The Federal Reserve kept its policy interest rate unchanged, showing reluctance to end an era of record monetary stimulus in a time of market turmoil, rising international risks and slow inflation at home. “Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term,” the Fed said in its statement. Thursday’s action signified […]
Russian Hackers Targeting U.S. Government, F-Secure Says State-sponsored cyberattacks have been tied directly to a hacking group that gathers intelligence for Russia’s Kremlin. F-Secure Labs has just published a white paper that outlines seven years of attacks against governments in the United States, Asia and Europe. A malicious group called the Dukes uses a family of malware toolsets to steal information by infiltrating computer networks and sending […]
The Federal Reserve began a two-day policy meeting on Wednesday with economists evenly split on whether Thursday will see the first official U.S. interest rate rise since 2006. The decision by the U.S. central bank’s Federal Open Market Committee (FOMC) is expected on Thursday at 2 p.m. (1800 GMT). U.S. economic data are flashing conflicting signals, with unemployment falling but inflation subdued, while slowing growth in China […]
|By Matein Khalid| The world’s emerging markets have been savaged by multiple economic, banking, currency and political shocks since 2011. Global emerging markets are far too diverse and nuanced to be analyzed as a single asset class but now trade at a 24% valuation discount to developed markets. The financial markets now price draconian scenarios for earnings, exports, sovereign credit, industrial production and economic growth. The shortage […]
|By TAP Staff| Global investors’ confidence in the world’s economic outlook has fallen significantly due to concerns over China and emerging markets, according to the BofA Merrill Lynch Fund Manager Survey for September. Asset allocators have adopted a “risk-off” stance in response. Some of the responses are: Threat of recession in China increases as biggest tail risk; concern over a potential emerging markets debt crisis also rises […]
The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. Reuters/Jim Young/Files FRANKFURT Security researchers say they have uncovered clandestine attacks across three continents on the routers that direct traffic around the Internet, potentially allowing suspected cyberspies to harvest vast amounts of data while going undetected. In the attacks, a highly sophisticated form of […]
A Google self-driving vehicle is parked at the Computer History Museum after a presentation in Mountain View, California May 13, 2014. Reuters/Stephen Lam/Files FRANKFURT German premium carmakers BMW, Mercedes-Benz and Audi are snapping up software experts as tech firms such as Google threaten to outflank them in the race to develop a self-driving car. Software expertise has become a new battleground for automakers and tech firms as […]
INDIAN EUPHORIA MISPLACED AS OF NOW From Arun Srivastava LONDON: Even while captains of India Inc, the Prime Minister…
FRANKFURT Flush with cash and confidence after years of rising sales, German carmakers are used to reaping industry-leading returns. But with Chinese demand abruptly slowing, the profit engine has begun to sputter, overshadowing the glitz of the Frankfurt auto show which opens on Tuesday. For the home team of BMW, Daimler and Volkswagen, as well as European rivals such as PSA Peugeot Citroen, China’s downturn also threatens […]
INTERNATIONAL. Apple® and Hermès today introduced Apple Watch® Hermès, a new collection of Apple Watch in stainless steel with finely crafted leather bands in distinctive styles from Hermès, including the Single Tour, Double Tour and Cuff, while respecting the design and functionality of the Apple Watch. The collaboration merges Apple’s unparalleled product innovation with the heritage, iconography and craftsmanship of Hermès, creating a unique expression of Apple […]
UAE. Latest business survey data pointed to a robust and accelerated expansion in Dubai’s private sector output during August. Furthermore, the rate of business activity growth was the fastest seen since May, with all three monitored sub-sectors reporting stronger output growth in the latest survey period. The rebound in activity growth was underpinned by a stronger expansion in new business, which increased at the strongest rate in […]
