分类: business

  • Gold prices in Dubai drop below Dh600 per gram, lose Dh11 in 24 hours

    Gold prices in Dubai drop below Dh600 per gram, lose Dh11 in 24 hours

    Dubai’s gold market experienced a significant downturn on Friday morning as prices tumbled below the critical Dh600 per gram threshold, marking one of the most substantial single-day declines in recent trading history. The precious metal’s value dropped to Dh599.75 per gram at market opening, representing a dramatic Dh11 decrease from Thursday’s opening price of Dh610.75 per gram.

    The selloff extended across all gold variants, with 22K trading at Dh555.25, 21K at Dh532.5, 18K at Dh456.5, and 14K at Dh356.0 per gram respectively. Globally, spot gold prices reached $4,977.92 per ounce after briefly touching a near one-week low, showing some recovery with a 1% uptick by 9:15 AM UAE time.

    This market movement follows Thursday’s approximately 3% decline that pushed gold below the psychologically important $5,000-per-ounce support level. The downturn coincided with intensified selling pressure across equity markets, creating a perfect storm for precious metal investors.

    Market analysts attribute the volatility to shifting expectations regarding U.S. monetary policy. Recent robust employment data, which showed 130,000 job additions in January versus forecasts of 70,000, has significantly altered the Federal Reserve’s potential interest rate trajectory. The stronger-than-expected jobs report has caused traders to recalibrate their expectations, pushing anticipated rate cuts from June to July.

    Vijay Valecha, Chief Investment Officer at Century Financial, noted that while the data might cause short-term pullbacks, revised annual job growth figures from 584,000 to 181,000 for 2025 provide underlying support for precious metals. ‘This will provide a floor for both metals,’ Valecha stated, suggesting that the fundamental support for gold remains intact despite current market pressures.

    Investors worldwide are now closely monitoring upcoming U.S. inflation figures for further guidance on interest rate direction, which will likely determine gold’s medium-term trajectory in both international markets and Dubai’s local trading scene.

  • AMVIN Security and Surveillance Solutions LLC wins SIRA Security Professionalism and Excellence Award

    AMVIN Security and Surveillance Solutions LLC wins SIRA Security Professionalism and Excellence Award

    In a significant industry recognition, AMVIN Security and Surveillance Solutions LLC has been conferred the Security Professionalism and Excellence Award by Dubai’s Security Industry Regulatory Agency (SIRA). The prestigious accolade, presented in collaboration with the Government of Dubai, highlights the company’s outstanding contributions to advancing security standards across the United Arab Emirates.

    The award ceremony culminated in CEO Raj Patel accepting the honor on behalf of AMVIN, acknowledging the organization’s rigorous compliance with regulatory frameworks and substantial investments in cutting-edge surveillance technologies. Under Patel’s executive leadership, the company has cultivated a distinguished reputation for operational reliability and client-focused service delivery across government, commercial, and residential sectors.

    In his acceptance remarks, Patel emphasized the collective achievement: “This recognition from SIRA and the Dubai government reflects the unwavering dedication of our entire team. We take pride in developing security solutions that not only meet current compliance requirements but anticipate future urban safety needs. Our mission remains aligned with Dubai’s transformative vision for intelligent, secure urban environments.”

    AMVIN’s comprehensive service portfolio encompasses integrated security systems, advanced monitoring platforms, and customized solutions tailored to modern infrastructure demands. This award reinforces the company’s strategic positioning within the UAE’s rapidly evolving security landscape and its commitment to establishing new benchmarks for technological innovation and professional excellence in regional security services.

    The recognition coincides with AMVIN’s ongoing expansion initiatives across the Emirates, where the company continues to deploy next-generation security solutions supporting Dubai’s ambition of creating a more resilient and interconnected urban future.

