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Cognizant says conducting corruption probe; president replaced

IT services provider Cognizant Technology Solutions Corp (CTSH.O) said it was conducting an internal investigation into possible violations of U.S. anti-corrupt practices laws related to payments in India, sending its shares tumbling on Friday. The company also said President Gordon Coburn had resigned and would be replaced by Rajeev Mehta, the head of IT services. Cognizant, which gave no reason for Coburn’s departure, did not respond to […]

FinTech boom needs strong guidance to navigate regulatory hurdles, finds ACCA

UAE. (ME NewsWire )–Despite the fact that FinTech has been causing significant digital disruption to global finance for almost a decade, the sector is still in need of strong guidance against regulatory hurdles, says a new report from ACCA (the Association of Chartered Certified Accountants). The report, FinTech – transforming finance, finds that while FinTech’s impact on finance and banking is proving to be as revolutionary to […]

UAE industrial and logistics market records signs of fragmentation in first half 2016

UAE. The UAE industrial market has continued to show a relatively steady performance despite the emergence of economic headwinds, amidst on-going global uncertainty, according to the H1 2016 UAE Industrial & Logistics MarketView, by global real estate consultancy firm CBRE. The softening of crude oil prices over the past 18 months has had mixed effects on the UAE industrial sector, and on the markets in Dubai and […]

ADGM partners with Jordan Securities

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market. This agreement further complemented and […]

More than just a road: a look into the secret life of the E11

Two years ago, Meitha Al Mazrooei and Rand Abdul Jabbar, two young architects, decided to form a partnership. The decision was born of frustration. Both had spent years studying their profession, Al Mazrooei at the American University of Sharjah (AUS) and Abdul Jabbar at Dalhousie University in Nova Scotia and Columbia University in New York, but given their views on the way that architecture is understood and […]

Wal-Mart in talks to buy stake in Indian online retailer Flipkart – sources

MUMBAI/HONG KONG Wal-Mart Stores Inc is in talks to buy a minority stake in India’s largest e-commerce firm Flipkart, two people familiar with the matter said, as the world’s biggest retailer aims to break into a fast growing but highly competitive online retail market. One of the sources said the U.S. retailer was looking to invest between $750 million and $1 billion in Flipkart, but the final […]

At least one school bus crashes into palm tree in Abu Dhabi

ABU DHABI // A school bus carrying children to class veered off the road and crashed into a palm tree lining a major road in the capital. The vehicle left the road and crashed into the tree on Khaleej Al Arabi Street just after 8.35am. Photographs seen by The National show significant damage to the front of one bus. Unofficial reports suggest two buses were involved – […]

Fed enables rally in global risk assets

|By Matein Khalid| The Federal Reserve did not disappoint the financial markets after Janet Yellen’s FOMC conference on Wednesday. The US central bank did not raise the overnight borrowing (or Fed Funds rate) to 0.5% on the eve of the November election. This triggered a wild rally in the US stock market with the Dow Jones up 163 points, gold up to $1342 and oil to $46 […]

A deal at Algiers still looks elusive

|By Arabian Post Staff| OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production, Bloomberg reported. Saudi Arabia and Iran, whose rivalry thwarted a deal with other major producers in April, didn’t reach agreement after two days of […]

In Appeal to Voters, Muslim Brotherhood in Jordan Soft-Pedals Religion

By PETER BAKER and RANA F. SWEIS September 20, 2016 AMMAN, Jordan — At the headquarters of the Muslim Brotherhood, Ali Abu al-Sukkar’s telephone would not stop ringing Tuesday. It was Election Day, the first time the Islamist organization had taken part after nearly a decade of boycotts, and Mr. Sukkar found himself in demand. The deputy secretary general of the Islamic Action Front, the brotherhood’s political wing, Mr. Sukkar listed the […]

Value investing themes in Asian equities

|By Matein Khalid| When Ben Bernanke uttered the word “taper” in May 2013, he triggered a bloodbath in emerging markets and a free fall in “fragile five” currencies that included the Indian rupee and the Indonesian rupiah. However, Asian equities markets, while not immune to a Fed rate hike, are far better positioned for higher US dollar interest rates than in 2013, let alone 2007 or 1998. […]

S&P sees oil oversupply extending to 2017

|By Arabian Post Staff| The global oil market will most likely remain oversupplied for the rest of 2016 and well into 2017, rating agency Standard & Poor’s has forecast. The view has been attributed to global oil production remaining in excess of demand, and the resulting persistently high crude oil and product inventories putting spot prices and near-term futures under significant pressure. Members of the Organization of […]

