Category: Business

Saudi wealth fund to tap $7b loan for new investments

Riyadh: Saudi Arabia’s sovereign wealth fund plans to raise as much as $7 billion in loans as it seeks cash for new investments. The Public Investment Fund has approached international banks to participate in the multi-currency revolving facility of between…

UAE’s airlines have a say in country’s soft power influence

First impressions… National carriers and hub airports have roles to play in dictating a nation’s soft power. Image Credit: Gulf News Archive The UAE has been named the leading “soft power nation” in the Middle East – and 18th across…

UK’s jet engine maker Rolls-Royce has designs on narrow-body jets

File image of a Trent 900 jet engine… Now, Rolls-Royce wants to chase other options that are lining up in the aviation industry. Image Credit: Bloomberg London: Rolls-Royce Holdings plc said the coronavirus crisis may provide it with space for…

Women, lower-income workers worst hit by pandemic’s impact on wages

New York: The pandemic is depressing wages, with International Labour Organization data showing the brunt is being borne by women and the lowest paid. Average pay in Japan, South Korea and the UK came under pressure in the first-half of…

Saudi Arabia’s businesses are hiring again as economy records small gains

Positives are showing up on Saudi Arabia’s economic radar, with businesses recording improvements on output and orders. Image Credit: Reuters Dubai: Saudi Arabia’s employment numbers have made a welcome return to growth for the first time since January, giving enough…

Electric vehicle billionaires turned fabulously wealthy in 2020

ELITE OF THE ELECTRIC VEHICLE SPHERE: (Clockwise from top left) William Li of Nio Inc., Elon Musk of Tesla, Wang Chuanfu of BYD, Henrik Fisker of Fisker, Robin Zeng of CATL, and He Xiaopeng of XPeng Inc. Image Credit: File…

Tata near deal to buy Alibaba-backed Indian online grocer

Bombay House, the Tata group’s head office, in Mumbai. Tata Group is in advanced talks to buy as much as 80 per cent of BigBasket in a deal that is likely to value the local online grocer backed by Alibaba…

Dubai International adds Israel’s Israir to airlines operating from the airport

Israir will operate up to 14 weekly flights using its Airbus A320 aircraft between Dubai and Tel Aviv. Image Credit: Supplied Dubai: Dubai International (DXB) has added a new member to its airline family with the historic arrival of Israeli…

Asian stocks bounce on hopes for US stimulus, vaccine

FILE PHOTO: Men wearing protective face masks chat in front of a screen displaying Nikkei share average and world stock indexes outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan October 5, 2020. Image Credit: Reuters TOKYO/NEW…

US says ready for immediate domestic shipment of COVID-19 vaccines

A small shopping basket filled with vials labeled “COVID-19 – Coronavirus Vaccine” is placed on a U.S. flag in this illustration taken November 29, 2020. Picture taken November 29, 2020. Image Credit: Reuters/Dado Ruvic/Ilustration WASHINGTON (Reuters) – The U.S. Transportation…

India’s SpiceXpress ties up with cold-chain majors to transport vaccines

New Delhi: SpiceXpress, the dedicated cargo arm of SpiceJet, has tied up with cold-chain solution providers to transport drugs and vaccines which need to be ferried under controlled temperatures, including anti-Covid vaccines. Accordingly, the dedicated cargo arm has launched a specialised…

Getting rid of any biases and lapses that show up in AI-led profiling

What sort of person are you? Algorithms are deciding on profiles, and that comes with multiple grey areas. ironing out the chinks at the outset can help. Image Credit: Gulf News Archive As Artificial Intelligence (AI) assumes a more central…

Facebook to acquire startup Kustomer as it faces antitrust glare

This file photo taken on August 28, 2019 shows the logo of US online social media and social networking service, Facebook displayed on a tablet in Lille. Facebook announced it is buying a startup specializing in helping businesses interact with…

UAE National Day 2020: Business leaders confident of a stronger and sustainable future for the country

Decorations on the streets of Ajman. Main streets across the UAE are illuminated to mark the occasion of the 49th National Day of the UAE. Image Credit: Gulf News Dubai: On the occasion of the 49th National Day of the…

Coffee drinkers could be in for a jolt as Brazil suffers extended dry spell

A worse than expected crop in the coming months will tell on coffee futures, and from there to paying higher prices for a shot of espresso is a short distance. Image Credit: pxhere Rio de Janerio: Coffee traders are just…

