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Sign up to receive FirstFT by email here Emmanuel Macron, an independent centrist, won an emphatic victory in France’s presidential run-off against Marine Le Pen, the far-right Front National leader, on Sunday, taking 65.1 per cent of the vote, according to estimates. Mr Macron’s victory is a phenomenal achievement for the 39-year-old former Rothschild banker, who has never before held elected office and whose political movement En Marche! was […]

By Noah Barkin and Leigh Thomas | BERLIN/PARIS BERLIN/PARIS After a decade of slow growth, rising unemployment and dwindling competitiveness, France elected a president on Sunday who says he has a plan to pull the country out of its economic malaise.     Emmanuel Macron, a former investment banker who quit the government of Francois Hollande twice out of frustration with the slow pace of reforms, is promising […]

Dubai, 7 May 2017  Dentons has advised DAMAC Real Estate Development Limited, a leading developer of high-end and luxury residential property in the Middle East, on its tender offer in respect of the outstanding US$650 million Trust Certificates, due 2019, and a simultaneous new debt issuance of a US$500 million five year Regulation ‘S’ senior unsecured sukuk, maturing in April 2022, which completed on 20 April 2017. […]

JERUSALEM Israeli paramilitary police officers shot and killed a knife-wielding Palestinian teenage girl who tried to attack them at an entrance to Jerusalem’s Old City on Sunday, a police spokeswoman said. The incident was the latest in a 19-month-long period of sporadic street attacks by Palestinians against Israelis, and the bustling Damascus Gate entrance to Jerusalem’s walled Old City where it occurred has seen many attacks. Police […]

In a week that started with big oil and US shale producers trumpeting their ability to thrive in a world of $50 a barrel crude, the market had a very quick response: let’s see if you can do it at $45. A brutal sell-off across commodity markets this week has quickly taken the shine off strong first-quarter results that would otherwise have been viewed as a triumph […]

Live Feed from France 24: After an extraordinary election campaign full of twists and turns, Emmanuel Macron won dramatic victory over Marine Le Pen in the French presidential election, taking 65% of the vote, with Le Pen collecting roughly 35%, according to early estimate from four separate French pollsters. Macron, 39, will become the youngest president of France’s Fifth Republic. As BBG notes, the firms sampled real […]

The Federal Reserve risks political interference and losing its independence if it maintains a large balance sheet in the longer term, former Fed officials have claimed, as debate over the central bank’s strategy for unwinding its interventions in financial markets intensifies. Kevin Warsh, a visiting fellow at the Hoover Institution at Stanford University and former Fed governor, said permanently holding vast quantities of assets like treasuries was […]

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While 42.1 per cent believe that the Prime Minister is implicated in the Panama Papers scandal, half of respondents in the latest edition of The Malta Independent’s iSurvey still believe that he should not resign. Respondents were asked two distinct questions: Do you believe the Prime Minister is implicated in the Panama Papers? Should the Prime Minister resign over the allegations of his wife’s […]

An eerie calm in capital markets is fuelling fears on Wall Street that a first-quarter rebound in trading revenues could prove a one-off. Big investment banks reported generally solid profits over the first three months of the year, as investors reset their portfolios to take account of higher base interest rates, and as companies front-loaded efforts to raise money. For all bar four of the top 14 […]

Bahrain-based Investcorp has announced that its US real estate arm has invested in an industrial portfolio of properties in the Chicago and Boston metropolitan areas for a total purchase price of about $160 million. The portfolio includes six properties with an aggregate of approximately 1.8 million square feet of warehouse and distribution space, the investment firm said in a statement. Yasser Bajsair, managing director at Investcorp in […]

Rights issues conducted by European companies this year have already exceeded the volume seen in the whole of 2016 — driven by a handful of large capital increases from banks seeking to repair their balance sheets. For companies, a rights issue is a means to raise equity funding from existing shareholders by offering them the right to buy more shares at a discount to the market price. […]

Monday UN focus on migrants The UN will meet in Geneva to address the “human rights of all migrants, social inclusion, cohesion and all forms of discrimination, including racism, xenophobia and intolerance”. Organisers say they are working towards an ambitious global policy on migration, an issue high on the political agenda after the Mediterranean migrants’ crisis and US President Donald Trump’s clampdown on migration into the US […]

