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February 18, 2015

The announcement comes at a time when many other banks have scaled back or sold their energy and commodities businesses.
20:36 GMT
Oil markets opened stronger on Tuesday, continuing a rally that has seen Brent crude futures soar 8 percent since mid-January.
The researcher says the group has the ability to develop more Trojans using advanced techniques.
15:08 GMT
They call themselves Desert Falcons and are perhaps the first known Arab group of cyber criminals who have been targeting unsuspecting users in several countries in the regio.
Looking ahead to 2015 projects, the report said that figures across both the building construction and interiors markets are set to increase further.
14:57 GMT
The GCC construction sector will continue to record robust activity, with projects worth $72 billion on track to be completed in 2015.
Egypt has been suffering from an acute energy crunch as foreign oil companies suspend extraction works on the back of growing arrears as political turmoil.
14:51 GMT
Egypt’s government is set to discuss establishing an independent entity for the transmission of electricity in a move that would allow private sector participation in the market.
But with a market still viewed by most companies and investors as risky, to say the least, Unit One had to go the extra mile to prove his company’s ability to deliver.
14:36 GMT
From a small two-room office in Al-Rimal neighborhood in Gaza, Lozon and his partner Ahmed Abu Shaban co-founded Unit One as a self-funded software development startup in 2005.
"The appetite for investments in the Middle East is close to zero, mainly as a result of the unpredictability of the region," he said.
08:25 GMT
Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.
Mohamed Elias, project manager at Global Scan Technologies, said ID cards of employees are being tracked and monitored.
08:18 GMT
From driving schools, to facility management and utility companies, private firms in Dubai are tracking their employees to fix lapses and prevent cheating at work.
Dubai-based Emirates Airline was forced into a court case in the UK after losing the baggage of a passenger in Dubai.
08:05 GMT
After an exchange of what he claims “more than 100 emails” over the next few weeks, Khan took the issue to the small claims court.
 According to a recent OECD multilateral covenant, the Israel Tax Authority is entitled to receive information about foreign bank accounts that are closed and the names of the account holders.
07:49 GMT
Israelis with relatively "small" bank accounts in Switzerland are reportedly emptying them out and bringing the money to Israel in cash, usually through Ben Gurion airport.
The perfect portfolio adapts to shifts in the global economy, and includes elements of diversification.
07:37 GMT
If you are “all in” on Middle East equities, it might be a good idea to add some diversification to your portfolio, said an investment expert listing top picks for regional investors in 2015.
“The ministry will strike with an iron fist [when it comes] to controlling prices and preventing monopolization or fraud,” Hakim said at a news conference.
07:33 GMT
“The ministry will strike with an iron fist [when it comes] to controlling prices and preventing monopolization or fraud,” Hakim said at a news conference.

February 17, 2015

Global inventories have already been rising at a dramatic pace. Total crude stocks hit an all-time record high this week of 413 million barrels in the US.
21:05 GMT
With global oil supply running 1.4 million barrels per day above global demand in the first half of 2015, inventory dynamics will continue to deteriorate,
“People were driven more by emotional investment in the past few years. They have a greater understanding of global economies and markets,” Al Gharabally said.
20:55 GMT
Despite falling oil prices, wealthy GCC investors’ appetite for global investments strategies has increased after a difficult 2013 and 2014.
Lower oil prices are expected to feed through into reduced economic growth in the Gulf Arab state this year.
20:38 GMT
Profit growth at banks in the United Arab Emirates (UAE) is expected to slip to 5-6 per cent in 2015 as macroeconomic challenges and the absence of big improvements in asset quality strangle lenders' earnings.
Earlier this year six Hezbollah fighters were killed in Golan Heights by Israeli airstrikes, sparking a retaliatory attacks and increased resistance in the area. (AFP/File)
12:44 GMT
After having won the Israeli bid for a three year contract for conventional oil exploration, Afek Oil and Gas, a subsidiary of US-based Genie Energy, has begun oil drilling in the southern Golan Heights.
The study reveals that geopolitical events also intensified the migration of new wealth to the region.
11:12 GMT
Private wealth in the GCC has doubled from $1.1 trillion in 2010 to $2.2 trillion in 2014 at an overall compound annual growth rate (CAGR) of 17.5 percent.
But with more satellites being sent up, bringing costs down, and airlines more aware of the money-making possibilities, price is no longer such a stumbling block, industry watchers say.
11:03 GMT
Europe's airlines are racing to add Wi-Fi to their planes, eager to attract Internet-hungry customers in a cut-throat short-haul market.
There are ways to modify one’s behavior as an investor.
10:53 GMT
Mr Hsu points out that the self-defeating behavior of investors who correctly chose winning strategies, such as value, but underperformed because of their timing, has interesting implications.
With the economy back on recovery mode, many state-backed firms have begun to spend on new infrastructure and retail projects.
04:55 GMT
Construction projects with a combined value of $67.6 billion were completed in 2014 in the GCC, according to a new study by Ventures ME.
Companies may use this as a golden opportunity to identify talent critical to the organisation.
04:55 GMT
Employers should have a differentiated monetary incentive policy to keep critical talent in an organisation since this might be a bumpy year for companies in the Middle East as crude oil prices fall,
In return, Baghdad would reinstate budget payments to the Kurds, which it had cut early in 2014 as punishment for the region's moves to export oil independently.
04:55 GMT
Talks aimed at permanently resolving a dispute between Baghdad and Kurdish regional authorities over oil exports hit a snag over the weekend with Kurds.