President Obama at a meeting to discuss the Iran nuclear accord at the White House on Thursday. By JENNIFER STEINHAUER September 10, 2015 WASHINGTON — Senate Democrats delivered a major victory to President Obama on Thursday when they blocked a Republican resolution to reject a six-nation nuclear accord with Iran, ensuring that the landmark deal will take effect without a veto showdown between Congress and the White House. A […]
UAE. A report published today by international real estate advisor Savills has ranked the United States of America (USA), the United Arab Emirates (UAE) and Singapore respectively as the top three countries for residential investability on the basis of economic growth and market recovery. The new Savills World Residential Investability Ranking focuses on countries with cities and resort locations that have consistently attracted investor interest over recent […]
A customer points at a screen displaying a website of Alibaba’s Taobao at a rural service centre in Yuzhao Village, Tonglu, Zhejiang province, China, July 20, 2015. Reuters/Aly Song Alibaba Group Holding Ltd (BABA.N) said on Tuesday it expected second-quarter gross merchandise volume (GMV) to be lower than its initial estimates due to weaker consumer spending in China. The company’s shares reversed course and slipped as much […]
|By Matein Khalid| The Federal Reserve could well raise its overnight borrowing rate at the next FOMC monetary policy conclave on September 17. Though contagion from China’s 40% stock market meltdown has triggered bear markets from Hong Kong to Frankfurt and plunged Asian/emerging markets equities into ta ghastly replay of 1998’s epic meltdown (General Suharto’s overthrow, the Russian rouble default, Malaysia’s capital controls, the run on the […]
WASHINGTON — Three Democratic senators announced on Tuesday that they would back President Obama’s nuclear deal with Iran, bringing to 41 the total number of Senate supporters as critics in Congress prepared to open a historic debate on the accord. With the support of the three senators — Richard Blumenthal of Connecticut, Gary Peters of Michigan and Ron Wyden of Oregon — the White House gained additional […]
The Pakistan arm of Dubai Islamic Bank plans to list a quarter of its shares on the Karachi Stock Exchange in the first quarter of 2016, its chief executive was quoted as saying. Junaid Ahmed said that the bank would benefit from a growing Pakistani economy and investment opportunities from large-scale government infrastructure projects, including a $46 billion project with China, dubbed the China-Pakistan Economic Corridor. “We […]
WASHINGTON — Senator Barbara Mikulski of Maryland on Wednesday came out in support of President Obama’s Iran nuclear accord, the 34th Democrat in favor. Her decision gave Mr. Obama the votes needed to assure the deal will survive a congressional challenge. “Some have suggested we reject this deal and impose unilateral sanctions to force Iran back to the table. But maintaining or stepping up sanctions will only […]
A worker adjusts the logo at the stand of Huawei at the CeBIT trade fair in Hanover March 15, 2015. Reuters/Morris Mac Matzen/Files BERLIN China’s Huawei Technologies unveiled a new smartphone on Wednesday, taking aim at the high end of the market, which is dominated by Apple and Samsung Electronics. The Mate S, launched on the sidelines of Europe’s biggest consumer electronics show, IFA, in Berlin, has […]
|By Matein Khalid| Hong Kong now trades at 9.6 times earnings and 0.86 book value. Hang Seng valuations were gutted by the protest movements in Central and the Shanghai financial meltdown. The Hang Seng index is down 25% since late May and now trades at six times forward earnings, its post Lehman, post 2014 bottom. Hong Kong trades at its lowest price/book value since the Asian flu […]
A woman walks past a logo of Google at the Global Mobile Internet Conference (GMIC) 2015 in Beijing, China, April 28, 2015. Reuters/Kim Kyung-Hoon REUTERS – Google Inc and French drugmaker Sanofi SA said they will partner to develop tools to improve the management and treatment of diabetes. Sanofi will work with Google’s life sciences team to collect, analyze and understand information impacting diabetes, which is expected […]
|By Matein Khalid| A month ago, I published a column predicting history’s first Made in China global recession. Wall Street finally agreed with me last week after we witnessed the most brutal crash in global equities since October 2008. I have predicated a 20% fall in US equities several times in the last three months and the 1000 point drop in the Dow last week only reinforces […]
