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Strait of Malacca under Terror Alert
Written on 5 Mar, 2010 at 23:04 in Business | viewed 0 times | 0 Comments
An unidentified terrorist group is planning attacks on oil tankers in the Strait of Malacca, one of the world’s busiest shipping lanes, Singapore’s navy warned on Friday. Its intent “is probably to achieve widespread publicity and showcase that it remains... (Continue reading)
No El Nino effects in Cebu yet
Written on 3 Mar, 2010 at 23:38 in Business | viewed 0 times | 0 Comments
Cebu’s farmlands are still unaffected from the drought which is supposed to come with El Nino. This is despite the effects of the El Nino phenomenon in some other provinces in the country which have already felt the ill effects... (Continue reading)
du makes record profit in 2009
Written on 25 Feb, 2010 at 1:17 in Business | viewed 0 times | 0 Comments
Emirates Integrated Telecommunications Company PJSC (Du) today announced full year results to 31 December 2009, recording another successful year of growth with net profit before royalty at record highs reaching Dhs528m. Highlights for the full year: • 1,011,200 active mobile customers acquired,... (Continue reading)
New bankruptcy law in the Philippines
Written on 4 Feb, 2010 at 19:43 in Business | viewed 0 times | 0 Comments
The Philippines now has an up to date bankruptcy framework which aims for a faster and more orderly rehabilitation or liquidation of financially distressed companies and individuals. This took 10 years to achieve. Before the end of the 14th session... (Continue reading)
Dubai finds more oil, just in time
Dubai has discovered an offshore oil field, the office of Dubai’s ruler said today in a statement. The small oil producer Dubai was evaluating the size of the field and potential production, the statement is saying. The ruler’s office was... (Continue reading)
Etisalat still makes a lot of profit during the financial downturn
Etisalat announced on Sunday net profits of AED 8.8bn ($ 2.4 bn) for 2009. The year before (2008) Etisalat made AED 8.5bn in net profit. The company said in a statement that it had achieved revenues of AED 30.8 bn,... (Continue reading)
Dubai Investments makes a nice profit
Written on 27 Jan, 2010 at 17:43 in Business | viewed 0 times | 0 Comments
The biggest investment company on the Dubai Financial Market, Dubai Investments PJSC, announced a net profit of AED 963 Million as the preliminary results for last year 2009. Dubai Investments reported a consolidated total income of Dhs3.67 Billion for the... (Continue reading)
QE 2 will not be shipped to South Africa, yet
Written on 26 Jan, 2010 at 20:26 in Business | viewed 0 times | 0 Comments
Dubai was planning to move the Queen Elizabeth 2 (ex)cruise liner to South Africa. You may have heard about a UAE company called Dubai World? Of course you have. They are the owner of the QE 2 (via their investment... (Continue reading)
Dubai has it’s first foreclosure case
Written on 15 Jan, 2010 at 17:54 in Business | viewed 0 times | 0 Comments
Together with plunging values, missed home loan payments and abandoned properties, Dubai’s property market is a lot like others around the world. Apart from the fact that there have been no foreclosures in the emirate until now. Barclays recently won Dubai’s... (Continue reading)
In 7 days it will show if Nakheel is paying its debt
Written on 12 Jan, 2010 at 12:59 in Business | viewed 0 times | 0 Comments
Nakheel, the Dubai based property developer and part of Dubai World, has to pay back part of a 750 million US$ bond in 7 days. Dubai World, Nakheel’s parent company, is looking for a standstill of it’s 22 billion US$... (Continue reading)
Burj Dubai, now Burj Khalifa, Arrives in Style!
The moment we’ve all been waiting for is here… There was a mad rush of traffic that started early in the day as residents of the city rushed to the Down Town Burj Dubai area for what promised to be... (Continue reading)
Do you rent in Dubai? News for you!
Rent increases will be contained in 2010, according to a decree issued on Wednesday, which says that rent can only rise if it is at least a quarter below market values. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President... (Continue reading)
Dubai World will survive
Written on 21 Dec, 2009 at 16:30 in Business | viewed 0 times | 0 Comments
Even though it was expected from Dubai World’s creditors, the company did not ask for a standstill on its debts in today’s meeting in Dubai. It was the first face to face meeting of Dubai World officials with their creditors... (Continue reading)
UAE Government bails out Dubai – Market’s are up
In a dramatic U-turn, Dubai today announced that it has received a $10bn bail-out from the neighboring Emirate Abu Dhabi that will enable it to pay off the immediate debts of its most troubled state-run companies. Confirmation that the government... (Continue reading)
Dubai Stock Market rebounds – for long?
Today the Dubai Stock Market DFM rebounded from it’s low yesterday on a relatively high turnover. The last few days since the shocking announcement of Dubai World had obviously an impact on the stock markets of the United Arab Emirates.... (Continue reading)
Breaking News: Dubai Holding sells its stake in EFG-Hermes to Western Investors
Yesterday a television station reported that Dubai Group, a unit of Dubai Holding, has sold its stake in EFG-Hermes, the Egyptian Investment Bank, for $120 Million. Rumors are rife about who the buyer may be. According to news reports on the... (Continue reading)
Call Center to Help Growing Businesses
Written on 8 Dec, 2009 at 11:43 in Business | viewed 0 times | 0 Comments
Next year, there will be another call center that will open its doors to the Cebuano public. The Filipino Cebuano Business Club Inc. will start its very own call center sometime next year to help MSMEs or Micro Small and Medium... (Continue reading)
Indonesia’s Airlines Struggle to Lift EU Ban
Written on 8 Dec, 2009 at 10:44 in Business | viewed 0 times | 0 Comments
The minister for transportation recently requested Indonesia’s national air carriers to undergo massive reform in order to lift the European Union’s ban on Indonesian airlines to land in the EU. The ban was enforced in 2007, and although Indonesian carriers... (Continue reading)
Dubai: the City that Cried Wolf
A week ago, Dubai announced to the world that one of its largest entities, Dubai World, will be seeking a moratorium on its debt, believed to be somewhere in the range of $60 Billion. Soon after, various holidays around the world... (Continue reading)
No Guarantee for Dubai World’s Debt from Dubai Government
Dubai’s government said it hasn’t guaranteed the debt of Dubai World, the state-controlled holding company struggling with $59 billion in liabilities, and that creditors must help it restructure. “It is correct that the government owns Dubai World, but the decision... (Continue reading)
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