President Barack Obama on Wednesday scaled down a long-planned trip to Asia, as a U.S. government shutdown entered a second day with no end in sight to the funding row in Congress that triggered it. Obama is expected to leave on Saturday for summit meetings in Indonesia and Brunei. Malaysian media quoted Prime Minister Najib Razak as saying he would now skip a subsequent visit to Kuala […]
Iran’s parliament strongly endorsed President Hassan Rouhani’s diplomatic bid to dispel mistrust at the United Nations last week during a visit which ended with an historic phone call with President Barack Obama, Iranian media said. The backing from the assembly, controlled by political factions deeply loyal to Supreme leader Ayatollah Ali Khamenei, is a further sign that Rouhani has the support of the Iranian establishment. Khamenei, the […]
The dollar held near a 7-1/2 month low against a basket of currencies on Tuesday as much of the U.S. government began to shut down after Congress failed to agree a compromise bill to fund government operations. Competing spending measures flew back and forth between Republican-controlled House of Representatives and Democratic-led Senate late into Monday night in Washington but Congress deadlocked over efforts by some Republicans to […]
Cash-rich Asian and Middle Eastern lenders are taking a larger share of the $100 billion global aircraft financing market as Western rivals step back due to the liquidity crunch and stricter regulations, a top executive at Airbus said. European commercial banks, previously the primary funding source for airlines, have substantially cut their exposure to the aviation sector after the continent’s debt crisis, leaving a funding gap for […]
U.S. stock futures and the dollar came under pressure on Monday as a shutdown of the U.S. government seemed ever more likely, while the euro had political troubles of its own as the Italian government teetered on the edge of collapse. Hardly helping was a surprise downward revision to activity in China’s factory sector. While the final HSBC Purchasing Managers’ Index (PMI) did edge up to 50.2 […]
Dubai’s Majid Al Futtaim Holding (MAF), the sole franchisee of hypermarket chain Carrefour in the Middle East, will not pursue investments in Egypt and Syria until stability returns to the two countries, a senior company official said on Saturday. MAF, also the only Carrefour franchisee in North Africa and Central Asia, had been in advanced talks to buy Egypt’s largest supermarket chain Metro from the family-owned Mansour […]
Concern over budget and debt negotiations in Washington weakened the dollar on Friday and kept a lid on gains in world shares stemming from a positive batch of U.S. jobs numbers. Investors are worried that political maneuvering over the passage of bills needed to keep the U.S. government running beyond September 30 and avoid a debt default could threaten a fragile economic recovery. “Everyone instinctively wants to […]
Dubai Mercantile Exchange (DME) today announced a new record by reaching the 5 billion barrel mark, with a total of 5 million contracts (eqv. 5 billion barrels) traded on the exchange. This milestone comes 7 months after the DME passed the 4 billion barrels mark and continues the strong growth trajectory in trading volumes across the last 12 months. The 5 millionth trade on the Exchange took […]
Payment defaults by grounded Indian carrier Kingfisher (KAIR) Airlines Ltd. are prompting aircraft lessors to demand a premium to cover risks in the South Asian country. Companies leasing out planes are insisting on a one-year security deposit instead of the usual three-month cover in addition to a commitment to hire the aircraft for as long as nine years, said two officials of Air India Ltd. The state-owned […]
Saudi Basic Industries Corporation (Sabic) has mandated Citigroup, HSBC, Mizuho and RBS to arrange a series of fixed income meetings ahead of a potential US dollar denominated senior bond. The state-owned company, rated A1/A+/A+, will hold meetings in Europe, Middle East and Asia between September 22 and September 25. A Reg S only senior guaranteed note may follow subject to market conditions via a special purpose vehicle […]
Asian shares ran out of steam on Friday as investors pondered what policy the U.S. Federal Reserve will pursue after it triggered a global market rally by leaving its stimulus level unchanged. The dollar drifted off a seven-month low against a basket of major currencies and U.S. Treasury yields rose after a string of upbeat U.S. data provided a reminder to markets that the day the Fed […]
Asian stocks rose, with the regional benchmark index trading near a four-month high, before the Federal Reserve decides later today whether to slow its $85 billion of monthly asset purchases. Mitsui O.S.K. Lines Ltd. and Fanuc Corp. rose at least 2.7 percent in Tokyo as industrial companies led gains on the Asia-Pacific benchmark index. Kawasaki Heavy Industries Ltd. surged 4.2 percent to a six-year high amid unconfirmed […]
