SINGAPORE: Utility-scale solar power capacity is expected to grow by double digits globally in 2019 and 2020, driven by expansions in the United States, Europe, Middle East and China, US bank Goldman Sachs said on Thursday.Solar power is the fastest growing source of electricity generation, taking market share from fossil fuels like thermal coal and…
DUBAI: Global port operator DP World says its profit rose 10 percent in 2018 despite worldwide tensions over trade amid a trade war between China and the US and fears about Britain leaving the European Union.The port operator on Thursday reported profits of around $1.29 billion, up from around $1.17 billion the year before.Its revenue…
CERAWeek Diary: Pompeo pushes CV with hymn of praise to America’s ‘new age of discovery’ It was the biggest event so far at the CERAWeek by IHS Markit energy forum in Houston, Texas: A special address from Mike Pompeo, the US secretary of state. And they turned up in their droves to hear from America’s…
BEIJING: China’s industrial output slowed during the first two months of the year as unemployment rose, official data showed Thursday, while some indicators showed a slowdown in the world’s second largest economy stabilizing.The figures from the National Bureau of Statistics come as Beijing and Washington appear to be nearing a deal to resolve their painful…
DUBAI: Dubai’s stock market rose on Wednesday, supported by a jump in courier firm Aramex, while Saudi Arabia also gained as most of its banks traded higher amid rising oil prices. Saudi Arabia’s index was up 0.95 percent, with Al Rajhi Bank gaining 0.92 percent and its largest lender National Commercial Bank adding 0.57 percent.…
HOUSTON: Iran has lost $10 billion in revenue since US sanctions in November have removed about 1.5 million barrels per day (bpd) of Iranian crude from global markets, a US State Department official said on Wednesday.Brian Hook, the State Department’s special representative on Iran, said in remarks at the CERAWeek energy conference that due to…
DUBAI: Dubai’s stock market rose on Wednesday, supported by a jump in courier firm Aramex, while Saudi Arabia also gained as most of its banks traded higher amid rising oil prices. Saudi Arabia’s index was up 0.95 percent, with Al Rajhi Bank gaining 0.92 percent and its largest lender National Commercial Bank adding 0.57 percent.…
BERLIN: Rheinmetall is ready to ship 120 military trucks to Saudi Arabia as soon as Berlin decides on an export license the German firm said on Wednesday as it reported a 40 percent rise in full-year profit driven by growth in its defense business.The German government imposed an arms export embargo on Saudi Arabia following…
UAE regrets inclusion on EU list of non-cooperative jurisdictions for tax purposes DUBAI: The UAE said it regretted the European Union’s decision to include it on a list of non-cooperative jurisdictions for tax purposes, according to Emirati state-news agency WAM. “This inclusion was made despite the UAE’s close cooperation with the EU on this issue…
DUBAI: Pope Francis’ papal visit to the UAE and the International Defence Exhibition and Conference (IDEX) in February helped boost the performance of Abu Dhabi hotels, as daily room rates sharply rose despite a dip in occupancy levels.“The year-over-year increases in ADR [average daily rates] and RevPAR [Revenue per available room] were mainly driven by…
NEW DELHI: Rising property prices in parts of India have helped achieve what women’s rights groups have tried and failed to do for decades — get more women to claim their inheritance.A 2005 law gave Hindu women across India equal inheritance rights but few have made claims because they are unaware of the law, or…
HOUSTON: The Middle East has great potential as a shale oil-producing area, according to the UAE Energy Minister Suhail Al-Mazrouei, who said the Emirates would inevitably produce shale at some stage.Speaking at the CERAWeek by IHS Markit energy forum in Houston, Texas, Al-Mazrouei said that the economics of the energy industry had changed following the boom…
HOUSTON: The Middle East has great potential as a shale oil-producing area, according to the UAE Energy Minister Suhail Al-Mazrouei, who said the Emirates would inevitably produce shale at some stage.Speaking at the CERAWeek by IHS Markit energy forum in Houston, Texas, Al-Mazrouei said that the economics of the energy industry had changed following the boom…
CERAWeek Diary: Across the bridge, a real piece of Saudi tech in Houston fantasy land HOUSTON: Take a trip across the “skybridge” from the Hilton Americas hotel to the George R. Brown Convention Center in downtown Houston, and you are in a different world. Is it Saudi Arabia? Is it ancient Rome? Is it the…
HOUSTON: The Middle East has great potential as a shale oil- producing area, according to the UAE Energy Minister Suhail Al-Mazrouei, who said the Emirates would inevitably produce shaleat some stage.Speaking at the CERAWeek by IHS Markit energy forum in Houston, Texas, Al-Mazrouei said that the economics of the energy industry had changed following the…
YOKOHAMA, Japan: Japan’s Nissan Motor and France’s Renault said they would retool the world’s top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future…
YOKOHAMA, Japan: Japan’s Nissan Motor and France’s Renault said they would retool the world’s top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future…
YOKOHAMA, Japan: Japan’s Nissan Motor and France’s Renault said they would retool the world’s top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future…
WOLFSBURG, Germany: Mammoth German carmaker Volkswagen reported Thursday growing profits and revenues in 2018, beating analysts’ forecasts despite enormous charges linked to its “dieselgate” emissions cheating scandal and headwinds from tough new pollution tests.The Wolfsburg-based group said it boosted its bottomline 6.0 percent year-on-year to $13.7 billion (€12.15 billion), higher than expectations from analysts surveyed…
WOLFSBURG, Germany: Mammoth German carmaker Volkswagen reported Thursday growing profits and revenues in 2018, beating analysts’ forecasts despite enormous charges linked to its “dieselgate” emissions cheating scandal and headwinds from tough new pollution tests.The Wolfsburg-based group said it boosted its bottomline 6.0 percent year-on-year to $13.7 billion (€12.15 billion), higher than expectations from analysts surveyed…
