Shiite fighters during an operation to retake the remaining areas of the Baiji oil refinery from the Islamic State on Monday in Salahuddin Province in Iraq. By TIM ARANGO May 26, 2015 BAGHDAD — Iraqi officials said Tuesday that a combined force of Iraqi soldiers and allied Shiite militias had started moving to retake the city of Ramadi, the capital of Anbar Province, from Islamic State fighters. The officials billed […]
|By K Raveendran| Samena Capital, which recently completed the purchase of UAE’s global ceramics leader RAK Ceramics, has acquired a significant stake in London-based private banking and corporate advisory Kleinwort Benson Bank. (KBBL) The transaction opens up the possibility of the bank establishing a new global merchant banking operation in Dubai to offer advisory services for corporate in the region. The transaction is expected to close by […]
By JODI RUDOREN May 25, 2015 JERUSALEM — Prime Minister Benjamin Netanyahu of Israel on Monday named a longtime confidant who is hawkish on Iran and the Palestinian issue to run the foreign ministry, the latest in a series of moves that consolidate Mr. Netanyahu’s conservative grip on his new government. The new ministry director, Dore Gold, is a former Israeli ambassador to the United Nations and a prolific […]
Tunisian special forces taking position on Monday near the Bouchoucha military base in Tunis after a corporal opened fire on soldiers at the barracks. By CARLOTTA GALL May 25, 2015 TUNIS — A Tunisian soldier opened fire on fellow troops inside the central army barracks in the capital on Monday morning, killing seven soldiers and wounding 10 others, the Tunisian Defense Ministry said. The soldier was killed in an […]
SYRIA. Islamic State fighters tightened their grip on the historic Syrian city of Palmyra on Thursday and overran Iraqi government defenses east of Ramadi, the provincial capital that they seized five days earlier. The twin successes not only pile pressure on Damascus and Baghdad but throw doubt on a U.S. strategy of relying almost exclusively on air strikes to support the fight against Islamic State. U.S. and […]
By TAP Staff|Arcapita, the global investment management firm, announcedthe completion of the sale of J.Jill Group Inc., a leading US-based multi-channel retailer of women’s apparel, accessories and footwear, to TowerBrook Capital Partners L.P., a New York and London-based investment management firm. The parties did not disclose the transaction value. Originally founded in 1959 and headquartered in Quincy, Massachusetts, J.Jill provides inspired styles to its loyal customer through […]
By SABA IMTIAZ May 23, 2015 KARACHI, Pakistan — Several senior journalists resigned from a developing Pakistani television network, Bol, on Saturday, in the latest fallout from a crisis engulfing the channel’s parent company, Axact, a software firm that profited immensely from international sales of fake diplomas. The defections were led by Bol’s editor in chief, Kamran Khan, and came just hours after Pakistan’s interior minister announced that the […]
An attendee at the Microsoft Ignite technology conference is seen next to the Microsoft logo in Chicago, Illinois, May 4, 2015. Reuters/Jim Young Microsoft Corp (MSFT.O) and Salesforce.com Inc (CRM.N) held “significant talks” this spring but failed to agree on a price, CNBC reported, citing people familiar with the matter. Microsoft was willing to offer about $55 billion for the world’s biggest maker of online sales software. […]
N.R. Narayana Murthy acknowledges the media in Calcutta August 20, 2002. Reuters/Jayanta Shaw/Files MUMBAI The Securities and Exchange Board of India (SEBI) has named Infosys founder N.R. Narayana Murthy to head a panel that will devise rules for a new funding platform for homegrown start-ups, the regulator said on its website. In March, SEBI announced an alternative investment platform targeted at the country’s booming internet start-ups, relaxing […]
About 6.6 babies die per 1,000 live births in Washington. Washington world’s most dangerous city for babies KAMPALA, 16 days ago Washington has the highest infant mortality rate of all the world’s richest capitals, according to a survey highlighting the failure of the world’s wealthiest country to prevent high rates of child deaths among its poorest citizens. Save the Children said in a study on Tuesday that […]
UAE. The findings of a new study by The Boston Consulting Group (BCG), a global management consulting firm and the world’s leading advisor on business strategy, shows that mobile technologies are creating immense value for consumers – value that greatly exceeds the costs of owning a mobile device. In fact, consumers worldwide value mobile technologies at 11 to 45 percent of their income – well above what […]
