LONDON: Iranian oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by US sanctions on Venezuela and OPEC-led cuts.The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran…
MILAN: Italy’s borrowing costs are still too high and while this is not a problem for the sustainability of the country’s debt it poses a threat to economic growth, Economy Minister Giovanni Tria was quoted as saying.In an interview with daily Il Foglio published on Friday, Tria said Italy would stick to budget commitments made…
NEW YORK: Vegan burger upstart Beyond Meat, whose backers include Hollywood star Leonardo DiCaprio and Microsoft founder Bill Gates, has raised $241 million from its initial public offering, valuing the firm at about $1.5 billion as it surfs a wave of flexitarianism.The California-based firm said it sold 9.625 million shares on the Nasdaq exchange at…
NEW YORK: Vegan burger upstart Beyond Meat, whose backers include Hollywood star Leonardo DiCaprio and Microsoft founder Bill Gates, has raised $241 million from its initial public offering, valuing the firm at about $1.5 billion as it surfs a wave of flexitarianism.The California-based firm said it sold 9.625 million shares on the Nasdaq exchange at…
ABU DHABI: Oman needs fiscal consolidation and better public expenditure alongside implementing reforms to mitigate its growing debt, the regional head of the World Bank said on Wednesday.Oman’s state coffers have been hit by a slump in oil prices over the past few years and the country has increasingly relied on external borrowing to levels…
SAN FRANCISCO: Google-parent Alphabet said on Tuesday that Eric Schmidt, who was chief of the Internet giant for a decade, will leave the board in June.Schmidt, who turned 64 this month, stepped down as chairman of the Alphabet board at the start of last year, remaining a member but shifting to a role as a…
SAN FRANCISCO: China-based Huawei outsold Apple’s iPhones in the first quarter of this year, seizing the California company’s second place spot in a tightening smartphone market dominated by Samsung, a tracker said this week.A total of 310.8 million smartphones were shipped globally during the first three months of this year in a 6.6 percent decline…
ABU DHABI: Oman needs fiscal consolidation and better public expenditure alongside implementing reforms to mitigate its growing debt, the regional head of the World Bank said on Wednesday.Oman’s state coffers have been hit by a slump in oil prices over the past few years and the country has increasingly relied on external borrowing to levels…
LONDON: Property broker Knight Frank estimates there is as much as £40 billion targeting real estate assets in London this year despite a sharp retreat by Gulf-based investors in 2018.Preliminary data for the first quarter has seen two transactions worth almost $171 million put Saudi Arabia and Kuwait back on the London commercial property investment…
LONDON: Dubai has completed work on the expansion of its biggest power and desalination plant.State-owned utility Dubai Electricity and Water Authority (DEWA) added 700 megawatts (MW) to its M-Station in Jebel Ali.The cost of the project, including the latest expansion, was 11.7 billion dirhams ($3.2 billion). It has a production capacity of 2,885 megawatts (MW)…
LONDON/NEW YORK: Barclays allegedly pressured a former senior trader in the United States to ignore internal risk controls and then forced him out when he raised complaints, according to a public court document seen by Reuters, the latest in a string of allegations about the British bank’s handling of whistleblowers.Brian La Belle, the bank’s former…
DUBAI: The contrasting prospects for the Saudi Arabian and Iranian economies were highlighted in the latest regional outlook report delivered by the International Monetary Fund (IMF) yesterday in Dubai.While the IMF raised the prospect of a gentle improvement for the Kingdom’s economy in 2019 — largely dependent on oil prices — Iran is set for a…
DUBAI: The contrasting prospects for the Saudi Arabian and Iranian economies were highlighted in the latest regional outlook report delivered by the International Monetary Fund (IMF) yesterday in Dubai.While the IMF raised the prospect of a gentle improvement for the Kingdom’s economy in 2019 — largely dependent on oil prices — Iran is set for a…
DUBAI: Dubai-based hotel operator Jumeirah Group will open five new hotels in Asia and Europe over the next 18 months, chief executive Jose Silva said on Monday.Jumeirah, part of Dubai Holding, the investment vehicle of the emirate’s ruler, will have 31 properties in its portfolio as a result, Silva said.The group has signed management contracts…
DUBAI: Organizers of the Expo 2020 set to take place in Dubai are “confident” and “positive” they will open the site on time, an official said on Sunday.The Expo, held on a vast new site in the south of the UAE city, is due to open in October next year.“We just have roughly less than…
DUBAI: Organizers of the Expo 2020 set to take place in Dubai are “confident” and “positive” they will open the site on time, an official said on Sunday.The Expo, held on a vast new site in the south of the UAE city, is due to open in October next year.“We just have roughly less than…
DUBAI: Saudi Arabia’s travel and tourism sector is expected to contribute $70.9 billion to the Kingdom’s GDP in 2019, according to the World Travel and Tourism Council.International arrivals to the Kingdom are also expected to increase 5.6 percent per year from 17.7 million in 2018 to 23.3 million by 2023, according to research by Colliers…
INTERVIEW: KAPSARC’s Adam Sieminski on a ‘voyage of discovery’ in Saudi energy industry One year on from his appointment as president of the King Abdullah Petroleum Studies and Research Center (KAPSARC), Adam Sieminski has a clear verdict: “It’s been great. Riyadh is actually kind of a fun place,” he said. When not at the organization’s…
LONDON: The Saudi Real Estate Refinance Co. (SRC) said on Saturday it had agreed to buy SR750 million ($200 million) worth of mortgages from local banks and mortgage financing companies.The agreements, signed during last week’s Financial Sector Conference in Riyadh, included deals with Banque Saudi Fransi and Saudi British Bank (SABB), SRC said in statements.The…
INTERVIEW: KAPSARC’s Adam Sieminski on a ‘voyage of discovery’ in Saudi energy industry One year on from his appointment as president of the King Abdullah Petroleum Studies and Research Center (KAPSARC), Adam Sieminski has a clear verdict: “It’s been great. Riyadh is actually kind of a fun place,” he said. When not at the organization’s…
