Saudi Arabia’s 2017 state budget is likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy This year was one of the most painful for the Saudi economy in decades. Growth slowed sharply and speculators bet against the Saudi currency as the government fought to curb a deficit that totalled […]
December 14, 2016 by: Robin Harding in Tokyo Optimism at Japanese companies is on the rise for the first time in 18 months after Donald Trump’s election as US president breathed new life into the country’s drive to escape deflation. The Bank of Japan’s closely watched tankan index for large manufacturers rose from +6 to +10 in December, the first increase since the second quarter of 2015, […]
13 December 2016 Riyadh – Over 1,400 digital leaders gathered at the ArabNet Riyadh conference to discuss the latest in digital innovation and entrepreneurship, following the launch of Vision 2030 and the National Transformation Program (NTP). The event was held under the patronage of the General Authority for Small and Medium Enterprises (SMEA), and hosted by King Abdulaziz City of Science and Technology (KACST) and the Badir […]
When the bill was considered by the full committee in December 2012, Schumer, who eventually voted in favor of the bill, nevertheless echoed concerns of the tech companies, saying it “still needs a lot of work to assuage the concerns of tech innovators.” Sen. Grassley, who also voted for the measure, said he had the same worries, saying the bill needed to address industry concerns that it […]
Wednesday 02:20 GMT Overview Stock markets across Asia were mixed as anticipation of the Federal Reserve’s policy decision dulled the effect of another set of record highs for Wall Street. What to watch All eyes were on the end of the Fed’s two-day policy meeting later in the day, with the US central bank expected to raise interest rates 25 basis points. Roughly a year ago the […]
HONG KONG HSBC has launched a $290 million lending facility aimed at technology start-ups and other new industries in China’s Pearl River Delta region, intensifying the battle for a slice of a business that is growing despite a slowing economy. Showered with money from private investors over the last few years, the promising technology start-ups in China, the world’s second-largest economy, have shunned traditional lenders, seeking to […]
The former minister of mines and geology for the African Republic of Guinea was arrested on Tuesday in New York and charged with taking $8.5m in bribes in exchange for assigning lucrative investment rights to a Chinese-owned conglomerate. Mahmoud Thiam, an American citizen, was arrested at his home in Manhattan and was expected to appear in court later in the day. Mr Thiam, a former UBS banker, […]
By Marc Jones | LONDON LONDON A quarter of a century after the collapse of the Soviet Union, life satisfaction in Russia and other ex-Soviet states remains stubbornly low, and enthusiasm for democracy and open market economics is wavering, a survey published on Tuesday showed. The study found that only 15 percent of Russians think their households have a better quality of life, compared with 30 percent […]
Investors are making a record bet on global bank shares following the US election, according to a new survey of institutional money managers that also highlights the risks to the sector if Donald Trump fails to deliver faster economic growth. The allocation that investors made to bank stocks this month climbed to a weighting of 31 per cent above their benchmarks, up from 25 per cent in […]
ABU DHABI // The Arab world is entering a new era, involving reform and changes in its mindset, according to the former Egyptian foreign minister and secretary general of the Arab League. In an interview with The National, Amr Moussa said the region’s young citizens, who make up about 70 per cent of the population, are better educated and have aspirations for the future. “They reject what […]
Submitted by Lance Roberts via RealInvestmentAdvice.com, During my morning reading, I ran across an interesting article from Paul Lim via Time giving several reasons why the stock market will “rise for a ninth straight year.” “For ordinary Americans, 2017 is likely to feel like the best year economically since the Great Recession. The recovery is finally expected to trickle down to you in the form of […]
Low interest rates pose one of the biggest threats to the US economy and expose investors to the potential for heavy loses from a price shock across a range of markets, according to an independent arm of the US Treasury. The concerns are raised in the Office of Financial Research’s annual financial stability report to Congress, which concludes that threats to stability remain “in a medium range”. […]
