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ABU DHABI / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said that the UAE supports any initiative to freeze the oil production ceiling by consensus of the members of the Organisation of Petroleum Exporting Countries, OPEC, and Russia. Several OPEC-member countries and others have recently agreed to freeze production at last January’s levels in a move ...

Paris / AFP The OECD on Thursday cut its 2016 economic growth forecast to 3.0 percent from 3.3 percent owing to disappointing data, sluggish demand, weak investment and a high risk of financial instability. “Financial instability risks are substantial,” the 34-member Organisation for Economic Cooperation and Development said in its latest interim outlook, urging a strong collective response to combat ...

Cairo / WAM Sultan bin Saeed Al Mansouri, Minister of Economy of the UAE, has called for stronger joint pan-Arab economic action to counter current challenges, eliminate obstacles to intra-Arab trade and investment and speed up innovation and creativity to achieve economic diversification, development and prosperity. The UAE takes great interest in the issues of joint Arab action as a ...

Dubai / Emirates Business Emirates REIT (CEIC) Limited on Thursday announced its results for the year ended December 31, 2015. Emirates REIT delivered a strong financial and operating performance during 2015, consolidating its position as a leader in the UAE property asset management industry. By year end, the net asset value of the REIT stood at $469.6mn, an increase of ...

Shanghai / Afp A Chinese firm has splashed out $6 billion for a US tech firm that distributes products for Apple and Microsoft, the latest eye-popping acquisition by a Chinese company seeking greater profits abroad as the economy slows down at home. HNA will pay the enormous figure for Ingram Micro, a company statement said Wednesday, making it among the ...

Dubai / Emirates Business The inaugural Commonwealth of Independent States Global Business Forum (CIS GBF 2016) concluded in Dubai with the overarching recommendation of embracing the UAE model of economic diversification to prepare CIS for the post-oil era and to strengthen their economic competitiveness. Organised under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime ...

New Delhi / Bloomberg Lockheed Martin Corp. has offered to build its flagship F-16 fighter jet in India, as the South Asian nation scrambles to modernize its aging defense fleet while trying to establish the country as a manufacturing base. Lockheed Chairman, President and CEO Marillyn Hewson made the offer to Indian Prime Minister Narendra Modi in September.

Sheri Atwood is the rare Silicon Valley entrepreneur whose pitch includes intimate details about her family — namely, how it was broken up. Twice. “My parents had a horrific divorce,” says the 36-year-old former Symantec Corp. executive. “It felt like the only time they communicated was in court —and when it had to do with money.” Her own divorce years ...

Alkesh Sharma / Emirates Business Thanks to UAV (unmanned aerial vehicle) technology, soon UAE-based agriculturists and investors will be able to monitor their sprawling farmlands situated as far as in Sudan, without even stepping out of their homes. Under the concept of remote ownership, this could be made possible through smart drones that would do daily monitoring of faraway meadows ...

London / AFP Britons’ satisfaction with Chancellor of the Exchequer George Osborne is waning as he prepares for his annual Budget amid warnings a slowdown in global growth could hurt the U.K. economy. Forty percent of people surveyed by Ipsos Mori are happy with his stewardship of the economy, down 4 points percentage points from July. Forty-six percent are dissatisfied, ...