|By Matein Khalid| The Federal Reserve could well raise its overnight borrowing rate at the next FOMC monetary policy conclave on September 17. Though contagion from China’s 40% stock market meltdown has triggered bear markets from Hong Kong to Frankfurt and plunged Asian/emerging markets equities into ta ghastly replay of 1998’s epic meltdown (General Suharto’s overthrow, the Russian rouble default, Malaysia’s capital controls, the run on the […]
JERUSALEM — A conference of the Palestinian National Council that had been scheduled for next week has been indefinitely postponed amid boycotts by some political factions and debate about the agenda and structure of the meeting. The 700-plus-member council, which has not had a regular session since 1996, was slated to convene in the West Bank city of Ramallah next Monday and Tuesday to consider, among other […]
JERUSALEM — In one scene, a group of Jews wrapped in prayer shawls begin reciting a mystical death curse known as the Pulsa Dinura. A man in a suit who has urged them to invoke the angels of destruction promises that their prime minister, Yitzhak Rabin, “will be dead within a month.” In another scene, an actor plays an Israeli amateur photographer who captured the assassination of […]
JERUSALEM — Prime Minister Benjamin Netanyahu on Sunday rejected calls from opposition politicians for Israel to accept refugees from Syria, saying that Israel was “a very small country that lacks demographic and geographic depth.” He also said that plans to construct a fence along the eastern border with Jordan would go ahead. The Israeli news media has been dominated in recent days by the dramatic reports and […]
|By TAP Staff| Polish financial software provider ‘Softax’ has developed an innovative white label sales and marketing solution for online banking called ‘LogoBank’ for the retail banking sector. The LogoBank system takes an individual ‘contextual’ approach to drive significantly more effective marketing of a lender’s products and services and radically improve customer satisfaction. Whilst the development of most online banking systems tends to focus on widening the […]
The Pakistan arm of Dubai Islamic Bank plans to list a quarter of its shares on the Karachi Stock Exchange in the first quarter of 2016, its chief executive was quoted as saying. Junaid Ahmed said that the bank would benefit from a growing Pakistani economy and investment opportunities from large-scale government infrastructure projects, including a $46 billion project with China, dubbed the China-Pakistan Economic Corridor. “We […]
With oil stock balances next year looking softer and costs coming down, the commodity will trade at $55 and $61 per barrel during 2016 and 2017, respectively, said the Bank of America (BofA) Merrill Lynch in a report. “Looking at the near-term, however, we still believe oil prices will rebound into year-end on a combination of factors,” said the report titled “Global Energy Weekly: Oil at an […]
BEIRUT, Lebanon — The Arab kingdoms of the Persian Gulf have some the world’s highest per capita incomes. Their leaders speak passionately about the plight of Syrians, and their state-funded news media cover the Syrian civil war without cease. Yet as millions of Syrian refugees languish elsewhere in the Middle East and many have risked their lives to reach Europe or died along the way, Gulf nations […]
INDIA TO MANAGE SPILLOVERS BUT GROWTH TO BE SUBDUED By S. Sethuraman Finance Ministers and central bankers from G-20 nations…
|By Matein Khalid| Hong Kong now trades at 9.6 times earnings and 0.86 book value. Hang Seng valuations were gutted by the protest movements in Central and the Shanghai financial meltdown. The Hang Seng index is down 25% since late May and now trades at six times forward earnings, its post Lehman, post 2014 bottom. Hong Kong trades at its lowest price/book value since the Asian flu […]
UAE. With a 54% decline in the price of oil prices during the past 12 months the United Arab Emirates (UAE) real estate market is now beginning to feel the effect with property transaction levels falling across Abu Dhabi, Dubai and Sharjah, according to the latest research from international real estate consultancy, Cluttons. Cluttons’ annual 2015 UAE Property Report reveals that the direct correlation between hydrocarbon revenues […]
