LONDON: The Gulf is overtaking Asia as the global leader in cryptocurrencies, as countries such as Saudi Arabia and the UAE embrace blockchain technology despite the crash in coin prices, according to the cofounders of a new digital-currency exchange.Bitcoin prices have plummeted by more than 50 percent in the last year, from a high of…
LONDON: The Gulf is overtaking Asia as the global leader in cryptocurrencies, as countries such as Saudi Arabia and the UAE embrace blockchain technology despite the crash in coin prices, according to the cofounders of a new digital-currency exchange.Bitcoin prices have plummeted by more than 50 percent in the last year, from a high of…
RAMALLAH, Palestinian Territories: The Palestinian Authority faces a suffocating financial crisis after deep US aid cuts and an Israeli move to withhold tax transfers, sparking fears for the stability of the West Bank.The authority, headed by President Mahmud Abbas, announced a package of emergency measures on March 10, including halving the salaries of many civil…
As worries about populism in Europe rise, investors bet on stock market volatility LONDON: Investors are betting on heightened political uncertainty and greater volatility in European stock markets ahead of European Parliament elections in May amid growing concerns about rising populism.In one of the first concrete signs in financial markets that investors are bracing for…
DUBAI: Network International, the UAE payments processor, has committed to a London IPO next month in what would be the UK’s first big share sale of the year.The company intends to have a free float of at least 25 percent and admission to the London Stock Exchange is expected to take place in April, Network…
Oil hits 2019 highs amid OPEC-led supply cuts, US sanctions on Iran and Venezuela SINGAPORE: Oil prices reached their highest so far for 2019 on Thursday as global markets tightened amid supply cuts led by producer club OPEC and US government sanctions against Iran and Venezuela. International Brent crude oil futures hit a November 2018…
Boeing, aviation officials called to testify in US Senate on 737 MAX plane crashes ADDIS ABABA/JAKARTA/WASHINGTON: Boeing faced growing pressure in Washington on Wednesday as US lawmakers called for executives to testify about two crashed 737 MAX jets while the world’s biggest planemaker worked on returning the grounded fleet to the skies.The Senate hearing, at…
DUBAI: Customers in the UAE who feel stuck in a phone contract due to massive early termination fees can now breathe, as the Emirate’s telecoms regulator has introduced a new policy. The Telecommunications Regulatory Authority (TRA) announced that telecom companies Etisalat and Du can now only charge one-month worth of fee for early termination.…
DUBAI: Customers in the UAE who feel stuck in a phone contract due to massive early termination fees can now breathe, as the Emirate’s telecoms regulator has introduced a new policy. The Telecommunications Regulatory Authority (TRA) announced that telecom companies Etisalat and Du can now only charge one-month worth of fee for early termination.…
DUBAI: State-owned Petroleum Development Oman expects to create 21,000 job opportunities for Omanis this year through the oil exploration and production company’s training opportunities and other undertakings. “We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number. These are real opportunities that lead to direct employment…
Permian shale output closes gap with Saudi Arabia as rig count doubles, confirming US’ powerhouse status NEW MEXICO: In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp. is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad —…
SINGAPORE: At least two tankers have ferried Iranian fuel oil to Asia in recent months despite U.S. sanctions against such shipments, according to a Reuters analysis of ship-tracking data and port information, as well as interviews with brokers and traders.The shipments were loaded onto tankers with documents showing the fuel oil was Iraqi. But three…
Disney has closed its $71 billion acquisition of Fox’s entertainment business, putting “Cinderella,” “The Simpsons,” “Star Wars” and “Dr. Strange” under one corporate roof.The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. It…
SINGAPORE: At least two tankers have ferried Iranian fuel oil to Asia in recent months despite U.S. sanctions against such shipments, according to a Reuters analysis of ship-tracking data and port information, as well as interviews with brokers and traders.The shipments were loaded onto tankers with documents showing the fuel oil was Iraqi. But three…
MUMBAI: India's Jet Airways was fighting multiple crises Wednesday after grounding six planes, leaving it with only a third of its fleet flying, while pilots have threatened to walk out and a major shareholder is reportedly looking to offload its huge stake. The problems at India's number-two carrier come as other airlines struggle to turn…
MUMBAI: India's Jet Airways was fighting multiple crises Wednesday after grounding six planes, leaving it with only a third of its fleet flying, while pilots have threatened to walk out and a major shareholder is reportedly looking to offload its huge stake. The problems at India's number-two carrier come as other airlines struggle to turn…
SINGAPORE: Oil prices were on Wednesday weighed down by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.International Brent crude oil futures were at $67.55 a barrel at 0432 GMT, down 6 cents, or 0.1…
LONDON: Global exchange-traded funds are building cash piles to place in Saudi Arabian equities, according to a ranking compiled by Bloomberg.It comes as the country joins the FTSE Russell emerging markets index, which is expected to attract billions of dollars in foreign fund inflows.“We believe Saudi’s inclusion in the FTSE Russell EM Index will have…
SAN FRANCISCO: Facebook-owned Instagram on Tuesday made a move into potentially lucrative e-commerce by adding an option to buy products shown off in posts by selected brands.A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses, according to the popular image-centric…
MUMBAI: Indian taxi-hailing company Ola has secured a $300-million investment from South Korean car giant Hyundai, the firms said Tuesday, providing a major boost in its fight against US giant Uber.Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market, which is estimated to be worth around…
