Daily brief: Wednesday’s top 7 business stories
The top business headline you don’t want to miss today.
Google releases its first smartphone
Technology giant Google released the very first phone made by the company inside out, Pixel. The new product, available in two models – Pixel and Pixel XL, is expected to form serious competition to Apple’s iPhones.
During its event on Tuesday late evening, Google also released Daydream View, a smartphone virtual reality platform; it announced releasing a new version of its streaming device, Chromecast Ultra; shared additional details about its Google Home, the smart speaker Google announced in May; and shared more about its vision for Google Assistant.
ADNOC to consolidate 2 key offshore oil firms
The Abu Dhabi National Oil Company (ADNOC) said it will be combining two of its largest offshore operations, in continuous effort to restructure and streamlines its operations.
Barclay’s sells Egyptian business to Morocco’s Attijariwafa
Britain’s Barclay’s completed the sale of its Egypt business to Morocco’s Attijariwafa bank, executing its strategy of focusing on the US and Britain.
The UK bank said the sale cuts about two billion pounds (USD2.55 billion) of its risk-weighted assets, international news agency, Reuters, reported.
Book Dubai Taxi through Careem
The Dubai Roads and Transport Authority (RTA), signed a cooperation agreement with car-lift app Careem, to provide passengers transport services from Dubai taxi via the app.
The agreement with Careem makes all 9,841 taxis and 4,700 limousines available on the Careem app.
International Hyperloop Competition Winner announced in Dubai
Team Mobius from France was announced as the winner of the International Hyperloop Competition, after it successfully designed prototype for a hyperloop train that can travel fast; Dubai to Fujairah in 10 minutes.
Team Mobius was selected among six others, and was announced by the Dubai Future Foundation.
Qatar’s PM pledges government support to private business
HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani said directives of HH Emir Sheikh Tamim bin Hamad Al Thani state that the private sector must be an active partner to government and a “pillar of the national economy,” state news agency reported.
His Excellency noted that the government spending to support the private sector is set to further increase in 2017, especially on big national projects.
IMF: Recent oil prices recovery to have “little impact” on growth
The International Monetary Fund (IMf) noted that the recent, modest recovery in oil prices will project very little impact on growth for oil-exporting countries, such as the GCC.
Most of these will continue to “tighten fiscal policy in response to structurally lower oil revenues, and financial sector liquidity continues to decline,” the IMF said in its latest World Economic Outlook.