Banking & Finance US mass shooting insurance rates jump as incidents rise The cost of buying insurance protection against mass shootings has spiked more than 10 percent in the United States this year following a string of deadly events, insurers said. The United States witnessed 293 mass shootings so far this year, according to a report by the Gun Violence Archive that defines them as any event […] June 29, 2022
Energy Iran, US hold nuclear talks with EU in separate Doha hotel rooms Indirect nuclear talks between Tehran and Washington started on Tuesday in Doha, Iranian state media reported, as Iran’s chief nuclear negotiator met with European Union envoy Enrique Mora, who will shuttle between the American and Iranian sides. Based in separate rooms in a hotel in Qatar’s capital, Iran’s Ali Bagheri Kani and US Iran special […] June 29, 2022
Retail Nike Q1 forecasts downbeat, despite higher Middle East sales Nike Inc forecast first-quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market. The company’s shares fell 3 percent to $107 after the bell. Analysts are mixed about Nike’s prospects in China this year even as strict COVID-19 lockdowns have been lifted in several […] June 28, 2022
Banking & Finance Qatar pledges $100m to recover distressed assets The Qatar Financial Center (QFC) said on Monday that it has pledged $100 million to fund a new platform aimed at recovering distressed assets. Atlas Merchant Capital, the private equity firm co-founded by former Barclays Plc chief Bob Diamond, will advise the new platform on strategy and the new vehicle will seek to coordinate with […] June 28, 2022
Opinion Gulf currencies would prosper if decoupled from the US dollar Countries pegged to the dollar have to follow the Federal Reserve's lead on interest rates, even if it doesn't suit them. For the GCC, it might be time to break free June 27, 2022
Abu Dhabi part of $10.2bn deal to take US software giant private Zendesk Inc on Friday agreed to be taken private by investment firms led by Hellman & Friedman and Permira in a $10.2 billion deal, a turn of events that comes just weeks after the company concluded it would remain public. The San Francisco-based software company said shareholders will receive $77.50 per share in cash, representing […] June 27, 2022
Tourism Sanctioned Russian’s superyacht docked in Dubai A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine. Andrei Skoch’s blue and white “Madame Gu” was docked at Port Rashid on Friday, where Dubai’s Ruler Sheikh […] June 25, 2022
Media & Advertising How stars can impact a business Prior to basketball legend Michael Jordan’s Nike association, which started in the mid-1980s, rival Adidas was 50 percent larger revenue-wise. With about $100 million in sales from the first year working with Jordan, Nike now stands above competitors in basketball sneaker sales with player endorsements continuing to support the brand’s growth. Jordan remains synonymous with […] June 25, 2022
Manufacturing 25 years of Harry Potter: From rejection to 500m global sales When Bloomsbury Publishing founder Nigel Newton brought home a manuscript for “Harry Potter and the Philosopher’s Stone” by a then unknown J.K. Rowling, his daughter Alice described it as “possibly one of the best books an 8/9 year old could read”. Twenty-five years later, it is one of the biggest selling novels of all time […] June 24, 2022
Life after the smartphone? BlackBerry revenue tops estimates Canada’s BlackBerry Ltd topped Wall Street estimates for first-quarter revenue on Thursday, powered by growth in its auto products and cybersecurity services segments. Soaring demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software, used in cars made by General Motors, Mercedes-Benz and Toyota, among others. BlackBerry said that revenue from its […] June 24, 2022
Bahrain in advanced talks for cloud computing deals Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow […] June 24, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Markets Fed chief backs another interest rate increase Chicago Federal Reserve Bank President Charles Evans on Wednesday signaled he would likely back another big interest rate hike in July unless inflation data improves, saying the Fed’s top priority is to “take the steam” out of price pressures. “Seventy-five (basis points) is a very reasonable place to have a discussion,” Evans told reporters after […] June 23, 2022
Development Turkey and Saudi vow to start new period of cooperation Turkey and Saudi Arabia emphasised determination on a new period of cooperation in bilateral relations during talks in Ankara, as the two countries aim to fully normalise ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. In a joint statement following the talks between Saudi Crown Prince Mohammed bin Salman, the country’s […] June 23, 2022
Energy Russia’s Lavrov visits Iran to discuss nuclear deal Russian Foreign Minister Sergei Lavrov arrived in Iran on Wednesday, Iranian state TV reported, as world powers and Tehran are struggling to revive their 2015 nuclear pact and negotiations are stalled. Russia’s foreign ministry posted a clip of Lavrov’s opening remarks during a meeting with Iran’s President Ebrahim Raisi in which he said Moscow was […] June 23, 2022
Media & Advertising Naomi Osaka and LeBron James launch new media company Japanese tennis player Naomi Osaka is launching a new media company in partnership with four-times NBA champion LeBron James aimed at telling stories that cross cultural barriers, the former world number one announced on Tuesday. Hana Kuma, which translates to “flower bear,” will produce stories that are “culturally specific but universal to all audiences” and […] June 22, 2022
Oman offers to buy $1.75bn of outstanding bonds Oman has announced a tender offer to purchase for cash up to a total of $1.75 billion of several of its outstanding bonds, excluding accrued interest, a bank document showed on Wednesday. Oman reserves the right to increase or decrease the aggregate tender amount and accept or reject any offers, the document from one of […] June 22, 2022
Food & Drink Kellogg’s faux meat spin-off faces ‘tough environment’ Kellogg Co’s plan to spin off and potentially sell its profitable MorningStar Farms vegetarian patties and plant-based meat business could shake up the frozen aisle in grocery stores. But the line of plant-based breakfast sausages, burgers and faux chicken, priced significantly less than premium brands such as Beyond Meat and Impossible Foods, faces a “tough […] June 22, 2022
Saudi crown prince to meet Erdogan to help repair relations Saudi Crown Prince Mohammed bin Salman visits Turkey for the first time in years on Wednesday for talks with President Tayyip Erdogan aimed at fully normalising ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. In April, Erdogan went to Saudi Arabia after a months-long drive to mend relations between the regional […] June 22, 2022
Tourism Return of the superjumbo: A380 set for a dramatic comeback? Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf as the outbreak of COVID-19 accelerated the demise of the world’s largest jets. Now, the iconic European double-decker is gaining a new lease on life as airlines scramble to cope with rising demand and shortages of newer […] June 21, 2022
Manufacturing Israel unveils plans for ‘Middle East Air Defence Alliance’ Israel is building a US-sponsored regional air defence alliance, the Israeli defence minister said on Monday, adding that the apparatus has already foiled attempted Iranian attacks and could be boosted by President Joe Biden’s visit next month. Drawing closer in recent years to US-aligned Arab states which share its Iran concerns, Israel has offered them […] June 21, 2022
Moody’s to shut Moscow office, relocate some staff to Dubai Credit rating firm Moody’s will formally shut its office in Russia’s capital Moscow at the end of the month, sources told Reuters, with staff either being cut or relocated elsewhere. Western sanctions mean the main US and European-based rating agencies Moody’s, S&P Global and Fitch have all suspended their operations in Russia and withdrawn their […] June 21, 2022
