INTERVIEW: MENA partner at EY Matthew Branson lays out economic benefits of UAE’s ‘Expo effect’ DUBAI: "I’m having a fairly busy life at the moment," said Matthew Benson, a partner covering the Middle East and North Africa at auditing and consulting firm EY.He had just presented the findings of a two-year-long study into one of…
BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000…
MILAN: Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company’s latest expansion in the Middle East.The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE). It was signed between Eni and the emirate’s RAK Petroleum Authority, Eni said…
NEW DELHI: India has suspended trade across its disputed Kashmir border with Pakistan, alleging that weapons and drugs are being smuggled across the route, as tensions simmer between the nuclear-armed neighbors.Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries and brought the two countries to the brink of war…
GENEVA: The United States won a World Trade Organization (WTO) ruling on Thursday against China’s use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports.The case, lodged by the Obama administration in late 2016, marked the second US victory in as many months. It came…
GENEVA: The United States won a World Trade Organization (WTO) ruling on Thursday against China’s use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports.The case, lodged by the Obama administration in late 2016, marked the second US victory in as many months. It came…
GENEVA: The United States won a World Trade Organization (WTO) ruling on Thursday against China’s use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports.The case, lodged by the Obama administration in late 2016, marked the second US victory in as many months. It came…
NEW DELHI: Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the US to make up for any loss of Iranian oil if the US enforces sanctions more harshly from next month, sources and company officials said.All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from…
NEW DELHI: Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the US to make up for any loss of Iranian oil if the US enforces sanctions more harshly from next month, sources and company officials said.All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from…
NEW DELHI: Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the US to make up for any loss of Iranian oil if the US enforces sanctions more harshly from next month, sources and company officials said.All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from…
TOKYO: Japan’s exports fell for a fourth straight month in March as China-bound shipments slumped again, reinforcing growing anxiety that weak external demand is likely to have knocked first quarter economic growth. Ministry of Finance data out on Wednesday showed exports fell 2.4 percent in March from a year earlier, compared with a 2.7 percent…
SHANGHAI: China’s economic growth held steady in the latest quarter despite a tariff war with Washington, in a reassuring sign that Beijing’s efforts to reverse a slowdown might be gaining traction.The world’s second-largest economy expanded by 6.4% over a year earlier in the three months ending in March, the government reported Wednesday. That matched the…
DUBAI: Arabian Centres, the Kingdom’s leading malls operator, is to raise up to $1.2 billion through a share listing on the Tadawul. The initial public offering (IPO) for the 17-year-old company — the biggest in Saudi Arabia since 2014 — will be made to Saudi and foreign institutions, in a further test of the Kingdom’s…
SYDNEY: Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight for market share, checking a recent sharp rally driven by tighter global production.Brent crude oil futures were at $71.08 a barrel at 0111 GMT, down 10 cents, or 0.1 percent, from their last…
Saudi financial conference to attract hundreds of regional and international experts JEDDAH: A major conference taking place in Saudi Arabia this month will attract 2,000 business and financial leaders from the Kingdom, the region and across the world. The Financial Sector Conference (FSC) is to be held on 24 and 25 April at the King…
LONDON: The long-term outlook for Jeddah’s property market is “positive” despite a 6 to 8 percent drop in sale prices last year, according to a report by KPMG.The Saudi city is expected to receive an additional supply of around 20,000 residential units in 2019–2020, an addition of 2.5 percent to the current stock of about 810,000,…
SYDNEY: Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies provided a floor to losses.Brent crude oil futures were at $71.40 a barrel at 0015 GMT, down 15 cents, or 0.2 percent, from their last close. Brent closed up 1…
CAIRO: Egypt has signed an agreement with Euroclear, Europe’s biggest settlement house for securities, to allow holders of its sovereign debt to clear transactions outside the country beginning in six months’ time, its finance minister said.Mohamed Maait also told Reuters that Egypt hopes to announce a new sovereign debt issue by the end of September…
WASHINGTON: With global growth slowing and many countries struggling with high debts, now is not the time for the “self-inflicted” economic wound of trade wars, the head of the International Monetary Fund is warning.“The key is to avoid the wrong policies, and this is especially the case for trade,” IMF Managing Director Christine Lagarde said…
INTERVIEW: Emerson president Michael Train — ‘Exchange of ideas key to US-Saudi partnership’ LONDON: If Saudi Arabia is serious about the need for more foreign direct investment in the economic transformation underway in the Kingdom, it needs to enlist the support of more world-traveled executives such as Michael Train, president of US engineering group Emerson.The…
