News

  Dubai / Emirates Business Xpress Money, one of the world’s most dependable money transfer brands, has partnered with Dubai based NGO SmartLife which is licensed by the Community Development Authority, Govt. of Dubai, to offer education support for the children of blue collar workers employed in the UAE. The initiative is spearheaded by Xpress Money’s Corporate Social Responsibility platform ...

  Ammar Enaya / special to Emirates Business As adoption of wearables becomes more mainstream in UAE, it brings added complexity to BYOD in an enterprise. One of the more interesting features of wearable tech is its ability to tether to, and control, smartphones over a remote connection. So even if wearables are denied access to enterprise networks, they may ...

  Bloomberg A two-month advance in U.S. equities ran out of steam amid signs investors are again growing skeptical of the long-awaited rebound in corporate profits. Stocks didn’t fall by much — at its close of 2,183.87, the S&P 500 Index slipped 0.01 percent over the five days — but that was enough to make it the second-worst week since ...

  Bloomberg Viacom Inc.’s controlling shareholders Sumner Redstone and Shari Redstone emerged victorious in a months-long legal battle to oust Chief Executive Officer Philippe Dauman, reaching a settlement that will see him leave the company with a $72 million severance package. Dauman will become non-executive chairman until Sept. 13, giving him an opportunity to present to the board a proposal ...

  Berlin / AFP Embattled automaker Volkswagen has been forced to suspend manufacture of the popular Golf model at its main production plant in Germany, a spokesman said on Saturday. But the decision by the car giant, locked in a legal battle with parts suppliers, will not affect its annual production target. Production of the Golf will be suspended “from ...

  Bloomberg The world’s worst-performing major currency of 2016 is starting to win some friends. Old Mutual Asset Managers Plc., which oversees 327 billion pounds ($427 billion), said it turned bullish on the pound after U.K. economic data signaled the country was resilient in the wake of the June vote to leave the European Union. Sterling bulls were immediately rewarded ...

Reuters Iran’s crude oil exports were flat in June at just over 2 million barrels per day and production at 3.610 million bpd was steady from the previous month, official data showed. Tallies for both exports and production show a rise since January, when Tehran set about recouping market share lost under international sanctions that were mostly lifted at the ...

  Reuters Iraq plans to double the volume of crude it pumps via a pipeline to Turkey to its normal rate of 150,000 barrels per day (bpd) next week, an official at state-run North Oil Company said . The company, which reports to the oil ministry in Baghdad, on Thursday resumed pumping oil from fields it operates in Kirkuk via ...

  Reuters Saudi Arabia will permit foreign institutional investors to buy shares directly in initial public offers, a move that could help the government sell billions of dollars’ worth of stakes in state companies including oil giant Saudi Aramco. New rules published by the Capital Market Authority on Thursday, taking effect at the start of next year, list qualified foreign ...

  Shanghai / Bloomberg China Investment Corp., the $814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale SA, people familiar with the matter said. The consortium is negotiating the potential purchase of a portion of Vale’s future iron-ore output for as long as 30 years, two of the ...