By Alexandria Sage and Nichola Groom | LOS ANGELES LOS ANGELES Tesla Motors Inc Chief Executive Elon Musk won approval on Thursday from the electric luxury automaker’s shareholders for an acquisition of SolarCity Corp, the solar energy system installer in which he is the largest shareholder. The stock swap deal, worth about $2 billion, caps a tumultuous year for Musk and Tesla. The proposed acquisition of SolarCity, […]
Federal prosecutors have charged a former Valeant manager and the former chief executive of Philidor, a defunct pharmacy chain, alleging the pair operated an illegal kickback scheme to personally enrich themselves to the tune of tens of millions of dollars. New York prosecutors alleged that Gary Tanner of Valeant and Andrew Davenport of Philidor secretly worked together to promote a deal under which the Canadian drugmaker purchased […]
LONDON Battered bonds and emerging market currencies enjoyed some respite on Thursday as the dollar took a breather from a post-U.S. election charge that has taken it to a 13-1/2 year high. Wall Street looked set for a quiet start and Europe’s main stock markets <0#.INDEXE> were shuffling sideways as the dip in global bond yields cooled bank stocks, which have been rising on better lending profits. […]
Swiss International enters Riyadh with Swiss International Royal Hotel and Swiss Spirit Hotel & Suites Metropolitan Baar (CH)/ Ras Al Khaimah (UAE)/ Riyadh (Saudi Arabia), November 17, 2016 – Gearing up to boost its presence in Saudi Arabia, Swiss International proudly announces the arrival of its first 2 hotels in Riyadh. The chain will be entering the capital city with Swiss International Royal Hotel and Swiss Spirit […]
Rotana to open 16 hotels in 2017 The UAE hotel company Rotana has announced that it will open 16 hotels next year, including five in the UAE and four in Saudi Arabia. There will also be two hotels each for Turkey and Iraq and the company’s first property in Muscat, Oman. The UAE properties are the Capital Centre Rotana in Abu Dhabi, complementing the existing Capital Centre […]
The government will unveil plans on Thursday to cut dramatically the amount that car crash victims can claim for whiplash injuries. A consultation from the Ministry of Justice will say that Britain is in the grip of an “epidemic of whiplash claims” which is driving up the cost of car insurance. It says whiplash claims are 50 per cent higher than they were a decade ago, despite […]
16 November 2016 The success story of the outdoor agricultural show, Agritech Expo, is about to expand to Tanzania with the inaugural farming B2B platform taking place in the agri-hub of Arusha in January. Says Agritech Expo Tanzania event director Yolanda dos Santos: “continued agriculture economic growth in Tanzania has awoken the need to facilitate an enabling environment where suppliers, farmers of all scales and industry professionals […]
Since last week’s US elections, emerging market assets have been spooked by the possibility of higher US interest rates and greater trade protectionism. That this should result in sudden and broad-based losses for holders of all types of EM investments — including equities, local debt, external bonds and currencies — should not come as a great surprise. What is unusual, however, is for such large losses to […]
BAGHDAD/BASHIQA: Iraqi militias said on Wednesday they had driven ISIS terrorists from an air base west of Mosul, a victory which would threaten its supply route from Syria to its last major stronghold in Iraq. “The airport of Tal Afar has been liberated,” Yusif Al-Kallabi, a spokesman for Popular Mobilization, a coalition of mainly Iranian-backed militias, told Iraqi state TV.The capture of the base, if confirmed, could […]
Local authorities in London have approved Qatari Diar’s plans to convert the former US embassy building in Mayfair’s Grosvenor Square into a luxury hotel. The firm, the property development arm of sovereign wealth fund Qatar Investment Authority, bought the listed building in 2009. Later on this year, America will move its diplomatic presence from the site to Vauxhall. The plans approved by Westminster Council, will see two […]
Amid his display cases of gold coins and jewellery, Suresh Jain was in bullish spirits as he considered Indian households’ traditionally strong demand for the precious metal. “There is no change,” said the 55-year-old owner of BJ Jain Jewellers, in Mumbai’s Zaveri gold bazaar. “Gold is a need of the people. It is not a luxury item; it is essential.” Indian prime minister Narendra Modi is putting […]
ABU DHABI // Drug suspect Rolando “Kerwin” Espinosa Jr is expected to be sent back to the Philippines on Friday. A team led by Philippine National Police anti-illegal drugs group head senior superintendent Albert Ferro, arrived in the capital earlier this week to fetch Espinosa, who is being held in Al Wathba jail. Espinosa, one of the first suspected drug lords named by Philippine president Rodrigo Duterte […]
