India’s rupee fell the most in a month on speculation the central bank intervened to curb gains that threaten exports, while importers stepped up dollar purchases to pay month-end bills. The rupee has gained 2.8 percent this month in Asia’s best performance on optimism a new government will step up efforts to revive the economy. Narendra Modi will be sworn in as India’s prime minister today after […]
Saudi Arabian Mining Co, or Ma’aden, has appointed HSBC Saudi Arabia as financial advisor for its planned 5.6 billion riyals ($1.49 billion)rights issue, the company said in a statement on Monday. Ma’aden had earlier this month said it was seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. The company […]
Abu Dhabi gave Etisalat a $500 million grant towards its 4.14 billion euro ($5.64 billion) purchase of 53 percent of Maroc Telecom, the company’s prospectus for a planned bond issue shows. The grant provides further evidence of the emirate’s support for its companies’ foreign expansion and could attract complaints from rival operators. Fellow Abu Dhabi-based company Etihad Airways benefited from a $3 billion interest-free loan from the […]
Chancellor Angela Merkel and Prime Minister Cameron. Photo: AFP Tory MPs may have agreed not to panic in the light of Ukip’s big win, but that doesn’t mean David Cameron isn’t going to come under a huge amount of pressure from them in the coming days and weeks to do something, anything, to show he’s got the message. One of their demands is bound to be that the […]
A full-size replica of the Great Sphinx of Giza is seen in Shijiazhuang, north China’s Hebei province on May 13, 2014. Agence France-Presse/Getty Images Chinese tourists may have been thrilled about getting their very own Sphinx. Egypt, however, was less than pleased. The country said it planned to file a complaint to Unesco over an imitation Sphinx built in China earlier this year because it “harms the […]
Millions of Egyptians are due to elect their third president in as many years, in a race largely expected to be won by the country’s former army chief. The two-day vote, which began on Monday, pits retired field marshal Abdel Fattah el-Sisi , who enjoys widespread popularity in the country of 90 million, against left-wing candidate Hamdeen Sabahi . A former legislator and long-term Nasserist activist, Sabahi […]
JERUSALEM — Pope Francis met with Israel’s Prime Minister Benjamin Netanyahu and President Shimon Peres Monday as he wrapped up his three-day trip to the Middle East. Netanyahu told the pope why he believes Israel needed to build a separation barrier around the West Bank city of Bethlehem. The Israeli prime minister said that when incitement and terror against Israel ends, there will not be a need […]
JERUSALEM — Pope Francis met with Israel’s Prime Minister Benjamin Netanyahu and President Shimon Peres Monday as he wrapped up his three-day trip to the Middle East. Netanyahu told the pope why he believes Israel needed to build a separation barrier around the West Bank city of Bethlehem. The Israeli prime minister said that when incitement and terror against Israel ends, there will not be a need […]
Egyptians head to the polls in a presidential election that ex-army chief Abdel Fattah el-Sisi is expected to win easily. The two-day vote, which starts at 0600 GMT on Monday, follows more than three years of political turmoil that has seen two presidents overthrown, mass protests, thousands killed in clashes, deadly attacks and a battered economy. About 53 million people are registered to vote. Sisi is expected to trounce […]
CAIRO — Helicopters hovered over parts of the Egyptian capital, Cairo, early Monday as voting in the two-day presidential election began. Security was tight in many neighborhoods. Police blocked off streets and parts of city blocks to protect voters at polling stations. More than 400,000 Egyptian police and army soldiers were deployed Monday for the election, and more than 14,000 judges are overseeing the vote at polling stations across […]
An Egyptian elections worker guards boxes of ballots at the Giza courthouse in Cairo, Egypt, Sunday, May 25, 2014. TEXT SIZE – + VOA News May 26, 2014 12:35 AM Egyptians go to the polls Monday and Tuesday to elect a new president. Former Egyptian army chief Abdel-Fattah el-Sissi, who ousted the elected Islamist leader Mohamed Morsi, is widely expected to win. The two-day election caps more than three […]
|By K Raveendran| It is indeed a milestone in the history of UAE’s expatriate business. The purchase of a controlling stake in Travelex by Dr B R Shetty is easily the biggest acquisition by an expatriate both in terms of its value and profile. It is also perhaps the biggest global brand acquired by a UAE-based Indian entrepreneur. There have been buyouts of higher values, but these […]
