Investors in Dubai, Abu Dhabi and Qatar booked profits for a second day on Monday as global markets remained gloomy and tension grew between Russia and the West over Ukraine. But all three bourses later recovered to different degrees. After opening slightly higher, the three bourses dipped along with Asian and European markets as Ukraine threatened military action against pro-Russian separatists occupying government buildings in the east […]
A drop in OPEC production came just as refineries began looking for supply, helping boost bullish speculative bets on crude last week by the most since July. The group, which pumps about 40 percent of the world’s oil, reduced output to the lowest for March since 2011 as a standoff between the Libyan government and rebels kept exports near the lowest level since Muammar Qaddafi was driven […]
The wrenching selloff in U.S. high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week. First-quarter earnings estimates have fallen sharply as many companies have blamed the brutal winter for weak outlooks. With high-valuation stocks under pressure, earnings could be subjected to even more investor scrutiny than usual. “There’s skepticism among investors about the outlook, […]
The Sensex could pause for breath after a record-setting rally as quarterly earnings reports, inflation data and the continued five-week long elections breed caution. Software stocks are on watch with Infosys Ltd kicking off March-quarter earnings season on Tuesday, followed by Tata Consultancy Services on Wednesday. Wipro and HCL Technologies report on Thursday. Index heavyweight Reliance Industries is due to post its results on Friday. India’s consumer […]
General Motors engineers were well aware of serious problems with ignition switches in GM small cars, but rejected several opportunities to make fixes, according to dozens of confidential documents released on Friday by a Congressional committee investigating the deadly defect. Parts supplier Delphi Automotive also repeatedly tested switches and found they did not meet GM specifications, according to emails and other memos. The internal documents from GM, […]
Asian shares rose in early trade on Wednesday after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.9 percent, taking heart from a recovery in U.S. stocks overnight. Japanese stocks, on the other hand, had a tough day on […]
A majority of private-equity firms inflate fees and expenses charged to companies in which they hold stakes, according to an internal review by the U.S. Securities and Exchange Commission, raising the prospect of a wave of sanctions by the agency. More than half of about 400 private-equity firms that SEC staff have examined have charged unjustified fees and expenses without notifying investors, according to a person with […]
Fears that high-speed traders have been rigging the U.S. stock market went mainstream last week thanks to allegations in a book by financial author Michael Lewis, but there may be a more serious threat to investors: the increasing amount of trading that happens outside of exchanges. Some former regulators and academics say so much trading is now happening away from exchanges that publicly quoted prices for stocks […]
When Indian opposition leader Narendra Modi gave a speech on the virtues of smaller government and privatization on April 8 last year, supporters called him an ideological heir to former British Prime Minister Margaret Thatcher, who died that day. Modi, favorite to form India’s next government after elections starting on Monday, has yet to unveil any detailed economic plans but it is clear that some of his […]
Abu Dhabi’s largest oil refinery is preparing to boost production of the industry’s lowest-sulfur diesel within three months as standards for the fuel rise, two people with knowledge of the matter said. The emirate’s 400,000 barrel-a-day plant at Ruwais will only produce diesel with 10 parts per million of sulfur by July, said the people, who asked not to be identified because they’re not authorized to speak […]
With a youthful, well-educated population, strong relationships with both neighbours and world powers, and a strategic location on the Gulf, major oil producer Kuwait should be as dynamic a hub for the region as Dubai or Doha. But while others in the Gulf have powered ahead, attracting foreign investment and developing infrastructure, Kuwait has stagnated, frustrating the people of a country once seen as a Middle East […]
General Motors Co CEO Mary Barra came under withering attack for her company’s decade-long failure to deal with defective parts linked to fatal crashes, in a hearing where U.S. Senators accused the company of “criminal” behavior and “a culture of cover-up.” Democratic and Republican senators, including some former prosecutors and state attorneys general, challenged Barra’s assertion that GM had vastly improved its safety and management practices since […]