16 November 2016 H.E. Sheikh Fahad Bin Mohamed Bin Jabor Al-Thani, Chairman of Doha Bank, disclosed that the Board of Directors has resolved in its meeting held on 16/11/2016 to submit a recommendation to the Extraordinary General Assembly of the shareholders that will be held in March 2017 to increase the capital of the bank during the 1st half of 2017 by 20% to meet the bank’s […]
Wednesday 17:00 GMT. US and European stocks were softer as the dollar hit a 13-year high and bond yields eased off multi-month peaks, as investors reined in bets that US president-elect Donald Trump’s pledge of infrastructure spending and tax cuts would accelerate inflation. In Europe, Germany’s Dax fell 0.7 per cent as shares in Bayer fell 4.2 per cent after the drugmaker raised €4bn to pay for […]
A popular measure of the dollar climbed to its highest level in more than 13 years, propelled by the expectation of rising US interest rates, the expectation of significant fiscal stimulus and concerns about the rise of populist forces in Europe. The DXY, an index that measures the dollar against a basket of its main peers and primarily weighted to the euro, gathered pace on Wednesday, rising […]
NEW YORK If newly elected U.S. officials were to reduce federal corporate taxes by 20 percent, Citigroup Inc (C.N) could have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, Citi’s chief financial officer said on Wednesday. However a charge of that size and nature would not hurt the amount of capital that Citigroup reports to regulators under rules […]
At the end of last week, the Reserve Bank of New Zealand cut interest rates. It could yet prove the last central bank to do so in the current cycle. For an inkling of why, look no further than the US government bond market. Treasuries are enduring their worst sell-off since the taper tantrum of 2013, when then Federal Reserve chairman Ben Bernanke first signalled the end […]
Snapchat parent company, Snap Inc., has just filed confidentiality for its initial public offering (IPO), according to reports. News about a Snapchat IPO at a $25 billion valuation first surfaced back in October, and new reports now bolster such claims. The company is reportedly seeing to raise $4 billion, which would lead to a valuation of $25 to $35 billion. The confidential filing with the Securities and Exchange […]
|By Matein Khalid| Donald Trump’s shock win will have a profound impact on the GCC economic constellation via multiple feedback loops. His economic policies mean a much higher US dollar, anathema to GCC economies since it correlates with stock/property market crashes, banking stress and oil slumps. This is the macroeconomic linkage due to the GCC US dollar peg whose lessons the region learnt the hard way in […]
The visiting delegation explored the Foundation’s programs and initiatives, and toured the Dubai Future Accelerators headquarters Dubai, November 15, 2016 Global future experts in Dubai to attend the two-day Annual Meeting of the Global Future Councils paid a visit to the Dubai Future Foundation’s headquarters in Jumeirah Emirates Towers Offices. The Foundation presented a number of its initiatives to the visiting delegation. This included items on display […]
|By Arabian Post Staff|Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi and First Gulf Bank, Bloomberg reported quoting some people with knowledge of the matter. The agency said Abu Dhabi is weighing a plan to merge Abu Dhabi Commercial Bank PJSC and Union National Bank and also combine Abu Dhabi Islamic Bank with Al-Hilal Bank. But […]
Dubai’s Shuaa Capital said on Tuesday it has received regulatory approvals allowing Abu Dhabi Financial Group (ADFG) to buy a 48.36 percent stake in the investment bank. Alternative investment firm ADFG agreed in June to acquire the stake from Dubai Banking Group, a subsidiary of Dubai Group. Shuaa received approval from both the central bank and the stock market regulator, the bourse statement said, adding that it […]
The main US markets regulator on Tuesday approved a plan to introduce a vast surveillance system to monitor trading on the $23tn US stock market, ending six years of delays. The move by the Securities and Exchange Commission sets in motion a timetable to bring to reality its Consolidated Audit Trail, a single data warehouse that collects the millions of orders and quotes that daily pass across […]
By Steve Holland and Emily Stephenson | WASHINGTON/NEW YORK WASHINGTON/NEW YORK President-elect Donald Trump closed in on naming two early Wall Street backers to key economic positions but jettisoned a national security expert from his transition team on Tuesday, a sign of the premium he places on loyalty as he confronts the task of building his administration. Trump, a Republican outsider who won a surprise election victory […]
