News

Middle East airports look to a ‘smart’ future

  ALKESH SHARMA / Emirates Business Huge investments in aviation sector in the region, especially in the UAE, will steer the Middle East smart airports market to surpass $850 million within the next three years. Revolutionary concept of smart airport, driven by latest marvels of technology and applications, is all set to enhance traveller’s experience in a big way. The ...

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Sobha Group unveils luxury show villas

  Emirates Business Sobha Group — the leading luxury real estate developer — has unveiled its luxury show villas at its eight million sq.ft Sobha Hartland project to the public. Sobha Group revealed the ultra-contemporary villas which will be on offer to prospective buyers at the mixed-used waterfront development in Mohammed Bin Rashid Al Maktoum City and beautifully set within ...

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Auto experts in UAE call for solution to dilemma over self-driving cars

  RITIKA SHARMA / Emirates Business Imagine you are on a pleasure drive to Al Ain sitting on the pilot seat but facing your friends and chatting with them. How about sipping your cold coffee and admiring Burj Khalifa as your car vrooms on the Sheikh Zayed Road? All these will become a reality sooner than you visualize. UAE will ...

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Bahrain’s Batelco Q1 net profit falls 33 pc

  Reuters Bahrain Telecommunications Co (Batelco) posted a 33 percent fall in first-quarter profit as its subscriber base and revenue both declined. Batelco made a net profit of 9.6 million Bahraini dinars ($25.46 million) in the three months to March 31, it said in a statement. This compares with a profit of 14.2 million dinars a year earlier. SICO Bahrain ...

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Protests build in Myanmar over Chinese-backed mine

  Yangon / AFP Hundreds of Myanmar villagers rallied on Saturday against a controversial Chinese-backed copper mine, activists said, reigniting a contentious issue that could pose an early challenge to Aung San Suu Kyi’s new government. The Letpadaung mine in the central town of Monywa has for years been dogged by complaints of land-grabbing, environmental damage and brutal police crackdowns on ...

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China foreign reserves increase in April

  Beijing / Bloomberg China’s foreign-exchange reserves increased for the second month in a row as market sentiment toward the yuan improved and a stronger yen and euro boosted the headline number. The world’s largest currency hoard rose by $7.089 billion to $3.22 trillion in April, the People’s Bank of China said in a statement on Saturday. That compares with ...

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Sharp tumbles after net loss hits US$2.8bn

  Tokyo / Bloomberg Sharp Corp. fell the most in almost two months on concerns that the Japanese company’s loss for the last fiscal year will be far wider than forecast. The company may report a net loss of 300 billion yen ($2.8 billion), according to a person familiar with the matter, almost double the 161 billion yen that analysts ...

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Delhi regulator orders NTPC to hold off on cutting power supply

  New Delhi / Bloomberg New Delhi’s electricity regulator directed state-run utility NTPC Ltd. to refrain from cutting supplies to two city power retailers over unpaid dues after the generator threatened to halt sales to India’s capital. In a meeting, the Delhi Electricity Regulatory Commission asked NTPC and the two distributors — BSES Rajdhani Power Ltd. and BSES Yamuna Power ...

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Indian gold imports fall Rs60 billion

  New Delhi / Bloomberg Indian gold imports slumped for the third straight month in April as a rally in prices sapped demand, according to a person familiar with provisional Finance Ministry data. Overseas purchases fell 74 percent to about 22.3 metric tons valued at 60 billion rupees ($901 million), compared with 84.3 tons or 193 billion rupees a year ...

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Strike over pension reforms and tax hikes paralyses Greece

  Athens / AFP Public transport ground to a halt in Greece as trade unions launched a 48-hour general strike against government plans to overhaul pensions and increase taxes, as demanded by international creditors. No trains were running across the country, and boats linking the Greek mainland to the islands were anchored at ports. In the capital Athens, the metro, ...

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