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China’s Uber rival Didi Chuxing announced that it has officially opened its first US-based research and development lab in Mountain View, California this week. Didi Labs will seek out engineering talent and focus on artificial intelligence (AI)-based security and intelligent driving technologies, according to a statement made by the company. Founder, chairman, and CEO of Didi Chuxing, Cheng Wei said the company’s vision is to build an […]

By Alexandra Ulmer | CARACAS CARACAS A World Bank tribunal order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp (XOM.N) over nationalizations has been annulled, a lawyer for the government said on Thursday. “We were confident all along that our position was correct and are very pleased that the annulment committee agreed,” Venezuela’s lawyer George Kahale told Reuters by email. There was no […]

Tunis and Dubai, March 9, 2017 – Nasdaq Dubai and Bourse de Tunis have signed a Memorandum of Understanding (MoU) to explore collaboration possibilities, including initiatives regarding existing and future issuers and listings on the two exchanges. Ways to promote Islamic capital markets products and solutions will also be considered under the MoU, together with supporting potential links between central securities depositories in the respective jurisdictions. The […]

By Jonathan Stempel | NEW YORK NEW YORK Former New Jersey Governor Jon Corzine defended his big bet on European sovereign debt that was a major factor in the collapse of his company MF Global Holdings Ltd, and said the auditor of the futures and commodities brokerage should have flagged any accounting problems. Corzine, also a former New Jersey senator and Goldman Sachs Group Inc (GS.N) co-chairman, […]

DUBAI // The UAE is leading the region in government-citizen communication and trust, according to a report on the future of government communication. The WPP Leaders Report, launched in the Middle East for the first time in partnership with Dubai Media Office, found that the UAE was one of five Middle Eastern countries that stood out in terms of trust citizens have in their government and having […]

|By Matein Khalid| Janet Yellen confirmed the Wall Street consensus that the Federal Reserve will raise its overnight borrowing (Fed Funds) rate at the March FOMC. Wage growth, inflation, crude oil, asset prices, economic data momentum and Trump’s fiscal stimulus all reinforce the dual mandate logic of a rate hike. Only a really awful February non-farm payroll shock (consensus is 200,000 jobs) will avert a rate hike […]

Sheikh Dr. Faleh bin Nasser Al-Thani: Qatar adopts agriculture plan to achieve self-sufficiency in agriculture production by 2030 Doha, Qatar, March 8, 2017  Under the patronage of H.E. Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior of Qatar is all set to host the fifth edition of Qatar International Agricultural Exhibition (Agriteq 2017) being organized Ministry of Municipality and Environment […]

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We have just lived through the most spectacular global bullmarket run for the fixed income markets.  This bull market rallied the bond market tothe lowest yields ever!  Over a third ofall global fixed income was trading with a negative yield.  The most accommodative central bank policiesmade heroes out of bond fund managers. Bond investors that stayed fullyinvested with fingers crossed, hoping for the greater fool theory to […]

Kakao has launched a wire transfer feature in its chat app that allows users to send funds to the bank accounts of others in group chats. KakaoTalk users can press “To Bank Account” on the Kakao Pay interface within the chat app and enter their password or fingerprint to activate the feature. Funds can also be sent to people who are not using KakaoTalk or Kakao Pay. […]

There are efficiency gaps between the startup ecosystems in Singapore and Silicon Valley, which the former can address by introducing simpler and clearer investment terms. Doing so would, in turn, attract more mature startups to their fold and better set up founders for success, according to executives from muru-D’s Singapore outfit. The Telstra-owned accelerator had just completed its second batch of eight startups under the six-month programme, […]

By Gertrude Chavez-Dreyfuss and Trevor Hunnicutt | NEW YORK NEW YORK Investors are betting market regulators will approve what would be the first U.S. exchange-traded fund to track the price of bitcoin. From investment funds to wealthy individuals and even a Las Vegas strip club, the bitcoin ETF is generating a lot of buzz for a financial product. The surge in interest in the digital currency is […]

While many have blamed today’s spike in yields for the broader underperformance of the REIT sector, which sent the Bloomberg North American REIT index down 1.4%, its biggest one-day drop since December in a widespread selloff across all property sectors with 194 of the 214 stocks in the index lower today, it’s more than just the jump in rates that is slamming the rate-sensitive sector. While longs […]