  • Indonesia’s EV market expected to stay robust

    Indonesia’s EV market expected to stay robust

    Indonesia’s electric vehicle sector demonstrates remarkable resilience as industry leaders project sustained growth regardless of potential changes to government tax incentives. The current tax exemption program, implemented in 2023 to stimulate EV adoption through reduced import and sales taxes, is scheduled to conclude by December 2025. Despite this impending policy uncertainty, automotive executives express confidence in the market’s underlying strength.

    Setia Diarta, Director-General for Metal, Machinery, Transportation Equipment and Electronics at Indonesia’s Ministry of Industry, confirmed that officials are actively deliberating whether to extend or terminate the EV tax exemption framework. “Hopefully, a decision will be made soon,” Diarta stated during a February 5 briefing at the Indonesia International Motor Show 2026 in Jakarta.

    Moeldoko, Chairman of the Indonesian Electric Vehicle Industry Association, echoed the need for prompt government clarification while emphasizing that technological advancements have fundamentally altered the economic landscape. “The rapid development of EV technology has substantially reduced battery manufacturing costs, ensuring retail prices remain competitive even without tax incentives,” Moeldoko explained.

    Market data substantiates Indonesia’s position as Southeast Asia’s premier EV destination. The Association of Indonesian Automotive Industries reported total 2025 vehicle sales exceeding 800,000 units, with EVs capturing 15% market share—representing over 100,000 units sold and a fourfold increase from 2023 figures. Jongkie Sugiarto, the Association’s Chairman, attributes this growth to Indonesia’s demographic advantage: “With a population exceeding 280 million, Indonesia presents the region’s most attractive market for EV business development.”

    Chinese manufacturers have capitalized on this expansion, with BYD Indonesia now commanding over half of domestic EV sales since its 2024 market entry. Luther Panjaitan, Head of Public and Government Relations at BYD Indonesia, acknowledged tax incentives’ role in boosting sales while affirming price competitiveness regardless of policy outcomes. The company is currently establishing a West Java manufacturing facility with planned annual capacity of 150,000 EVs.

    Industry analysts emphasize the strategic importance of sustained EV growth. Bhima Yudhistira, Founder of the Center of Economic and Law Studies, highlighted Indonesia’s need for Chinese technology transfer and nickel downstreaming investments. Meanwhile, Fabby Tumiwa, CEO of the Institute for Essential Services Reform, advocated for maintained incentives to reduce energy imports and alleviate trade balance pressures through increased EV adoption.

  • Industry strives to go ‘zero carbon’

    Industry strives to go ‘zero carbon’

    China has launched a comprehensive national strategy to revolutionize its industrial landscape through the systematic development of zero-carbon manufacturing facilities. This initiative represents a critical component of the nation’s broader climate objectives to achieve carbon peak before 2030 and carbon neutrality by 2060.

    The policy framework, collaboratively issued by five governmental bodies including the Ministry of Industry and Information Technology (MIIT), outlines a methodical, phased approach to industrial decarbonization. The strategy prioritizes sectors with urgent emission reduction requirements, high electricity dependency, and technically feasible pathways toward carbon minimization.

    Contrary to terminology suggesting absolute zero emissions, the ‘zero-carbon factory’ concept emphasizes continuous improvement toward near-zero emissions through technological innovation, structural adjustments, and management optimization within existing economic and technical constraints.

    The implementation will commence with pilot programs in 2026 across strategic industries including automotive manufacturing, lithium battery production, photovoltaics, electronics, and computing infrastructure. By 2027, authorities expect to establish numerous model facilities, with subsequent expansion to traditionally energy-intensive sectors like steel, nonferrous metals, petrochemicals, and textiles by 2030.

    Professor Tian Jinping of Tsinghua University’s School of Environment emphasized that this initiative constitutes “the country’s top-level design and comprehensive framework” for industrial transformation. The core objective aligns green technology adoption with enhanced operational efficiency, reduced pollution, and increased productivity, ultimately strengthening China’s position within global supply chains.

    The guideline specifies concrete implementation pathways including establishing comprehensive carbon accounting systems, developing industrial green microgrids, and integrating next-generation information technologies. This systematic approach rests on three foundational pillars: renewable energy infrastructure, low-carbon technical processes, and intelligent management systems.

