A new computer Trojan may be targeting clients of Salesforce.com, the company announced in a security warning posted on its Web site. The malware, known as Dyre or Dyreza, appears to be a variation of the previously known Zeus Trojan, which had been known to target banking Web sites in search of financial accounts. According to Salesforce, the vulnerability was discovered by one of its security partners […]
|By TAP Staff|Goldman Sachs is meeting investors this week for the sale of a dollar-denominated, benchmark-sized sukuk issue through its unit JANY Sukuk Co., people with knowledge of the deal said. The New York-based lender’s first foray into the Islamic capital markets three years ago ended without a sale amid criticism from scholars about the structure of its sukuk program and the use of funds raised. This […]
Dubai’s boom-and-bust real estate market can land you at the wheel of a Rolls-Royce or behind bars. Kabir Mulchandani should know: he’s experienced both. Five years after spending 140 days in jail facing charges of fraud and embezzlement for which he ultimately was cleared, the chairman of developer SKAI Holdings stands at a building site watching cranes start work on one of the company’s three projects. They […]
Abu Dhabi Commercial Bank , the fourth-largest lender by market value in the United Arab Emirates, has set initial price thoughts for a benchmark five-year bond issue in the 95 basis points area over midswaps, a document from leads showed on Tuesday. ADCB, which is expecting ratings of A/A-plus from Standard & Poor’s and Fitch, has picked Barclays, ING, JP Morgan and Mizuho to arrange the bond […]
Kuwait’s Global Investment House said on Tuesday it aimed to relist its shares on the Kuwaiti bourse, after its listing was cancelled last year because of accumulated debt. In an interview with Reuters, Global’s chief executive Maha Al Ghoneim said the company was now “debt-free” following its debt restructuring last year. She added that the relisting would be discussed at an annual general meeting next Sunday. Subject […]
By Paul Carsten BEIJING Mon Sep 8, 2014 11:12am IST A picture illustration shows a WeChat app icon in Beijing, December 5, 2013. Credit: Reuters/Petar Kujundzic/Files BEIJING (Reuters) – Apple Inc has a lot for which to thank people like Deng. A Beijing-based quality analyst, she gave only her surname as she’s embarrassed by how much money she spends playing mobile games on WeChat, a hugely popular […]
Bloomberg News London Stock Exchange Group ’s two biggest shareholders have adopted rather different strategies over the company’s £938 million ($1.5 billion) rights issue to fund its acquisition of Russell Investments. Shortly after the deal was first announced in June, Qatar Holding sold a third of its stake in the company, cutting its holding to 10.3%. People close to the fund said at the time that it […]
Tory strategists: George Osborne and Lynton Crosby (right) Photo: REX FEATURES The Scottish opinion polls were looking bad for the “No” campaign. Their ratings were sliding downhill faster than a fat man on a skeleton bob. A new report had claimed that there was £300 billion’s worth of oil waiting to be fracked off the coast of Scotland. And all they could offer to stem the Nationalist surge were […]
By Casey Sullivan Sat Sep 6, 2014 6:33am IST People walk at the headquarters of Alibaba in Hangzhou, Zhejiang province, April 23, 2014. Credit: Reuters/Chance Chan/Files Alibaba Group Holding Ltd disclosed on Friday that it would pay $15.8 million in legal fees to law firm Simpson Thacher and other attorneys who advised the Chinese e-commerce giant on its upcoming IPO, six times what Facebook paid its […]
By Liana B. Baker, Avik Das and Soham Chatterjee Sat Sep 6, 2014 5:31am IST People play in a hall inside Alibaba’s headquarters in Hangzhou, Zhejiang province, April 23, 2014. Credit: Reuters/Chance Chan/Files REUTERS – Alibaba Group Holding Ltd seeks to raise more than $21 billion in an IPO that will value the Chinese e-commerce giant at up to $163 billion and rank as the largest-ever technology […]
As political unrest continues to grip the Middle East, it is hardly a surprise that many international investors are wary about the region’s business prospects. Whether that is warranted or not, the International Finance Corporation, a World Bank Group subsidiary that promotes the private sector in developing markets, is trying to change that perception by stepping up its investments in the financial and power sectors. “We have […]
Sharjah is offering investors an enticement that fellow emirate Dubai doesn’t as the sheikhdom gears up for its first Shariah-compliant bond sale this month: a credit rating. The emirate, which is more than twice the size of New York City, may price the debt to yield 2.5 percent to 3 percent if it’s a five-year issue, according to three fixed-income analysts surveyed by Bloomberg. That compares with […]
