Doctors at RAK Hospital marked the opening of a new era of intervention in congenital heart disease for this part of the world by carrying out an Atrial Septal Defect (ASD) Closure without surgical intervention on a young adult by the technique of Device closure ASD device (Amplatzer septal occluder) is a relatively new non-surgical technique used to treat patients with atrial septal defect in which patients […]
Hedge funds cut bullish gold bets, reducing long contracts to the lowest since June, before prices rose the most in a month as the Federal Reserve unexpectedly decided not to taper stimulus. The net-long position held by speculators fell 17 percent to 70,113 futures and options in the week ended Sept. 17, U.S. Commodity Futures Trading Commission data show. Long wagers fell 6.8 percent to 109,217, the […]
A major independent global study released today calls on airlines to take a fresh look at handling flight delays and cancellations in order to drive loyalty and minimize impact on customers in the short- and long-term. Titled ‘Passengers First: Re-thinking Irregular Operations’, the study is authored by Norm Rose of travel industry research authority PhoCusWright and commissioned by Amadeus, a leading technology partner for the global travel […]
Emaar Properties said yesterday that investors will this week be able to buy homes in the latest phase of Arabian Ranches, as the Dubai developer expands one of its most popular communities. Emaar said it would open online registration on its website for 121 villas with Spanish-style architecture in the Palma phase on Wednesday. Sales are to be held simultaneously in Dubai and Abu Dhabi on Saturday. […]
Apple Inc. is poised to announce record opening-weekend sales as throngs of excited customers waited through long lines in Sydney, Tokyo, London and San Francisco to pick up the latest iPhones. Sales for the iPhone 5s and 5c started yesterday with crowds in Sydney and extended through stores in the U.S., Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore and the U.K. In London, the […]
Dubai-based oil services firm NPS Energy has put itself back up for sale, hoping to fetch up to $700 million after a deal to be bought by Norway’s Aker Solutions fell apart last year, sources familiar with the matter said. Oil services company Aker agreed to buy NPS Energy for about $460 million in May 2012, including $110 million in debt, but the deal collapsed in November […]
Jebel Ali Free Zone FZE cut the price on a 4.4 billion dirham ($1.2 billion) Islamic loan by 1.25 percentage points, reducing rates after the emirate’s default risk fell. Jebel Ali Free Zone and Dubai Duty Free, the world’s biggest’ airport retailer, are among companies in the emirate that have lowered rates on their loans. Dubai’s five-year credit default swaps, contract insuring the sheikhdom’s debt against default, […]
Saudi Basic Industries Corporation (Sabic) has mandated Citigroup, HSBC, Mizuho and RBS to arrange a series of fixed income meetings ahead of a potential US dollar denominated senior bond. The state-owned company, rated A1/A+/A+, will hold meetings in Europe, Middle East and Asia between September 22 and September 25. A Reg S only senior guaranteed note may follow subject to market conditions via a special purpose vehicle […]
Asian shares ran out of steam on Friday as investors pondered what policy the U.S. Federal Reserve will pursue after it triggered a global market rally by leaving its stimulus level unchanged. The dollar drifted off a seven-month low against a basket of major currencies and U.S. Treasury yields rose after a string of upbeat U.S. data provided a reminder to markets that the day the Fed […]
Spot gold price tumbled below the psychological $1,300-mark on Wednesday for the first time in more than a month after the gold’s biggest consumer, India, hiked import duty on gold and silver jewellery by another 5 per cent on Tuesday in a bid to safeguard local jewellery-makers. Also impacting investor sentiment is the looming decision of an ongoing US Federal Reserve meeting, which analysts agree will announce […]
The U.S. Federal Reserve defied investor expectations on Wednesday by postponing the start of the wind down of its massive monetary stimulus, saying it wanted to wait for more evidence of solid economic growth. Investors responded by propelling U.S. stocks to record highs and driving down bond yields. Yields on U.S. Treasury debt had risen over the summer on expectations the Fed would cut back its $85 […]
Bahrain-based Islamic investment firm Arcapita has become the first Gulf company to emerge from U.S. bankruptcy under Chapter 11 rules, in a move that could help clarify how Islamic finance is treated in Western courts. Arcapita’s plan, which came into effect on Tuesday, will see it transfer its assets into a new holding company which will dispose of them over time to pay off creditors, effectively a […]
