ISTANBUL — Confronted with widespread protests two summers ago, Prime Minister Recep Tayyip Erdogan ordered a harsh police crackdown and tarnished the demonstrators as traitors and spies. Faced with a corruption inquiry focused on his inner circle, he responded by purging the police and judiciary. So when Mr. Erdogan, now president, suffered a stinging electoral defeat in June that left his party without a majority in Parliament […]
|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]
The Iranian energy projects market represents a $167 billion opportunity for regional and international companies as the Islamic Republic prepares for the lifting of sanctions, a report said. According to the latest data from Meed Projects, the Mena leading projects tracking service, there are 197 individual energy (oil, gas, petrochemical, industry and utilities) projects either planned or under way in Iran, a number that could well double […]
INTERNATIONAL. New research from PwC projects that traditional assets under management (AuM) in 12 markets across Africa will rise to around $1,098 billion by 2020, from a 2008 total of $293 billion. This represents a compound annual growth rate (CAGR) of nearly 9.6%. Traditional asset management, in particular the mutual fund industry, is expanding aggressively across Africa. This will largely be driven by a number of factors: […]
Sophos launches cloud-based secure web gateway DUBAI, 1 days ago Sophos, a leading security solutions provider, has launched the Sophos Cloud Web Gateway, a cloud-based secure web gateway that delivers advanced protection for users, devices and data across multiple operating systems, regardless of their location. The addition of secure web gateway to Sophos Cloud integrates technology from Mojave Networks, which Sophos acquired in October last year, said […]
|By Matein Khalid|So Pearson PLC has sold the FT Group (with its flagship Financial Times newspaper) to Japan’s Nikkei Inc for $1.32 billion. Pearson will use the cash proceeds to increase its investment in education publishing businesses in the US and Canada, now 75% of revenues. This deal is a milestone in the history of newspaper publishing and my own life as an investor/financial journalist. I discovered […]
ABU DHABI // Newly-published statistics from Statistics Centre – Abu Dhabi (Scad) show that the population of the emirate is 133 times what it was in 1960. From that year until 2014, the population grew at an average rate of 9.5 per cent, which is one of the highest rates of growth in the world, state news agency Wam reported. During that time, the total population of […]
Shepherding livestock in the West Bank village of Susiya. Residents have been displaced three times in the last 30 years and are faced with ejection once again. By DIAA HADID July 23, 2015 SUSIYA, West Bank — Yousef Nawajaa strode between the tents bedecked with Palestinian flags, scattered through parched orchards and rocky hills, shouting delightedly to a man nearby: “Hey, did you hear? John Kerry spoke about Susiya!” […]
|By Matein Khalid| As a student of investing and the son of a painter/art historian, I cherish art as a visceral, spiritual value but am also intrigued by its historical linkage to banking and the financial markets. The happiest moments of my life have been spent in the Prado, Tate, Hermitage, Rijksmuseum, Ufizi, MOMA, Met, the National Gallery on Trafalgar Square, the Louvre, Musee d’Orsay and so […]
INTERNATIONAL. Africa continues to remain vastly unexplored, and making Africa’s most remote regions accessible for trade will not only promote prosperity in those regions, but also elevate the continent’s continued growth path. This is according to Charles Brewer, Managing Director of DHL Express Sub-Saharan Africa, commenting on The Role of Trade in Ending Poverty report, jointly written by the World Bank Group and World Trade Organisation, recently released by […]
BEIRUT, Lebanon — The security forces in Saudi Arabia have carried out a nationwide dragnet in recent months that resulted in the arrest of more than 400 people believed to be connected to the Islamic State jihadist group, the Saudi Interior Ministry said on Saturday. The people who were arrested were linked to recent attacks inside the kingdom; they planned attacks or monitored potential targets, or used […]
INTERNATIONAL. Global investors have raised their holdings of cash significantly in response to a weaker global economic outlook, particularly in China, according to the BofA Merrill Lynch Fund Manager Survey for July. Overall, equity allocations are unaffected by the higher risk aversion, however. • Confidence in the global economy falls sharply: 42percent of investors expect strengthening over next year, down from 55 percent a month ago.• China heads concerns: […]