It’s ‘Generation Clean’ who will be turning up at UAE hotels next

COVID-19 has rewritten rules of engagement for just about every other industry… The hotel sector is still working on what needs to change. Image Credit: Ahmed Ramzan/Gulf News The pandemic has had a huge impact on just about everyone’s lives.…

Nearly 65% of India’s domestic air travel back to pre COVID-19 level: Civil aviation official

Nearly 65 per cent of the domestic air travel has returned to the pre-COVID-19 level according to Civil Aviation Secretary Pradeep Singh Kharola. Image Credit: Bloomberg Mumbai: Nearly 65 per cent of the domestic air travel has returned to the…

Saudi banks’ outlook hurt by difficult operating environment

A Jeddah branch of the Saudi American Bank (Samba). Leading Saudi banks are facing challenges on profitability and asset quality that are getting reflected in their credit rating outlook. Image Credit: AP Dubai: Faced with tough economic conditions following the…

Luxury industry fights to keep tourists in London after Brexit

Shoppers on Old Bond Street in London. UK’s luxury retailers fear a planned tax change related to Brexit could hurt business even more than Covid-19 lockdowns. Image Credit: Bloomberg Lodon: England’s luxury stores will have more than Christmas sales to…

What are the buy-back options for developers in the market?

Riyaz Gulamani is the CEO of Global Management Consultancy Image Credit: Supplied Over the years the real estate development environment has transformed significantly. Previously real estate developers had multiple avenues to finance the development which included their equity, raising debt…

India’s foreign direct investments top $30b in April-September quarter

New Delhi: With India being an attractive destination for foreign funds despite the pandemic, FDI inflow rose 15 per cent during the April-September period to $30 billion. During the same period last fiscal, total FDI inflow stood at $26 billion.…

Dubai International Financial Centre FinTech Hive and Israel’s FinTech-Aviv to cooperate

DIFC FinTech Hive, the largest financial technology hub in the Middle East, Africa and South Asia (MEASA) region has signed an agreement to collaborate with Israel’s FinTech-Aviv. Image Credit: Supplied Dubai: DIFC FinTech Hive, the largest financial technology hub in…

Sotheby’s and Christie’s look to luxury as a COVID antidote

Twenty years ago, Sotheby’s and Christie’s made money by auctioning art. Technology is transforming these venerable names into very different-looking businesses. Luxury is making that difference. Image Credit: Courtesy: Sotheby’s London: Twenty years ago, Sotheby’s and Christie’s made money by…

Picture of US economy is worrisome as virus inflicts damage

A flurry of data released Wednesday suggested that the spread of the virus is intensifying the threats to an economy still struggling to recover from the deep recession that struck in early spring. Image Credit: AP Wshington: Gripped by the…

OPEC+ calls last-minute talks ahead of decision on oil cuts

Saudi Arabia and Russia summoned a small group of OPEC+ countries for last-minute talks this weekend, just before it’s due to decide whether to delay January’s output increase. Image Credit: Reuters Dubai: Saudi Arabia and Russia summoned a small group…

GM plans to seek banking charter for auto-lending business: report

Warranty and roadside assistance services enhanced in effort to help customers postpone non-vital servicing trips during this time of self-isolation Image Credit: Supplied General Motors Co is planning to apply for a banking charter that would allow its lending unit…

UAE’s media buyers find it’s no longer the industry they grew up in

Chasing the lowest bid need not always turn out well for the client. To understand consumer psyche better, they still need the experts. Image Credit: Gulf News Archive In recent weeks, a friend of mine missed out on few media…

Bitcoin, other cryptos ease off from their sharp corrections

Bitcoin has pared some of the price drop it sustained in recent days, but there is no definitive answer on its prospects as a counter currency. Image Credit: Screengrab New York: Bitcoin and other digital coins steadied Friday after posting…

Autonomous driving should learn from aviation industry

Major advances are being made by the day in propelling self-driving technology and consumer acceptance. Image Credit: Gulf News Archive Autonomous vehicle (AV) technology can lead to tremendous safety gains and more efficient transportation. Yet there are considerable barriers to…

India economy is turning the corner after COVID-19 hit, with growth making a return

Indian consumers are doing their bit, spending across key categories. Policymakers will be watching whether this represents more than pent up buying. Image Credit: PTI Mumbai: Concern about the depth of India’s recession is slowly being replaced by optimism that…

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