    This national effort builds upon substantial existing progress. By the end of 2025, China had established 6,430 national-level green factories, representing 20% of manufacturing output value compared to just 9% in 2020. Provincial governments, particularly in economic powerhouses like Jiangsu, Zhejiang, and Guangdong, have implemented supportive policies including financial incentives such as Kunshan’s 1 million yuan reward for certified zero-carbon facilities.

    Corporate engagement matches governmental ambition. Approximately 13,000 businesses globally have joined the ‘Race to Zero’ campaign, with over 2,300 major corporations establishing explicit net-zero targets. Chinese manufacturers like Hisense have committed to operational carbon neutrality by 2050.

    This industrial transformation forms part of a global movement, with 145 countries and regions representing 77% of global emissions having announced or considered carbon neutrality targets. China’s systematic approach to industrial decarbonization demonstrates how environmental objectives can synergize with economic competitiveness and technological advancement.

  • AirAsia accused by artist for allegedly using his work without consent

    AirAsia accused by artist for allegedly using his work without consent

    Lithuanian-born artist Ernest Zacharevic, a long-term resident of Malaysia, has initiated legal proceedings against budget carrier AirAsia and its parent company Capital A Berhad for alleged copyright infringement. The dispute centers on the unauthorized reproduction of his iconic 2012 street mural “Kids on Bicycle” on an aircraft livery in late 2024.

    Zacharevic, renowned for his transformative public artworks in Penang, discovered the infringement in October 2024 when he observed an AirAsia jet featuring artwork strikingly similar to his celebrated mural. The piece, originally created for a local festival, depicts two laughing children on an actual bicycle incorporated into the painting and has become a major tourist attraction in George Town’s heritage district.

    The artist immediately raised concerns through social media channels, tagging the airline and demanding discussions regarding the artwork’s commercial use. Following his public outcry, AirAsia removed the contested livery but subsequent negotiations failed to yield a settlement agreement.

    Court documents reveal this incident represents not the first alleged infringement by the airline. Zacharevic claims previous unauthorized use of his artwork on food delivery bags and references past discussions in 2017 regarding potential commissioned work for aircraft liveries and office murals. These negotiations allegedly made the airline fully aware of his professional rates and copyright protections.

    The lawsuit contends that AirAsia “wilfully infringed the plaintiff’s copyright and moral rights” by reproducing his signature work without consent or licensing arrangements. Zacharevic emphasizes that his creation represents years of professional training and artistic labor rather than merely cultural or geographical references.

    As Asia’s largest low-cost carrier operating over 200 aircraft to more than 100 destinations, AirAsia’s brand visibility amplifies the significance of this copyright dispute. The airline recently announced plans to resume London flights via Bahrain after a decade-long absence from the British market.

    Zacharevic has left compensation determination to the courts while maintaining his position that the artwork’s distinct artistic value deserves proper recognition and protection under intellectual property law.

  • Beijing upset as Dutch court blocks Wingtech bid to recontrol Nexperia

    Beijing upset as Dutch court blocks Wingtech bid to recontrol Nexperia

    China has formally called upon the Dutch government to proactively resolve the escalating semiconductor dispute involving Nexperia, following a Dutch court’s decision to investigate alleged mismanagement by Chinese parent company Wingtech Technology. The diplomatic confrontation highlights growing tensions in global chip supply chains.

    Chinese Foreign Ministry spokesperson Lin Jian asserted Thursday that “the root cause of the Nexperia issue is the improper administrative intervention of the Dutch side in business operations.” He emphasized that Netherlands must “create enabling conditions for companies to resolve internal disputes” while maintaining stability in global semiconductor supply chains. Beijing pledged continued support for Chinese companies protecting their lawful rights and interests.

