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Monthly Archives: July 2016

X-Ray Telemedicine Comes to Cruise Ships

  This month, Carnival subsidiary AIDA Cruises announced a telemedicine partnership with the Institute for Diagnostic and Interventional Radiology at Rostock University, which will allow shipboard medical personnel to share x-ray and ultrasound imagery with specialists on shore.Telemedicine is increasingly common on shore, where primary care providers in outlying locations can share live video feed, imagery or other information with ...

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India Building First Transshipment Port

  An Indian conglomerate has started building the country’s first transshipment port, conceived 25 years ago, and the government will construct another $4 billion facility nearby to create a shipping hub rivalling Chinese facilities in the region. New Delhi will grant billionaire Gautam Adani 16 billion rupees ($240 million) so-called “viability gap” funding to help the new port at Vizhinjam, ...

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Statoil Acquires Interest in Brazil’s Santos Basin

  Statoil and Petrobras have agreed that Statoil will acquire Petrobras’ 66 percent operated interest of the BM-S-8 offshore license in Brazil’s highly prolific Santos basin. The acquisition includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years. Carcará was discovered in 2012, on the geological trend of the nearby ...

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Bezos passes Buffett, becomes third-richest person – Forbes

REUTERS: Jeff Bezos, the founder and chief executive of Amazon.com Inc, has become the world’s third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc. Bezos’ fortune was US$65.3 billion as of 4:30 p.m. EDT (2030 GMT) on Thursday, compared with Buffett’s US$64.9 billion. ...

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Bicycle-sharing scheme to start in Jurong Lake District by end-2017

  SINGAPORE: A self-service bicycle scheme will be piloted in the Jurong Lake District (JLD) by the end of 2017, said the Land Transport Authority (LTA) in a media release on Thursday (Jul 28). The scheme, which will encompass more than 1,000 bicycles and 100 docking stations, will allow members of the public access to a bicycle around the clock. ...

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China says to hold drills with Russia in South China Sea

BEIJING: China and Russia will hold “routine” naval exercises in the South China Sea in September, China’s Defence Ministry said on Thursday, adding that the drills were aimed at strengthening their cooperation and were not aimed at any other country. The exercises come at a time of heightened tension in the contested waters after an arbitration court in the Hague ...

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Lack of exercise costs world $67.5 billion a year

A study of one million people has found that physical inactivity costs the global economy $67.5 billion a year in healthcare and productivity losses, but an hour a day of exercise could eliminate most of that. Sedentary lifestyles are linked to increased risks of heart disease, diabetes and cancer, researchers found, but activity – such as brisk walking – could ...

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New crop of robots to vie for space in operating room

  Even though many doctors see need for improvement, surgical robots are poised for big gains in operating rooms around the world. Within five years, one in three US surgeries – more than double current levels – is expected to be performed with robotic systems, with surgeons sitting at computer consoles guiding mechanical arms. Companies developing new robots also plan ...

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Aramex reports $34m net profit for Q2

  Aramex, a leading global provider of logistics and transportation solutions, has announced a net profit of Dh125.7 million ($34.22 million) in the second quarter of 2016, an increase of 36 per cent compared to Dh92.5 million ($25.18 million) during the same period last year. Aramex’s half year 2016 revenues increased year-on-year to Dh2.13 billion ($580.9 million), up 15 per ...

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Dubai’s DP World inks Taiwan port development deal

Terminal operator DP World and the state-run Taiwan International Ports Corporation (TIPC), have signed a Memorandum of Understanding (MoU) for the development of Kaohsiung Port’s Terminal 7 in Taiwan. The agreement marks the beginning of a joint effort to seek future business opportunities and to steer growth in Taiwan’s port infrastructure, while enhancing the country’s trade potential by establishing seamless ...

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Turkish tourist arrivals plummet 40pc in June

The number of foreigners visiting Turkey plummeted more than 40 percent in June, official data showed on Thursday, marking the biggest drop in at least 22 years as tensions with Russia and a series of deadly bombings kept tourists away. The decline is the latest in a string of bad news for the economy as political and security concerns erode ...

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Abuja–Kaduna railway: FG’s quest to rail-connect major cities in Nigeria ‘ll spur socio-economic development- Peterside

  (TRADE NEWSWIRE):  The socio-economic development of Nigeria would no doubt be fast-tracked with the government’s bid to rail-connect major cities in the country crowned by the inauguration of the Abuja-Kaduna rail services, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said, TRADE NEWSWIRE reports. It should be noted that the recently inaugurated ...

