Drop in US inventories gives oil prices short-term boost

Abu Dhabi: A drop in US oil inventories will provide oil prices with a short-term boost, though market factors on demand and oversupply will remain an issue in the longer term, analysts said. The US Energy Information Administration (EIA) last week reported that US oil inventories were down by 1.7 million barrels compared to the […]

India’s Alibaba: Ambani readies $24 billion holding firm

Billionaire Mukesh Ambani moved a step closer to creating an e-commerce giant for India, unveiling plans to set up a $24 billion digital-services holding company that would become the main vehicle in his ambition to dominate the country’s internet shopping space. The board of Ambani’s Reliance Industries Ltd. approved a proposal to plow 1.08 trillion […]

Consumer Confidence Index holds steady in the second quarter of 2019: Dubai Economy

DUBAI: Consumers in Dubai remain upbeat on the overall economy in the emirate and their personal finances with optimism largely stemming from anticipated improvement across tourism, trading and employment. Nationals as well as expatriates shared a bright outlook in the quarterly consumer confidence survey of Dubai Economy and the overall Consumer Confidence Index stood at […]