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Updated: 4 hours 36 min ago

Pacific Equity Partners has Offered Patties Foods Ltd of Australia an A$230 million Takeover Bid

6 hours 48 min ago

On Monday, Patties Foods Ltd, the Australian packaged food supplier said that Pacific Equity Partners has offered it an A$230 million takeover bid.

The offered bid was a premium of twenty four percent to Patties close on Friday. The cash offer was priced A$1.65 a share. Patties said, PEP, the equity firm also offered a possibility of an "unquoted equity alternative".

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Categories: UAE News

Impact of Panama Papers is Still Being Felt Globally

6 hours 50 min ago

The Panama Papers were a real eye opener for several countries who vowed to crackdown on illegal offshore accounts where politicians, sports persons and other celebrities hide their illicit earnings or to save them from taxes. Earlier in the year, a string of leaked documents from Mossack Fonseca, a Panama-based law firm shook the world unearthing names of trusts and companies based in offshore tax havens belonging to the rich and famous.

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Categories: UAE News

Hawks Maintain Denial of Shifting Gordhan Inquiry to Other Unit

6 hours 52 min ago

On Sunday, the crime investigating body, Hawks, which is responsible for tackling organized, commercial crime and also serious charges of corruption, denied a report which said that investigation which involves South Africa's Finance Minister Pravin Gordhan, has been transferred to other agency.

The investigation looks into Pravin Gordhan's probable involvement in the downgrading the country's credit rating which also weaken the rand.

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Categories: UAE News

Nigeria’s Oil Production Threatened by the Newly formed Niger Delta Avengers

Sun, 05/29/2016 - 06:51

Stability in the oil fields of the Niger Delta is at stake once again with a newly formed group militancy group The Niger Delta Avengers (NDA) challenging to cripple the economy of the country.

Earlier, in years of militancy oil workers have been kidnapped and the production capacity has been trimmed to lower than one third of the country's maximum capacity.

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Categories: UAE News

GCC attracting global talent pool

Sun, 05/29/2016 - 03:51

Nations in the Gulf Cooperation Council have emerged as one of the most attractive destinations for professionals across all industries and career levels.

Many said that the GCC nations offer tax-free environments, attractive packages, high quality of life and a wide range of job opportunities to professionals from around the world. Experts have said that several global organisations have already established regional hubs in countries like the United Arab Emirates and Saudi Arabia.

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Categories: UAE News

Saudi Binladin Group bags contracts to build Maldives airport terminal

Sun, 05/29/2016 - 03:35

Saudi Binladin Group, Middle East's largest construction firm, has bagged a contract to build a new passenger terminal at the Maldives international airport.

The Maldives international airport is being built at a cost of $800 million, according to the Maldives government. Binladin will lead the project to construct a new terminal on a 78,000 square meters area of reclaimed landin the southwest of the airport island in Maldives including 12 jetties and six aero-bridges.

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Categories: UAE News

Illinois State Legislators to Decide the Fate of Nuclear Power in the State

Sat, 05/28/2016 - 08:07

In recent years, regulations and market forces have made the nuclear energy business tougher and that is something which two of the Illinois facilities operated by Exelon are facing.

The Illinois state legislators are yet to decide whether those should be put on life support or prematurely closed down.

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Categories: UAE News

Construction of Dakota Access Pipeline Stalled in Iowa Due to Possible Indian Burial Site on its Route

Sat, 05/28/2016 - 08:03

Dakota Access LLC, the Houston based company plans to construct a 1,150 mile long pipeline to carry oil from northwest North Dakota to a south-central Illinois storage facility.

The construction of the pipeline that is designed to carry half-million barrels of oil every day and is a $3.8 billion project has already started in three states of North Dakota, South Dakota and Illinois. It is yet to begin in Iowa and might require some changes in plan as there may be a possible historic American Indian burial site on its proposed path in northwest Iowa.

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Categories: UAE News

Steady Economic Growth in the U.S Building Hopes for an Interest Rate Hike

Sat, 05/28/2016 - 07:56

Although the year did not start with a big bang but the U. S. economic growth though slow, yet did not show as much as drag in the first quarter that was earlier estimated. The reasons behind it were a surge in home building and inventory accumulation which partly offset the drag from a steady drop in business investments.

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Categories: UAE News

UAE supermarkets planning to cut food prices by 70% for Ramadan

Sat, 05/28/2016 - 03:29

The Ministry of Economy of the United Arab Emirates has said that Supermarkets in the country are planning to cut prices of food items by as much as 70 per cent during this Ramadan season.