    The diplomatic demand follows the Enterprise Chamber of the Amsterdam Court of Appeal’s decision to investigate Nexperia’s corporate governance while maintaining the suspension of CEO Zhang Xuezheng, Wingtech’s founder. The court identified multiple governance concerns including conflicts of interest, unilateral strategy changes without internal consultation, violation of agreements with Dutch authorities, and restriction of European managers’ powers.

    Financial repercussions have already emerged, with China Chengxin International Credit Rating downgrading Wingtech’s long-term credit rating from AA- to A with negative outlook, citing significant operational and financial impacts from losing control over Nexperia.

    Wingtech expressed “profound disappointment and strong dissatisfaction” with the Dutch court’s ruling, calling it “self-contradictory and logically flawed.” The company argued the current interim management cannot conduct effective investigations and instead demanded investigation into Nexperia’s interim management.

    The dispute originated in September 2025 when Washington tightened sanctions rules, prompting Dutch intervention under its Goods Availability Act. Although the Netherlands ended direct control in November, Zhang remains barred from leadership. Nexperia’s current interim leadership, including CEO Stefan Tilger, continues operations despite the challenges.

    Industry analysts suggest the hardened Dutch position reflects broader geopolitical alignments, with the new Dutch cabinet featuring several China-hawk officials including Trade Minister Sjoerd Sjoerdsma (sanctioned by China in 2021) and Infrastructure Minister Vincent Karremans (previously involved in Nexperia intervention).

    With Wingtech projecting massive 2025 losses of 9-13.5 billion yuan ($1.25-1.88 billion), the company has initiated legal proceedings that could lead to an $8 billion international arbitration case if not resolved by April 2026. Meanwhile, Nexperia China has begun supply chain restructuring, establishing Dongguan as its global headquarters and implementing data security measures in European operations.

  • Africa leads growth in solar energy as demand spreads beyond traditional markets, report says

    Africa leads growth in solar energy as demand spreads beyond traditional markets, report says

    NAIROBI, Kenya — Defying a worldwide deceleration in renewable energy expansion, Africa has astonishingly positioned itself as the planet’s most rapidly expanding solar market in 2025. This remarkable growth, meticulously documented in a recent industry analysis, signifies a pivotal shift in the global concentration of renewable energy momentum.

    The Africa Solar Industry Association’s comprehensive report reveals that the continent’s installed solar capacity witnessed a robust 17% surge last year. This acceleration was predominantly fueled by a substantial influx of competitively priced, Chinese-manufactured solar panels. While the global solar power capacity increased by 23% to 618 gigawatts (GW) in 2025, this represented a significant slowdown from the 44% growth rate recorded in 2024, making Africa’s performance particularly standout.

    Cynthia Angweya-Muhati, Acting CEO of the Kenya Renewable Energy Association, emphasized the crucial role of international partnership, stating, ‘Chinese enterprises are fundamentally propelling Africa’s green energy transformation. They are making assertive investments and establishing resilient supply chains within the continent’s burgeoning green ecosystem.’

    However, a notable implementation gap persists. Data indicates that although nearly 64 gigawatts peak (GWp) of solar equipment has been shipped to Africa since 2017, the operational capacity currently stands at only 23.4 GWp. A gigawatt peak denotes one billion watts of maximum potential power output under ideal conditions.

    John Van Zuylen, CEO of the Africa Solar Industry Association, attributed this sustained growth to strategic policy evolution. ‘Solar energy has transcended its status as a niche interest of a few early adopters to become a widespread continental priority,’ he commented during the Inter Solar Africa summit in Nairobi. ‘The current trajectory is not ephemeral; it is the result of policies successfully aligning with potent market dynamics.’

    The market landscape is also diversifying. Historically, South Africa was the dominant force, once accounting for approximately half of all solar panel imports. Its share has now receded to below one-third as demand skyrockets across the continent. In a striking demonstration of this broadening appeal, 20 African nations established new annual import records in 2025, with 25 countries each importing a minimum of 100 megawatts of capacity.