Dubai, UAE 08 March 2017  Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its Full Year Financial Results for the year ended 31 December 2016. Amlak reported net profits of AED 107 million at the end of December 2016, a decrease of 20% compared to AED 135 million in 2015. The Company’s total revenues, however, reached AED 778 million in […]

George Osborne will earn £650,000 a year for working four days a month at BlackRock, more than ten times what he is paid as an MP once expected share awards from the world’s largest fund manager are included. The detail of Mr Osborne’s pay at BlackRock, which he agreed to join as an adviser earlier this year, was disclosed in the register of members’ financial interests at […]

“You can’t cut your way to prosperity,” holds a favorite truism about the news business. But when Tronc inc. recently reported improved financial results for the fourth quarter of 2016, cost controls were the big driver. The company went from operating at break-even in the fourth quarter of 2015 to posting a $19.4 million profit in the last three months of 2016. Expenses were down 14.2 percent […]

The highly publicised bout between Filipino boxing icon Manny Pacquiao and Britain’s Amir Khan is unlikely to take place in the UAE, according to Los Angeles Times This month, promoter Bob Arum told ESPN that he met with Pacquiao’s adviser Michael Koncz to discuss a possible deal with an “unnamed investment group” who are keen to bring the fight to the UAE, with Yahoo Sports suggesting May […]

By Yashaswini Swamynathan U.S. stocks were little changed on Wednesday as investors focused on Friday’s crucial nonfarm payrolls report after a better-than-expected private hiring report strengthened chances of a rate increase next week. Financial stocks rose after the ADP National Employment report showed that the U.S. private sector added 298,000 jobs last month, blowing past economists’ average estimate of 190,000. The S&P 500 financial index .SPSY rose […]

“Talk is cheap, implementation is difficult,” said Fadel Gheit, a senior oil company analyst at Oppenheimer & Company. “They will have to recreate books that never existed.” Photo Khalid A. al-Falih, Saudi Arabia’s energy minister and chairman of Saudi Aramco, speaking at a conference in Houston on Tuesday. Credit Melissa Phillip/Houston Chronicle, via Associated Press As a prize, there are fewer bigger than Saudi Aramco. The Saudis […]

Dubai, United Arab Emirates Delta Partners, the leading advisory and investment company, specialised in the telecoms, media and digital (TMD) space, has been officially recognised as one of the ‘Top Companies to Work for in the UAE’ in 2017 by Great Place to Work®, a global research, training and consultancy firm that identifies the best workplaces in over 50 countries worldwide. The official list, which was announced […]

US-based Hyperloop One on Tuesday put the cost of traffic congestion between Dubai and Abu Dhabi at almost $800 million in lost working hours. Nearly 4,000 vehicles travel on the Dubai-Abu Dhabi highway every day as majority of the people, who work in the UAE capital, reside in Dubai which offers cheaper housing options. “Reducing this commute to 12 minutes opens a whole new realm of options,” […]

The two Fortune 500 companies, International Business Machines corp. (IBM) and Salesforce, have agreed to integrate their artificial intelligence platforms and some of their software and service components. As part of the deal, Salesforce customers could make use of the data from IBM’s Watson artificial intelligence platforms whereas IBM would be deploying Salesforce Service Cloud for internal use, more or less a sign of good will. The […]

Here are the big questions set to frame a new trading week for markets. How frothy are equity and junk bond valuations looking?Another record-breaking week for equities and a red hot reception for the Snap initial public offering is not the only sign of investor optimism running wild. Junk bond spreads — the premium investors demand to hold the bonds over Treasury yields — are heading towards […]

Providing Innovative Financing Solutions to Buyers Interested In Purchasing Residential Units Muscat, March 08, 2017 Sohar Islamic, Bank Sohar’s Islamic Banking Window signed a memorandum of understanding (MoU) with National Mass Housing, a developer of integrated housing communities, to provide preferential Shari’ah Compliant financing solutions to potential Omani’s buyers for purchasing residential units in the upcoming Areej project – phase 2 located in Muscat. The purpose of […]

Hey, it’s boss week here at Local Edition. This week, we’re going to spend a little time with a Florida editor who doesn’t fit many molds (started as a designer, doesn’t care for sandy beaches, etc.) As a reminder, this is week three in our four-week conversation about why we’re still in journalism. (You can subscribe here.) Hang around after the boss talk for a peek at […]

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