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  Stockholm / AFP British-American economist Oliver Hart and Bengt Holmstrom of Finland on Monday won the Nobel Economics Prize for their work on contract theory, the jury said. “This year’s laureates have developed contract theory, a comprehensive framework for analysing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the …

  Istanbul / AFP President Vladimir Putin on Monday said non-OPEC member Russia was ready to work with the cartel in imposing measures to limit oil production, in comments that propelled the price of crude to its highest levels in a year. Eyes have turned to Russia, the world’s top oil producer alongside Saudi Arabia, to see if it will …

  DUBAI / Emirates Business The Department of Economic Development (DED) in Dubai unveiled on Monday the ‘Global Islamic Business Excellence Centre’ (GIBEC), which aims to expand Islamic economic activities beyond Islamic finance and contribute to the development of an Islamic business ecosystem in line with the emirate’s Islamic economy capital initiative. The Centre will also institute the ‘Global Islamic …

  Beijing / AFP Chinese internet billionaire Jack Ma has bought a stake in cinema legend Steven Spielberg’s company, they said, the latest tie-up between China and Hollywood as they seek to make movies for audiences in the Middle Kingdom and beyond. Alibaba Pictures, a unit of Ma’s sprawling e-commerce conglomerate, has taken a minority shareholding in Spielberg’s Amblin Partners, …

  Bloomberg Foreign ownership of Malaysian government bonds dropped in September for the first time in 12 months, with the outflows likely to have been triggered largely by debt maturities. Overseas holdings decreased 0.4 percent to 213 billion ringgit ($51.4 billion), after climbing to a record in August, according to central bank data released in Kuala Lumpur on Monday. Sovereign …

Vilnius / AFP Lithuanians fed up with economic inequality voted for change in round one of a general election, with Monday’s results showing the opposition set to oust the governing leftists in an October 23 run-off. The national elections commission said near full results showed the centrist Lithuanian Peasants and Green Union party (LPGU) winning 21.62 percent of the vote, …

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, received the credentials of new ambassadors to the UAE at Al Mushrif Palace in Abu Dhabi on Sunday. Sheikh Mohammed welcomed Ambassador Goetz Lingenthal of the Federal Republic of Germany, Ambassador Andreas Liebmann of the Republic of Austria, Ambassador Robert …

  Paris / WAM UAE and UNESCO officials met in Paris to discuss developing countries, with a focus on health, education, social services, and the safeguarding of world cultural heritages. Irina Bokova, Director-General of the United Nations Educational, Scientific and Cultural Organisation (UNESCO), met Dr. Amal Abdullah Al Qubaisi, Speaker of the Federal National Council (FNC), who is paying a working …

  Dubai / WAM DP World has partnered with the government of Dubai’s Community Development Authority (CDA), reaffirming its commitment to empowering Emiratis with employment, training and development opportunities. The two entities recently signed a Memorandum of Understanding (MoU) for the development of a common framework to promote cooperation and coordination in this regard. The CDA will train DP World staff …

  Port-au-Prince / AFP Haiti began three days of mourning on Sunday for hundreds killed in Hurricane Matthew as relief officials grappled with the unfolding devastation in the Caribbean country’s hard-hit south. Matthew was downgraded Sunday to a post-tropical cyclone after cutting a swath from Florida to North Carolina that left at least 17 dead. As of 1500 GMT, the storm …