By Patrick Rucker and Lisa Lambert | WASHINGTON WASHINGTON U.S. officials are striving to put finishing touches on a slew of banking rules before President Barack Obama leaves office and hands regulatory power to Donald Trump who has vowed to rewrite the existing financial rule book. President-elect Trump will take over on Jan. 20 and his fellow Republicans will have control of Congress and government agencies, allowing […]
Peter Thiel, the billionaire who became Donald Trump’s most prominent backer in Silicon Valley, made a critical distinction last week. He complained that the media tended to take the man literally, but not seriously. Now that Mr Trump is the president-elect of the US, everyone takes him seriously. And hence it becomes vital to work out whether we should take what he has been saying literally. After […]
Photo Members of the Iraqi police tried to pull a body from a mass grave discovered in Hamam al-Alil on Monday. Credit Ahmad Al-Rubaye/Agence France-Presse — Getty Images GENEVA — Islamic State militants have summarily killed scores of civilians in the Iraqi city of Mosul in recent days, sometimes using children as executioners, and have used chemical agents against Iraqi and Kurdish troops, United Nations officials said […]
By William Schomberg | LONDON LONDON Five months to the day after Britain voted for Brexit, its finance minister will outline how the government plans to cope with the economic fallout and voters’ frustrations which had echoes in Donald Trump’s U.S. election triumph. Philip Hammond, the Chancellor of the Exchequer, is due on Nov. 23 to announce spending and tax plans until the end of the decade […]
Photo An Egyptian street vendor in Cairo on Friday. The country is struggling with soaring inflation and shortages of staple foods. Credit Amr Nabil/Associated Press CAIRO — The International Monetary Fund approved a $12 billion loan for Egypt on Friday, in a move intended to stave off economic collapse in the Arab world’s most populous nation as it grapples with a plunging currency, soaring inflation and shortages […]
MOSUL/BAGHDAD: Elite Iraqi forces were engaged in “intense” fighting with rebels in eastern Mosul on Saturday, an officer said, as civilians gathered on the city’s outskirts to flee. The special forces backed by US and Iraqi air power took control of two districts of eastern Mosul after heavy fighting in which they destroyed nine cars deployed by ISIS as suicide bombs, the military said.The military statement said […]
BEIRUT/MOSCOW/ANKARA: Backed by huge Russian support, the Syrian army captured the Dahiyet Assad district of western Aleppo on Saturday, reversing all the gains made by rebels two weeks into their counter-attack against government-held areas, a war monitor and rebel official said. In a related development, a flotilla of Russian warships is ready in the eastern Mediterranean off the Syrian coast after being sent to reinforce Russia’s military […]
Even as global markets churned in the wake of Donald Trump’s stunning election win, the US Federal Reserve appeared to be sticking to its guns on monetary policy on Friday as one of its top officials laid the ground for a second increase in short-term interest rates. Stanley Fischer, vice-chair of the Federal Reserve Board, said in a speech that the case for gradually removing some more […]
Mass resignations follow any transfer of presidential power across party lines, but Trump’s ascension to power — built in part on his “Drain the Swamp” campaign slogan — seems certain to provoke an exodus by those who have attached themselves to the Obama administration’s big foreign policy goals. Among them: last year’s international global climate change agreement; the controversial U.N.-backed deal to obstruct Iran’s acquisition of a […]
Britain’s Brexiters have seized on the election of Donald Trump, arguing that it offers the chance to strengthen ties with the US, in an echo of the partnership forged decades ago between Ronald Reagan and Margaret Thatcher. Boris Johnson, the foreign secretary, has depicted Mr Trump’s victory as “a great opportunity”, emphasised the possibility of a post-Brexit trade deal, and called for Europe to snap out of […]
Photo A member of the Syrian Democratic Forces, a United States-backed Kurdish-Arab alliance, inside Syria. Credit Delil Souleiman/Agence France-Presse — Getty Images WASHINGTON — President-elect Donald J. Trump said Friday that he was likely to abandon the American effort to support “moderate” opposition groups in Syria who are battling the government of President Bashar al-Assad, saying “we have no idea who these people are.” In an interview […]
After an election filled with rhetoric about big and brash bankers running amok on Wall Street, Donald Trump has turned to the biggest and the brashest of them all: Jamie Dimon, chairman and chief executive of JPMorgan Chase. The transition team of the president-elect called Mr Dimon on Wednesday night to sound him out about serving as Treasury secretary, according to a Reuters report that the FT […]