    Nigeria has now eclipsed Egypt to become Africa’s second-largest solar importer. The driving force behind this shift is the practical and cost-effective nature of solar energy coupled with battery storage, offering a reliable alternative to expensive diesel generators and an unstable national grid. Algeria experienced a meteoric rise with year-on-year imports soaring over thirty times, while Zambia and Botswana also recorded significant surges.

    The report further highlights that at least 23 African nations, including South Africa, Tunisia, Kenya, Chad, and the Central African Republic, now generate over 5% of their electricity from solar sources.

    A key enabler of this boom is the precipitous decline in costs. Prices for solar panels and, crucially, battery storage units—primarily sourced from China—have fallen dramatically. Battery storage costs in Africa dropped to $112 per kilowatt-hour in 2025, down from an average of $144 in 2023, thanks to technological advancements yielding more flexible and durable systems.

    Van Zuylen noted the profound impact of this trend: ‘This ever-decreasing price of storage carries game-changing implications for a continent with an acute need for stable, baseload power.’

    Policy reforms are also playing a critical role. In Nigeria, the phased removal of diesel subsidies over the past two years has made diesel progressively more expensive, effectively pushing businesses and households toward solar alternatives. This policy was implemented incrementally across sectors to mitigate economic shock. In a major development for regional manufacturing, Nigeria announced plans in September for a 1 GW solar panel factory, poised to be the largest in West Africa. Similar facilities are currently under construction in Egypt, South Africa, and Ethiopia.

    As Africa ambitiously moves to develop its indigenous manufacturing capabilities, the industry is looking towards China for knowledge transfer to mitigate the continent’s reliance on imported equipment and technology.

    The economic benefits extend far beyond manufacturing. Van Zuylen pointed to a parallel jobs boom, explaining, ‘The solar employment surge is occurring in service sectors such as installation, maintenance, distribution, and financing, where thousands of small and medium enterprises are emerging to cater to the escalating demand.’

    Despite the optimistic outlook, significant challenges remain. A primary obstacle is policy inconsistency. Unlike regions such as the Middle East, where governments publish clear, long-term energy roadmaps, many African markets lack stable policy signals. Solar firms operating across the continent cite unpredictable tax structures, fluctuating import duties, and ambiguous long-term energy strategies as factors that erode investor confidence.

    Amos Wemanya, Senior Analyst on Renewable Energy at Powershift Africa, succinctly captured the issue: ‘The problem is not the opportunity. It’s visibility. If a government announces a plan, companies need to have trust that it will remain in place.’

  • Taylor Swift asks US government to block ‘Swift Home’ trademark

    Taylor Swift asks US government to block ‘Swift Home’ trademark

    Global music icon Taylor Swift has initiated formal legal proceedings against bedding manufacturer Cathay Home, alleging the company’s attempt to trademark “Swift Home” constitutes unauthorized appropriation of her identity and brand equity. Through her representation at TAS Rights Management LLC, Swift submitted a detailed objection to the United States Patent and Trademark Office on Wednesday, asserting that the proposed branding bears striking resemblance to her federally protected cursive signature.

    The legal filing contends that Cathay Home’s stylized presentation of the word “Swift” creates consumer confusion by implying an official endorsement from the recording artist. Court documents reviewed by media outlets indicate Swift’s legal team believes the company intentionally seeks to capitalize on the performer’s substantial commercial recognition and public goodwill without authorization.

    New York-based Cathay Home, which distributes products through major retail channels, filed the contested trademark application specifically for bedding merchandise. The company’s marketing materials now face scrutiny for potentially misleading consumers regarding product associations with the entertainment superstar.

    This legal action forms part of Swift’s comprehensive brand protection strategy, which includes over 300 registered trademarks spanning multiple jurisdictions. These intellectual property protections cover her name, distinctive initials, album nomenclature, and select lyrical content across product categories including bedding, apparel, and music-related merchandise.

    The multi-Grammy winner’s commercial empire, recently bolstered by record-shattering international concert attendance and music sales, now exceeds an estimated $1 billion valuation. This trademark challenge demonstrates the rigorous enforcement approach taken by celebrity entities to safeguard their commercial interests against perceived brand dilution and unauthorized exploitation.

