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2,888.39 0.12%
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Hammond: 'Shock' of financial crisis still with us - Dotemirates
12/09/2018

Hammond: 'Shock' of financial crisis still with us

The "shock" of the financial crisis continues to impact the economy and peoples' finances, UK chancellor Philip Hammond has said.Ten years after the financial system went into meltdown, he admitted "people are still suffering the effects".But he said, in an interview with BBC economics editor Kamal Ahmed, there is "light at the end of the tunnel".Rising wages and falling inflation were good news, he said, but uncertainty about Brexit was an economic dampener.A decade ago this week, the US investment bank Lehman Brothers collapsed, sending shockwaves through the global financial system. Research carried out for the BBC to mark the...


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Business News

08/09/2019

SAGIA to co-host Saudi-UK Higher Education forum

RIYADH — The Saudi Arabian General Investment Authority (SAGIA) hosted the Saudi-UK Education Meeting at its Riyadh headquarters, convening more than 100 representatives of 14 entities from Saudi Arabia and the United Kingdom. Partnering with SI-UK – an advisory firm focused on supporting students applying to study in the UK – attendees explored opportunities in Saudi Arabia’s higher education segment.Saudi Arabia’s university-aged population is rapidly expanding and is expected to reach a cohort of more than four million 18-to-24-year-olds by 2025, up from three million today. Government stakeholders have also recognized a need to engage private sector organizations to ensure...
08/09/2019

Commvault acquires Hedvig to accelerate its strategic vision

TINTON FALLS, N.J. – Commvault (NASDAQ: CVLT), a leading provider of software for the management of data across cloud and on-premises environments, announced that it has entered into a definitive agreement to acquire software-defined storage (SDS) innovator, Hedvig, for total consideration of $225 million, which includes the purchase price and ongoing employee retention.Gartner expects that by 2023, software-defined storage (SDS) instantiations of vendor storage OSs running in the cloud will become the dominant method of building multi-cloud storage infrastructures.This move to cloud, and multi cloud environments, together with cloud native applications is driving competitive advantage for companies for all sizes;...
08/09/2019

32,256 business licenses issued in eight months in UAE

ABU DHABI, 8th September, 2019 (WAM) -- Signalling growing investor confidence in the country, a total of 32,256 business licenses were issued in the UAE over the first eight months of the year, bringing to 572,615 the total number of business permits in the country, a growth of 6 pc from 540,359 by the end of December. The significant increase in business licenses corroborates the economic growth estimates made by the Central Bank of the United Arab Emirates which projected real GDP in the country to grow by 2.4 pc in 2019 in its latest report. In more detail, Abu...

08/09/2019

Mag Development launches Dh8b residential projects in Dubai

Mag Development, the real estate development arm of Mag Holding Group, on Sunday announced the launch of its Dh8 billion residential projects and a comprehensive programme of Dh120 per day payment option to own a property in Dubai - a move that will boost the company's presence in the emirate's real estate sector. An investment of Dh8 billion will be injected into the market to provide four major projects: Mag City, Meydan, Al Furjan Villas, and MPL Tower in Jumeirah Lakes Towers. The new programme provides customers with the opportunity to pay Dh120 per day to own a house without...
08/09/2019

Air freight volumes hit by trade war flare-up

Freight volumes handled by Middle Eastern airlines dropped by 5.5 per cent in July 2019 compared to the year-ago period as across the globe air cargo continued to suffer from weak global trade and the intensifying trade dispute between the US and China, the International Air Transport Association (Iata) said. Iata data for global air freight markets shows that demand, measured in freight tonne kilometers (FTKs), contracted by 3.2 per cent in July 2019, compared to the same period in 2018. This marks the ninth consecutive month of year-on-year decline in freight volumes. For Middle East airlines, the freight volume...
08/09/2019

Oil nations to do ‘whatever necessary’ to balance market: UAE

ABU DHABI: Oil producers will do “whatever necessary” to rebalance a crude market depressed by trade tensions and an uncertain global outlook, the United Arab Emirates’ energy minister said Sunday.Suheil Al-Mazrouei warned however that with the US-China trade row hanging over the world economy, additional output cuts may not be the best way to boost sagging prices.Deeper production cuts are “not a decision that we take easily,” the minister said ahead of the four-day World Energy Congress starting Monday in Abu Dhabi, where a key meeting of oil ministers will also be held on Thursday.Mazrouei told a press conference that...