News

  Brussels / AFP The EU should suspend structural funds to Spain and Portugal after they failed to rein in their debt, according to a letter from the European Commission seen by AFP on Saturday. Eurozone finance ministers agreed this month to impose unprecedented sanctions against Spain & Portugal for overstepping the bloc’s budget deficit limits. The penalties would be ...

  Bloomberg Bearish bets against Mobileye NV are receding after the maker of chips and software for driverless cars said it would team up with BMW AG and Intel Corp. to deliver fully-autonomous cars by 2021. Traders cut short interest on Mobileye, at one point the world’s most-shorted software stock, to 17 percent of shares outstanding last week, near the ...

  RITIKA SHARMA / Emirates Business As the UAE takes strides towards promoting environment initiatives, companies in the country are also leading the eco-march by example. In a recent and much-talked-about event, when UAE-based hotels chain ‘TIME Hotels’ grabbed the prestigious Green Key Award, the message went out loud and clear — that UAE is committed to the best when ...

  RITIKA SHARMA / Emirates Business A testimony to the rising popularity and acceptance of digital banking in UAE, a recent report affirms that use of online apps is on a rise in the country. Banking and finance apps usage has more than doubled in recent years, putting a full stop to all speculations about approval of technology in bank ...

  Emirates Business MBLM, the Brand Intimacy Agency focused on strategy, design, creative and technology, announced today the launch of its ‘I Drink Local’ mobile app for the iPhone and Android. I Drink Local is an MBLM initiative created to promote the consumption of local water for a more sustainable environment and reduction of our carbon footprint. The new app ...

  ALKESH SHARMA / Emirates Business As reports predict that whopping revenue of US$2 trillion will be generated through digital payments globally by 2020, experts also press for the need of having secure networks for the companies to ensure there is no cyber money heist. Industry veterans say that with astonishing rise in the users of digital payment platforms, these ...

  Reuters Libya’s hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports. In a letter seen by Reuters to U.N. Libya envoy Martin Kobler and a number of oil and diplomatic officials, NOC chairman Mustafa Sanalla ...

  Emirates Business One of Saudi Arabia’s most prominent real estate development companies believes its first venture in the UAE can help mould the changing face of Dubai residential property over the next few years. Riyadh-based ARTAR Real Estate Development says a big focus on genuine liveability and a payment plan requiring only a 30% investment prior to completion has ...

  REUTERS The board of Jarir Marketing , one of Saudi Arabia’s largest retailers by market value, has proposed paying a cash dividend of 1.25 riyals per share for the second quarter of 2016, it said in a statement on Sunday. The company paid shareholders a 1.46 riyal dividend for the corresponding period of 2015.

  REUTERS Saudi Arabia’s Alinma Bank reported a 12.1 percent rise in second-quarter net profit on Thursday, in line with the average forecasts of analysts, as expenses dropped. Net profit in the three months to June 30 was 409 million riyals ($109.1 million), compared to 365 million riyals in the same period last year, it said in a bourse statement. ...