West Texas Intermediate crude rose for the first time in three days as an improved U.S. economy bolstered the demand outlook in the world’s biggest oil consumer. Futures climbed as much as 0.7 percent in New York, extending a fifth weekly gain. The Thomson Reuters/University of Michigan preliminary index of consumer confidence held at 81.2 this month, topping the median estimate of 80.2 in a Bloomberg News […]
Industrial & Commercial Bank of China Ltd., the world’s most profitable lender, said it will consider acquisitions in the Middle East as part of plans to boost earnings from the region by 50 percent this year. “We’re looking to see if there are acquisition opportunities,” Zhou Xiaodong, chief executive officer for the Middle East, said in an interview from the lender’s Dubai offices. “It’s a good strategy. […]
Disparity in customs duties on imported gold works has diverted gold trade from Saudi Arabia to Dubai despite the existence of a unified GCC customs duties system, a key jewel expert in Jeddah told local media. In Saudi Arabia, gold traders have to pay 5 percent of the value of gold works imported into the Kingdom whereas traders in Dubai are paying 0.5 percent of that value […]
Gold rose 0.5 percent to a three-month high on Thursday, targeting a break above $1,300 after disappointing U.S. retail sales data weighed on the dollar and increased bullion’s appeal as a currency hedge. The dollar index tumbled 0.4 percent after U.S. retail sales fell unexpectedly in January and the number of Americans filing new claims for unemployment benefits rose last week, in the latest signs of slowing […]
A U.S. border checkpoint located a day’s flight from New York in the Arabian desert promises to become an oasis for weary travelers heading for the States. U.S. Customs and Border Protection opened an Abu Dhabi base on Jan. 24, the first in the Middle East and the second outside the Americas after Ireland. Another post is planned in Dubai within a year as part of a […]
|By Arjuna Mahendran|The GCC stock and bond markets remain a safe haven to investors, underpinned by solid fundamentals. The Expo 2020, MSCI inclusion of the UAE and Qatari markets in the emerging market (EM) category, infrastructure spending across countries – the GCC Railway project to mention one – the revival of trade, tourism and real estate – as tensions in Egypt, Syria and Iran subside somewhat – […]
Asian stocks dropped after the regional benchmark index climbed for a sixth day yesterday to cap its longest run of advances this year. Asahi Group Holdings Ltd. slid 4.5 percent in Tokyo after Japan’s second-largest beermaker’s net-income forecast missed estimates. Tokyo Tatemono Co. plunged 8.3 percent after the developer predicted full-year operating profit below analyst expectations. Qantas Airways Ltd. jumped 6.3 percent after the Sydney Morning Herald […]
A massive cyber attack from unknown sources that has been spamming bitcoin exchanges is highlighting some of the dangers people can encounter when they exchange cash for digital currencies like the bitcoin, experts said on Wednesday. The attack, which is technically known as a distributed denial of service attack, involved thousands of phantom transactions, forcing at least three of the online platforms that store bitcoins and trade […]
U.K. billionaire Richard Branson said his Virgin Galactic venture is on track to carry its first fare-paying passenger to the edge of space this year, and that he plans to take his family on a flight some time in 2014. Virgin Galactic, which completed the third rocket-powered supersonic flight of its SpaceShipTwo vehicle from Mojave Air and Space Port in California last month, is on course to […]
India, the world’s biggest sugar producer after Brazil, will introduce a subsidy on raw sweetener exports to boost shipments amid a domestic glut, a government official said. The cabinet approved a 3,333 rupees ($54) a metric ton subsidy for exports in February and March and will review the amount in April, the official, who asked not to be named because the person isn’t authorized to speak to […]
Gold retreated from the highest level since November as a five-day advance damped physical demand and U.S. Federal Reserve Chairman Janet Yellen pledged to continue with a gradual tapering of stimulus. Bullion for immediate delivery lost as much as 0.6 percent to $1,284.15 an ounce, and was at $1,286.78 at 3:12 p.m. in Singapore. Prices climbed to $1,293.93 yesterday, the highest level since Nov. 14, capping a […]
Asian stocks climbed, Australia’s dollar strengthened to its highest in a month and commodities rallied after Chinese trade data exceeded estimates. European equity futures increased while the U.S. currency weakened and gold halted a five-day gain. The MSCI Asia Pacific Index added 1.1 percent as of 4:12 p.m. in Tokyo as a measure of Chinese shares in Hong Kong headed toward the biggest two-day gain since November. […]