|By Matein Khalid| Last week was a roller coaster and the Nikkei Dow closed at 19,800. Abenomics has had a seismic impact on Japan’s economy, financial markets and banking system. The yen has fallen from 76 on the eve of the election in 2012 to 122 against the US dollar. Corporate profits have exploded. Land price rises, job growth, bonuses, capex and consumer spending have lifted Japan […]
By MICHAEL R. GORDON and THOMAS ERDBRINK July 5, 2015 VIENNA — Secretary of State John Kerry warned Iran on Sunday that hard choices were still needed to seal a landmark nuclear accord, and that the United States was prepared to walk away if a sound agreement could not be reached. “We are not yet where we need to be on several of the most difficult issues,” Mr. Kerry said in a […]
Mohammad Javad Zarif, Iran’s foreign minister, during a meeting with Secretary of State John Kerry as part of nuclear negotiations in Vienna on Friday. By MICHAEL R. GORDON and DAVID E. SANGER July 4, 2015 VIENNA — The head of the International Atomic Energy Agency said on Saturday that, with Iranian cooperation, his agency could complete an assessment on Iran’s suspected past nuclear work by December, potentially removing a major obstacle to a […]
Saudi Arabia … expanding population base ofbrand-conscious consumers.Image: Bigstockphoto. For illustration only. Mall rental rates curbing retail growth in Saudi DUBAI, 15 hours, 58 minutes ago High rental rates in the top-tier malls are deterring the growth of Saudi Arabia’s retail market, a report said, noting that the kingdom is currently facing a great challenge due to scarcity of human resources owing to high attrition rates. Availability […]
BEIRUT, Lebanon — A Saudi prince pledged on Wednesday to give away his entire $32 billion fortune to charitable causes in Saudi Arabia and elsewhere in the world. The prince, Alwaleed bin Talal, said the funds would go to his charity, Alwaleed Philanthropies, for causes like disease eradication, intercultural understanding, women’s empowerment, disaster relief and the electrification of isolated areas. The new pledge by one of the […]
UAE. MENA’s digital market value is expected to reach US$35 billion in 2015, and overall digitization initiatives could add $820 billion to regional GDP, creating 4.4 million jobs by 2020. However, this rapid digitization and the resources of the region make MENA an attractive target for a wide array of cyber-threats, according to a study by Strategy&. The Strategy& study looks into national cyber-security efforts by the […]
Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with. With China’s leadership aiming to scale back the role of investment in the domestic economy, the nation’s surfeit of savings — deposits currently stand at $21 trillion — will increasingly need to […]
UAE. The latest Crédit Agricole Private Banking research report, ‘Macro Comment – MENA Update’, noted that the UAE and Saudi Arabia continues to witness growth despite lower oil prices. The UAE even recorded high levels of job creation during this period. “Interestingly in the UAE, once again new orders and new export orders components reflected strong growth, while job creation hit a three-month high. This is reflected […]
KUWAIT. Fitch Ratings has affirmed Kuwait’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’ with a Stable Outlook. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F1+’. KEY RATING DRIVERS Kuwait’s ratings reflect its exceptionally strong fiscal and external position, balanced against a heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of […]
San Francisco Nearly 20 percent of Apple Watch buyers are not only shelling out hundreds of dollars for the timepiece but are springing for a spare band too, giving the tech giant a profitable second dip into customers’ wallets, according to data provided exclusively to Reuters. The data from Slice Intelligence, a research firm that mines e-mail receipts, offers a rare window into the money-making potential of […]
UAE. Private wealth in the United Arab Emirates (UAE) showed solid growth in 2014 (8.4 percent), according to a new report by The Boston Consulting Group (BCG), Global Wealth 2015: Winning the Growth Game, being released today. In the UAE, the growth of private wealth was driven mainly by equities. After all, between 2013 and 2014, the amount of wealth held in equities rose by 13.8 percent […]
Video | Morsi Death Sentence Confirmed by Judge A judge in Egypt announced the confirmation of last month’s sentence of Mohamed Morsi, Egypt’s first democratically elected president and a member of the Muslim Brotherhood. By DAVID D. KIRKPATRICK June 16, 2015 CAIRO — An Egyptian judge slammed the rule of the deposed president Mohamed Morsi as “a black night that lasted a whole year” and confirmed a death sentence against […]