Russia’s rouble has cemented its position as the best-performing currency of the past three months, enjoying the benefits of a strong oil price at a time when the US appears to be tilting towards a more accommodating relationship with Vladimir Putin. A 2.3 per cent rise in the rouble’s value against the dollar on Monday was followed by a further half per cent gain during Tuesday trading. […]
Almost 3,500 individuals and companies in the Panama Papers are probable matches for suspected criminals including terrorists, cybercriminals and cigarette smugglers, according to a document seen by the Guardian. The analysis, which was carried out by Europol, the EU’s law enforcement agency, sheds more light on the breadth of criminal behaviour facilitated by tax havens around the world. “The main point here is that we can link […]
Wall Street looked set to open higher on Tuesday, as investors keep a close watch of the Federal Reserve’s two-day meeting where it is widely expected to raise interest rates for the second time since the financial crisis. A hike of 25 basis points in the Fed’s target range of 0.25-0.50 percent is priced in, but investors will be examining the Fed’s statement and economic forecasts for […]
Al Faisal Holding, a Qatari conglomerate, is considering alternative debt funding options after the idea of a US dollar sukuk issue received a lukewarm response from the market, sources familiar with the situation said. The conglomerate had approached banks earlier this year to discuss arranging a potential sukuk issue of around $200 million. The issue, which would have been the company’s first international debt raising exercise, may […]
By Nigel Stephenson | LONDON LONDON Global shares edged up on Tuesday, helped by gains in banks after Italy’s largest lender unveiled a 13 billion euro share issue, while the dollar held steady before a Federal Reserve meeting expected to deliver higher interest rates. UniCredit launched Italy’s biggest share issue to clean up its balance sheet and boost profitability in the latest move to strengthen the Italian […]
By Laila Bassam | ALEPPO, Syria ALEPPO, Syria The Syrian army and its allies have taken full control over all the Aleppo districts abandoned by rebels during their retreat in the city, a Syrian military source said on Tuesday. Rebel defences collapsed on Monday, leading to a broad army advance across more than half of the remaining insurgent pocket in Aleppo and a retreat of opposition fighters […]
Bahrain LNG, the developer of the Gulf state’s receiving and regasification terminal for liquefied natural gas (LNG), has closed a $741 million syndicated loan for the platform’s construction, according to a company statement on Monday. “The project is being developed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth,” the statement said. While the Gulf region is […]
Algebris Investments, a London-based asset manager, is seeking to raise €1bn for a second fund aimed at Italy’s non-performing loans as investors’ interest in what’s been the Achilles heel of the country’s banking sector intensifies. The launch by Algebris, which has $6bn in assets under management, comes amid increased focus by foreign investors on the potential of Italy’s pile of €360bn of problem loans, of which €200bn […]
By the late 1970s, a decade after horrific riots, the Pistons had fallen on hard competitive times, along with the city, and out they went to a charmless football dome in distant Pontiac, Mich., and later to the basketball-specific Palace of Auburn Hills. A team in a sport played increasingly by young black men fled the city while hockey’s white-as-ice Red Wings stored their gloves and sticks […]
Michael Moritz – chairman of Sequoia Capital and one of the most successful venture capitalists in history – says a simple vision led him to invest hundreds of millions of dollars in on-demand delivery startups. “The movement of goods and services and people, by easier, more convenient means,” he said in an interview. “That’s a huge trend, enabled by smartphones.” Led by Sequoia and another blue-chip Silicon […]
After eight years in which interest rates in rich countries have kept close to all-time lows, a change of weather is in the air. Donald Trump’s election as US president and widespread expectations that the Federal Reserve will nudge rates higher this week have made their mark on the markets. The big question is whether short-term pressures for higher US interest rates are strong enough to overturn […]
CARACAS, Venezuela—Venezuela is taking nearly half the country’s bank notes out of circulation beginning Wednesday, threatening to ruin the holidays season for Venezuelans already suffering from dire cash shortages, hyperinflation and an economic meltdown. The country’s largest bill, worth 100 bolivars or just 3 U.S. cents on the black market, is to become illegal, in a move designed to combat contraband along Venezuela’s borders, the government said. […]
