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Updated: 4 hours 36 min ago

Gold and Copper Miner, Newcrest Mining Reports Boost in Output

13 hours 52 min ago

Newcrest Mining, the Australia based gold and copper miner reported a 0.7 percent boost in output to 2.4 million ounces in this financial year. In the June quarter, production dropped 6 percent compared to the March quarter.

According to the miner, June quarter's output drop was mainly attributed to an extended suspension in production in Indonesia's Gosowong mine due to "geotechnical event" in February. One miner was trapped underground in this mine and was later rescued successfully.

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Categories: UAE News

Billions of Dollar Leave the African Continent in IFFs

13 hours 53 min ago

A new report from United Nations Conference on Trade and Development or UNCTAD showed that IFFs of illicit financial flows have deprived Africa of the much need finance for development to achieve its goals for progress.
 
According to the 2016 UNCTAD Economic Development in Africa Report between 1970 and 2008 total US854-billion or approximately R12218-billion has left Africa in illicit financial flows.

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Categories: UAE News

Ralph Nader Inducted into Automotive Hall of Fame

13 hours 55 min ago

On Thursday, Ralph Nader, the renowned political activist and author whose main areas of concern include consumer protection, while being inducted to the Automotive Hall of Fame, was still not all praises about the auto industry.

Nader's book in 1965, "Unsafe at Any Speed" is considered to be among twentieth century's most important pieces of public advocacy journalism.

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Categories: UAE News

Egg Patty at Dunkin’ Donuts Soon to Come with More Egg

Sun, 07/24/2016 - 05:56

People who are fond of egg patty at Dunkin' Donuts will soon get more taste of eggs as the Canton, Massachusetts based donut company and coffee house chain is making an effort to ramp up its food quality.

Dunkin' Donuts said, for a few months it has been testing a new egg formula and expects to introduce the new version with more eggs and less water and other ingredients sometime in the middle of August all over the country.

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Categories: UAE News

No Emiratisamong victims of Munich attack, UAE Consulate

Sat, 07/23/2016 - 11:36

The UAE Consulate General in Munich, Germanyhave confirmed that all UAE citizens are safe following the shootings in the German city on Friday.

The Consulate General said that no Emiratis were among the victims or the injured in the shooting incidence.

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Categories: UAE News

UAE celebrates Liwa Dates Festival in Abu Dhabi

Sat, 07/23/2016 - 11:35

The United Arab Emirates is celebrating the Liwa Dates Festival focusing on 'ratab' or half ripen dates in the Western Region of Abu Dhabi.

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Categories: UAE News

Elliott Management Persuades PulteGroup to Add Three New Members to Its Board

Sat, 07/23/2016 - 08:51

Atlanta, Georgia based PulteGroup, the home building company announced a strong quarterly report and witnessed its stocks climb, following the news. The company also struck a deal with Paul Singer's Elliott Management.

PulteGroup agreed to add three new directors to its board. Two of the new members will help choose its next CEO when it's current CEO Mr. Dugas leaves.

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Categories: UAE News

SunTrust Bank’s Brokerage Revenue Slips in the Second Quarter

Sat, 07/23/2016 - 08:49

The second quarter financial results of the SunTrust Bank on Friday revealed that the wealth management businesses faced a slowdown in revenue growth.

The revenue from the Bank's trust and investment management services dropped eleven percent to $75 million compared to $84 million last year same quarter. Revenue in Q2 remained flat compared to the earlier quarter.

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Categories: UAE News

Walmart Opens Shelves to Weather Damaged ‘Ugly’ Fruits in an Effort to Curb Food Wastage

Sat, 07/23/2016 - 08:46

Walmart, the largest grocer in the world is testing a pilot program in an effort to reduce the estimated wastage of 133 billion pounds of food worth about $29 billion every year in America.

It is selling weather-dented apples in 300 Florida stores at a discounted price. Although, these fruits may not look too pretty but do not differ in taste or flavor. Mainly damaged by severe storms or a stretch of hot spell or other weather related irregularities, these fruits get damaged externally, which makes them off limits from most of the grocers' shelves.

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Categories: UAE News

Dubai launches ‘Dubai Future Accelerators’ initiative

Fri, 07/22/2016 - 12:34

Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has announced the launch of the Dubai Future Accelerators that will help enable rapid deployment of transformative technologies in the city.