Shares in Oman Telecommunications Co OTL.OM (Omantel) plunged to a 10-week low on Tuesday after the government rekindled plans to reduce its stake in the former monopoly. Omantel was down 5.6 percent at 1.51 rials at 0624 GMT, its lowest level since July 11 and nearly wiping out its 2013 gains as investors gave the thumbs-down to a state move to offload a 19 percent stake in […]
Shares dipped and the dollar lost ground on Tuesday as investors consolidated positions before a U.S. Federal policy meeting at which the central bank is set to start scaling back stimulus. German Bunds also edged lower, with the 10-year yields rising 1 basis point to 1.888 percent. The FTSEurofirst 300 index of top European shares was down 0.3 percent in early trade, retreating from a five-year high hit […]
Asian shares surrendered earlier gains while the dollar remained under pressure on Thursday, facing growing expectations that the U.S. Federal Reserve’s impending stimulus reduction might be smaller than some had believed. The waning likelihood of an immediate U.S. military strike on Syria also continued to undermine the dollar as diplomatic efforts to place Syria’s chemical weapons under international control intensified. European stocks are seen edging up, as […]
By The Arabian Post Staff International retailers continue to expand into the GCC region, often using Dubai as their ‘launch’ platform into other markets such as Doha, Riyadh and Jeddah, according to real estate consultancy firm CBRE. According to CBRE research, 25 new retailers opened stores in Dubai last year. A young population, strong brand association, solid household consumption and modern retail concepts coupled with a flourishing tourism […]
Benchmark London prices for physical gold fell to US$1363 lunchtime Tuesday, down 2.3% from Monday’s high as the Assad regime in Syria accepted a Russian-backed plan to give its chemical weapons to international control. The Rupee meantime rose to a 2-session high after new Indian trade data showed gold imports falling and exports rising in August. Premiums in Asian markets, over and above London’s benchmark gold price, […]
A week of gains for world stocks petered out on Wednesday and a sell-off in oil and core government debt eased, as talks began on trying to avert a U.S. military strike on Syria against a broadly calm market backdrop. The safe-haven yen was at a seven-week low against the dollar and stood near multi-year lows against the euro and sterling, while shares in Europe inched lower […]
China will need 5,580 commercial aircraft worth some $780 billion over the next 20 years, according to a statement released by Boeing Co on Thursday. Tourism in China and within Asia travel will drive the need for single-aisle airplanes, Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, is quoted as saying in the statement, released at a company event in Beijing. Deliveries in that segment […]
Asian stocks rose to three-week highs on Thursday as Indian shares and the rupee rallied a day after the country’s new central bank chief unveiled measures to support the currency and the banking sector. But worries the U.S. Federal Reserve will soon scale back stimulus kept markets in check. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.6 percent, having earlier hit a high last […]
India’s newly installed central bank Governor Raghuram Rajan burnished his international credentials at a 2005 U.S. conference warning about the danger of a potential crisis. Now he has one of his own to contend with. Rajan, 50, joined the front lines of a battle to forestall a record slump in the rupee yesterday with a package of measures that may lure $10 billion in foreign-exchange inflows over […]
A decline in Gulf Cooperation Council sovereign and state-owned corporate bonds in the event of a U.S. strike on Syria would make them a “screaming buy,” according to Sergey Dergachev at Union Investment Privatfonds. “These credits are extremely solid,” Frankfurt-based Dergachev, who helps oversee about $10 billion in emerging-market funds, said Aug. 30, singling out bonds issued by companies such as National Bank of Abu Dhabi PJSC […]
MANILA: The Philippine economy posted robust expansion in the second quarter, matching the pace of China as the two fastest growing in Asia, as strong fundamentals and domestic spending buttressed the country from the region’s fund outflows. The solid growth pace lifted the peso from nearly 3-year lows and would help the Philippines keep its favoured status among investors amid more market volatility. The Philippines has overtaken […]
The patriotism of wealthy overseas Indians has helped the country avert economic crises in the past and it is little surprise that embattled policymakers are turning to them again to plug a record trade gap that is battering the rupee. This time, though, big investors among the more than 25-million overseas Indian community – the world’s second-largest diaspora – are staying away as the economic outlook darkens […]