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Police tighten security at Geneva airport after French tipoff

Police in Geneva increased security checks around the Swiss city’s Cointrin airport on Wednesday after receiving information from French police about a possible bomb threat. Preventive security measures were under way around the airport, the police said on their Facebook page, and would continue for an indefinite period. Officers armed with machine guns were on duty around the airport, which ...

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EU abandons budget fines against Spain, Portugal

BRUSSELS: The European Commission on Wednesday (Jul 27) backed away from slapping fines on Spain and Portugal for running high deficits, avoiding what would have been a landmark move to impose tough budget rules. Under bloc regulations, the EU executive could have imposed fines of up to 0.2 per cent of national gross domestic product (GDP) against Madrid and Lisbon ...

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COSCO Bans Shark Fin Shipments

  China’s COSCO Shipping Corporation has announced that it will ban all shark fin shipments, joining a growing number of transport and logistics companies standing up against a brutal trade that kills millions of sharks annually.Wan Min, Director and President of COSCO Shipping, announced that his company will “[…] make sure that no shark fin-related products are carried by our ...

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Gas Hydrates Found in Indian Ocean

  The Government of India has discovered large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. This is the first discovery of its kind in the Indian Ocean that has the potential to be producible.Natural gas hydrates are a naturally occurring, ice-like combination of natural gas and water found in the world’s oceans and polar regions. ...

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Hull Performance Standard Inches Closer

Coating companies are moving forward with their support of ISO 19030, the new standard for measuring hull and propeller performance expected to be finalized this year. This week AkzoNobel’s Marine Coatings business outlined for the first time its full compliance with ISO 19030 which sets standards and methods for measuring hull and propeller performance, and defines performance indicators for hull ...

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For Freighter Crew, An Arrest Means Wages Resume

The crew of a bulker detained and scheduled for auction at Savannah, Georgia have not been able to leave the ship for months – but they say that they may be in a better position than they were before the vessel’s arrest. Creditor Ray Capital contends that the owner of the ship, the geared bulker Newlead Castellano, has stopped paying ...

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Climate Change Threatens 18 U.S. Military Sites

Rising sea levels due to hurricanes and tidal flooding intensified by climate change will put military bases along the U.S. East Coast and Gulf Coast at risk, according to a report released on Wednesday. Nonprofit group the Union of Concerned Scientists analyzed 18 military installations that represent more than 120 coastal bases nationwide to weigh the impact of climate change ...

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China allows citizens to film police amid brutality fears

BEIJING: Chinese citizens are now allowed to film police activity as long as it does not impede law enforcement personnel from performing their duties, amid rising fears of police brutality. The Chinese government approved the move on Tuesday (Jul 26) as it introduced new guidelines for law enforcement personnel in the handling of criminal cases and other incidents, state broadcaster ...

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Louis Moinet celebrates 200 years of chronograph

  Louis Moinet has launched a new timepiece to celebrate the 200th anniversary of inventing the chronograph, and to salute its founder’s indomitably brilliant creative genius. In 1816, Louis Moinet created an artistic and technological masterpiece that created haute horological history. Beating at a rhythm of 216,000 vibrations per hour, designed to observe the orbits of the planets in the ...

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Airlines invest to keep passengers ‘connected’

  Airlines are striving hard to cater to the ‘hyper-connected’ Chinese passengers, who are heavy users of technology both in their everyday lives and throughout their travel journeys, with 80 per cent adopting connected aircraft and 100 per cent investing in mobile-based services and the Internet of Things. In the 2016 Sita Passenger IT Trends Survey, conducted across China and ...

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AccorHotels buys French concierge group

  AccorHotels said on Wednesday it had entered exclusive talks to buy concierge service provider John Paul, further beefing up its response to the challenges of Airbnb. Under the terms of the deal, AccorHotels – the world’s fifth-largest hotel group – will acquire 80 per cent of John Paul for about $150 million in equity and debt, with the company’s ...

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‘Brexile’ urges Britons to seek fortune abroad

  In the early hours of June 24, before most Britons woke up to the fact their country had voted to leave the European Union, Peter Parkinson watched the results from his mother’s home in southeast England and decided that his future now lay in France. By 5 a.m., his friend Tom Phillips had messaged on Facebook to ask him ...

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JLR to launch research vehicles for autonomous tech test

  Jaguar Land Rover (JLR) plans to create a fleet of more than 100 research vehicles to develop and test a wide range of connected and autonomous vehicle (CAV) technologies over the next four years. The first of these research cars will be driven on a new 41-mile test route on motorways and urban roads around Coventry and Solihull in ...