Slide Show | The Ancient Syrian City of Palmyra Islamic State militants have destroyed historical sites and sold off artifacts in other cities, and some fear they may do the same in Palmyra. By ANNE BARNARD and HWAIDA SAAD May 20, 2015 BEIRUT, Lebanon — Islamic State militants swept into the historic desert city of Palmyra in central Syria on Wednesday, and by evening were in control of it, residents and […]
|By TAP Staff| Emaar Properties announced its intention to list its Egyptian subsidiary Emaar Misr for Development to proceed with an IPO, which will be listed on the Egyptian Stock Exchange. The offer will comprise a part meant for retail investors in Egypt, and a private placement to institutional investors. Emaar Misr plans to use the net proceeds raised from the offering to further the development of […]
|By TAP Staff| Oil is poised to slump to $45 US a barrel by October as a surplus of crude and producers’ easy access to cash weigh on the market, according to Goldman Sachs Group Inc. A recovery in prices to near $60 a barrel from a six-year low in March is premature, analysts including Jeffrey Currie said in an e-mailed report dated May 18. The availability […]
|By TAP Staff| Arch Reinsurance Ltd. (Arch) announced completion of its acquisition of Gulf Reinsurance Ltd. (Gulf Re), a specialty reinsurer based in the Dubai International Financial Centre. Gulf Re was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership of Gulf Re. The agreement provides that, among other […]
Top UAE banks paying off the emergency loans they previously took from the Ministry of Finance is a sign they now have ample liquidity and funding alternatives, according to banking industry experts. The UAE banks landed in a serious liquidity squeeze, after foreign banks withdrew Dh100 billion worth of funds from the local banks placed with them to make quick gains from the much-anticipated de-pegging of the […]
DP World, one of the world’s biggest port operators, has launched a $500 million, five-year bond that will price later on Tuesday, a document from lead arrangers showed. The transaction was set to price at a spread of 155 bps over midswaps, which is at the tighter end of a final guidance of 160 bps plus/minus 5 bps over midswaps. This is lower than initial pricing guidance […]
|By TAP Staff| The sale of residential properties in Dubai may continue to slide by one to five percent in the first half of this year, according to a report for Deloitte Financial Advisory. But the report forecasts a pickup in the second part of the year. It added that super prime malls will experience further growth in tourist numbers whilst residents will drive demand for convenience […]
Dubai Investments said on Wednesday it plans to enter new markets in Africa and the Gulf region, as it reported a 6.5 per cent rise in first-quarter net profit. “Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations,” Khalid bin Kalban, the firm’s chief executive, said in a statement. Kalban said the firm was targeting diversified sectors such as […]
The two main stock exchanges in the United Arab Emirates are trying to attract market makers but some industry professionals say Abu Dhabi is offering more generous financial terms and more liberal rules than Dubai, suggesting it may have more success. Market makers stand ready to buy and sell stocks at all times, improving liquidity on an exchange – something which may be increasingly important as Abu […]
Most major Gulf stock markets, led by Dubai, rose on Sunday after the Brent oil price hit a 4-1/2-month high, while the bourse of energy importer Egypt closed in the red. Brent crude climbed to $65.80 a barrel on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains. The main Saudi equities […]
Doha Bank posts $115m net profit, up 5.2pc DUBAI, 18 hours, 57 minutes ago Doha Bank has posted a net profit of QR420 million ($115.2 million) for the first quarter of the year, compared to QR399 million for the same period last year, an increase of 5.2 per cent. The bank’s net operating income increased 2.3 per cent to QR714 million, while its total assets increase QR4.1 […]
New initiatives to boost Dubai’s Islamic economy status DUBAI, 21 hours, 17 minutes ago A series of initiatives proposed by the board of Dubai Islamic Economy Develop Center (DIEDC) recently to boost Dubai’s status as the global capital of the Islamic economy, were approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and chairman of the Dubai Executive Council. The initiatives include the […]
Dubai’s drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. In 2013, Dubai’s government announced plans to turn the emirate into a centre for an “Islamic economy” with sharia-compliant businesses ranging from banking to asset management, trade, food preparation and certification, fashion, education and tourism. This looked like […]
