2016: The year of the commodities buyer

A world “drowning in oversupply” of oil and other commodities could make 2016 a super-cheap year for Asia’s major resource importers such as China and Japan. However, the drag on growth for commodity exporters is putting yet more pressure on emerging markets, according to the World Bank. In a January 26 report, the Washington-based lender cut its forecast for crude ...

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First tenants move into Abu Dhabi’s Al Forsan Village

Abu Dhabi / EMIRATES BUSINESS Al Forsan Real Estate welcomed its first group of tenants in ‘Al Forsan Village’. Located in the heart of Khalifa City, the project has 385 villas that are for lease as well as sale. Rent in these villas starts from AED210000. The sale price of a four bedroom villa at Al Forsan Village starts from ...

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Gulf tourists fuel Bosnia luxury sector

Sarajevo /AFP With 360 villas and apartments around an artificial lake, swimming pools, a halal supermarket and a Muslim prayer area, the ‘Sarajevo resort’ is one of Bosnia’s most ambitious residential projects to date. It is one of dozens of real estate ventures in the picturesque hills surrounding the capital of the Balkan country that are specifically targeting visitors from ...

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Chinese giant Alibaba’s revenue jumps 32%

Shanghai/ AFP Chinese e-commerce giant Alibaba saw its revenue jump 32 percent year-on-year for the quarter ending in December, it said in a statement, despite slowing growth in the world’s second-largest economy. Alibaba, which dominates the consumer-to-consumer market in China, said revenue reached $5.33 billion (34.54 billion yuan) in the December quarter, beating an average forecast of 33.2 billion yuan ...

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Drone schools spread in China to field pilots for new sector

Shanghai / AP Joysticks at their fingertips, the mostly male students packing the classroom lift their virtual helicopters into the air, part of a new cottage industry that’s sprung up in China: drone pilot schools. China is already the world’s biggest drone manufacturer, churning out remote-controlled flying machines that range from 3-D urban mappers to tear-gas spraying models for police. ...

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Apple eyeing India as growth slows

Bloomberg Apple Inc. applied to open its own stores in India, a strategy that may help it better target a fast-growing market just as iPhone sales may be peaking. Apple said it’s filed a request with the Indian government to bring its retail outlets to the world’s second- largest country. Emerging markets will prove crucial to Apple as some analysts ...

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Amazon delivers big profits but shares dive

San Francisco / AFP US online giant Amazon has reported profits doubled in the past quarter, as it attracted more customers with video and other services, but the results missed Wall Street forecasts. Amazon shares dived more than 13 percent to $551 in after-hours trade on the results, which showed a fourth-quarter profit of $482 million, up from a $214 ...

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Falling Ruble pushes local wheat prices to a high

Moscow / Bloomberg Russians already suffering from surging costs for imported food as the ruble slumps are paying near record prices even for local wheat. Farm-gate prices in southern Russia, the main grower of the grain for export, climbed as high as 11,800 rubles ($150) for a metric ton of fourth-grade milling wheat by January 25, according to Igor Pavensky, ...

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Bank bailout that can spark a slump

Washington / Bloomberg There’s been endless speculation in recent weeks about whether the US, and the whole world for that matter, are about to sink into recession. Underpinning much of the angst is an unprecedented $29 trillion corporate bond binge that has left many companies more indebted than ever.Whether this debt overhang proves to be a catalyst for recession or ...

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Innovating ways to secure economy

Creativity and innovation are the buzzwords around which the future economic plans and strategies of the United Arab of Emirates (UAE) revolve around these days. President of the UAE His Highness Sheikh Khalifa bin Zayed Al Nahyan recently announced a detailed plan worth over AED300 billion to become a “knowledge-based economy” and end the dependence on oil for sustainable growth of ...

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