February 16, 2015

“It’s fair to say that the ‘economic miracle’ seen during the 2000s has come to an end,” said Jackson.
18:47 GMT
Concerns are growing over the health of the Turkish economy, long seen as a star performer among emerging markets, partly due to unorthodox statements by President Recep Tayyip Erdogan on economic policy.
The tax is currently in the spotlight with oil prices fluctuating, and GCC governments said to be cutting costs.
18:40 GMT
Gulf states are yet to finalise their decisions to introduce value-added tax (VAT), but are expected to meet later this month to continue talks.
US made equipment accounts for 60% of Egypt’s current military equipment, while the remaining 40% are old Russian weapons, he added.
18:34 GMT
After increasingly strained relations with the US, Egypt is now seeking to diversify its sources of weaponry, Egyptian military experts told Daily News Egypt on Sunday.
The price the Dewa managed to get for phase two of the Mohammed bin Rashid Al Maktoum Solar Park has set a new world record in photovoltaic power projects.
18:27 GMT
UAE stocks jumped more than 1 per cent on Sunday, buoyed by strong crude oil, with Damac Properties leading the gains in trade on the Dubai Financial Market (DFM).
Around 3,500 investors and financial institutions from 120 countries are expected to participate in the conference.CFH will promote four projects in the fields of transportation, real estate development, tourism, petrochemical and industry during the conference.
18:21 GMT
The government has tasked a number of local market investment banks with promoting projects that the government will present during March’s Economic Summit in Sharm El-Sheikh.
Islamic financial companies in the Russian market are likely to make attempts to combine efforts for creation of a fund that would attract investments.
18:12 GMT
Russia is among the largest newsmakers in the world’s political and economic arena. Yet, in the world of Islamic finance, it still lags behind the rapidly developing industry.
A total of 64% of employers across the GCC, the Levant and North Africa have hired new employees in the past six months, compared to 69% in the UAE who have done the same.
11:00 GMT
36% of companies in the UAE are definitely hiring talent in the coming three months. 69% of those looking to hire will be recruiting up to 10 people.
Google is working on plans for a self-driving car, but that is not part of Apple's plan, the Journal said.
09:04 GMT
Apple Inc has a secret lab working on the creation of an Apple-branded electric car, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Despite the price rises of the past two weeks, analysts say significant oversupply remains in oil markets as output stays high while demand is relatively low.
08:49 GMT
Oil prices turned lower on Monday after a firm start, with an oversupply continuing to weigh on the market despite data showing Japan had pulled out of recession.
Cuts follow Saudi Arabia reduced pricing to Asia last week to the lowest in at least 14 years
08:36 GMT
Iraq and Iran cut their prices for March crude oil deliveries to Asia to the lowest in more than a decade, signalling the battle for a share of Opec’s largest market is intensifying.
n Egypt people spend almost 25 percent of their time in traffic.
08:05 GMT
Businessmen and employees in different fields can better avoid wasted driving time due to heavy traffic by using Microsoft's new HoloLens.
According to estimates, Turks hold some 3,500 tons of gold. Banks have sought to capitalize on the tradition by offering accounts denominated in gold.
04:39 GMT
Gold is hugely prized in Turkey not just for ornamentation or investment by banks but as a secure way for private individuals to hold their savings.
But the participants did not shed any light on the size of Egyptian investments in Lebanon.
04:35 GMT
It has been one of the key foreign investors in the Egyptian economy over the past few years, ministers and officials said Friday.
The sub-headline of the pro-government Al-Masry Al-Youm newspaper 's lead story on 3 February proclaimed: "Egypt to confront summer blackouts with Israeli gas. "
04:26 GMT
More than four years later, Egyptian officials are negotiating a reversal of the gas deal through the very same pipeline that exported the gas to Israel.
The gang, which Kaspersky dubbed Carbanak, takes the unusual approach of stealing directly from banks, rather than posing as customers to withdraw money from companies’ or individuals’ accounts.
04:18 GMT
A multinational gang of cyber criminals has stolen as much as $1 billion from as many as 100 financial institutions around the world in about two years.

