The speedometer was touching 120 km per hour on Sheikh Zayed Road, and I sat behind the wheel of a gutsy Genesis G70 sports sedan owned by Altar Yilmaz. “This is the best car I’ve ever driven,” he said. After a career with some of the best-known motor brands in the world, that was quite…
BEIJING: Plains All American Pipeline said it will tack on a fee for users of a new oil pipeline to pay for the cost of the Trump administration’s imported steel tariffs, becoming the first US operator to do so. In addition to steel levies announced last year, President Donald Trump said on Thursday he plans to…
An eventful week ended with downward momentum for oil prices. Brent crude fell to $61.89 and WTI dropped to $55.66 per barrel. Oil has been under pressure from concerns over global economic growth amid ongoing US-China trade tensions. However, crude remains healthy, reflected by growing demand from refineries in Asia, where new refining capacity is…
LONDON: Oil dropped 2 percent to below $65 a barrel on Thursday, declining for the first time in six days, after the US Federal Reserve dampened hopes for a string of interest rate cuts and as rising US output helped keep the market well supplied. The Federal Reserve reduced rates on Wednesday, but against expectations the…
BENGALURU: SNC-Lavalin Group cut its dividend and reported a quarterly loss, as the struggling Canadian construction and engineering firm was hit by a C$1.7 billion goodwill impairment charge related to its resources unit. The company reduced its quarterly dividend to 2 Canadian cents per share from 10 Canadian cents per share, its second cut this year.…
HONG KONG: Standard Chartered PLC flagged the tit-for-tat tariff war between China and the US and an easing monetary policy cycle as potential risks for the Asia-focused lender, even as it managed to exceed first-half profit estimates. The trade war between the world’s two largest economies has raised costs, roiled financial markets and has also triggered…
DUBAI: The Dubai Financial Services Authority (DFSA), the emirate’s main financial regulator, is not certain that it can enforce payment of the record $314 million fine it imposed on two entities at the heart of the collapse of private equity group Abraaj. In response to questions from Arab News, the DFSA, the watchdog for the Dubai…
DUBAI: The Dubai Financial Services Authority (DFSA), the emirate’s main financial regulator, is not certain that it can enforce payment of the record $314 million fine it imposed on two entities at the heart of the collapse of private equity group Abraaj. In response to questions from Arab News, the DFSA, the watchdog for the Dubai…
LONDON: Shares in Aston Martin dropped to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond’s favorite marque, has been undergoing a turnaround plan since CEO Andy Palmer took over in…
LONDON: BP has not taken any of its oil tankers through the Strait of Hormuz since a July 10 attempt by Iran to seize one of its vessels, the British company’s Chief Financial Officer Brian Gilvary said on Tuesday. The oil and gas company has no current plans to take any of its own vessels…
DUBAI: The Dubai Financial Services Authority (DFSA) said on Tuesday that it had fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed. In the first major fines on Abraaj, which collapsed last year, DFSA imposed a penalty of around $300 million on Abraaj Investment Management (AIML)…
DUBAI: The Dubai Financial Services Authority (DFSA) said on Tuesday that it had fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed. In the first major fines on Abraaj, which collapsed last year, DFSA imposed a penalty of around $300 million on Abraaj Investment Management (AIML)…
LONDON: The British pound tumbled on Tuesday as investors bet Prime Minister Boris Johnson’s Brexit brinkmanship with the European Union could trigger a messy divorce that would sow chaos through the world economy and financial markets.Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since…
COLOMBO, Sri Lanka: Shocks from deadly suicide bombings on Easter Day in Sri Lanka are reverberating throughout its economy in the worst crisis since the South Asian island nation’s civil war ended in 2009.The blasts that killed more than 250 people were blamed on extremists. They have devastated Sri Lanka’s vital tourism industry, source of…
COLOMBO, Sri Lanka: Shocks from deadly suicide bombings on Easter Day in Sri Lanka are reverberating throughout its economy in the worst crisis since the South Asian island nation’s civil war ended in 2009.The blasts that killed more than 250 people were blamed on extremists. They have devastated Sri Lanka’s vital tourism industry, source of…
BOGOTA, Colombia: It’s six in the morning and Samuel Romero is already pulling his bicycle out of a small garage.The 21-year-old Venezuelan migrant turns on his phone and logs on to Rappi, an app through which freelance cyclists get paid to make deliveries around Bogota, a traffic-clogged city of 8 million. He checks his brakes…
BOGOTA, Colombia: It’s six in the morning and Samuel Romero is already pulling his bicycle out of a small garage.The 21-year-old Venezuelan migrant turns on his phone and logs on to Rappi, an app through which freelance cyclists get paid to make deliveries around Bogota, a traffic-clogged city of 8 million. He checks his brakes…
BOGOTA, Colombia: It’s six in the morning and Samuel Romero is already pulling his bicycle out of a small garage.The 21-year-old Venezuelan migrant turns on his phone and logs on to Rappi, an app through which freelance cyclists get paid to make deliveries around Bogota, a traffic-clogged city of 8 million. He checks his brakes…
INTERVIEW: Climate is an emergency situation and we need to act fast, says State Street top exec Nathalie Wallace In a world where climate change is the subject of intense debate, often as much political as scientific, Nathalie Wallace is determinedly among the convinced.“We think that climate risk can have a long-term impact on asset…
INTERVIEW: Climate is an emergency situation and we need to act fast, says State Street top exec Nathalie Wallace In a world where climate change is the subject of intense debate, often as much political as scientific, Nathalie Wallace is determinedly among the convinced.“We think that climate risk can have a long-term impact on asset…