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Tesla’s Model 3 could generate $20bn yearly revenue

  Tesla Motors chief executive Elon Musk said on Tuesday that the company’s Model 3 could generate $20 billion in revenue per year and an annual gross profit of about $5 billion. A “modest capital raise” could be needed to fund Tesla’s strategic plans, and new products in the plan could cost “tens of billions” over time, Musk said at ...

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First baby with Zika-related defect born in Spain

Spain has recorded its first case of a baby born with the microcephaly birth defect associated to the Zika virus, health authorities said on Monday. The mother had been diagnosed with the virus in May and had decided to keep the baby, a spokeswoman for the regional health authorities of Catalonia, where the baby was born, told Reuters.

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Cisco warns against nextgen ransomware

Most organisations are unprepared for future strains of more sophisticated ransomware, a report said, highlighting that fragile infrastructure, and slow detection rates are providing ample time and air cover for adversaries to operate. The struggle to constrain the operational space of attackers is the biggest challenge facing businesses and threatens the underlying foundation required for digital transformation, according to the ...

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Airbus unit in tie-up to combat illegal drones

Airbus DS Electronics and Border Security (EBS) and Dedrone, San Francisco, have signed a cooperation agreement and are joining forces to counter the threat posed by small drones. The partners intend to jointly offer counter-UAV systems that allow unmanned aerial vehicles (UAVs) invading critical airspace to be detected reliably so that electronic countermeasures can be initiated at an early stage. ...

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Japan agrees $2.1bn loan to develop Basra refinery

  Japan has agreed to lend $2.1 billion to Iraq to develop Basra refinery, a top official was quoted as saying in an Iraq Business News report. “The Japanese government has agreed to lend Iraq a loan of $2.1 billion to execute a number of projects for rehabilitating Basra Oil Refinery. The loan will be repaid in 40 years with ...

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Gazprom commissions 10th well at Iraq’s Badra

Russia-based oil and gas giant Gazprom Neft has commissioned its 10th production well (P-07) at the Badra oil field, a report said. With production volumes at the newly launched well now at 6,527 barrels per day, its commissioning has allowed daily production levels at the field to reach 67,000 barrels, added the Iraq Business News report. Three other wells were ...

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Nakheel posts $803m H1 profit

Dubai-based Nakheel, one of the world’s leading developers, today announced a net profit of Dh2.95 billion ($803 million) for the the first six months of 2016, representing a 4 per cent increase on the net profit of Dh2.83 billion in the same period in 2015. Nakheel handed over 1,177 units to customers during the first six months of the year, ...

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Riyadh, Jeddah real estate slowdown continues

  The real estate markets in Saudi Arabia’s Riyadh and Jeddah cities continue to maintain an overall slowdown in performance, according to a JLL report. JLL, a leading global real estate investment and advisory firm, today released its Q2 2016 Riyadh and Jeddah Real Estate Overview reports assessing the latest trends in the office, residential, retail and hotel sectors. Jamil ...

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Ooredoo Group posts H1 revenue of $4.36bn

Qatar-based telecom group Ooredoo has posted revenues of QR15.9 billion ($4.36 billion) for the first half (H1) of the year, as against revenues of QR16.04 billion for H1 2015, marking a dip of one per cent. Group EBITDA stable at QR6.5 billion with an improved EBITDA margin of 41 per cent compared to last year indicating a continued improvement in ...

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Scientists caught off-guard by record temperatures

Record temperatures in the first half of 2016 have taken scientists by surprise despite widespread recognition that extreme weather events are becoming more frequent and intense, the director of the World Climate Research Programme said. The earth is on track for its hottest year on record with June marking the 14th straight month of record heat, the World Meteorological Organization ...

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Huawei’s smartphone shipments jump 25pc in H1

  China’s Huawei Technologies, the world’s third-largest smartphone vendor, said first-half global smartphone shipments jumped 25 percent, helped by rapid growth in traditionally high-end markets such as Europe. Shenzhen-based Huawei, which competes with Samsung Electronics and Apple, shipped 60.5 million smartphones globally in the first half. Huawei’s consumer business group, which includes its smartphone division, booked global revenue of 77.4 ...

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India’s Flipkart buys online fashion store for $70m

India’s biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country’s e-commerce sector as competition intensifies. Flipkart unit Myntra, India’s largest online fashion retailer which is buying Jabong, said on Tuesday the two sites will have a combined base of 15 million monthly ...

