The UK investigation into October’s “flash crash” in sterling has focused heavily on the Japanese trading operations of Citigroup, which fired off repeated sell orders that exacerbated the pound’s fall, according to bankers and officials involved in the inquiry. Citi’s traders are not believed to have started the slide in the currency in thin Asia trading but its Tokyo desk played a key role in sending the […]
News stories are released on weekdays. 2 hours ago Vatican confirms ban on homosexual candidates for priesthood The Vatican has confirmed that homosexual men should not be ordained to the priesthood. In a new instruction for the training of seminarians, entitled The Gift of the Priestly Vocation, the Congregation for the Clergy says that the Church “cannot admit to the seminary or to holy orders those […]
General assembly meetings of FGB and NBAD held on December 7th Combined bank has total assets of approximately AED655 billion (US$178 billion), representing a 27% market share of UAE banking sector[1] Shareholders approve combined bank’s board of directors from effective merger date Effective date of merger towards the end of Q1 2017 as initially planned. Abu Dhabi, 7 December 2016 Shareholders in First Gulf Bank PJSC (FGB) […]
This article by David Haggith was published first on The Great Recession Blog: I risked losing my fellow anti-establishment readers in September by suggesting Trump may be an establishment Trojan horse. After seeing Trump choose Pence as VP and a Goldman Sachs exec as campaign finance manager, I was concerned the establishment knew a citizen’s revolt was brewing and made sure that even the road to revolt led back to […]
Softbank president Masayoshi Son walked out of President-Elect Trump’s office with a big grin on his face this yesterday, which can only signify one thing for me: a Sprint/T-Mobile merger is a done deal. Actual news stories don’t want to say this, because Trump and Son didn’t say it explicitly. According to the New York Times, Son “is projected” to spend half of his $100 […]
German and French stocks are closing in on a 20 per cent gain from their post-Brexit low, as a weaker euro and a thawing in sentiment towards banks raise the prospect that markets which disappointed investors for much of 2016 end it in positive territory. While the rebounds of the the two largest equity markets on the continent have been overshadowed by the run of new record […]
07 December 2016 Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, has been performing reasonably well in light of the market conditions, according to a statement issued by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa. The statement was made following the fourth quarterly meeting for the year 2016, which was held on Wednesday December 07, 2016 at Alba. […]
UAE-based Al Dahra Holding and Abu Dhabi Ports have launched a new AED140 million ($38.1 million) rice factory at Khalifa Industrial Zone (KIZAD). Owned by Al Dahra Kohinoor, a subsidiary of Al Dahra Holding, the factory spans a total area of 100,106 sq m and will produce up to 120,000 metric tonnes of rice per annum with 40 silos, each boasting a 750-tonne capacity. It also features […]
Matteo Renzi will resign as Italian prime minister on Wednesday evening, bringing an end to nearly three years in office after he suffered a stinging defeat in a referendum on his flagship constitutional reforms. Mr Renzi announced his resignation on Twitter and his departure will be formalised with a visit to Sergio Mattarella, the Italian president, at 7pm on Wednesday. On Thursday, Mr Mattarella is expected to […]
The European Central Bank should retool its asset-purchase programme to fund a wave of new infrastructure spending across the continent, according to one of the world’s most powerful bond managers. Rick Rieder, global chief investment officer of BlackRock’s $1.6tn fixed income business, says the ECB should avoid a “false choice” between continuing on its present course or tapering its existing programme, when it meets to decide monetary […]
BERLIN Germany urged Israel in unusually strong language on Wednesday to scrap legislation that would legalise Israeli settlement homes built on private Palestinian land in the occupied West Bank, saying this would break international law. Germany tends to be more reserved than other European nations in its criticism of Israel due to the legacy of the Nazi Holocaust, but it has objected in the past few years […]
There is over a month left until Trump’s inauguration, and the President-elect’s hard-hitting negotiating style may have scored yet another economic victory: according to a statement issued by Foxconn, the world’s largest contract electronics manufacturer and a major Apple Inc supplier, the company said it was in preliminary discussions to expand its operations in the United States. “While the scope of the potential investment has not been […]
