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Providing Innovative Financing Solutions to Buyers Interested In Purchasing Residential Units Muscat, March 08, 2017 Sohar Islamic, Bank Sohar’s Islamic Banking Window signed a memorandum of understanding (MoU) with National Mass Housing, a developer of integrated housing communities, to provide preferential Shari’ah Compliant financing solutions to potential Omani’s buyers for purchasing residential units in the upcoming Areej project – phase 2 located in Muscat. The purpose of […]

By Matt Spetalnick and David Brunnstrom | WASHINGTON WASHINGTON Faced with a growing test of resolve for a new U.S. president who vowed while campaigning to get tough on North Korea, Donald Trump’s aides are pressing to complete a strategy review on how to counter Pyongyang’s missile and nuclear threats. Pyongyang’s latest missile launches and the assassination in Malaysia of North Korean leader Kim Jong Un’s estranged […]

Photo A banner calling for the boycott, divestment and sanctioning of Israel hanging from the Manhattan Bridge in New York during a protest against Israel’s military campaign in Gaza in 2014. Credit Michael Appleton for The New York Times Israel’s Parliament has struck back at the international boycott movement against the country and its settlements in the West Bank by passing a law barring entry to foreigners […]

A buoyant stock market and improving US economic growth have given the Federal Reserve cover to lift interest rates three times this year, including when it meets in less than a fortnight, a Financial Times survey of top economists has found. About three-quarters of the 43 economists surveyed in March said the Fed would increase interest rates by 75 basis points in 2017, a capitulation from months […]

Saudi Arabia has promised to launch major development projects towards the end of 2017 to re-energise an economy which has been hit by austerity measures, industry sources told Reuters. Deputy Crown Prince Mohammed bin Salman, the kingdom’s top economic official, made the commitment at a recent meeting with a delegation representing the Saudi private sector, the sources, who spoke on condition of anonymity, said. While they pledged […]

The Panama Papers investigation has this week received its fourth major American journalism prize, the William Brewster Styles Award for Business/Economics Reporting from the Scripps Howard Foundation. The series, which illuminated offshore tax havens and shook up politicians around the world, was coordinated by the International Consortium of Investigative Journalists, at the time a project of the Center for Public Integrity. The two organizations have since separated. […]

By Jennifer Ablan | NEW YORK NEW YORK Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Tuesday he expects the Federal Reserve to begin a campaign this month of “old school” sequential interest rate hikes until “something breaks,” such as a U.S. recession. Gundlach, who oversees more than $101 billion at Los Angeles-based DoubleLine, said U.S. economic data support a rate increase as soon as […]

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Your daily guide to community and cultural activities across the Emirates for March 8, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Aarti Jhurani rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Al Ain Heritage event Register […]

Banks have structured some unusual and complex deals for European companies to raise capital through a combination of debt and equity derivatives in recent weeks, reflecting investor enthusiasm for convertible securities. Last week BASF launched a $600m bond bundled with warrants, in a so-called neutral structure which effectively makes the chemicals group a middleman between its investors and its banks.  The deal, put together by Deutsche Bank, […]

Canadian financial services group Canaccord Genuity’s aims to double the contributions to its investment banking business from the Middle East and India in the next five years, its regional head told Reuters. It recently helped broker a C$5 billion ($3.7 billion) investment partnership between Dubai ports operator DP World and Caisse de depot et placement du Quebec, Canada’s second-largest public pension fund. “We think this could be […]

By Jonathan Stempel | NEW YORK NEW YORK PricewaterhouseCoopers LLP [PWC.UL] pinned the blame for MF Global Holdings Ltd’s collapse squarely on the commodity brokerage and its former chief executive, Jon Corzine, at the start on Tuesday of a trial over whether the auditor should pay about $3 billion for its alleged negligence. Jurors are considering a demand by MF Global’s bankruptcy plan administrator that PwC be […]

The biggest impact investing deal to ever see the light of day — that is how a fascinating new hedge fund deal is being touted. Impact investing is the practice of trying to make a measurable, positive societal impact as well as making a financial return on your money. The US hedge fund Mariner Investment Group reckons it has found a way to turn an investment of about $150m into […]

