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The U.S. National Security Agency has infiltrated servers in the headquarters of Chinese telecommunications and internet giant Huawei Technologies Co, obtaining sensitive information and monitoring the communications of top executives, the New York Times reported on Saturday. The newspaper said its report on the operation, code-named “Shotgiant,” was based on NSA documents provided by Edward Snowden, the former agency contractor who since last year has leaked data […]

Private equity firm Clayton Dubilier & Rice LLC (CD&R) is the frontrunner among four bidders for Germany-based, but Dubai-owned, packaging group Mauser, Britain’s Sky News reported on its website on Saturday, without citing its sources. People familiar with the auction told Reuters earlier this month that the private equity arm of Dubai Holding had asked buyout groups to submit binding bids for Mauser, after putting on hold […]

Investors seeking a hedge against a waning U.S. economic recovery and escalating conflict in Ukraine made twice as much money buying gold-mining shares rather than the metal the companies produce. The Market Vectors Gold Miners ETF climbed 25 percent this year, more than double the 12 percent advance for the SPDR Gold Trust, the biggest exchange-traded product backed by bullion. This is the first quarter the company […]

Wall Street leaders including Lloyd Blankfein and James Gorman, who have courted business in Vladimir Putin’s Russia, are facing a dilemma as tensions over Ukraine escalate. Their scheduled attendance at Putin’s annual investor showcase in St. Petersburg in May is in doubt as sanctions imposed by the U.S. in response to Russia’s annexation of Crimea — and retaliatory moves by Putin — threaten the ties between Russia’s […]

Bank of America Corp. (BAC)’s Merrill Lynch unit is hiring the head of VTB Capital’s Middle East cash-equity sales and sales trading in Dubai, Karim Nsouli, two people familiar with the matter said. Nsouli will take over from Veer Ramlugon, who handled Middle East equity and equity-derivatives for BofA Merrill Lynch in Dubai, the people said yesterday, asking not to be identified because the matter is private. […]

| By Clyde Russel | The price of Middle East crude oils being supplied to Asia appears too high given an increase in supply from Iran, Iraq and rival Russia and muted demand from refiners. While benchmark Oman futures have declined 5 percent since the start of the year to end at $102.93 a barrel on Wednesday, the price relative to global marker Brent has been rising. […]

Buyout firm GrowthGate Capital plans to take freight-forwarding company Able Logistics Group public in Dubai around the end of this year, a senior GrowthGate executive told Reuters, in a sign of growing strength in the region’s equity markets. “We aim to make it this year or early next year,” Haythem Macki, a partner at GrowthGate, said. “The market is ready for it – there’s a lot of […]

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Fierce solar blasts that could have badly damaged electrical grids and disabled satellites in space narrowly missed Earth in 2012, U.S. researchers said on Wednesday. The bursts would have wreaked havoc on the Earth’s magnetic field, matching the severity of the 1859 Carrington event, the largest solar magnetic storm ever reported on the planet. That blast knocked out the telegraph system across the United States, according to […]

Junior bankers in the United Arab Emirates are reaping almost 36 percent more salary than their counterparts in London, with bonuses almost double those paid in the U.K. capital, compensation data provider Emolument said. Fixed salaries at the analyst level in the U.A.E. average $91,000, compared with $73,000 in London, the group said in an e-mailed statement. Bonuses in the U.A.E., which consists of sheikhdoms including Dubai […]

Two Abu Dhabi lenders have emerged as frontrunners to buy most of Barclays’ retail banking operations in the United Arab Emirates (UAE), with a final decision expected next month after a competitive bidding process, banking sources said on Wednesday. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are vying to take control of the assets, the sources said, after the British lender said in September it […]

JPMorgan Chase & Co. and HSBC Holdings  are among banks planning to compete for a role in the largest Saudi Arabian share sale in at least 12 years, according to five people with knowledge of the matter. The banks will vie with local lenders including Banque Saudi Fransi (BSFR) and Gulf International Bank to be appointed as financial adviser on the sale of a 15 percent stake […]

After a year of waiting, the man running what could be the biggest-ever technology IPO finally lost patience with Hong Kong. Joe Tsai, the Alibaba Group Holding executive in charge of plans for the highly anticipated deal, only abandoned hope of a Hong Kong listing in the last few weeks, according to people familiar with the matter. The company’s shareholding structure, giving senior managers sway over board […]