By Francesca Piscioneri and Steve Scherer | ROME ROME Italian Prime Minister Matteo Renzi will hand in his resignation on Friday, a parliamentary source said, as President Sergio Mattarella seeks to slow the pace of an unfolding political crisis. Renzi vowed to resign in the early hours of Monday after a bruising referendum loss, but Mattarella, whose powers include naming prime ministers and dissolving parliament, asked him […]
LONDON Citi (C.N) said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October’s “flash crash” in sterling, responding to a Financial Times report saying a trader at the U.S. bank exacerbated the pound’s fall. “Sterling fell sharply following a news event just after midnight UK time, when the GBP spot foreign exchange market was extremely illiquid,” Citi said. “Citi managed […]
Wednesday 06:00 GMT Overview Bourses across Asia were higher, taking their cue from Wall Street’s return to near record highs and rally in Europe led by Italian banks. European bourses are expected to open firmer, with spreadbetters predicting the UK’s FTSE 100 will add 30 points to 6,810 and Germany’s Dax to gain 60 points to 10,835. US index futures suggest the S&P 500 will shed 1 […]
By Beth Pinsker | NEW YORK NEW YORK Want to save a few quick bucks on your holiday shopping? Your credit card may offer some little-known perks that could save you money both upfront and after the purchase. Of the 100 most popular credit cards, 81 offered some kind of extended warranty, according to a study released on Wednesday from Creditcards.com, a card rating website run by […]
AMBERNATH, India—Saturdays are typically busy at the sales office of Patel’s Planet, one of the many new apartment developments in the suburbs surrounding Mumbai where India’s fledgling middle class has been flocking in recent years. But last Saturday, it was virtually deserted. Prateek Patel, the cousin of the developer, complained that he hasn’t sold an apartment since early November, when Indian Prime Minister Narendra Modi shocked the country by announcing an unprecedented […]
Picture it: rumours of a renminbi devaluation keep growing. Residents rush to open accounts offshore as experts warn Beijing will get off on the wrong foot with a relatively new US administration if a big depreciation happens. Official denials are made regularly — until a devaluation of about 50 per cent follows in short order. That was China in 1994. Today the idea of a similarly brutal, […]
December 6, 2016 by: Mark Wiedman and Richie Prager This is part of a series on the global rise of exchange traded funds How do you buy or sell bonds if the middleman is not there any more? As any bond investor will tell you, buying or selling bonds is harder and more costly than in long memory. Since the crisis, regulators have squeezed the investment bank […]
GFH Financial Group hopes to largely complete the acquisition of Bahrain’s Bank Al Khair in the first quarter of next year and is at an advanced stage of exploring a merger with another Bahraini bank, its chief executive said on Tuesday. “The recent merger we announced was Bank Al Khair – we hope during the first quarter of 2017 to finish most of our acquisition,” Hisham al-Rayes […]
By Phil Stewart and Amy Tennery | WASHINGTON/NEW YORK WASHINGTON/NEW YORK U.S. President-elect Donald Trump urged the government on Tuesday to cancel an order with Boeing Co (BA.N) for a revamped Air Force One – a prominent symbol of the U.S. presidency – complaining that costs were out of control. It was the latest example of Trump using his podium, often via brief Twitter messages, to rattle […]
Chesapeake Energy, the indebted US energy group that was among the pioneers of the country’s shale revolution, tapped debt markets for the first time in more than two years on Tuesday in a deal that underlined renewed appetite for oil and gas assets. The Oklahoma-based company, which defaulted on some of its obligations this year, secured $1bn in a larger than expected financing to repay as much […]
London’s FTSE 100 stands apart as the global laggard among major stock indices with investors giving it a wide berth almost a month since the election of Donald Trump. The performance reflects concern over Brexit negotiations hurting the shares of companies exposed to the UK economy while the pound’s recent rebound against the dollar and the euro offsets the boost for resource stocks from rising crude and […]
Wall Street climbed on Tuesday as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high. The S&P financial sector .SPSY rose nearly 1 percent, lifted by a 2.2 percent gain for Wells Fargo (WFC.N). The bank’s chief executive told an investor conference it will see a near-term profit hit because of the sharp […]