By Edwin Chan SAN FRANCISCO Wed Sep 3, 2014 12:21pm IST The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. Picture taken June 26. Credit: Reuters/Yuya Shino/Files SAN FRANCISCO (Reuters) – The week before a crucial launch of its new iPhone, Apple Inc said intimate photos of celebrities including Oscar-winner Jennifer Lawrence were leaked online […]
Spurred by a rapidly deteriorating economy, the International Monetary Fund has approved a three-year extended credit facility worth $552 million with Yemen, the impoverished Arab nation that has become a breeding ground for the terrorist group al Qaeda in the Arabian Peninsula. The lifeline will provide some relief for Yemeni authorities who face a myriad of political and security challenges that continue to drag on the economy. […]
By Nivedita Bhattacharjee MUMBAI Wed Sep 3, 2014 11:01am IST Android mascots are lined up in the demonstration area at the Google I/O Developers Conference in the Moscone Center in San Francisco, California, May 10, 2011. Credit: Reuters/Beck Diefenbach/Files MUMBAI (Reuters) – Google Inc’s (GOOGL.O) partnership with three Indian phone makers is set to rev up fast-growing demand for lower priced smartphones, and spell more trouble for […]
By Christina Farr and Edwin Chan SAN FRANCISCO Wed Sep 3, 2014 7:44am IST The Apple logo is pictured at a retail store in the Marina neighborhood in San Francisco, California April 23, 2014. Credit: Reuters/Robert Galbraith/Files SAN FRANCISCO (Reuters) – Apple Inc (AAPL.O) has often displayed uncanny timing, with its well-orchestrated end-of-year iPhone releases. But the leak of racy celebrity photos in the past few days […]
Islamic debt could become a source of funding for U.K. infrastructure projects from wind turbines to high-speed trains and airports as Britain cements its position as the first sukuk market in a non-Muslim nation. Investors including Bank of London and the Middle East see scope for the U.K. to issue Shariah-compliant bonds with varying maturities after the Debt Management Office attracted bids for more than 10 times […]
Dubai Islamic Bank has ruled out seeking a controlling stake in Bank Panin Syariah, and its plans are limited to raising its stake in the Indonesian lender to 40 percent from 25 percent now, its chief executive said on Tuesday. Dubai Islamic, the largest Islamic bank in the United Arab Emirates, bought 2.42 billion shares in the listed sharia-compliant lender in June, its first foray into southeast […]
By Bret Jensen: There was a solid article in this week’s Barron’s, an industry standard weekly magazine. Barron’s interviewed Richard Pzena who is the CEO of Pzena Investment Management (NYSE:PZN); a firm that manages billions of dollars thorough a variety of entities. Mr. Pzena made the long term case for owning some of the biggest banks. He believes three of the big drivers of earnings should improve […]
Secretary-General Hassan Al-Thawadi (3rd L) of Qatar’s Supreme Committee for Delivery and Legacy, the nation’s 2022 World Cup organising committee, speaks during a news conference to announce the start of work on the Al-Khor Stadium in Al-Khor in June. Reuters Investors in Qatar are likely to hold their breath, and cash, this month: Well, at least until FIFA reports on its investigation of the bidding process for […]
Emirates NBD (ENBD), Dubai’s largest lender, plans to sell a benchmark-sized capital-boosting bond, a document from lead managers said on Monday, looking to take advantage of favourable markets to strengthen its reserves. ENBD has chosen Citigroup, Commerzbank, Deutsche Bank, Morgan Stanley, Standard Chartered and its own investment banking arm to arrange investor meetings ahead of a potential issue, the document said, confirming what banking sources told Reuters […]
Meraas Holding, a state-owned property firm that is developing some of Dubai’s most ambitious real estate projects, is in talks with banks to raise up to $4 billion, sources aware of the matter said on Monday. Dubai has bounced back rapidly from a debt crisis in 2008, when property prices fell by more than half, and state-linked property companies have started work on several major projects in […]
Five years after Dubai teetered on the brink of financial disaster, there are signs emerging that the emirate’s initial public offering market is coming back to life as the owner of the world’s largest shopping mall prepares to sell shares to the public next month. Emaar Properties, Dubai’s highest profile real estate group, said on Sunday it plans to list at least 15% of its profitable and […]
|By TAP Staff|The global Sukuk industry is expected to be one of the fastest growing segments of the Islamic finance industry with huge growth potential in the Gulf Cooperation Council (GCC) region, according to a report by the Dubai Chamber of Commerce and Industry. This is particularly true of Dubai where Sukuks are expected to play an important role over the next decade in securing funds for […]