A year after Citigroup Inc. declared the decade-long run of commodity gains over, wacky weather, dead piglets and Vladimir Putin have gotten in the way. While Citigroup rang “death bells” in April 2013 for the synchronized super cycle fueled by economic growth in China, extreme weather and supply squeezes led to surprise rallies in 2014’s first three months. Coffee hit a two-year high, cattle and hogs rose […]
Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default. The Saudi Arabian company, with interests ranging from construction to finance, will “outline proposals aimed at achieving a comprehensive settlement” with more than 70 creditors at a May 7 meeting in […]
The U.S. stock market is rigged in favor of high-speed electronic trading firms, which use their advantages to extract billions from investors, according to Michael Lewis, author of a new book on the topic, “Flash Boys: A Wall Street Revolt.” High-frequency trading (HFT) is a practice carried out by many banks and proprietary trading firms using sophisticated computer programs to send gobs of orders into the market, […]
Gold traded below $1,300 an ounce on Monday, near a six-week low, and could face more pressure from weak physical demand in Asia and growing optimism about the U.S. economy. Spot gold was up slightly by 0.1 percent to $1,295.20 an ounce by 0018 GMT, but remained not far from a six-week low of $1,285.34 hit on Friday. Physical demand in top bullion buyer Asia has been […]
Saudi Arabia’s leaders hope U.S. President Barack Obama and their King Abdullah understand each other better after talks and can stabilise a close regional security alliance after months of rockiness over Middle East policy, diplomats said. Friday’s two-hour exchange at Abdullah’s desert camp did not yield a shared statement or any evidence of policy changes, leading some Saudis to question whether differences over Syria’s war or Iran’s […]
Asian stocks were up slightly in a cautious start to the week on Monday, with investors holding out hopes that China would take steps to stimulate the economy. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS tacked on 0.1 percent after rising to a 3-week high on Friday on the back of heightened speculation Beijing will launch new spending measures and reduced tensions in Ukraine. Australian […]
Chinese authorities have seized assets worth at least 90 billion yuan ($14.5 billion) from family members and associates of retired domestic security tsar Zhou Yongkang, who is at the center of China’s biggest corruption scandal in more than six decades, two sources said. More than 300 of Zhou’s relatives, political allies, proteges and staff have also been taken into custody or questioned in the past four months, […]
Microsoft Corp’s new Chief Executive Officer, Satya Nadella, finally unveiled Office for Apple Inc’s iPad in a polished debut that set him apart from his energetic predecessor while signaling his plans to make mobile apps the top priority at the world’s largest software company. At a news conference Thursday, executives demonstrated a new “touch-first” version of Office crafted for the iPad, available for download as a free […]
UBS AG suspended foreign-exchange traders in the U.S., Singapore and Switzerland as its investigation into the alleged rigging of currency markets widened, according to a person with knowledge of the matter. They include Onur Sert, an emerging markets spot trader based in New York, and at least three more worldwide, said the person, who asked not to be identified because of the probe. Sert and Dominik von […]
The Bank of England is studying ways to increase the number of sharia-compliant assets that Islamic financial institutions can use in their liquidity buffers, a step towards reducing concentration risks in the sector. The move comes as part of a broader push to promote London as a top centre for Islamic finance, in the face of growing competition from other centres such as Dubai and Kuala Lumpur. […]
A US federal appeals court upheld the conviction of former Goldman Sachs Group Inc director Rajat Gupta, one of the biggest successes in federal prosecutors’ long-running probe to stop insider trading on Wall Street. The 2nd U.S. Circuit Court of Appeals rejected Gupta’s claim that wiretap evidence should not have been admitted to show that he leaked news about Goldman’s finances, including a crucial investment by Warren […]
|By K Raveendran| Samena Capital, an investment firm founded by Shirish Saraf, a former colleague of Arif Naqwi in Abraaj Capital, is in talks to buy as much as 50 percent of RAK Ceramics, the world’s biggest maker of ceramic tiles, according to two people familiar with the matter. Established in 2008, Samena Capital focuses on the Subcontinent, Asia, Middle East and North Africa, collectively the SAMENA […]