Study finds Islamic banking lends strength to FIs

|By Arabian Post Staff| Switching from conventional ‘Western’ financial practices to Islamic banking gives distinct advantages to banks, with the change improving the liquidity and value of stocks, a study of the merger between a Bahrian Islamic bank and a conventional bank revealed. Researchers at the Universities of Birmingham and Brighton studied a merger that took place in Bahrain, between an Islamic bank and a conventional bank […]

Samsung Elec shares slide as Note 7 recall takes toll

  By Se Young Lee | SEOUL   SEOUL Samsung Electronics Co Ltd’s shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries.   Investors had wiped 15.9 trillion won (14.3 billion) off the South Korean firm’s market capitalisation as of 0303 GMT, as […]

New regulatory body to oversee Bankruptcy Law implementation

|By Arabian Post Staff|The new bankruptcy law of the UAE envisages the setting up of a regulatory body called the Committee for Financial Restructuring to administer the law and its procedures. The Committee will be in charge of: overseeing the procedures of financial restructuring outside the scope of the court and will appoint experts in the field of financial restructuring, establish an electronic record of individuals against […]

Asteco H1 UAE Cityscape real estate report: A tale of two cities

UAE. Asteco, the Middle East’s largest full service real estate company has released a special Cityscape report on the current status of the UAE real estate market revealing a general slowdown in all emirates, but highlighting marked differences between Abu Dhabi and Dubai. Dubai experienced a slow first six months, but for different reasons, with developers slowing the pace of project completions and handovers due to the […]

Big fall in Middle East assets under management

/by Arabian Post Staff/The global growth of asset management stalled as the industry in 2015 recorded its worst year since the 2008 financial crisis, according to a report by The Boston Consulting Group (BCG). Growth in assets under management (AuM) stalled—or in the case of the Middle East declined 10%—and net new flows of assets, revenue growth, and revenue margins all dipped lower in 2015, according to […]

Economic slowdown hits real estate

/by Arabian Post Staff/The impact of the softening global economy continues to hamper the UAE’s office market as redundancies in the oil and gas, finance and banking sectors have stifled demand for office space across the emirates, according to leading international real estate consultancy Cluttons. Cluttons’ 2016 UAE Property Market Report, highlights the consultancy’s expectation for office market performance throughout the year and expects declines of close […]

Barclays in soup over ‘fraud’ fund raising from Abu Dhabi, Qatar

/By Arabian Post Staff/ UK bank Barclays move in 2008 to raise capital funding from private investors in Abu Dhabi and Qatar to avoid government bailout has snowballed into a major controversy as it now transpires that the bank itself loaned the money to these investors. Plc loaned $3 billion to Qatar to help fund a share purchase as the lender sought investments from the Middle East […]

Will the emerging market bond rally continue?

/By Matien Khalid/I have been bullish on emerging market debt as an asset class since last autumn. Even though the Chinese yuan devaluation was toxic, this asset class is up 12% in 2016, thanks to almost $5 billion in cash inflows. The tax amnesty in Indonesia, the political changes in Brazil after President Dilma’s impeachment, the election of a center-right pro-business government and $16 billion sovereign debt […]

Analysis: Economists see ride-hailing industry as ripe for competition

By Heather Somerville | SAN FRANCISCO SAN FRANCISCO Chinese powerhouse Didi Chuxing’s acquisition of Uber Technologies Inc’s China operations marked the biggest move yet toward consolidation in an industry that many investors and Silicon Valley pundits view as a winner-take-all game. On the day the Didi deal was announced earlier this month, Uber board member Bill Gurley said Uber’s rivals in other markets had a slim chance […]

Pokemon Go spurs lifestyle changes, business boom as it rolls out in Asia

By Eveline Danubrata and Glenys Kirana | JAKARTA JAKARTA Asian fans of smartphone game Pokemon Go are hunting out the best telecom providers and network gear to overcome the hurdle posed by patchy network signals in their race to capture virtual cartoon characters. From Indonesia to Hong Kong and Cambodia, the wild popularity of Nintendo’s (7974.T) augmented reality app is also driving lifestyle changes for many gamers, […]

Doctors Without Borders Is Pulling Staff After Hospital Bombings in Yemen

SANA, Yemen — Doctors without Borders announced Thursday that it would evacuate its staff from six hospitals in northern Yemen because it could not get assurances that its hospitals would not be bombed again. The group blamed the Saudi-led military coalition for the decision, calling its bombing “indiscriminate” and its assurances of protection for health workers “unreliable,” citing the aerial bombardment of Abs Hospital in Hajjah Province […]