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World’s tallest are Dutch, Latvians: 100-year study

  Dutch men and Latvian women are the planet’s tallest people but Iranian men and South Korean women have grown the fastest in the last century, according to the largest ever study of height around the world. Americans, once among the world’s tallest people, have dropped from having men and women at 3rd and 4th in the global height rankings ...

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Mideast hotel occupancy rates drop to 48.9pc

Hotels in the Middle East reported mixed results in key performance metrics this June, posting a 16.3 per cent decrease in occupancy to 48.9 per cent compared to June 2015, said a report. Average daily rate for the month was up 12.5 per cent to $184.69 and revenue per available room dropped 5.9 per cent to $90.25, according to the ...

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Oil falls towards $44, lowest since May

  Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs that the supply glut ...

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Solar success

Solar Impulse CEO and co-founder André Borschberg and Swiss pilot Betrand Piccard, initiator and chairman, wave to the crowd at the Al Bateen Executive Airport in Abu Dhabi, UAE, after the solar-powered plane landed following its historic round-the-world flight without using a drop of fuel.  The aircraft has visited 16 cities across eight countries and four continents with both Piccard ...

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NIMASA committed to implement relevant IMO instruments- Peterside

    (TRADE NEWSWIRE): The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has reaffirmed the Agency’s commitment to implementing all the instruments of the International Maritime Organisation (IMO) to which Nigeria is a party, for the continuous development of the maritime industry, TRADE NEWSWIRE reports. Peterside said, as the IMO Sub Committee Meeting came to an ...

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Satellite Data Could Help Reduce Ocean Noise Risks

  The Canadian Space Agency is helping to fund six projects from Canadian companies that aim to use satellites data to address the noise risks that whales face from maritime traffic in Canadian waters.Noise induces chronic stress in whales, and strong evidence of this effect occur in the days following the September 11 terrorism act when many ships remained in ...

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Move to Digitize Every Fish Species in the World

A University of Washington professor wants to scan and digitize all 25,000 species currently found in the Earth’s oceans.That means each species will soon have a high-resolution, 3-D visual replica online, available to all and downloadable for free. Scientists, teachers, students and amateur ichthyologists will be able to look at the fine details of a smoothhead sculpin’s skeleton, or 3-D ...

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The Looming East Coast Mega Ship Competition

In 2008, Sea-Point of Orleans undertook a study comparing maritime versus railway container freight rates between a California coastal port and the Port of Memphis on the inland waterway. Despite covering three times the distance as trains and paying the Panama Canal a per container transit tariff, maritime savings approached $2,000 per container compared to railway transportation. Such savings formed ...

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Kenya’s First Internationally-Classed Newbuild

Southern Engineering Company of Kenya has completed the nation’s first locally-built and internationally-classed vessel – a 2,500dwt flat-bottomed barge. The vessel meets the standards of the Indian Register of Shipping (IRClass) and will be deployed for transportation of heavy machinery and marine cargo along the East African coast. It will initially be used in the construction of Lamu Port. Seco’s ...

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ASEAN Breaks Deadlock on South China Sea Issue

Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request for their joint statement to mention a landmark legal ruling on the South China Sea, officials said, after objections from Cambodia. Beijing publicly thanked Cambodia for supporting its stance on maritime disputes, a position which threw the regional block’s weekend meeting in the Laos capital ...

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Dubai hotel to feature in-house tropical rainforest, artifical beach

  A new hotel complete with an artificial beach and rainforest within the property is set to find a home in Dubai’s growing hospitality sector, said a report. Located on Dubai’s Sheikh Zayed Road, the Rosemont Hotel & Residences is currently under construction and is expected to open in 2018, a report in The National said. The unique setup will be developed ...

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GM, Isuzu end pick-up truck tie-up

  General Motors Co and Isuzu Motor Co have agreed to stop working together on developing midsize pick-up trucks made in Asia, as the US automaker focuses on the higher end of the market while the Japanese firm sticks to selling vehicles for everyday commercial purposes. The automakers said on Friday they had cancelled their pick-up truck deal struck in ...

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Obama’s brother says to vote for Trump

President Barack Obama’s half-brother, Malik Obama, says he will vote for Republican nominee Donald Trump in the US election in November because he likes the candidate and he is unhappy with his brother’s leadership. Malik, who is in his 50s, told Reuters by phone from Obama’s ancestral home of Kogelo in western Kenya that he supports Trump’s policies, especially his ...

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Turkish Airlines fires over 100 personnel

  Turkey’s state-run Turkish Airlines fired more than 100 employees, including management and cabin crew, as part of a purge at state institutions to root out supporters of an abortive coup, Turkish media reported on Monday. The dismissals at the national carrier occurred late on Sunday after it was determined the employees were linked to a religious movement President Tayyip ...