The U.S. House of Representatives narrowly approved a one-year extension of federal borrowing authority on Tuesday after Republicans caved into President Barack Obama’s demands to allow a debt limit increase without any conditions. The 221-201 vote, carried mainly by Democrats, marked a dramatic shift from the confrontational fiscal tactics House Republicans have used over the past three years, culminating in last October’s 16-day government shutdown. It came […]
Research from PwC predicts that global assets under management (AuM) will rise to around $101.7 trillion by 2020, from a 2012 total of $63.9 trillion. This represents a compound annual growth rate (CAGR) of nearly 6%. The report, Asset Management 2020: A brave new world, also finds that assets under management in the SAAAME (South America, Asia, Africa, Middle East) economies are set to grow faster than […]
|By Cushla Sherlock| As the global economy continues its recovery, Credit Suisse’s top investment ideas focus on carefully selected themes which aim to help you generate more bang for your buck in 2014 – from China to cash-rich companies. In this video, Giles Keating, Head of Private Banking Research, explains the rationale behind the ideas and the investment implications. Idea 1: Europe’s Recovery Rationale: Europe’s recovery is slowly […]
Janet Yellen, fresh from taking the helm of the Federal Reserve, made it clear on Tuesday she would not make any abrupt changes to U.S. monetary policy, saying the central bank was on track to keep reducing its stimulus even though the labor market recovery was far from complete. In her first public comments since becoming Fed chief earlier this month, Yellen said the central bank must […]
Gold rallied to the highest level since November as investors assessed further cuts to U.S. stimulus and Chinese buyers increased purchases to extend last year’s record consumption. Silver, platinum and palladium rose. Bullion for immediate delivery gained as much as 1 percent to $1,287.81 an ounce, the highest price since Nov. 18, and was at $1,283.85 by 3:01 p.m. in Singapore. A fifth day of advance would […]
JP Morgan has cut its correspondent banking relationship with Emirates NBD, Dubai’s largest bank, as part of a global review of its business, sources familiar with the matter said. In a memo to staff last year, the U.S. bank said it would scale back its relationships with foreign banks in order to comply with regulatory pressure to tighten risk controls. As part of this process, the bank […]
The price of the digital currency bitcoin slid to its lowest level in nearly two months on Monday after bitcoin digital marketplace Mt. Gox said a halt on withdrawals it announced on Friday would continue indefinitely after it detected “unusual activity.” The bitcoin price varied dramatically from one exchange to another, with Tokyo-based Mt. Gox, the best known operator of a bitcoin digital marketplace, recording one of […]
Crucial factors such as banking secrecy, diverse investment products and services have contributed to Switzerland remaining a premier offshore haven for the Middle Eastern investors, according to a leading Swiss-based asset manager specializing in the Middle Eastern region. William Spencer, at WT Capital Management S.A, says there is an increase in demand for wealth management solutions from Middle East region, with a surge in requests for custodian […]
Gold rose to a two-week high, set for the longest rally since October, as U.S. jobs data missed estimates and Chinese buyers returned after the Lunar New Year break. Silver headed for the longest winning run since August. Bullion for immediate delivery rose as much as 0.7 percent to $1,276.03 an ounce, the highest level since Jan. 27 and surpassing its 100-day moving average of $1,267.43, before […]
The U.S. trade representative on Monday will announce a trade enforcement action tied to India, his office said, a move that could further rile relations after an incident last year involving the arrest and strip-search of an Indian consul. U.S. Trade Representative Michael Froman will discuss the action at a news conference at 2 p.m. (1900 GMT), his office said on Sunday night. The Office of the […]
Most Asian markets made guarded gains on Monday, encouraged that Wall Street was able to weather a seemingly disappointing U.S. jobs report, though there was more than enough event risk ahead to keep investors cautious. Crucially, the new head of the Federal Reserve, Janet Yellen, delivers her first testimony to the House on Tuesday and the Senate on Thursday, and markets will be hoping for reassurance that […]
A number of new openings will come up this week when local companies from different sectors hold walk-in interviews. Among the companies holding open days for jobs include Dubai Refreshments, Dubai Islamic Bank, Crown Plaza Hotel, Gulf Medical University and an IT company. Dubai Refreshments, the sole franchisee and distributor for Pepsi Co. in the UAE, is recruiting Warehouse Supervisor, Store and Spare Parts Supervisors, QA/QC Chemist, […]
