Fragile market conditions, poorly controlled algorithms and inexperienced staff all contributed to last October’s flash crash in sterling, global policymakers have concluded, with the Bank for International Settlements urging banks and other market participants to learn from their mistakes. The BIS — the central bank for central banks — said on Friday that no single event was responsible for the extraordinary 9 per cent plunge in the […]
By Mai Nguyen | HO CHI MINH CITY HO CHI MINH CITY Outgoing U.S. Secretary of State John Kerry said on Friday he was confident the next administration would stick to the same peaceful principles on Asian security as the current one, despite hawkish comments from President-elect Donald Trump’s cabinet picks. Referring to the disputed South China Sea, Kerry told a university audience in Ho Chi Minh […]
By Jamie McGeever | LONDON LONDON European and U.S. stocks looked to end a sluggish week on a high note on Friday, while the dollar was on track for its biggest weekly fall in two months and U.S. bond yields eyed their longest run of weekly declines since July. Investors largely shrugged off figures that showed Chinese exports fell the most last year since 2009, and will […]
Takata, the Japanese automotive supplier at the centre of a global recall crisis over its exploding airbags, is expected to plead guilty as early as Friday to criminal wrongdoing in the US, as the Obama administration targets the global auto industry with a final burst of fines over environmental and safety issues. Takata is expected to agree to a criminal settlement with the Department of Justice on […]
After the excitement around Opec agreeing oil supply cuts with Russia and other non-members at the end of last year, attention in 2017 has quickly shifted to the next key question: will they actually deliver all the promised cuts? A group of companies believe that they are positioned to deliver that answer, trumpeting their years of experience tracking global oil flows, using everything from modern satellite technology […]
By Ingrid Melander | PARIS PARIS Every week, a small group of Marine Le Pen’s aides brainstorm on how to achieve what many say is impossible: change how most French people view her to get her elected president in May. The “Idea-Image” committee of Le Pen’s far-right National Front (FN) consists of about 10 party officials and supporters. It held its first meeting in October as the […]
The proposal — opposed by businesses that make and use the solvent — comes eight years after the European Union approved a ban on sales of methylene chloride paint strippers to consumers and companies, with the exception of businesses using it in industrial sites with protective equipment and other cautionary measures. The chemical is also known as dichloromethane. The would-be rule is the third the EPA has […]
By Patricia Zengerle | WASHINGTON WASHINGTON The Obama administration on Thursday announced the repeal of a measure granting automatic residency to virtually every Cuban who arrived in the United States, whether or not they had visas, ending a longstanding exception to U.S. immigration policy. The end of the “wet foot, dry foot” policy, which allowed any Cuban who reached U.S. soil to stay but returned any picked […]
Donald Trump’s upcoming presidency has led many investors to size up oil, coal and gold trades that could benefit from the sweeping changes he has promised. But a growing band of specialist commodity traders think investors may be overlooking the one raw material in line for bigger price gains than others when the US president-elect takes office: uranium. While interest in the key fuel for nuclear power […]
Rashid Bin Fahd: ‘Bilateral relations between the UAE and India are witnessing continuous development and strong potential for greater prosperity in the next phase’ Abdullah Al Saleh: ‘India’s largest trading partners.. and UAE is the largest Arab investor in India and tenth globally’ Abu Dhabi, January 12, 2017 A high-level delegation from the UAE is participating in the 8th eighth Vibrant Gujarat Global Summit which kicked […]
It’s an underwater restaurant that caters to sea creatures, owned by a penny-pinching crab and exists in a cartoon universe. The Krusty Krab may not be real like or Red Lobster, but its trademark rights are no fiction. A federal judge ruled this week that the restaurant from Nickelodeon’s longrunning animated hit “SpongeBob Squarepants” is worthy […] (via WSJ)
Oil continued its see-saw start to the new year, registering its biggest advance in six weeks on Thursday after Opec’s biggest producer said that it had slashed output to the lowest level in almost two years. Brent, the global oil market, rose as much as $1.24 to $56.43 a barrel after Saudi Arabia’s energy minister Khalid al-Falih said that the kingdom had cut production to less than […]