By Ingrid Melander | PARIS PARIS After a tumultuous election campaign filled with scandal and surprises, the French public began to vote on Sunday on whether a pro-European Union centrist or an anti-EU, anti-immigration far-rightist will lead them for the next five years. Opinion polls indicate they will pick Emmanuel Macron, a 39-year-old ex-economy minister who wants to bridge the left-right divide, resisting an anti-establishment tide that […]

Invesco’s move to snap up Source, the London-based exchange traded fund provider, has thrust the US asset manager into the centre of an increasingly ferocious battle across Europe’s passive investment industry. European fund managers now face another formidable US competitor in addition to the existing heavyweights BlackRock and Vanguard, which are pursuing a cut-throat ETF price war as they expand their presence in Europe. Atlanta-based Invesco already […]

Representatives from the Kushner family descended upon the Ritz Carlton in Beijing to pitch wealthy Chinese the EB-5 visa program aka crony capitalism. Nicole Kushner, Jared’s sister, was alleged to be in attendance. The pitch was “Invest early, and you will invest under the old rules,” according to the Washington Post. The event, which was closed to foreign press, was hosted by the Chinese company Qiaowai — who […]

By Jonathan Cable | LONDON LONDON The fate of the European Union and the euro could hang on the outcome of Sunday’s French presidential election. The expected victory of centrist, pro-EU candidate Emmanuel Macron would be taken by markets as a sign that political risk in Europe is receding; a surprise win for far-right candidate Marine Le Pen would raise the risk that the euro zone’s number […]

ABU DHABI // Bangladeshis are calling for an end to the visa ban on their citizens, as it leaves them with few job opportunities and makes them vulnerable to abuse from employers. There has been a ban on any new visas being issued to Bangladeshis since 2012 because of the high crime rate among their compatriots. Professionals claim they are being forced to pay for visa renewals […]

By Joseph Sipalan and Praveen Menon | KUALA LUMPUR KUALA LUMPUR Malaysia’s 1.6 million public servants have long been one of the most reliable vote banks for Prime Minister Najib Razak’s ruling coalition, but as he prepares to seek re-election he faces warnings that soaring living costs risk eroding that support. Prices have risen sharply since Malaysia cut state subsidies and launched a national goods and services […]

Wall Street people underestimated how nasty and political the struggle over the post-Brexit fate of European clearing houses would become. This week the European Commission offered threats to London-based clearing houses and inducements for their customers to move their trade to the EU. €650bn Value of euro-denominated trades that clear through London each business day UK negotiators in turn demand that euro derivatives clearing should stay in […]

By Ann Saphir | PALO ALTO PALO ALTO San Francisco Federal Reserve Bank President John Williams on Saturday reiterated his view that the U.S. central bank should begin trimming its massive balance sheet later this year, in part so the Fed has more tools at the ready when the next recession hits. He was the fourth Fed official in two days to suggest the Fed may need […]

Hamas announced on Saturday that it had chosen Ismail Haniyeh, a longtime leader of the militant Islamist group in Gaza, as its new political chief, after signalling a more pragmatic line in a new policy document. Mr Haniyeh served as a deputy to Khaled Mashal, the outgoing political leader of Hamas, and is expected to continue his policies. As head of the group’s political bureau, Mr Mashal […]

A corner of Wall Street has been gripped by the unknown identity of a trader that has been buying up Vix call options priced at 50 cents each, swelling to account for nearly 10 per cent of the listed market. The FT has now reported that bankers with knowledge of the trades say the so-called “50 Cent” – a reference to the American rapper known for his […]

Islamabad: The three-member bench of the Supreme Court overseeing the implementation of the apex court’s verdict in the Panama papers case on Friday named the five members who will probe Prime Minister Nawaz Sharif and his family business dealings abroad. File image of Nawaz Sharif. AP The officials included in the inquiry team are Brigadier Nauman Saeed from the Inter-Services Intelligence, Aamer Aziz from the State Bank […]

This post is a fictionalised thought experiment. YOU and YOU ALONE are in charge of what happens in this story. There are trade-offs, choices, and consequences. YOU must use all of your B.S.D. talents and much of your intelligence. Good luck. So… You’re the head of a trading desk, and you’ve felt a bit frustrated of late. Your desk trades government securities issued by the world’s largest […]

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