  • Canadian and UK finance groups pause new ventures with DP World over CEO’s emails with Epstein

    Canadian and UK finance groups pause new ventures with DP World over CEO’s emails with Epstein

    Leading financial institutions from Canada and the United Kingdom have suspended future collaborations with global logistics firm DP World following the disclosure of extensive email correspondence between company CEO Sultan Ahmed bin Sulayem and convicted sex offender Jeffrey Epstein. The communications, unveiled in recently released U.S. Department of Justice documents, contain explicit references to sexual content and escort services spanning several years.

    British International Investment, the UK’s development finance agency, announced it will withhold new investments with DP World until the company implements necessary corrective measures. Similarly, La Caisse de dépôt et placement du Québec, one of Canada’s largest pension funds, has paused further capital deployment with the Dubai-based port operator.

    The email exchanges, dating from 2009 to 2018, reveal a longstanding personal relationship between Sulayem and Epstein, who died by suicide in 2019 while facing sex trafficking charges. Among the most concerning communications is a 2009 message where Epstein references a ‘torture video’ he apparently received from Sulayem. Subsequent emails include Sulayem’s description of a ‘100% female Russian’ on his yacht, menus from massage businesses offering sexual services, and direct links to pornographic websites.

    While the correspondence does not directly implicate Sulayem in Epstein’s criminal activities, the nature of the discussions has prompted serious concern among DP World’s investment partners. Both financial institutions emphasized they are not direct investors in DP World but have previously collaborated on global port infrastructure projects.

    DP World, which operates the massive Jebel Ali port in Dubai and numerous international terminals, has remained silent despite multiple requests for comment. Sulayem previously served as chairman of Dubai World, the conglomerate behind Dubai’s iconic palm-shaped artificial islands.

  • Costs from Trump’s tariffs paid almost entirely by US consumers, NY Fed says

    Costs from Trump’s tariffs paid almost entirely by US consumers, NY Fed says

    A comprehensive analysis by the Federal Reserve Bank of New York demonstrates that American corporations and consumers are absorbing approximately 90% of the financial burden resulting from elevated tariffs imposed on imported goods. The research, published Thursday, indicates that the average tariff rate surged dramatically from 2.6% to 13% throughout 2025, marking one of the most significant increases in recent trade history.

    The study examined tariff implementations targeting multiple trading partners including China, Mexico, Canada, and the European Union. Contrary to conventional economic expectations, exporting nations maintained stable pricing structures rather than reducing costs to mitigate potential declines in U.S. demand. This pricing strategy resulted in importers transferring additional expenses directly to American consumers through elevated retail prices.

    This pattern mirrors outcomes observed during the 2018 tariff implementations during President Trump’s initial term, suggesting consistent economic behavior across different trade environments. The New York Fed’s findings receive substantial validation from parallel international studies.

    Independent analysis from Germany’s Kiel Institute for the World Economy, based on examination of 25 million transactions, confirmed nearly complete transfer of tariff costs to U.S. import prices. Their research revealed that major exporters including Brazil and India opted to reduce shipment volumes rather than decrease pricing, resulting in what researchers termed ‘trade volume collapse.’

    Supporting evidence from the National Bureau of Economic Research indicated approximately 100% pass-through of tariffs to consumer pricing. Meanwhile, the Tax Foundation, a Washington DC-based policy research organization, characterized the tariffs as effectively constituting a new consumer tax. Their calculations suggest the average American household incurred approximately $1,000 in additional costs during 2025, with projections indicating a rise to $1,300 for 2026.

    The Tax Foundation further noted that the effective tariff rate—accounting for reduced purchasing in response to higher prices—currently stands at 9.9%, representing the highest average rate recorded since 1946. According to their analysis, these increased costs will completely offset any potential economic benefits derived from tax reductions included in the administration’s legislative proposals.