The ministry announced that the prices of 5,000 food items will be reduced by 70 per cent during Ramadan. Dr Hashem Al Nuaimi, director of the ministry's consumer protection department has said that price cuts and subsidies will be worth around AED250 million or $68 million.

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Categories: UAE News

Experts say UAE business must adopt IT systems

Sat, 05/28/2016 - 03:21

Global Information technology experts have said that the businesses in the United Arab Emirates should adopt advanced information management systems for maintaining their competitive advantage in the global market.

Experts have said that business in the country should establish modern data centres that will allow more efficiency.IT solutions provider EMC said that such data centres will allow the companies to launch new products to market four times quicker, increase number of apps by four times and reduce downtime by 96 per cent.

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Categories: UAE News

Consumer Financial Protection Bureau Fines Ex- Wells Fargo Employee $85,000 for Using Fee Shifting Scheme

Fri, 05/27/2016 - 05:53

On Wednesday, the Consumer Financial Protection Bureau took action against David Eghbali, an ex-employee of Wells Fargo for illegal mortgage fee-shifting scheme which benefitted him by finally increasing his commissions, imposing a fine of $85,000 The CFPB alleges that the ex- mortgage loan officer with the branch of Wells Fargo in Beverly Hills, California used a scheme to influence escrow fees which would earn him added bonus.

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Categories: UAE News

Costco Wholesale Corp Reports Flat Growth in Fiscal Third Quarter due to Sluggish Sales

Thu, 05/26/2016 - 07:55

On Wednesday, Costco Wholesale Corp reported its fiscal third-quarter financial report which showed no growth in the quarters comparable sales at its U.S. stores. This happened for the very first time in about six years and was a result of weak April sales.

Sales at established stores in the U.S remained flat which did not meet the expectation of the analysts who predicted 1.9 percent growth.  Last time comparable sales had dropped in its U.S stores in 2009.

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Categories: UAE News

Several Insurance Companies Propose Increase in Individual Health Insurance Policies

Thu, 05/26/2016 - 07:52

Several of the health insurance companies proposed rate increases that averaged to 22.3 percent in 2017 for individual policies available on the health-insurance exchange that has been created by federal health reform.

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Categories: UAE News

Arca Continental Based in Mexico to be Coca-Cola’s Bottling Partner in the U.S

Thu, 05/26/2016 - 07:49

Coca-Cola Co. is joining hands with a Mexican company, Arca Continental, based in Monterrey to manage bottling of its beverages for some parts of the United States. The beverage giant is increasing its dependence on franchise operators which will make and distribute drinks for the company. Elaborate terms of the deal were however not disclosed.

Arca Continental SAB is the second biggest bottler of Coca Cola in Latin America. It will now oversee parts of Texas and some parts of Oklahoma, New Mexico and Arkansas.

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Categories: UAE News

Five arrested for Cheating Taxpayers Pretending to be IRS Officials

Wed, 05/25/2016 - 06:08

The number of cases where scammers pose as IRS personnel and steal money from people are on the rise and the agency repeatedly warn people not to fall into their trap.

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Categories: UAE News

New Zealand needs extra 26 hotels to cater to tourists

Wed, 05/25/2016 - 03:23

According to a new research, an additional 26 hotels are required to be built in New Zealand in order to cope with the increasing number of tourists arriving in the country during the coming ten years.

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Categories: UAE News

Area360 new platform offer ticket sales without fees

Wed, 05/25/2016 - 03:19

Area360, a leading Wellington software development company, has announced that it is launching a new platform that will allow organisations to sell their own tickers avoiding usual fees charged by other platforms.

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Categories: UAE News

Investors Closely Watching any Indications for a Rate Hike from the Fed Policymakers

Mon, 05/23/2016 - 08:18

All ears are stretched out to listen to any indication from the Fed officials about the next possible interest rate increase. The policymakers in the United States sounded highly optimistic about the projection for a spike in the rates in the April meetings minutes which were released last week. The US dollar and the US and European bonds yields scaled higher as a result.

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Categories: UAE News

A Peek into Metals Outlook; None Show any Impressive Move

Mon, 05/23/2016 - 08:14

A look at metals shows that most of them did not make any impressive moves on Monday.

London copper hovered close to its three-month lows at the beginning of the week with a strong dollar which is maintaining its strength with expectations that the Federal Reserve might increase the interest rates in the coming month. That boosted capital costs and encouraged the investors to expect that there will be further drop in prices.

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Categories: UAE News

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