February 15, 2015

The fields in Abu Dhabi produce 1.6 million barrels per day and are expected to reach 1.8 million bpd from 2017, which would account for 6 percent of Total’s output.
17:19 GMT
The chief executive of Total hailed the renewal of its oil field concession in Abu Dhabi as a “blockbuster” Thursday and did not deny the French oil major may have coughed up over $2 billion to sign the deal.
Hadid's presence lends itself to the argument that Miami is being transformed into a world class metropolis, including new museums and art spaces, adding new layers of sophistication to its sun-kissed appeal.Zaha Hadid brings her creative touch to Miami skyline
MIAMI, 22 hours, 18 minutes ago
For renowned international architect Zaha Hadid, something in Miami never added up: the architecture didn't match the city.

The city lacked residences to back up its diverse, international population and burgeoning reputation for high-end culture, including Art Basel, a large, annual contemporary fair.

With that in mind, she recently broke ground on her luxury tower on Miami's downtown
17:10 GMT
The Iraqi-born "starchitect" is better known for her innovative cultural works - museums and opera houses - as well as sports stadiums, dotted around the globe from Michigan to Beijing.
The carrier in January said it bought a 49-per cent stake in Jordan's Petro Airlines, which will be rebranded as Air Arabia Jordan and begin operations in the first quarter.
17:03 GMT
Air Arabia, the United Arab Emirates' only listed airline, blamed fuel hedging as it reported a 30 per cent fall in fourth-quarter net profit on Sunday
Guest arrivals to the emirate’s heritage heartland city of Al Ain also posted an 11 per cent increase.
16:58 GMT
Abu Dhabi’s hospitality sector witnessed a positive growth last year with guest arrivals reaching 3,494,063 – a year-on-year rise of 25 per cent.
The website was branded with two logos regularly used by Daesh, including the black flag.
16:52 GMT
The website of the Al Ittihad newspaper was purportedly hacked by a group claiming affiliation with Daesh.
As the talent gap grows, businesses of all sizes are seeking actionable solutions for closing it.
16:48 GMT
The UAE ranked as the fifth highest country in terms of online talent hiring spend while the total online hiring spend for businesses globally reached a record Dh3.5 billion ($952 million) in 2014, a report said.
Now that Valentine’s Day with its overpriced gifts is finally behind us, we may take a few weeks before another commercialised occasion or holiday hits us.
16:43 GMT
Even for holidays and occasions that matter to you, how you celebrate them shouldn’t be dictated by what’s in vogue.
"No study or research about cancer has proved that non-ionizing radiation causes cancer."
16:38 GMT
There is a campaign doing the rounds that the use of mobile phones or the proximity to mobile phone towers can cause cancer.
Global oil prices rallied this week having fallen 60 percent in six months.
16:32 GMT
The United States and five of its European allies on Saturday warned that Libya could face bankruptcy if its oil output and prices on international markets continue to fall.
Talks are ongoing in Qatar and the United Arab Emirates among others.
11:25 GMT
Landing the contract will come as a relief to Dassault Aviation, which had yet to secure a single foreign sale after nearly three decades of development that cost tens of billions of euros.
The statement did not make immediately clear whether al-Mady would be leaving his post at Saudi Basic Industries Corp.
10:21 GMT
New Saudi King Salman appointed SABIC CEO Mohamed al-Mady as the president of the country’s military industries corporation,
Dubai World entered the tribunal process last month after passing the threshold needed to change the terms of its existing restructuring.
10:14 GMT
State-owned conglomerate Dubai World has received approval from all creditors for a $14.6 billion restructuring plan.
As of Sunday, customers can start subscribing and using the service, according to the company.
09:59 GMT
Zain Jordan on Saturday launched fourth generation\long-term evolution (LTE) services in the Kingdom, which the government said will significantly drive data consumption.
Opec officials have expressed cautious optimism about the price recovery and noted signs of higher demand.
09:30 GMT
The world's three big energy agencies are forecasting higher demand for Opec's crude oil this year, a sign the producing nations' strategy to let prices fall is starting to win them back market share from rivals who are cutting output.
According to the Interior Ministry, Jordan’s population is estimated to have reached around 8 million by 2015, but other unofficial figures indicate that the population of Jordan stands at nearly 9 million.
09:22 GMT
He explained that the data will also include socio-economic characteristics, which will be the basis of policies to address and safeguard the rights of Syrians.