By Sinead Carew | NEW YORK NEW YORK The U.S. banking sector’s dramatic rally post Election Day is likely just a taste of bigger gains to come, as investors expect banks to reap huge benefits from rising interest rates and lighter regulation under a Donald Trump presidency. In recent years, bank stocks have been held back by heavy regulation and historically low interest rates which have sapped […]
Donald Trump has appointed Mike Pence, his running mate, to head his transition team as he prepares to start naming people to fill top posts in his administration. Mr Trump also appointed four members of his family, including his daughter Ivanka and her husband Jared Kushner, along with the financiers Anthony Scaramucci and Steven Mnuchin. The team will also include Stephen Bannon, his campaign chief executive, Reince […]
The International Monetary Fund approved a $12 billion loan program for Egypt to restore investor confidence and help revive an economy battered by years of political turmoil. The Washington-based lender’s executive board approved the three-year loan on Friday. Approval of the IMF loan program, the largest of its kind on record in the Middle East, comes a week after Egypt floated its currency to end a crippling […]
By Yashaswini Swamynathan U.S. stock index futures fell sharply on Friday as investors tailored their portfolios to benefit from president-elect Donald Trump’s proposed policies. The decline on Nasdaq futures was more pronounced. Facebook (FB.O), Apple (AAPL.O), Netflix (NFLX.O) and Alphabet (GOOGL.O) were off more than 1 percent in premarket trading, indicating that Thursday’s selloff in the technology sector was likely to continue. Investors also appeared to be […]
WASHINGTON — The United States has killed 119 civilians in Iraq and Syria since it began military operations against the Islamic State there in 2014, military officials said Wednesday. In each case, the American military followed the proper procedures and it did not violate laws of armed conflict, officials said. “Significant precautions were taken, despite the unfortunate outcome,” said Col. John J. Thomas, a spokesman for United […]
TEHRAN — For all of Iran’s attractions — breathtaking scenery and numerous World Heritage sites, among other things — there are plenty of downsides to vacationing in the Islamic republic. Alcohol is forbidden. There is very little night life, at least in public. All women, including visiting foreigners, are obliged to wear a head scarf. Then there are Iran’s politics: its strident anti-Western stance; seemingly random arrests […]
By Jack Kim and Ju-min Park | SEOUL SEOUL South Korean prosecutors raided the offices of Samsung Electronics on Tuesday as part of a probe over a political scandal involving President Park Geun-hye and her friend who is alleged to have exerted improper influence in state affairs. A prosecution official told Reuters the search is related to the scandal involving the president’s friend, Choi Soon-sil, but declined […]
By ERIC SCHMITT November 6, 2016 A joint Kurdish-Arab militia has begun a new phase in the operation to dislodge the Islamic State from its stronghold in Raqqa, Syria, moving to encircle the city and largely cut off the resupply of arms, supplies and fighters, American military officials confirmed on Sunday. Defense Secretary Ashton B. Carter said on Sunday that he welcomed the start of the militia’s operation. “The […]
|By Arabian Post Staff| Goldman Sachs Group Inc. won a landmark case when a London court ruled that there is no evidence to prove the bank resorted to unlawful practices to get Libyan officials to invest with it, a move that led to $1.2 billion loss to Libya. The verdict put to rest claims the bank leveraged its reputation as well as lavish meals and prostitutes to […]
By Mai Nguyen and My Pham | HANOI HANOI Samsung Vietnam will maintain its current staff numbers and its exports target this year, the firm said on Wednesday, despite the parent company scrapping its flagship Galaxy Note 7 phone following a series of battery fires. Samsung Electronics, which employs around 110,000 people in Vietnam, finally pulled the plug on the new Note 7 phone on Tuesday, less […]
By Se Young Lee | SEOUL SEOUL Samsung Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a $2.3 billion hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history. Quantifying the financial pain of Tuesday’s move to scrap the Galaxy Note 7 smartphone after a global recall and weeks of mounting […]
By Se Young Lee | SEOUL SEOUL Samsung Electronics’ (005930.KS) worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model. Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on […]