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Gradual fiscal adjustments will help boost growth, IMF

Fri, 07/22/2016 - 12:29

The IMF Executive Board has said that the gradual fiscal adjustments will help the United Arab Emirates economy to record strong growth.

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Categories: UAE News

No More ‘Tampon Tax’ in New York after Fifty One Years

Fri, 07/22/2016 - 08:59

On Thursday, New York became the latest state to do away with the so called "Tampon tax' or sales tax on tampons and feminine hygiene products. With the move, New York is the 11th state in the country without a tax on menstrual products.

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Categories: UAE News

Advanced Micro Devices Second Quarter Earnings Report Beat Analysts’ Estimation

Fri, 07/22/2016 - 08:57

Advanced Micro Devices Inc, the Sunnyvale, California based semiconductor company announced its second quarter earnings report and came out with flying colors.

Thursday's report showed that the chip maker earned a quarterly profit and also marked its first sales increase in almost two years. The gain is mainly attributed to increasing sales of customized chips supplied to videogame makers and also a rising demand for its recent graphics products.

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Categories: UAE News

Nationwide Home Sale Figures Climb in June

Fri, 07/22/2016 - 08:55

In June, home sales jumped in most U.S states including Ohio. That continues the trend of recent gains even though the supply pool is limited.

On Thursday, the Ohio Association of Realtors said record gains in home sales were noted in June. Annually, the sales rate was 5.4 percent up compared to the previous year based on seasonally adjusted data. Transactions in the housing market increased almost one percent from May.

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Categories: UAE News

Aldar Properties awards contracts worth $119.7 million

Thu, 07/21/2016 - 10:28

Aldar Properties, an Abu Dhabi listed company, has announced that it has awarded contracts worth $119.7 million or AED 440 million for two of its projects in Abu Dhabi.

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Categories: UAE News

UAE employees will have 98 days paid maternity leaves at Atkins

Thu, 07/21/2016 - 10:27

Atkins and Faithful+Gould, its subsidiary company, will now offer 98 days of paid maternity leaves to employees in the United Arab Emirates instead of 45 days offered earlier.

The company said that it was already complying with the labour laws in each Gulf Cooperation Council country. The law in USE mandates 45 days of paid maternity leaves but the company is extending its rules to offer 98 days of paid leaves. Under the new rules, the female employees will also be allowed to take paid 'Keeping in Touch' days to remain in contact with their teams.

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Categories: UAE News

China and India to drive growth, says Abu Dhabi Investment Authority

Thu, 07/21/2016 - 03:26

The Abu Dhabi Investment Authority has indicated that growth will be driven by emerging economies like China and India as most of its markets delivered dull results in 2015.

The Abu Dhabi Investment Authority is one of the largest sovereign-wealth funds in the world with investments in a range of sectors across the world. ADIA has assets worth more than $700 billion, according to estimates but the fund recorded small negative total returns for the year from both global equities and bonds.

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Categories: UAE News

Large down payments deterring expats from buying homes in UAE

Thu, 07/21/2016 - 03:16

Property market experts have said that a large number of residents in the United Arab Emirates (UAE) do not own a property in the country.

The latest data showed that just around 30 per cent of UAE residents have actually purchased a house in the country. This means that a large majority of 70 per cent do not own property and are on rent. Experts say that large property down-payments as well as bank's reluctance to lend money has made it difficult for many residents to purchase house in the country.

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Categories: UAE News

Shareholders’ Vote Overwhelmingly Rendering Support to EMC-Dell Deal

Wed, 07/20/2016 - 08:03

The merger deal between Dell and EMC Corp is nearing its final stage as EMC Corp. shareholders voted to approve sale of the company to Dell Inc.

The deal of $60 billion or more will create a massive supplier of equipment for corporate data centers.

The company said, the deal was endorsed by 98 percent of the voting shareholders during a short meeting at the EMC's Hopkinton headquarter on Tuesday.

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Categories: UAE News

Drivers on Pennsylvania Turnpike will Pay 6 Percent Extra Starting January 8

Wed, 07/20/2016 - 07:59

Starting from January 8, drivers travelling on the Pennsylvania Turnpike will pay 6 percent higher tolls as Pennsylvania Turnpike Commission approved the hike. It will be the ninth consecutive annual increase which has seen a jump every year since 2009. The commission seeks revenue which will allow paying for a long-term project of reconstructing the Turnpike and also handle its debt.

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Categories: UAE News

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