By Phil Stewart and Patricia Zengerle | WASHINGTON WASHINGTON Donald Trump’s pick to lead the Pentagon put Russia at the top of a list of threats to U.S. interests on Thursday and told Congress that America must be ready to confront Moscow where necessary, even as he backed Trump’s bid for better relations. The remarks by retired Marine General James Mattis were the latest by one of […]
A classic distinction in markets exists between bulls and bears, the snorting herd of enthusiasts and the pessimists who roar at them from caves, waiting for a panicked stampede. Yet a sign of the uncertain outlook, with the consequences of the incoming Trump administration unknown, elections due in Europe and Brexit still to begin, may be how those labels don’t fit quite as easily as before. For […]
Global investors sold the dollar and sought government bonds and gold on Thursday in the wake of Donald Trump’s pre-inauguration press conference, revealing the first sign of buyers remorse for a reflation rally that has dominated global markets since early November. Mr Trump’s press conference, his first as president-elect, was held in New York’s Trump Tower on Wednesday and was dominated by his ties to Russia, his […]
HONG KONG Property developer China Vanke (000002.SZ) (2202.HK), embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group is considering a major plan. The country’s second-largest developer said in a statement it had been informed on Wednesday that China Resources and a unit were ‘formulating a major plan involving its holdings in Vanke but are still […]
KUCHING: Sarawak has never before seen a leader who made such a great impact on the state and its people like Chief Minister Tan Sri Adenan Satem who died yesterday just two weeks shy of his 73rd birthday. He had succumbed to a heart ailment that left him with having to use a pace-maker to stabilise his heartbeat after hardly three years in office and six months […]
Having publicly trashed the US economy’s performance during the presidential campaign, Donald Trump has become its most prominent cheerleader. The president-elect has in recent weeks claimed credit for surging consumer confidence, stellar equity prices and stronger end-of-year household spending, arguing there was “no hope” before he arrived on the scene. To Barack Obama’s supporters, claims from Mr Trump that the US was cloaked in economic gloom before […]
Thursday 08:40 GMT Overview The dollar, Treasury yields and equities are lower — with pharmaceutical groups in the firing line — as traders question the “Trumpflation trade” following the US president-elect’s fractious press conference on Wednesday. The yen is stronger, signalling waning risk appetite among traders, while gold is back above $1,200, a seven-week high. Hot topic Investors are reassessing the implications of a Trump presidency. Markets […]
TAIPEI Taiwan objected on Thursday to a Nigerian request to the island to relocate its representative office in the African country, a request Taiwan sees as more pressure by China to isolate it. Beijing regards Taiwan as a renegade province, ineligible for state-to-state relations, and to be taken back by force if necessary, especially if it makes moves toward independence. Taiwan has no diplomatic ties with Nigeria, […]
Rex Tillerson has set the stage for a major diplomatic clash between Washington and Beijing after the nominee for US secretary of state said China should not be allowed to access islands it has built in the South China Sea. At his confirmation hearing before the US Senate Foreign Relations Committee on Wednesday, Mr Tillerson said China’s construction of artificial islands in the contested sea was “akin […]
By Patricia Zengerle and Yeganeh Torbati | WASHINGTON WASHINGTON Secretary of State nominee Rex Tillerson expressed views on Wednesday at odds with President-elect Donald Trump’s positions on key foreign policy issues like nuclear proliferation, trade deals, climate change and relations with Mexico. In a nine-hour Senate confirmation hearing, the former chief executive of oil company Exxon Mobil (XOM.N) said he favoured maintaining U.S. sanctions against Russia for […]
The New York Stock Exchange is expanding trading on its storied floor as part of a move to an integrated technology system for trading equities and options on its markets. NYSE, owned by Intercontinental Exchange, plans to roll out the technology system, called Pillar, throughout 2017. As part of the move it will increase the number of securities that can be traded on the floor from 3,166 […]
MEXICO CITY Mexico’s government said on Wednesday it would throw its relationship with the United States wide open when it sits down for talks with the incoming U.S. administration, putting security, migration and trade on the table in search of a deal. U.S. President-elect Donald Trump has threatened to tear up a trade agreement that underpins Mexico’s economic model if he cannot renegotiate its terms in his […]
