News

NEW YORK / Reuters Argentina settled with additional creditors holding defaulted sovereign bonds for $253 million, Daniel Pollack, the court-appointed mediator in the long-running case, said. The agreements in principle reached late last week with several groups of creditors bring the aggregate amount of settled claims to approximately $8 billion, the statement said. “In my capacity as Special Master, with ...

Bloomberg Hedge funds betting that oil’s rally was over missed an 11 percent gain after U.S. crude inventories unexpectedly fell. Short positions in West Texas Intermediate crude jumped 35 percent in the week ended April 5, according to the U.S. Commodity Futures Trading Commission. The next day, the government reported a 4.94 million-barrel drop in U.S. oil inventories, the first ...

Reuters Mexico expects gold and silver production this year to drop while copper output will be flat as low prices continue to weigh on the sector, the government’s top mining official said in an interview. Mario Cantu, the economy ministry’s general mining coordinator, said gold output this year is estimated to reach about 120,000 kilograms, or down nearly 4 percent ...

Reuters The average price of farmland in Canada, the world’s largest canola grower and one of the biggest wheat exporters, will rise at a slower pace in 2016 amid a downturn in commodity prices. Growers should prepare for a “possible easing” of farmland values after prices in many key regions rose at a slower rate in 2015, Farm Credit Canada, ...

Reuters Brazil’s BM&FBovespa SA is arranging loan financing to fund its 12.9 billion reais ($3.6 billion) takeover of rival Cetip SA Mercados Organizados as both companies agreed to form a giant financial exchange with a presence from Mexico to Chile. BM&FBovespa Chief Executive Officer Edemir Pinto, who will run the combined entity, declined to elaborate on the loan. Shares of ...

Alkesh Sharma / EMIRATES BUSINESS Unaffected by the recurrent economy fluctuations, residential sales market remained largely muted during the first quarter of 2016 in Abu Dhabi. Realtors in the Emirates capital experienced weak appetite for property purchases that was in tandem with overall market sentiment in the region. These startling findings have been revealed by CBRC Group in its recent report ...

Dubai / Emirates Business The new Kia Sportage has been received recognition for being the most desirable ‘Best Small SUV of the Year’ at the prestigious 2016 Middle East Car of the Year Awards. The fourth-generation Kia Sportage features a bold new look, with the vehicle’s designers creating a sense of sporty and powerful energy from every angle. Soon-Nam Lee, ...

Dubai / Emirates Business With millions of subscribers, dozens of products and plans, and a significant growth in the number of apps and services, the Middle East’s telecom providers require more out of their customer experience management platforms than companies in most other sectors. The region is also witnessing an accelerated shift to smartphones – at 78 percent the UAE’s ...

Abu Dhabi / EMIRATES BUSINESS DarkMatter, an international cyber security firm headquartered in the UAE, has announced the appointment of seasoned technology executive, Rabih Dabboussi as its Senior Vice President of Sales, Marketing and Business Development. Rabih joins DarkMatter from Cisco UAE, where he was Managing Director. In his new position at DarkMatter, Rabih is responsible for the company’s overall business ...

RITIKA SHARMA / Emirates Business Humans have dreamt of spaceflight since antiquity. Nations across the world have contributed in the progress of the global space industry since we first started our voyage towards exploring the space. A pioneer in every sector, UAE has done its bit in this industry too. The Emirates is making substantial investments in the sector by ...