ABU DHABI // In three days, the country’s philanthropists have donated Dh40.8 million for the devastated families of Yemen. On Sunday the Emirates Red Crescent (ERC) launched its Yemen: We Care, or Relief for Yemen, fund-raising appeal to help millions of Yemenis suffering in the conflict. The campaign is a part of the UAE’s pledge to help nearly 10 million people affected by the crisis in Yemen. […]
Middle East Memo From the West Bank In the 10th year of a four-year term in the absence of national elections, Mahmoud Abbas, the Palestinian president, has lost the public’s confidence. A poll published on Tuesday showed trust in him falling to 16 percent from 22 percent in March. By JODI RUDOREN September 1, 2015 RAMALLAH, West Bank — Mahmoud Abbas, the aging Palestinian president, may be paving the way […]
Middle East Patients waited to receive medical-transfer documents in Gaza City in August. By JODI RUDOREN August 31, 2015 GAZA — The medical report details some worrying conditions: chronic dyspnea — a shortage of breath that could be a sign of heart or lung disease — and bronchial asthma. It says the patient, a 28-year-old woman from Gaza City, relies on “continuous medication” and an inhaler. But the woman […]
INTERNATIONAL. The first Barclays UK Prosperity Map has revealed that booming house prices and returns in equity markets, in addition to higher wages and employment rates have resulted in every UK region becoming more affluent, and has driven a 41% increase in numbers of millionaires since 2010. Longer-term, growth in millionaires is expected to return to more normal levels, with a 9% increase in the UK expected […]
ABU DHABI // Emiratis have shown their philanthropic spirit by pledging to support a campaign to rebuild Yemen. At the weekend, the Emirates Red Crescent launched its Yemen: We Care – or Relief for Yemen – fund-raising appeal to help millions of Yemenis suffering in the conflict. Fahad bin Sultan, deputy secretary general of the ERC, urged the public to help out as aid was desperately needed. […]
|By Matein Khalid| A month ago, I published a column predicting history’s first Made in China global recession. Wall Street finally agreed with me last week after we witnessed the most brutal crash in global equities since October 2008. I have predicated a 20% fall in US equities several times in the last three months and the 1000 point drop in the Dow last week only reinforces […]
CUSTOMERS TO GET MORE BENEFITS By G. Srinivasan The RBI Deputy Governor Mr. H.R. Khan hit the nail on the…
WESTERN BANKS QUESTION BEIJING’S STRATEGY From Arun Srivastava LONDON: While the western mainstream media has described the present market crash…
INTERNATIONAL. Market price action dictates direction – traditional support levels were broken violently. Yesterday’s market was the most energised sell-off since 2008/2009. – The US dollar lead this crisis and will lead back up when the low is in – We have reached most of Steen Jakobsen’s technical targets and below is his primitive “expected” path from here (2015 low getting established) – We will see recession […]
UAE. The continuation of low energy prices is impacting both optimism and risk appetite in the Middle East, according to Deloitte’s latest report “Global CFO Signals: CFO Sentiment Q2 2015 – Staying focused; remaining vigilant”. With oil at US$53 a barrel at the time of the survey, CFO optimism fell to one of its lowest levels in recent years, with only a net 26% across the Middle East […]
UAE. Business confidence in the Middle East continued to fall in the second quarter of 2015, but not as quickly as it had in the first three months of the year, according to the to the Global Economic Conditions Survey (GECS) organised by ACCA (the Association of Chartered Certified Accountants and IMA (the Institute of Management Accountants). The slight optimism was due to a temporary reprieve in […]
GAZA CITY — At this time last year, as the missiles and bombs rained down in Israel’s lopsided seven-week war against Gaza, I wrote about our struggle to survive during the holy month of Ramadan. This year, another Ramadan has passed, Eid al-Fitr is over and the reality on the ground has changed very little. The same dreadful conditions are creating desperation among Gaza’s inhabitants, whose lives […]
|By Matein Khalid| Geopolitics is now another source of risk for the Turkish lira, government debt and Istanbul equities. The Turkish air force is bombing Daish in Syria and the secessionist Kurdish PKK party in northern Iraq. Suicide bombings have killed Turkish citizens in eastern Anatolian cities on the Syrian border. Ankara has given the US a green light to launch military airstrikes from the Incerlik air […]