By Isabel Coles and John Davison | MOSUL, Iraq MOSUL, Iraq Iraqi forces on Tuesday recaptured the main government building in Mosul, the central bank branch and the museum where three years ago the militants filmed themselves destroying priceless statues. A Rapid Response team stormed the Nineveh governorate complex in an overnight raid that lasted more than an hour, killing dozens of Islamic State fighters, spokesman Lieutenant […]

One week ago, we pointed out a curious bifurcation: the Fed was telegraphing an imminent rate hike – one which following Yellen’s Friday conference is now virtually assured – even though it appears the FOMC would be hiking in a quarter in which GDP comes in in the mid 1%-range, or lower. The reason: while “soft data” – which is important to animal spirits if not actual […]

Brazil’s economy shrank 3.6 per cent last year as high inflation, a runaway budget deficit and political turmoil drove the country to its worst recession on record.  The contraction, which was felt across almost all economic sectors from industry to services, was slightly worse than economists’ estimates and only marginally better than 2015, when gross domestic product contracted 3.8 per cent.  GDP in the final three months […]

Photo Iraqis fleeing their homes on Tuesday as government forces fought Islamic State militants in western Mosul. Credit Suhaib Salem/Reuters BAGHDAD — Iraqi forces trying to reclaim Mosul penetrated the western part of the city on Tuesday, retaking a bridge and several public buildings during heavy clashes with the Islamic State, officials said. Civilians reported that the bombardment and gunfire were the heaviest since Feb. 19, the […]

The Supreme Court on Tuesday asked the Centre to file the six reports of various agencies in a sealed cover within four weeks in connection with the Panama papers leak case. Lawyer Manohar Lal Sharma had filed a plea in the apex court seeking a thorough investigation into the case. The apex court said after going through the reports it would see whether […]

GoldenEye ransomware targets human resources departments because they’re used to opening emails and attachments from unknown sources. Image: Ali Donzanti What is a ransomware attack? Cybercriminals didn’t use to be so obvious. If hackers infiltrated your corporate network, they would do everything possible to avoid detection. It was in their best interests not to alert a victim that they’d fallen victim to cybercrime. But now, if you […]

Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. The valuation of Aramco. the world’s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell […]

Donald Trump is not alone. When the US president complained, just before taking office, at the size of his country’s trade gap with Germany, he highlighted an issue that has long been the source of irritation in Washington and beyond. It is a topic that is now also stimulating debate within Germany — with possible consequences for the country’s trade ties with the rest of the world […]

Few institutions embodied the eurozone crisis more clearly than Bankia, the Spanish lender which was bailed out in 2012. Yet you would have been hard pressed to see any signs of that as the lender tapped debt markets this month. The bond sale by Bankia, still majority owned by the Spanish government, attracted almost €5bn in orders for the €500m of debt it sold. Its “tier 2” […]

Lockheed Martin US military officials are gunning for modifications to offensive planes to make them capable of using lasers in warfare. Last week, US Air Force leaders met at the annual AirWarfare Symposium to discuss next-generation and new technologies for the military. According to Air Force Special Operations Command chief Lt. Gen. Brad Webb, the current top priority mission is to secure funding to load and test […]

By Nichola Saminather | SINGAPORE SINGAPORE Asian shares rose on Tuesday, diverging from New York markets that slipped on concern about President Donald Trump’s ability to focus on economic policies. Oil prices were slightly lower amid fears growing U.S. production will offset OPEC cuts. Futures are pointing to a positive open for Britain’s FTSE 100 .FTSE and France’s CAC 40 .FCHI. MSCI’s broadest index of Asia-Pacific shares […]

BAGHDAD Iraqi security forces on Tuesday captured the central bank’s main branch in Mosul, which Islamic State had looted when it overran the city in 2014, a military spokesman said. Rapid Response soldiers also seized a building that housed Islamic State’s main court of justice, Lieutenant Colonel Abdel Amir al-Mohammadawi, a spokesman for the elite interior ministry units, told Reuters. The court was known for delivering harsh […]

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