Spain’s King Juan Carlos is abdicating after almost 40 years on the throne and his son Prince Felipe de Borbon will succeed him, the Spanish prime minister has announced. Juan Carlos, whose health is failing and has had a number of hip operations in recent years, is stepping down for personal reasons, Mariano Rajoy said on Monday. “His majesty, King Juan Carlos, has just communicated to me his […]
Iran’s smart set turned out in force for this year’s Tehran Art Auction, spending a record amount as the country’s modern and contemporary art scene thrives despite economic sanctions. The annual event on Friday was a sell-out, raising $5.1 million from the auction of works by Iranian artists, more than double the amount fetched last year. While Western sanctions since 2010 on Iran’s oil and financial sectors […]
Now that Egypt has held its elections, many in and outside the country will be turning to the new president to see how he plans to pull the domestic economy back from the brink. The economic challenges former army chief Abdel Fattah Al Sisi faces in many ways resemble those of Citadel Capital, one of Egypt’s foremost investment firms which itself is in the middle of a […]
Ford Motor Co said on Thursday it is recalling 1.39 million SUVs and sedans in North America, most for the possible loss of power steering. About 1.186 million of the vehicles Ford said it is recalling are in the United States. That figure is only 2,200 shy of the total number of vehicles that Ford recalled in the United States during all of last year. Automakers are […]
Emaar Properties has secured a $1.5 billion sharia-compliant loan from five local lenders, two banking sources aware of the matter said on Wednesday, the latest Dubai-based borrower to take advantage of buoyant markets to reprice debt. A number of state-linked entities in the emirate have sought to refinance existing debts, even if the loans have years until maturity, as market sentiment towards Dubai improves after its debt […]
At least 40 people, including two civilians, have been killed in the eastern Ukraine city of Donetsk following a day of heavy fighting, in which the government forces used combat jets and helicopter gunships to reclaim the regional airport. “The airport is under our full control. The enemy suffered heavy losses. We have none,” Ukraine Interior Minister Arsen Avakov said in a statement on Tuesday. He said […]
Nigeria’s military has located nearly 300 school girls abducted by Boko Haram almost seven weeks ago, the country’s chief of defence said. Air Chief Marshal Alex Badeh, Nigeria’s Chief of Defence Staff, said on Monday that any potential armed rescue operation was fraught with danger as the 223 girls still held hostage could be caught in the crossfire. Boko Haram fighters kidnapped 276 girls from the remote northeastern town […]
|By TAP Staff| The listing of Emaar Properties mall business on Dubai Financial Market instead of Nadaq Dubai as originally envisaged would necessitate an exemption from the DFM rule regarding the minimum size of the float. Emaar is floating only 25 percent of the mall business, while the minimum float required for a listing on DFM is 55 percent. Nasdaq Dubai, on the other hand, allows floatation […]
French President Francois Hollande has called for the European Union to reduce its role “where it is not necessary” after Eurosceptic parties made sweeping electoral gains across the bloc. Reacting to the spectacular success of parties like France’s own National Front and the UK Independence Party (UKIP) in Sunday’s European Parliament elections, Hollande acknowledged that the EU had become “remote and incomprehensible” for many of its citizens. […]
A Turkish court has ordered the arrest of four former Israeli military chiefs over a deadly 2010 raid by Israeli commandos on a Gaza-bound Turkish aid ship which killed nine unarmed human rights activists. The court in Istanbul will ask Interpol to issue international arrest warrants for the four commanders, Cihat Gokdemir, a lawyer working on the case, told AFP news agency. Turkish prosecutors are seeking life […]
ON THE EAST BANK OF THE JORDAN RIVER — After visiting a site on Saturday where Jesus is believed to have been baptized, Pope Francis spoke about Jesus’s humility, “the fact that he bends down to wounded humanity in order to heal us.” So when some burly men prepared to carry a doctor in a wheelchair up four steps to the stage for a blessing, perhaps it […]
BEIRUT, Lebanon — Waving to television cameras and assembled dignitaries, President Michel Suleiman departed the presidential palace on Saturday, the last day of his six-year term, leaving behind a political vacuum caused by the failure of the country’s political powers to agree on a successor. The vacancy in the president’s office is the most recent crisis in Lebanon’s fragile political system, which relies on agreements among the […]