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HSBC in talks to sell Lebanese business to Blom Bank

  HSBC Bank Middle East, a wholly-owned subsidiary of HSBC Holdings, said on Monday it was in discussions to sell its Lebanese business to Lebanon’s Blom Bank. There was no certainty about whether a binding transaction would result from the discussions but HSBC would make further disclosures if appropriate, it said in an emailed statement. HSBC has been seeking to ...

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Oil near 2-month lows on glut worries

Crude prices inched down on Monday in Asia, staying not far from two-month lows hit in the previous session, amid worries over a global oil glut. A strong dollar and the fourth weekly rise in the U.S. oil rig count have helped relieve pressure on crude futures. London Brent crude for September delivery was down 4 cents at $45.65 a ...

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Future bus

The Mercedes-Benz Future Bus with CityPilot drives at speeds up to 70 km per hour, halts to the nearest centimetre at bus stops, drives off again automatically, brakes for obstacles or pedestrians and communicates with traffic signals. Daimler Buses, the world’s biggest bus manufacturer, recently unveiled its autonomously driving city bus of the future, which drove for the first time ...

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Turkey ruling, opposition parties rally together

  Tens of thousands of supporters of Turkey’s ruling and main opposition parties, usually bitter foes, rallied together on Sunday in support of democracy following a failed military coup as President Tayyip Erdogan tightens his grip on the country. Demonstrators held a cross-party “Republic and Democracy” rally in Istanbul’s central Taksim Square in a spirit of unity following the failed ...

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Algosaibi signs debt restructure deal with steering group

Ahmad Hamad Algosaibi and Brothers (Ahab) has signed a deal with a committee representing creditor banks to restructure the Saudi Arabian family conglomerate’s debt pile, it said in a statement on Monday. This is the latest move to resolve one of the Middle East’s longest-running debt disputes. Bankruptcy law is opaque and untested in Saudi Arabia, part of the reason ...

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Abu Dhabi real estate market suffers decline

The real estate market in Abu Dhabi, UAE, saw a minor decline during the second quarter in most sectors for the first time in three years, said a report.  While supply is under control, reduced demand from the contraction of the oil sector and lower government spending has started to affect real estate markets, said the JLL Abu Dhabi Real ...

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Tanzania hands out cash to help its very poorest kickstart businesses

KIKWEMBE, Tanzania – Tatu Mtulya looks older than her age. Her sun-parched skin and the repairs to her well-worn dress say it all. She is poor. The 49-year-old single mother lives in a grass-thatched house with her four children in a village next to a highway in Tanzania’s northern Muheza district. She is among thousands of women from families deemed ...

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Seafarer’s certification: NIMASA to Certify Naval Officers and Ratings in Line with STCW

    (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to certify Officers and Ratings of the Nigerian Navy in line with the requirements of Standards of Training Certification and Watchkeeping (STCW), TRADE NEWSWIRE reports. The 1978 Standards of Training Certification and Watchkeeping (STCW): Convention was the first to establish basic requirements on training, certification and ...

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FDA raises concerns over Valeant’s eye drop

Valeant Pharmaceuticals International said on Friday U.S. regulators have raised concerns over a new eye drop manufactured at a Bausch + Lomb facility in Florida. The U.S. Food and Drug Administration, in a complete response letter (CRL) regarding the eye drop for a type of glaucoma, raised concerns over Current Good Manufacturing Practice at the unit. The letter did not ...

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Early bedtime for preschoolers may ward off teen obesity

It’s never too early to get kids into good sleep habits, and those habits might even protect against obesity later in life, a recent U.S. study suggests. Preschoolers who were in bed by 8 p.m. were half as likely to be obese 10 years later as their peers who were still up after 9 p.m., researchers report in the Journal ...

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IS-linked newspaper Al Fatihin to be prohibited in Singapore

SINGAPORE: Authorities on Friday (Jul 22) gazetted Al Fatihin – a newspaper published by an Islamic State-linked media agency – as a prohibited publication, making it an offence to possess or distribute the paper. Al Fatihin is published by Furat Media, an Islamic State of Iraq and Syria (ISIS) affiliated media agency. In a media statement, the Ministry of Communications ...

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Suspension of MH370 search looms as hopes ‘fade’: Ministers

KUALA LUMPUR: Malaysia, China and Australia on Friday (Jul 22) said that the search for missing Malaysia Airlines flight MH370 would be suspended after the current search area has been scoured. At a meeting in Putrajaya, the transport ministers from the three countries also acknowledged that it was unlikely that the Boeing 777 would be found, despite the best efforts of ...

