Business
Airline Industry Sees Long-Term Rebound for Sector
After flying into the financial turbulence of the Covid pandemic, the airline sector expects passenger traffic to take off despite concerns about the industry's impact on climate change. In its latest look at trends for the sector, the International Air Transport Association (IATA) said it doesn'
Dubai Non-Oil Foreign Trade Grows 10% to $96.4Bln
Dubai’s non-oil foreign trade grew by 10 percent in Q1 2021, amounting to AED354.4 billion ($96.4 billion), compared to AED323 billion ($87.9 billion) during the same period in 2020. This growth underscores the emirate’s ability to achieve swift economic recovery from the challenges p
Brent crude price exceeds $73 per barrel for the first time in two years
Today, Friday, the price of Brent crude oil exceeded the level of $73 per barrel, for the first time in more than two years. The price of the August futures contract for the North Sea oil mixture “Brent” on the “ICE” exchange in London increased by 0.79% to reach the level
Oil rally has more room to run, Brent expected to hit $80: Goldman
US investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.Brent prices hit $72.93 per barrel this week, their highest leve
BeIN pays 25% less to show live Champions League soccer
BeIN Media Group has retained the exclusive rights to stream the UEFA Champions League soccer tournament across the Middle East and North Africa in a cut-price deal, Bloomberg reported citing a person familiar with the matter. Qatar-based BeIN paid $600 million to renew a contract that will allow
Is Bitcoin headed for a bear market?
Bitcoin’s recent bounce has yet to dispel doubts about its vulnerability. The cryptocurrency has jumped 10 per cent over two days and was trading at $36,993 as of 9am in London (12pm UAE time) on Thursday. While the momentum may cheer bulls, a JPMorgan Chase team said backwardation in the f
Ferrari taps European chip-maker executive as new CEO
Luxury sports carmaker Ferrari has tapped Benedetto Vigna, an Italian executive at Europe's largest semiconductor chipmaker, as its new CEO, the company announced Wednesday. Vigna, 52, will join Ferrari in September from Geneva-based STMicroelectronics, where he has worked for 26 years, m
World Bank predicts 5.6 per cent global growth in 2021
The World Bank upgraded the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades.In its latest Global Economic Prospects report, out Tuesday, the 189-country an
Qatar Airways mystery row with Airbus is finally revealed
A mystery row between Airbus and Qatar Airways, one of its biggest customers, has finally been made public.The airline told Reuters on Tuesday the surface below the paint on some of its Airbus A350s was degrading at an accelerated rate.It warned it would not take more deliveries of the widebody je
Opec chief upbeat on oil outlook, sees crude stocks to fall further
Opec and its allies expect oil inventories to fall further in the coming months, Opec’s secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding.Oil stocks in developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo sai
US regulators approve Biogen Alzheimer's drug
US regulators on Monday approved Biogen's Aducanumab as the first treatment to address an underlying cause of Alzheimer's disease despite debate over mixed clinical trial results for the drug. Aducanumab is one of a long list of drugs that have aimed to remove sticky deposits of a protein
Indias forex reserves rise by over $5 billion
India’s foreign exchange reserves rose by $5.271 billion during the week ended May 28. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21.India’s forex r
Rich nations strike deal to tax big multinational companies
The United States, Britain and other leading nations reached a landmark deal on Saturday to pursue higher global taxation on multinational businesses such as Google, Facebook, Apple and Amazon. In a move that could raise hundreds of billions of dollars to help governments cope with the aftermath
Tesla stock plummets as report shows China orders dropped by half
Tesla shares tumbled on Thursday after a report that the electric-car maker’s Chinese orders dropped by almost half in May. The stock, which was already down more than 30 per cent from the late January peak through Wednesday, slid by more than 5 per cent. Tesla was already down after a US
The AMF appoints Standard Chartered as the Settlement Bank for the Euro in Buna
Abu Dhabi- The Nation Press- The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant
Oil Rises on Demand Prospects
Oil rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they wo
Nissan's Ariya Electric SUV Sales Delayed Due to COVID-19, Chip Shortage
Availability of Nissan Motor Co's Ariya, a new electric SUV, will be delayed due to the coronavirus pandemic and a global shortage of chips, a senior executive at the carmaker said on Friday. Nissan announced last year that it had planned to begin sales of the Ariya in Japan from mid-2021. But th
Turkish lira falls to record low following Erdogan’s call for rate cut
The Turkish lira again slumped to a fresh low early on Wednesday, losing 0.6 percent of its value and hitting a low of 8.88 lira to the US dollar after President Recep Tayyip Erdogan announced his willingness to cut interest rates June 1. The drop is alarming in a country that already faces