Investors built up the largest bullish bets on rupee in more than two years in recent weeks, while sentiment on the Thai baht turned the most sour in three months, a Reuters poll showed on Thursday, as the countries’ political fortunes turned in markedly different directions. Long positions in the Philippine peso and the Malaysian ringgit rose to their highest levels in more than one year as […]
UNITED NATIONS — The Security Council is scheduled to vote Thursday on a resolution that would ask the International Criminal Court to investigate war crimes in Syria. Russia is certain to veto the resolution. Its Western rivals are equally certain to seize on that veto in an attempt to isolate the Kremlin diplomatically. Supporters of the resolution, which was drafted by France, have spent days drumming up […]
How much? Labour leader Ed Miliband estimated the price of his weekly shop at something like £70 or £80 – roughly £30 below the UK average Photo: PA David Cameron must have been beside himself with glee. On the penultimate day of campaigning for the local and European elections, his two main rivals – Nigel Farage and Ed Miliband – bounced from blunder to blunder. Mr Miliband kicked […]
A Deutsche Bank stake worth 1.75 billion euros has already been placed with an investment vehicle owned and controlled by Sheikh Hamad Bin Jassim Al-Thani, Qatar’s former prime minister. Reuters Qatar is again swooping in to help one of Europe’s biggest banks – this time with a twist. Paramount Holdings Services, a vehicle owned by former prime minister Sheikh Hamad bin Jassim Al Thani, agreed to put […]
Sheikh Hamad bin Jassim bin Jabr Al Thani, who played a key role in Glencore International Plc’s takeover of Xstrata Plc, is returning to dealmaking a year after his ouster as prime minister and head of Qatar’s sovereign wealth fund. Sheikh Hamad is injecting 1.75 billion euros ($2.4 billion) into Deutsche Bank AG through his Paramount Holdings Services Ltd. investment vehicle, the Frankfurt-based bank said May 18. […]
Egypt’s weak currency, unstable security situation, energy crisis and a government that’s almost bankrupt after three years of political uncertainty hardly make ideal conditions for a market rally. But even as periodic blackouts hit Cairo and Islamist militants carry out attacks on security forces, Egypt this week is welcoming its first initial public offering since a revolution toppled former president Hosni Mubarak in 2011. Arabian Cement, a […]
Photo: Martin Pope As if the middle classes didn’t have enough to worry about already – what with shrinking pension pots, children who refuse to fly the nest and a ‘hidden’ 60 per cent tax rate, as revealed by the Telegraph – there’s a new crisis on the way: the spelt flour shortage. The ancient grain that has become fashionable among artisan bread-fanciers as a gluten-free alternative […]
Dana Gas, an energy company based in the United Arab Emirates, is trying to leverage its government’s financial aid to Egypt to get preferential treatment on payment for its goods there. Dana has operations in the Nile delta, Upper Egypt and the Gulf of Suez that produced the equivalent of 39,100 barrels of oil a day on average during the first quarter. Yet like other foreign energy […]
Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas. Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said […]
STORY HIGHLIGHTS Porta Nuova aims to transform Milan’s skyline Project will feature new skyscrapers and buildings covered with trees Some experts believe construction ventures like these could get Italian economy moving One Square Meter explores the leading architectural designs, city plans and demand for property investment in emerging markets. Join CNN’s John Defterios as he visits some of the world’s most dynamic cities for an insight into […]
Gold fell to its weakest in a week early on Monday as the euro hovered near a one-month low on fears of policy action from the European Central Bank, but the metal recovered some losses on safe-haven demand over escalating violence in Ukraine. Spot gold eased 0.2 percent to $1,286.40 an ounce by 0313 GMT, after dropping to a one-week low of $1,279.60 earlier in the session. […]
Dubai International Capital, the private equity arm of Dubai Holding, today announced that it has signed an agreement for the sale of Mauser Group to Clayton, Dubilier & Rice for $1.7 billion. Mauser, which was acquired by DIC in 2007 in a deal that valued the Group at c. $1.1 billion, is a worldwide leading producer of rigid industrial packaging with approximately 4,400 employees and consolidated revenues […]