Dubai’s government will consider establishing the world’s first fully sharia-compliant export-import bank to promote the emirate’s foreign trade, the Department of Economic Development said on Wednesday. The bank would provide financing to companies involved in trade while helping them to reduce their risks and gain market access, the department said in a statement without giving details of the proposed institution’s structure or financing. Noor Investment Group, which […]

|By TAP Staff| Gulf sovereign wealth funds are steadily increasing their investment into Western real estate, says property consultant JLL in a new report. According to the report, 2013 saw more than $13 billion invested in Western overseas property, surpassing the previous peak JLL recorded in 2006. London remained the favourite Western destination for real estate investment, with Knightsbridge, Kensington, Mayfair and the City being the most […]

BlackRock Inc.’s Sam Vecht says investors are following the herd in selling emerging markets to invest in the most-developed economies, a strategy that has historically yielded “underwhelming” results. Investors “are selling emerging markets which have very low valuations, significant dividend yields but have underperformed in recent times,” Vecht, London-based manager at BlackRock Emerging Europe Trust Plc, said in e-mailed comments yesterday. In exchange, they’re buying assets in […]

Google Inc has settled a landmark copyright lawsuit in which Viacom Inc accused the Internet search company of posting its programs on the YouTube video service without permission. The settlement ends seven years of litigation that drew wide attention from Hollywood, the music industry and Internet companies, and which tested the reach of a federal law designed to thwart piracy while letting people find entertainment online. “This […]

Abu Dhabi, drawing lessons from Japan’s Fukushima nuclear disaster, is building “gold-standard” safety procedures into its plan to develop four nuclear reactors, a foreign adviser to the government said. The United Arab Emirates, of which Abu Dhabi is the capital, is investing in facilities for nuclear power, renewable energy and liquefied natural gas to cut its reliance on oil. The U.A.E. will be the first Arab state […]

Dubai plans to almost double the number of hotel rooms by 2020 as it expects a surge of visitors to the desert sheikhdom ahead of that year’s World Expo. The emirate that spent more than $110 billion to transform itself into the Middle East’s commercial and entertainment hub is seeking to attract 20 million tourists annually by the end of the decade, Helal Saeed Almarri, director general […]

Emaar Properties, developer of the world’s tallest tower, hired Morgan Stanley to advise on the sale of a 25 percent stake in its shopping malls and retail business after revenue at the unit surged. The company is also considering appointing a local bank as additional adviser on the secondary offering, Chairman Mohamed Alabbar said today in an interview in Dubai. Emaar is seeking to complete the deal […]

Competition is hotting up among low-cost carriers in the Persian Gulf. That’s according to analysts at NBK Capital, who say government-owned FlyDubai’s aggressive expansion is having a negative impact on publically-listed Air Arabia at its Sharjah hub. FlyDubai and Air Arabia already overlap on 40 destinations from their respective airports, which are just a short drive away from each other. In total, Air Arabia offers 70 destinations […]

The BSE Sensex and Nifty hit a record high on Tuesday as continued strong buying by foreign investors boosted blue chips, while Maruti Suzuki surged after agreeing to seek minority approval for a plan by promoter Suzuki Motor Corp to set up a plant in India. The broader Nifty gained as much as 1.1 percent to a record high of 6,574.95 points, surpassing its previous record high […]

Russia’s economy is showing signs of a crisis, the government in Moscow said as the U.S. and the European Union announced sanctions over the country’s support for the Crimea region breaking away from Ukraine. “The situation in the economy bears clear signs of a crisis,” Deputy Economy Minister Sergei Belyakov said in Moscow yesterday. The cabinet needs to refrain from raising the fiscal burden on companies, which […]

|By TAP Staff| India topped Dubai’s major trade partners with a total trade volume of AED 137 billion in 2013, representing a 10% share of Dubai’s total trade, figures released by Dubai Customs showed. China came second with a value of AED 135 billion, followed by the USA with AED 86 billion, that is a 6% share. Saudi Arabia rose to the fourth position with a total […]

Gary Dugan, chief investment officer for Asia and the Middle East at private bank Coutts, has resigned to take the CIO job at National Bank of Abu Dhabi , sources familiar with the matter told Reuters on Monday. A Coutts spokeswoman confirmed that Dugan had resigned without elaborating. NBAD declined to comment. Before Coutts, Dugan was CIO of Dubai’s Emirates NBD.-Reuters

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