Event opens with xx regional and international exhibitors showcasing Egypt’s mega projects such as The New Capital of Egypt and New El Alamein City 06 May 2017 H.E Sultan Butti bin Mijrin, Director General of Dubai Land Department, and in the presence of H.E. Dr. Mustafa Madbouli, Minister of Housing, inaugurated the 2017 Egypt Property Show (EPS) today (Friday, May 5, 2017) in Dubai World Trade Centre, […]
Iceland says its geothermal power station at Reykjanes can produce clean energy independent from fossil fuels by generating electricity from the heat stored inside the earth It’s named after a Nordic god and drills deep into the heart of a volcano: “Thor” is a rig that symbolises Iceland’s leading-edge efforts to produce powerful clean energy. If successful, the experimental project could produce up to 10 times more […]
The slowdown in the UAE’s non-oil real GDP growth appears to have bottomed out and Dubai can expect a 2 percent Expo 2020 boost to its GDP, according to a new report by Bank of America Merrill Lynch. Its report said that the UAE has managed a soft landing, with a less pronounced cycle than in the global financial crisis in 2008. It noted that incremental government […]
By Isabel Coles | HULAYLA, Iraq HULAYLA, Iraq Iraqi forces pushed further into Mosul from the north on the second day of a new push to speed up the nearly seven-month attempt to dislodge Islamic State, commanders said on Friday. Islamic State tried to block the troops’ northerly advance into their de facto Iraqi capital with suicide car bombs and sniper fire, Brigadier General Walid Khalifa, deputy […]
A cyclone more than 9,000 miles away from Omaha, Nebraska, where more than 30,000 Berkshire Hathaway shareholders are gathered for an annual meeting they call the Woodstock of Capitalism, has put a slight damper on the festivities. Profits at Warren Buffett’s company fell 27 per cent in the first quarter to $4.06bn, or $2,469 per share, as the company’s insurance business paid out millions for claims related […]
After a busy week in the US, attention shifts to Europe with the second round of the French elections on Sunday. Here’s what to watch in the coming days. France Four separate polls give fervent EU supporter and political novice Emmanuel Macron a 24-point lead over Marine Le Pen, who has proposed pulling France out of the EU. Markets are also expecting a win for Mr Macron. […]
Barclays was under pressure on Friday after Goldman Sachs said the bank needed to prioritise rebuilding capital over shareholder returns. Regulatory hurdles have moved against cross-border banks such as Barclays, which will be hit disproportionately by regional ringfencing laws, said Goldman. Capital ringfences add to uncertainty around Barclays’ litigation costs, its pension deficit and the likely proceeds from the sale of its African bank, said the broker. […]
By Dominique Vidalon | PARIS PARIS The shareholders of AccorHotels (ACCP.PA) on Friday granted former French President Nicolas Sarkozy a seat on the board of Europe’s largest hotel group, and rejected a bid to block long-term shareholders from getting more double voting rights. Chairman and CEO Sebastien Bazin reiterated at the annual shareholders meeting that double voting rights were a good way to foster loyalty and stability […]
Credit: fdecomite More than 3 million people (three times previous estimates) are estimated to be actively using cryptocurrencies like bitcoin, finds the first global cryptocurrency benchmarking study by the Cambridge Centre for Alternative Finance. While many members of the general public may have heard of “bitcoin”, the first decentralised cryptocurrency launched in 2009, a new report from the Cambridge Centre for Alternative Finance (CCAF) paints a broader […]
Authored by Mike Shedlock via MishTalk.com, Italy is increasingly dependent on the ECB to hold down bond yields as foreign investors dump Italian bonds like mad. Eurointelligence bills this as “Further Evidence of Capital Flight in Italy“. In a column earlier this week, Federico Fubini notes that, according to the Bank of International Settlements, in 2016 international banks reduced their exposure to Italy by 15%, or over $100bn, […]
By James Pearson and Ju-min Park | SEOUL SEOUL In February 2016, Yoo Chang-geun and around 120 other South Korean businessmen frantically pulled their staff out of the Kaesong Industrial Zone, jointly run with North Korea. Seoul had ordered it closed after Pyongyang defied international warnings and tested a long-range rocket. Now, with South Koreans in next week’s presidential election almost certain to elect liberal Moon Jae-in, […]
By Saikat Chatterjee | HONG KONG HONG KONG Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France’s presidential election. Chinese stocks led regional losers, falling to a three-month low as concerns about tighter financial regulations weighed on banking shares while […]