Asian stocks rose, with the regional benchmark index trading near a four-month high, before the Federal Reserve decides later today whether to slow its $85 billion of monthly asset purchases. Mitsui O.S.K. Lines Ltd. and Fanuc Corp. rose at least 2.7 percent in Tokyo as industrial companies led gains on the Asia-Pacific benchmark index. Kawasaki Heavy Industries Ltd. surged 4.2 percent to a six-year high amid unconfirmed […]
By Nelson Ireson, Guest blogger When you have, quite literally, everything–or at least the capacity to buy everything–what do you want? Solid gold models of $400,000 cars, apparently. That’s our take-away from this $7.5 million solid gold Lamborghini Aventador model, anyway. Carved from an 1,100-pound block of solid gold, the model will weigh 55 pounds. In solid gold. Fortunately for the automotive world’s collective soul, the model […]
DAMAC Properties, a privately held Dubai property developer, has hired two international investment banks to help arrange an initial public offering of shares in London and join a growing list of Gulf companies seeking overseas listings. Deutsche Bank and Citigroup Inc will advise on the planned flotation, two banking sources aware of the matter said, speaking on condition of anonymity as the matter is not public. The […]
Iranians gained direct access to Facebook and Twitter for the first time in four years because of a technical fault, an Iranian official said on Tuesday, denying suggestions the government had lifted a ban on social media. On Monday evening, several Iranians said they gained access to their accounts without having to get round a government firewall, leading them to hope that authorities had relaxed a ban in place […]
The United Arab Emirates central bank is expected to announce within one or two months rules restricting the amount of exposure which banks can have to the debt of government-related entities (GREs), a top commercial banker said on Tuesday. Abdulaziz al-Ghurair, head of the national banking industry association and chief executive of Mashreq Bank, told reporters that each bank would then discuss the time frame for its […]
Shares dipped and the dollar lost ground on Tuesday as investors consolidated positions before a U.S. Federal policy meeting at which the central bank is set to start scaling back stimulus. German Bunds also edged lower, with the 10-year yields rising 1 basis point to 1.888 percent. The FTSEurofirst 300 index of top European shares was down 0.3 percent in early trade, retreating from a five-year high hit […]
The results of a new annual poll published by SEI, titled “Employment Trends and Managing End of Service Benefits in the Middle East,” reveals positive employment momentum in the Middle East region is putting increased pressure on company End of Service Benefit (EoSB) liabilities. The poll focused primarily on the UAE, where the majority of respondents were based (89 percent). Eighty percent of the total firms surveyed […]
Commercial banks in the United Arab Emirates are expected to post net profit growth of about 20 percent in 2013, the chairman of the Gulf state’s banking federation said on Wednesday. UAE banks such as Dubai lender Emirates NBD and National Bank of Abu Dhabi posted strong second-quarter earnings thanks to an economic recovery in key sectors, primarily real estate, and lower provisions as the Gulf state […]
By The Arabian Post Staff International retailers continue to expand into the GCC region, often using Dubai as their ‘launch’ platform into other markets such as Doha, Riyadh and Jeddah, according to real estate consultancy firm CBRE. According to CBRE research, 25 new retailers opened stores in Dubai last year. A young population, strong brand association, solid household consumption and modern retail concepts coupled with a flourishing tourism […]
The Dubai Commodities Clearing Corporation (DCCC) has become the first central counterparty (CCP) in the Middle East to join Euroclear’s global Collateral Highway. The DCCC guarantees settlement for all trades executed on the Dubai Gold & Commodities Exchange (DGCX), which is supported by a system of initial and variation margins. Scheduled for full operation in early 2014, this exclusive agreement with Euroclear will enable clients of DCCC […]
Benchmark London prices for physical gold fell to US$1363 lunchtime Tuesday, down 2.3% from Monday’s high as the Assad regime in Syria accepted a Russian-backed plan to give its chemical weapons to international control. The Rupee meantime rose to a 2-session high after new Indian trade data showed gold imports falling and exports rising in August. Premiums in Asian markets, over and above London’s benchmark gold price, […]
First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent of its workforce, as part of a restructuring, sources familiar with the matter said. FGB, controlled by Abu Dhabi’s ruling family, informed employees about the plan last week and the cuts will mainly affect its consumer banking business, the sources said. They were speaking on condition […]