Asian shares hit one-year high on Monday thanks to a strong session on Wall Street and a decisive win for billionaire Petro Poroshenko in Ukraine’s presidential election. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15 percent while Japan’s Nikkei share average gained 0.7 percent to hit one-month high. Investors took their cue from upbeat U.S. hosing data on Friday, with sales of new single-family homes […]
Even before his inauguration, India’s Prime Minister designate Narendra Modi made waves on the global stage, where once he was treated by many with suspicion – and by some as a pariah – for a rash of Hindu-Muslim violence that erupted 12 years ago in Gujarat, the state he ruled. Modi, 63, has spoken with the presidents of the United States and Russia, and he has become […]
DAMASCUS, Syria — For Younes al-Nasr, a lifelong train lover, the Hejaz railway station here in the heart of the Syrian capital is a repository of shelved ambitions. Every day, Mr. Nasr, 68, a Transportation Ministry employee, pads around his offices in the Ottoman-era building, where light filters through red, yellow and blue stained glass. He imagines the past — the few short years a century ago […]
ABU DHABI // Taxi drivers are considered the most dangerous drivers on the road, the survey reveals. Of the 1,208 residents polled, 32 per cent said they considered cabbies to be the most dangerous, followed by young drivers (26 per cent) and lorry drivers (22 per cent). Sameer Afridi, 27, a Pakistani driver who works for Al Ghazal Taxi, one of the six franchise-holding companies in Abu […]
The referendum on whether Scotland should be an independent country will take place on September 18, 2014 Photo: Getty Images Alex Salmond has based his campaign to break up the Union on the idea that the creation of an independent Scotland will be as cost-free and friction-free as possible. But as the referendum approaches, that idea grows less tenable by the day. This week, for example, the Treasury […]
Pope Francis at Israel’s separation barrier Associated Press BETHLEHEM, West Bank–Palestinians had been hoping that the papal visit to the West Bank would kick up international sympathy with their campaign for statehood and against Israel’s military occupation of the West Bank, and many were pleased with his actions. “It’s a great day for Palestine par excellence,” Palestinian Parliament Member Mustafa Barghouti said after after Pope Francis finished a […]
The Middle East’s oil boom was made in China HSBC As the world’s second-largest consumer of oil, China in the past decade has relied heavily on the Middle East to secure the resources required to fuel its ascendancy to become an economic superpower. In doing so, it overtook the U.S. as principal investor in the Middle East and played a pivotal role in transforming the region by […]
J.P.Morgan expects USD/INR to test 57 per dollar in the next three months as Narendra Modi’s sweeping electoral victory “is a more transformational outcome for India macro than most could have imagined” and will thus attract foreign inflows. The bank adds it expects Modi to fight inflation through administrative measures, and the focus on the RBI should reduce. As a result, J.P.Morgan recommends receiving 5-year OIS expecting […]
Indian-born economist Arvind Panagariya, who is widely expected to take a top advisory role in prime minister-elect Narendra Modi’s government, wants its first budget to boost capital spending even at the risk of a higher fiscal deficit. Panagariya, 61, whose market-friendly, pro-growth economics has helped shape Modi’s outlook, told Reuters in an interview that higher spending is critical to India’s economic revival. Modi swept to power on […]
Naomi Campbell during her birthday party At The Billionaire’s Club Photo: GETTY IMAGES Sir Cam makes a stand on Scotland If there’s one thing likely to get Sir Cameron Mackintosh’s goat, it’s asking him to comment on reports about run-ins with locals in the Scottish coastal village of Mallaig. Sir Cameron Mackintosh: Mallaig people ‘unbelievably supportive’ (REX FEATURES) Over the past decade, his nearly 15,000-acre estate in the […]
Sour gripes: Gwyneth Paltrow’s lament has won little support from Angelina Jolie, above Photo: Getty Images Cat fight! Angelina Jolie has gone head to head with Gwyneth Paltrow; which would be pretty much every man’s brunette-on-blonde fantasy, were it not for the fact that one is so skeletal and the other so skinny that there’s a genuine risk their A-list bones might splinter into a million tiny […]
Investors built up the largest bullish bets on rupee in more than two years in recent weeks, while sentiment on the Thai baht turned the most sour in three months, a Reuters poll showed on Thursday, as the countries’ political fortunes turned in markedly different directions. Long positions in the Philippine peso and the Malaysian ringgit rose to their highest levels in more than one year as […]