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Magic marker! A pen that draws electric circuit

A Japanese startup has developed a pen that can bring pictures to life using a silver quick drying ink that conducts electricity. The “Circuit Marker” allows users to draw an electric circuit that can withstand up to 100 volts. The circuits are capable of lighting lamps and powering motors. Inventors AgIC demonstrated the pen by drawing a series of buildings ...

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‘Mission Impossible’: Tight Brexit timeline unsettles Germans

German Chancellor Angela Merkel and fellow European leaders are pressing the new British government to trigger divorce proceedings with the European Union as soon as possible. But behind the scenes, senior German officials who spoke to Reuters on condition of anonymity due to the sensitivity of the issue, say they fear a swift move by London to invoke Article 50 ...

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Al Jazeera to launch digital streaming service in US again

Al Jazeera Media Network is preparing to make its English language international news channel video content digitally available to US viewers again, according to a July 21 email sent to employees obtained by Reuters. The move comes almost three months after it shut down its US cable television network, Al Jazeera America, citing economic challenges in the US media market. ...

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UK economy wilting fast after Brexit vote

Britain’s economy appears to be shrinking at the fastest rate since the financial crisis in the wake of last month’s Brexit vote, according to a business activity index that posted the biggest drop in its 20-year history. An early edition of Markit’s purchasing managers’ indices showed the services sector – one of the few drivers of British economic growth – ...

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Tullow Project Moves Ahead Offshore Ghana

In the depths of Ghana’s fiscal crisis in 2014 policymakers looked forward to a time when a new oil field would open to boost the economy. That time has come but there’s a catch: oil prices have halved since the project started. The drop in the crude price to under $50 a barrel reduces the short-term boost to government revenue ...

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Australian Regulator Approves Asciano Buyout

Australia’s antitrust watchdog has given the green light to a A$9.1 billion ($6.79 billion) buyout of rail freight giant Asciano by a global consortium led by Canada’s Brookfield Asset Management.The Australian Competition and Consumer Commission (ACCC) had been concerned the deal would give Asciano’s new owners, which include Australian stevedoring company Qube Holdings, too much control of the freight market.ACCC ...

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Cruise Ships, Resorts Planned for South China Sea

  Up to eight Chinese ships will offer cruises to the South China Sea over the next five years, a state-run newspaper said on Thursday, as Beijing continues to promote tourism to the disputed waters.Sanya International Cruise Development, a joint venture by COSCO Shipping, China National Travel Service (HK) Group and China Communications Construction, will buy between five and eight ...

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Samsung Electronics buys US$450 million stake in Chinese electric car firm BYD

 BEIJING: Samsung Electronics is to pay 3 billion yuan (US$450 million) for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd, the Chinese company said in a stock exchange filing on Thursday. Automakers and technology companies have formed a series of partnerships in recent years as the race to develop electric, self-driving, internet-connected vehicles has created ...

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MasterCard to buy 92.4 percent of UK-based VocaLink for US$920 million

  MasterCard Inc said it had agreed to buy 92.4 percent of the UK-based VocaLink Holdings Ltd for about US$920 million (700 million pounds), after adjusting for cash and certain estimated liabilities. VocaLink operates payments technology platforms on behalf of UK payment schemes. A majority of VocaLinks shareholders will retain a 7.6 percent stake in the firm for at least ...

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British clothing retailers face Brexit double whammy

LONDON: Already hamstrung by the battle to compete with online rivals, Britain’s major clothing retailers now risk a hit to sales and profits from the higher costs and plummeting consumer confidence that have followed the vote to leave the European Union. A month after that vote, clothing sellers are nursing big share price falls and contemplating the cost of the ...

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France to probe security failings in attack in Nice

PARIS: The French government on Thursday (Jul 21) announced a probe into security measures taken for the Bastille Day celebrations in Nice following accusations after the truck massacre that authorities had underestimated the militant threat. A week after Mohamed Lahouaiej Bouhlel ploughed a 19-tonne truck into a crowd, killing 84 people, five suspects arrested over links to the Tunisian were ...

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Brexit dents global economic outlook, fiscal stimulus ahead: Reuters poll

Confidence in prospects for the global economy has been dented following Britain’s vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed. Broad worries about political risks are also on the rise everywhere and not restricted just to Brexit’s repercussions and ...

