News

  WAM The total revenues of Saudi Customs in the last fiscal year 1436 AH (2015 AD) amounted to SR 29.8 billion, an increase of 9 percent compared to 2014, including SR3.06 billion incurred by the state as part of the support for some imported goods. According to the Saudi Press Agency, SPA, the recently issued annual report of the ...

  Bloomberg India’s biggest IT sourcing firm Tata Consultancy Services reported better-than-expected quarterly earnings on Thursday, boosted by rising demand for its cloud computing services. The firm, based in India’s financial capital Mumbai, said net profit for the three months to June 30 rose to 63.17 billion rupees ($944 million) from 57.09 billion rupees for the same period a year ...

  Bloomberg Bets that India’s yet-to-be-named new central banker will lean toward looser monetary policy have accelerated a drop in interest-rate swaps triggered by improving cash supply in the financial system. The cost to lock in rates for a year fell to 6.43 percent in Mumbai on Wednesday, the lowest level since September 2010, and has dropped six basis points ...

  Bloomberg Fast Retailing Co cut its full-year profit forecast for the third time in six months as a strong yen eroded earnings from overseas and overshadowed improving sales at its Uniqlo casual-wear chain. Net income will probably be 45 billion yen (US$427 million) for the year ending August 2016, a 25 percent drop from the forecast it gave in ...

  Bloomberg Australia’s dollar held near its highest since early May after a report showed full-time employment in the nation surged last month. New Zealand’s dollar tumbled as the central bank’s plan to update its economic assessment spurred speculation for a rate cut. The Aussie headed for a seven-week rally that would be its longest winning streak since 2012, after ...

  Bloomberg Hyundai Merchant Marine Co will join the world’s biggest shipping alliance, meeting all conditions imposed by creditors as the company seeks to reduce debt after years of weak global demand caused losses. It will join a grouping known as 2M starting April next year, the Seoul-based company said in an e-mailed statement on Thursday. The group, led by ...

  RITIKA SHARMA / Emirates Business Taking strides towards a knowledge-based economy, UAE has set an example in finance technology (FinTech). Experts claim that the pace at which UAE is embracing latest technology in financial sector, it is already the ‘most developed’ nation in the Middle East in terms of global shift in payment methods. Factors such as high smartphone ...

  Dubai / Emirates Business The UAE will play a pivotal role in the global billion dollar theme park and amusement industry, according to Abdul Rahman Falaknaz, Chairman, International Expo Consults, the organisers of the DEAL 2017 show. Highly innovative and creative themepark concepts in the UAE will be one of the key factors that will attract and drive millions ...

Dubai / Emirates Business Deyaar Development PJSC, one of Dubai’s largest property developers and real estate service providers, held a book fair at the company headquarters to support the UAE’s Year of Reading. The initiative aims to nurture a new generation of readers and enhance knowledge and innovation. The book fair, held in partnership with Impulse Group, one of the ...

  ALKESH SHARMA / Emirates Business As more number of individuals in the UAE hook to internet in pursuit of a leisure time, the gaming industry has emerged as a business that is bound to reap rich dividends. According to experts, internet gaming industry is all set for a robust growth in the coming years as internet gaming traffic will ...