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The file photo shows the International Energy Agency's headquarters in Paris, France. — Courtesy photo

May 28, 2020

COVID-19 crisis is causing the biggest fall in global energy investment in history: IEA

PARIS — The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year — from fossil fuels to renewables and efficiency — the International Energy Agency said in a new report released on Wednesday.The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy ...

European Central Bank (ECB) President Christine Lagarde.

May 27, 2020

Sharp positive reversal in US dollar appetite hints at mounting stress

By Ipek OzkardeskayaGENEVA — US equities followed up on Asian and European gains on Tuesday. Major US indices rallied to highest levels since March. The S&P500 (+1.23%) traded above the 3000 mark, but closed a touch below this level. Likewise, the Dow extended gains past 25’170, yet ended the session slightly below the 25K mark on the back of some profit taking into the end of the trading session. Nasdaq ...

May 27, 2020

Have US equities finally peaked relative to European equities?

By Peter GarnryDUBAI — In this equity note we highlight that US equities might soon be peaking against European equities on ground of relative total return performance, valuation differences and that European equities could benefit from an edge in green energy technologies and health care compared to the US. We also highlight the smaller technology sector weight as a potential catalyst for European equities over time.US equities have shown an ...

L&T House

May 27, 2020

L&T Heavy Engineering achieves delivery of critical equipment during lockdown

DUBAI — The Heavy Engineering arm of Larsen & Toubro ensured dispatch of critical Reactors, Coke drums and Sub-assemblies of Nuclear Fusion reactor for their global clients during the lockdown period in India from beginning of last week of March.During this period, a final consignment of 4 (out of total package of 16) ARDS Reactors for Refinery modernization project for clean, environment-friendly fuels to ADNOC, Abu Dhabi, were delivered by ...

Organizations owe it to their employees to keep them safe either while working remotely or traveling on official company business.

May 27, 2020

Four things firms need to know about protecting employees during times of crisis

DUBAI — Are companies relieved of their duty to care for the wellbeing of their employees during this lockdown period? Not so, says Emma Shakespeare, regional sales director at SAP Concur."Organizations owe it to their employees to keep them safe either while working remotely or traveling on official company business. In times of major disruption or heightened risk, companies need to take all necessary measures to ensure they can meet ...

Prabhu Ramachandran, founder & CEO, Facilio Inc.

May 27, 2020

Facilio launches REbuild to help real estate owners safely restart property operations

DUBAI — Facilio Inc., an AI-driven property operations and maintenance platform, Wednesday announced the launch of REbuild, a remote operations toolkit that helps real estate owners drive efficiency, boost productivity, and improve operating margin.The program is in line with Facilio’s mission to provide robust tech solutions to address the dynamic challenges faced by commercial real estate owners, operators, and property managers. The REbuild program from Facilio is aimed at revitalizing ...

Timothy Mattar

May 27, 2020

Investcorp closes €340 million for second Italian NPL Fund

MANAMA — Investcorp, a leading global provider and manager of alternative investment products, Wednesday announced the fully subscribed final closing of approximately €340 million in commitments for its second vintage Italian Distressed Loan Fund II (Italian NPL Fund II), which is exclusively advised by Eidos Partners, a leading Milan-based advisory firm and credit specialist. To date, more than €460 million in assets have been allocated toward Investcorp and Eidos Partners’ ...

May 27, 2020

26% of IT security managers in KSA missed important family dates because of data breaches

RIYADH — The latest Kaspersky report, “Taking care of corporate security and employee privacy: why cyber-protection is vital for both businesses and their staff”, highlights the ‘human side’ of cybersecurity incidents — examining the discomfort and losses employees face because following breaches.According to the report, around a third of employees (30%) in Saudi Arabia who are involved in the aftermath of an incident missed important personal events, had to work ...

The Dubai Electricity and Water Authority, DEWA, and Chinese multinational technology company, Huawei, have explored ways to expand their strategic partnership in the artificial intelligence and digital transformation cooperation fields. — Courtesy photo

May 26, 2020

Dubai utility, Huawei increase AI, digital transformation cooperation

DUBAI — The Dubai Electricity and Water Authority, DEWA, and Chinese multinational technology company, Huawei, have explored ways to expand their strategic partnership in the artificial intelligence and digital transformation cooperation fields.During a video conference, Saeed Mohammed Al Tayer, DEWA Managing Director and CEO, and Charles Yang, President of Huawei Middle East, discussed strengthening cooperation and promoting bilateral relations, as well as sharing the best international practices and experiences.The two ...

May 26, 2020

US oil output set to bottom out in June, will not recover to pre-COVID-19 levels in 2021

OSLO — US oil production, which has steeply declined as low prices forced shut-ins, will reach a bottom of around 10.7 million barrels per day (bpd) in June, a two-year low, Rystad Energy estimates, before it starts to slowly recover. Still, US monthly output is not likely to exceed 11.7 million bpd before 2022, a staggering difference from the nearly 12.9 million bpd achieved in March 2020.It was just months ...

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