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Plane diverted after drunk Aussies brawl

JAKARTA: A rowdy brawl among a group of drunken Australians forced a plane to make an unscheduled landing in Indonesia, an official said on Thursday (Jul 21). The Jetstar flight from Australia to Thailand was forced to reroute to the Indonesian resort island of Bali on Wednesday evening after several passengers began fighting. The pilot requested permission to land at ...

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GM recalling nearly 290,000 US cars for air bag defect

  WASHINGTON: General Motors Co said Thursday it is recalling nearly 290,000 older Chevrolet Impala cars in the United States because the air bag may not deploy in the event of the crash. The largest U.S. automaker said the front passenger seat frame in the 2009 and 2010 model Impala cars may rub against and damage electrical wires, which could ...

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Oman to launch new airline in November

  Oman’s newest air operator, Salalah Air, is expected to begin short-haul domestic flights this November, said Sam Owen, founder and CEO of the new carrier. In an interview with Times Oman, Owen said the new regional air service provider will connect the capital of Dhofar with the main destinations in Oman before rolling out a charter service to link ...

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Emerging market debt triples since 2005, posing threat

  Developing countries have nearly tripled their external debt over the past decade, outpacing economic growth and increases in foreign exchange reserves – which could leave them open in the future to a “systemic crisis”, ratings agency Moody’s said on Thursday. Emerging market governments and companies around the globe have rushed in recent years to take advantage of rock-bottom global ...

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VW profit tops forecast, but takes another dieselgate hit

  Volkswagen said cost cutting and rising European car sales helped it to beat first-half underlying profit forecasts, though it set aside another €2.2 billion euros ($2.4 billion) to cover costs related to its “dieselgate” emissions scandal. Europe’s biggest carmaker is battling to restore its reputation after admitting in September to fitting illegal software that could deactivate emissions controls on ...

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Hyundai plans standalone store for luxury brand

Hyundai Motor on Thursday said it plans to open its first dedicated store for its Genesis luxury car line near Seoul later this year, as the South Korean automaker looks to build a separate identity for the brand. Hyundai Motor, best known as a value automaker, launched Genesis as a standalone brand in November hoping to compete with the likes ...

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Pokemon Go seen making billions for Apple

Apple stands to rake in $3 billion in revenue from the Pokemon Go craze in the next one to two years as gamers buy “PokeCoins” from its app store, brokerage Needham & Co said. Pokemon Go, the augmented reality game from Japan’s Nintendo Co Ltd, can be downloaded for free but iPhone users can use PokeCoins to buy additional features. ...

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Iran firm plans 34 mining projects by mid-March 2017

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) plans to carry out 34 mining projects by mid-March 2017, a senior industrial official said in a report. The projects will be completed at a cost of $7.2 billion, Mehdi Karbasian, deputy trade minister and head of IMIDRO, was quoted as saying in an Iran Daily News report, citing ...

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ABB wins orders for world’s first 1,100 kV UHVDC power link

  ABB, a leading global technology company in power and automation, has won orders worth over $300 million to supply breakthrough technologies for the world’s first 1,100 kilovolt (kV) ultra-high-voltage direct current (UHVDC) transmission link in China. The Changji-Guquan UHVDC link will transmit power from the Xinjiang region in the Northwest, to Anhui province in eastern China and will set ...

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Iran offers services for Africa construction sector

  Iran is willing to provide technical and engineering services for African infrastructure projects, a senior government official was quoted as saying in an Iran Daily report. Mohammadreza Nematzadeh, the Iranian minister for industry, mine and trade, highlighted the country’s experience in mass construction in building two million houses. The know-how has been transferred to Venezuela and a number of ...

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Jazeera to build new terminal at Kuwait airport

  Kuwaiti government has allocated land to Jazeera Airways for the construction of a dedicated passenger terminal and car park buildings at Kuwait International Airport. One of the leading low-cost carriers in the Middle East region, Jazeera Airways said the total investment in the project is likely to top KD14 million ($46.2 million), and the work is due to be  ...

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Marking Moon mission

DubaiSat-2, the second Earth observation satellite owned and operated by UAE’s Mohammed Bin Rashid Space Centre, has captured a clear, high-resolution image of the Moon in its crescent phase to mark the 47th anniversary of the first manned mission to land on the lunar surface

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Middle East M&A transactions down 29pc

The value of announced mergers & acquisitions (M&A) transactions with any Middle Eastern involvement reached $18.7 billion during the first half of 2016, a decline of 29 per cent compared to the first half of 2015, according to a report. The value of announced mergers & acquisitions transactions with any Middle Eastern involvement reached $18.7 billion during the first half ...