Bahrain-based Ibdar Bank has announced the appointment of Ayman Sejiny as its new CEO. The Islamic investment bank said in a statement Sejiny has previously held roles at Barclays, Citi Bank and ABN Amro. Previous to his appointment with Ibdar, Sejiny was the Group CEO of Bahrain-based Bank Alkhair, which has a presence in Saudi Arabia, UAE, Turkey and Malaysia. Ibdar chairman Tareq Sadeq said: “Ibdar is […]
By Michael Flaherty and Ankit Ajmera Greenlight Capital escalated its battle against General Motors Co (GM.N) on Thursday, posting credit ratings documents that it said the automaker inappropriately changed to undermine the hedge fund’s proposal to create two classes of GM stock. Greenlight, which owns 3.6 percent of GM shares, has said its dual share plan would boost GM’s value by creating a dividend class and a […]
May 4, 2017 by: Katrina Manson in New York Donald Trump will visit Saudi Arabia, Israel and the Vatican on his first foreign trip as US president in an effort to unite a coalition against Islamist terrorism and Iran and extract more from traditional allies. The travel plans mark a departure from US foreign policy norms, which usually see new presidents visit neighbouring Canada or Mexico within a month of taking office. […]
Royal Dutch Shell on Thursday rounded off the strongest set of quarterly results from “big oil” for over two years, even as a fresh slide in crude prices raised doubts over the sustainability of recovery from one of the deepest downturns in industry history. Earnings from the Anglo-Dutch group in the first three months of this year more than doubled from the same period of 2016. This […]
Authored by 720Global’s Michael Lebowitz via RealInvestmentAdvice.com, “History has not dealt kindly with the aftermath of protracted periods of low risk premiums” – Alan Greenspan The ability to see beyond the observable and the probable is the most important and under-appreciated characteristic of successful investors. For example, visualize a single domino standing upright. With this limited perspective, one can establish what the domino is doing in the […]
The likes of Shoreditch in London and Williamsburg in New York are now so well-known that they’re starting to lose their hipster lustre, but constant change means that even the world’s most famous cities have new areas which make them worth revisiting. Here are several to watch in 2017. Somerville, Boston Technically a separate city, Somerville has gone from blue collar to every coloured collar you care […]
As noted earlier, while European stocks and US equity markets have ignored the commodity crash in China, which in addition to iron ore plunging limit down, also saw rubber tumble 7% lower, and steel rebar, coke, coking coal plunge over 6% … … Axiom’s Gordon Johnson warns (as we did a month ago) that the worst is yet to come, and in fact, the “backdrop of […]
By Richard Cowan and Yasmeen Abutaleb | WASHINGTON WASHINGTON The U.S. House of Representatives was set on Thursday for a cliffhanger vote to repeal Obamacare, as Republican leaders worked to deliver President Donald Trump a win for one of his top legislative priorities. House Republican leaders have expressed confidence the bill would pass and several party moderates who previously objected to it got behind it on Wednesday, […]
11:00 am Suppose we could be brave, Bryce, and go with a pic of Jeffery Lacker as our portrait for today 11:01 am Well, he stepped down from the Richmond Fed after fessing up to helping a colleague at a sister publication — Medley — on a story 11:02 am 11:03 am I could give you a rival’s analysis of the story 11:03 am It’s not the […]
Etihad Airways has expanded its services to the southern Indian state of Kerala as it celebrates 10 years of flying to the popular destination. The airline said it has launched a fourth daily non-stop service between Kozhikode and its Abu Dhabi hub, taking to 63 the total number of weekly services between the UAE capital and its three Kerala gateways of Kochi, Kozhikode and Thiruvananthapuram. This represents […]
BEIJING A dust storm enveloped a swathe of northern China on Thursday dragging down air quality and visibility and prompting warnings for children and old people to stay indoors. Spring is China’s dust-storm season, when winds whip across the Gobi Desert picking up fine sand and dust particles and dumping them along a belt of heavily populated land further south. The official People’s Daily said the worst […]
BAGHDAD/ERBIL, Iraq Iraq’s armed forces opened a new front against Islamic State in Mosul on Thursday, advancing on the militants’ enclave from the northwest, a military commander told Reuters. The army’s 9th Armoured Division and the Rapid Response units of the Interior Ministry were headed towards the city, he said. The attack would help the elite Counter-Terrorism Service (CTS) and Interior Ministry Federal Police troops who were painstakingly […]
