|TAP Special| Citibank has lost a key decision in its defense of a lawsuit in Abu Dhabi accusing the bank of self-dealing, defrauding investors, and attempting to cover-up investor losses. The Abu Dhabi Commercial Court of First Instance on April 14, 2015 determined the lawsuit should proceed and ordered the appointment of a Committee of Experts to review evidence and determine Citibank’s culpability. The Court’s decision is […]
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 […]
Plunging iron ore prices are providing a lifeline for some of China’s biggest steel mills, but raising the prospect of a rising tide of exports and increased friction with the European Union and countries such as India. Even as China’s domestic steel demand shrinks and the industry battles chronic overcapacity, lower iron ore prices have helped many large mills post better earnings in 2014 than a year […]
Indosat, Facebook bring easy internet access to Indonesia DOHA, 21 hours, 24 minutes ago Indosat, a member of Ooredoo Group, and Facebook have partnered to launch Internet.org in Indonesia as part of the “Internet Tanpa Pulsa Untuk Semua” initiative for all Indonesians. Facebook’s Internet.org will make the Internet more accessible for all Indonesians through a set of basic services, including useful health, education, social media for communication […]
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 […]
Kingdom Holding Q1 profit rises 10.3pc RIYADH, 20 hours, 23 minutes ago Saudi Arabia’s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10.3 per cent rise in first-quarter net profit on Tuesday, on the back of higher income from dividends and associates. Kingdom make a net profit of SR139.4 million ($37.2 million) in the three months to March 31, compared […]
When American writer Kate Bolick was in her mid-twenties, she and her boyfriend used to go running after work, jogging through Boston in the early evening. One night, they passed a woman running behind her toddler in an all-terrain buggy. Her boyfriend smiled and said: “Look: there’s you someday.” Bolick’s stomach lurched, like in a scene from a Woody Allen: the career woman horrified by smug maternity, […]
/Marshall Hargrave/investorsalley.com/The end of Google’s reign as the king of search is near. Competitors are eating away market share and growth is sputtering. Trying to cherry-pick the next winner in search, however, is akin to rolling dice at a casino. All luck. Where investors are going to make their millions is in this red hot sector that is on the vanguard of life-saving technology that will revolutionize […]
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 […]
In my previous column, I outlined the innovative German system of cooperative study and universities of applied sciences. These institutes in particular support a practical, hands-on approach to learning about engineering. But where do managers of mid-sized business learn the tools of their trade? As we have seen, traditionally, the answer would be through common sense and trial and error. The majority of world-leading mid-sized enterprises were […]
|By TAP Staff| Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.72 million barrels per day (b/d) in March, up 800,000 b/d from February, and the highest monthly volume since November 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. In November 2012, OPEC output was estimated at 31.08 million b/d. Saudi Arabia boosted production by 280,000 […]
Apollo Global Management is in talks to expand its business into the Middle East for the first time through a joint venture with a local investment firm, three sources aware of the matter told Reuters on Wednesday. The move is the latest sign of interest in the region from large Western private equity funds. They are searching for opportunities in previously-unexplored markets due to low-yield environments at […]
On April 10th, for the first-time ever, all six Star Wars films will be available in Digital HD, enabling you to indulge in your favorite films anywhere, anytime, on all your digital devices. Each of the 6 films will include never-before-seen bonus materials, mini-documentaries, interviews, & deleted scenes. This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on […]
As chairman of Emaar Properties, Mohamed Alabbar has shaped much of Dubai’s skyline, but rapid growth in his outside real estate interests is raising the possibility of a rarity in the Gulf – open shareholder dissent. Speculation persists that Alabbar and Emaar, the company he founded in 1997, could soon part ways despite a categorical denial from the firm last month. His involvement in other firms’ projects, […]
McLaren’s latest creation, the 570S Coupé is the first model in its new Sports Series. It’s pure performance, featuring a mid-mounted twin-turbo V8 engine that produces 570PS (562bhp) with 442lb ft of torque in a rear-wheel drive layout with a carbon fibre chassis. This elegant, race-inspired coupe goes over 200 MPH but gets an unbelievable 25.5 MPG. This entry passed through the Full-Text RSS service – if […]
India has bought the first oil for its strategic petroleum reserve (SPR), trade sources said on Monday, marking the start of a round of purchases by the world’s fourth-biggest oil consumer to build up emergency stockpiles. Oil prices have almost halved in the past year due to excess global production, leaving traders looking for any signs of new demand to help absorb the surplus. The sources said […]
|By TAP Staff| According to a new study by The Boston Consulting Group (BCG), the banking industry in the Middle East maintained double-digit revenue growth in 2014 with a 10.0 percent increase, stemming largely from major customer segments such as retail and corporate banking as well as international business and treasury. Based on the banks’ 2014 annual results released in the first quarter of 2015, the newest […]
QATAR. Notwithstanding the weak start for the global economy, Asian economies are expected to continue to grow rapidly in 2015. We expect economic growth to average 5.7% in 2015, the same rate as in 2014. However this masks significant differences across Asian countries that mainly depend on their exposure to global headwinds. India and Myanmar stand out as bright spots for 2015, while China, Indonesia, Malaysia and […]
The price of crude is falling sharply this afternoon, and is down more than 6 percent on the day. Energy analysts are sharply divided lately over where exactly the price of oil is going to go. Earlier today, the Baker Hughes Rig Count showed the smallest decline in active rigs in months, one small sign that the steep tapering off in drilling may be coming to an […]
Prince Bishop, ridden by William Buick, won the $10 million Dubai World Cup by two and three-quarter lengths on Saturday as the 12-1 outsider sprinted clear of California Chrome, the 2014 American Horse of the Year. California Chrome, ridden by Victor Espinoza, was the 6-4 favorite to triumph in the world’s richest horse race, but the Kentucky Derby and Preakness champion could only finish second, one and […]
|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]
The next big threat to oil prices isn’t from OPEC or Bakken shale. It’s Russian samovars, or teapots. Simple refineries that process crude into fuel oil are scaling back, because when oil prices slump, the government reduces the discount that these refiners — known as teapots to those in the industry — get for exporting fuel. They use less crude, freeing it up for sale abroad, which […]
Yahsat, a UAE-based satellite operator – a wholly owned company of the Mubadala Development Company, has unveiled a new training programme as part of its partnership with Orbital ATK Corporation, the manufacturers of Yahsat’s third satellite, Al Yah 3. The programme will see 15 UAE national engineers from Yahsat work alongside top industry experts for a period of six months, at varying time periods during the satellites […]