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Bahrain’s foreign ownership move to boost property sector

The recent decision by the Bahraini government to allow foreigner investors 100 per cent ownership in various sectors of the market is likely to have a positive long term impact on the kingdom’s property markets, according to leading international real estate consultants, Cluttons. Harry Goodson-Wickes, the head of Cluttons Bahrain and Saudi Arabia, said: “The government’s decision to allow 100 ...

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Lufthansa in talks to buy planes from Air Berlin

Germany’s biggest airline Lufthansa is in talks to buy about a quarter of the planes owned by smaller peer Air Berlin, one of the equity-stake partner airlines of Abu Dhabi-based Etihad Airways, three people familiar with the matter told Reuters. Lufthansa is eyeing roughly 40 of Air Berlin’s 150 planes, including crews, the people said, adding the planes in question ...

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Erdogan declares three-month state of emergency

Turkish President Tayyip Erdogan declared a state of emergency on Wednesday as he widened a crackdown against thousands of members of the security forces, judiciary, civil service and academia after a failed military coup. Erdogan said the state of emergency, which would last three months, would allow his government to take swift and effective measures against supporters of the coup ...

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UAE non-oil growth to hit 4pc medium term

Non-hydrocarbon growth in the UAE is expected to increase by more than 4 percent over the medium term as the dampening effect of fiscal consolidation is offset by improvements in economic sentiment and financial conditions, the International Monetary Fund (IMF) has said. This will be aided by a rise in oil prices, a pickup in private investment in the run-up ...

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Oil price to reach $85 by 2019: Barclays

Barclays expect oil prices to reach $85 by 2019, a year sooner than previously forecast, the British multinational and financial services company said in a new report. Few dispute that oil prices will eventually rebound, but the conditions and timing remain highly uncertain, noted the report titled “Affirming ‘Upward Bound’”. “Since our previous analysis of medium-term prices (October 2015), geopolitical ...

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GCC building exterior market to hit $12bn

  Spending on building exteriors in the GCC will increase from $8 billion this year to $12 billion in 2024, according to a new regional market study. Accounting for 41.8 per cent of the overall façades market last year, the building exteriors market in Saudi Arabia is estimated to grow to $5.5 billion by 2024, up from $3 billion this ...

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Atiku kicks as Ribadu returns to APC

  Nuhu Ribadu has returned to the All Progressives Congress (APC), The Nation learnt yesterday. The former Economic and Financial Crimes Commission (EFCC) Chairman got a letter from Adamawa State chapter of the party seeking his return to the party. He is going to be readmitted with a former governorship candidate of the defunct Action Congress of Nigeria( ACN ) in ...

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Abu Dhabi fund vows to remain long-term investor

Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, said on Wednesday it would remain a patient, long-term investor despite a drop in its returns last year due to slowing global growth. In US dollar terms, the 20-year annualised rate of return on ADIA’s portfolio fell to 6.5 percent in 2015 from 7.4 percent the year ...

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Saudi Electricity Company Q2 profit plunges 28pc

  Saudi Electricity Company (SEC), the largest utility firm in the Gulf region, has reported a 27.7 per cent decline in the second-quarter net profit over the same period last year. The company, which the government is aiming to restructure to improve efficiency, made a net profit of SR1.43 billion ($381.3 million) in the three months to June 30, according ...

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Aramco signs deals for $13bn Fadhili gas project

State oil giant Saudi Aramco signed four engineering contracts to build its Fadhili gas processing project, the company announced at a press conference on Wednesday. The contracts, with firms including Saudi Electricity Company and France’s Engie, are expected to permit completion of the SR50 billion ($13.3 billion) project by the end of 2019, the company said. Other contracts for the ...

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US agrees $785m bomb sale to UAE against Islamic State

The US State Department has approved the sale of $785 million in bombs to the United Arab Emirates for the US-led campaign against Islamic State militants in Syria and Iraq, the Pentagon said on Tuesday. A statement said the Defence Security Cooperation Agency, which facilitates foreign arms sales, told lawmakers on Tuesday that the sales had been approved. Lawmakers have ...

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SoftBank’s Son challenges investors to ‘feel the force’ of his US$32 billion ARM gamble

TOKYO: SoftBank Corp founder Masayoshi Son, who created a US$68 billion tech investment behemoth from a US$50,000 start-up, has divided investors and analysts with his latest “crazy idea”, the US$32 billion acquisition of chip designer ARM Holdings . Visionary, risky, or both, the deal announced on Monday caught them all on the hop. But in the way it was struck ...

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