Category Archives: Economy

First warning signs appear for UK’s resilient economy

Britain’s economy has for months defied the cataclysmic predictions made by campaigners for staying in the EU ahead of last year’s referendum but its smooth run shows signs of hitting the skids. As Britain begins the delicate process of extracting

Canada eyes Asia for oil exports

Canada’s natural resource minister said Saturday despite the approval of Keystone XL pipeline, his government remains determined to diversify its oil exports beyond the US. The minister, Jim Carr, told The Associated Press that President Donald Trump’s approval of the

Le Pen’s plan to jettison euro spooks French business

Marine Le Pen

The euro — and her fervent wish to withdraw from it — is a central theme of every stump speech by French far-right presidential candidate Marine Le Pen. Le Pen calls the single European currency “a knife that you stick

Qatar Foundation looks at job cuts amid low oil, gas prices

The Qatar Foundation says it is looking at possible job cuts, the latest Gulf entity to acknowledge being hurt by low global energy prices. The foundation says in a statement Sunday it is “examining our existing operational costs,” when asked

Iran to sanction 15 US companies for Israel ties

Iran will impose sanctions on 15 US companies for their support for Israel and its “terrorist actions”, state news agency IRNA said Sunday. The decision, which is largely symbolic because the firms do not do business with Iran, comes two

UK push for trade with Turkey concerns lawmakers

Britain risks looking as though it has put defense and trade ties with Turkey ahead of human rights concerns as it pushes to secure a closer relationship with Ankara, a committee of lawmakers said on Saturday. The warning comes as

Emaar Malls is latest bidder for regional e-commerce giant Souq.com

The buzz around Souq.com, the Dubai-based e-commerce platform, got more exciting with Al Arabiya reporting that Emaar Malls has made an offer worth $800 million to buy the site. Emaar Malls is headed by chairman Mohamed Alabbar, who is also

Amazon to buy online retailer Souq.com

Amazon.com Inc. has agreed in principle to buy Dubai-based Internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, sources familiar with the deal said on Wednesday. Souq.com, which sells consumer electronics, fashion, household items

Brexit banks set to avoid lengthy euro zone test

Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter. The

Dubai Duty Free expects $2 mln sales hit from electronics ban

Dubai International Airport’s duty free operator estimates that it will lose about $2 million in sales this year from the ban on carrying most electronic devices on United States-bound flights, a senior executive said on Thursday. Under new security measures

Verizon, AT&T suspend ads from Google over offensive videos

US wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google’s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos.

India tries to fix Iran trade payments as Trump hardens line

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the US imposes a fresh financial embargo. President

Red iPhone? The symbolic meaning behind Apple’s newest color

Apple announced Tuesday it is introducing red iPhones and cutting prices on two iPad models. The newly-revealed red color iPhone 7 and iPhone 7 Plus is the sixth color in the range, after jet black, black, silver, gold and rose

David Rockefeller, last grandchild of John D. Rockefeller, dies

David Rockefeller, a former head of Chase Manhattan bank and luminary in political and philanthropic circles, died Monday at the age of 101, a spokesman said. He died in his sleep due to congestive heart failure at his home in

Dubai harvests desert sun at vast solar plant

Dubai on Monday completed a solar plant big enough to power 50,000 homes as part of a plan to generate three-quarters of its energy from renewables by 2050. The 200 megawatt plant sprawls over 4.5 square kilometers (1.73 square miles)

G-20 summit acquiesces to US, drops free-trade pledge

Financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist US after a two-day meeting failed to yield a compromise. Breaking a decade-long tradition of endorsing open trade,

Scots weigh economic uncertainty of independent future

The prospects for Scotland’s economy after Brexit are at the heart of the battle between its pro-independence first minister and British Prime Minister Theresa May, who wants Britain to stay united as it leaves the EU. Nicola Sturgeon has warned

Apple CEO Tim Cook calls for more global trade with China

Apple Chief Executive Tim Cook expressed support for globalisation and said China should continue to open its economy to foreign firms, while speaking at a forum in Beijing on Saturday. “I think it’s important that China continues to open itself

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