KFH has realized a KD137.9 million net profit to shareholders until end of Q3 2017 compared to KD123.1 million for the same period last year i.e. an increase of 12 per cent.  Financing income reached KD542.1m i.e....

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Most mideast markets trade narrowly
Oct 16

Most mideast markets trade narrowly

Dubai : Most Middle East stock markets traded in narrow ranges yesterday while Saudi Arabia was dragged down by several major blue chips. The Saudi index dropped 0.7 per cent as Al Rajhi Bank lost 1.0pc and miner Ma‘aden sank 1.9pc. Petrochemical producer Saudi Basic Industries fell 0.7pc. Insurers were...

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EU to ban business ties with Pyongyang
Oct 14

EU to ban business ties with Pyongyang

Brussels : The European Union is set to agree on Monday to ban business ties with North Korea, part of a new package of sanctions to isolate Pyongyang over its nuclear and missile programs. The practical impact of the moves is likely to be mostly symbolic: Brussels will impose an oil embargo and a ban on EU...

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Facebook announces cord-free Oculus Go
Oct 13

Facebook announces cord-free Oculus Go

Facebook’s virtual reality arm Oculus, announced its new Oculus Go at its Oculus Connect 4 conference on Wednesday. The headset, which will ship next year for $199 is aimed squarely at taking virtual reality more mainstream. “It’s hands-down the easiest way to get into VR,” Facebook vice...

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Saudi market  rebounds  helped by insurers
Oct 13

Saudi market rebounds helped by insurers

Dubai : Saudi Arabia’s stock market rebounded yesterday as insurance stocks regained some strength, while Qatar’s biggest bank edged up after it reported solid earnings. The main Saudi index, which had sunk 2.2 per cent on Wednesday, rose 1.4pc to 6,988 points after testing demand at lower levels....

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Emirates to cooperate with rival Etihad
Oct 12

Emirates to cooperate with rival Etihad

Singapore : Emirates is open to cooperation with rival Etihad Airways in areas including procurement, its president Tim Clark said yesterday, adding a full merger between the pair was unlikely but up to the owners. Based in the United Arab Emirates, Emirates and Etihad have competed to build global networks from...

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Private-public alliance key to ICT development, says Dr Al Amer
Oct 12

Private-public alliance key to ICT development, says Dr Al Amer

Dubai : Bahrain’s Telecommunications Regulatory Authority has called for boosting public-private partnership and collaboration for realizing the full potential of Information and Communications Technology’s (ICT) future in the region.  “We at TRA are thankful for Huawei’s leadership...

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Insurers hurt Saudi Arabia, UAE climb
Oct 12

Insurers hurt Saudi Arabia, UAE climb

Dubai : Insurance stocks helped to drag down Saudi Arabia’s market yesterday because of fears of a shakeout in the industry, while bourses in the United Arab Emirates and Qatar rose, helped by a bullish global trend in equities. The main Saudi index sank 2.2 per cent to 6,890 points, closing significantly...

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