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Alibaba wants to transform the retail sector with a US$2.6 billion buyout that it says will break down the barriers between offline and online. The Chinese e-commerce giant said its investment unit was working with Intime Retail’s founder, Shen Guo Jun, to take the department store chain private with a projected HK$19.8 billion (US$2.6 billion). The funds would be raised through internal cash and external debt financing. […]

The saga of Housing.com, once a red-hot tech startup in India, has reached a conclusion of sorts after the company was sold to rival PropTiger in a deal announced this week. Housing.com was once heralded as a trailblazer for its efforts to digitize the sale and rental of property in India. But a fall from grace, which included the ejection of its outspoken CEO and the removal of […]

Dubai-based Majid Al Futtaim said on Tuesday it will build a new $81.74 million (AED300 million) shopping mall in Masdar City, Abu Dhabi. Set to open by end-2018, ‘My City Centre Masdar’ will include 60 outlets across 18,000 square metres of gross leasable area (GLA), including a Magic Planet family entertainment centre, a 5,760 square metre Carrefour hypermarket and a clinic. The company said it will target […]

Bjarni Benediktsson, leader of the conservative Independence Party, is Iceland’s new prime minister. (Halldor Kolbeins/Agence France-Presse) The Panama Papers — a huge leak of documents detailing the alleged secret offshore holdings of a global elite — were released in April 2016. The leak made headlines all over the world, but its impact was probably most keenly felt in Iceland. Just two days after the leak appeared, Icelandic Prime Minister Sigmundur David Gunnlaugsson […]

By Engen Tham and Samuel Shen | SHANGHAI SHANGHAI China’s forex regulator is telling banks to keep its instructions about curbing capital outflows secret and to ensure that research analysts keep any negative views about the yuan’s prospects to themselves, several bankers said. Both demands are seen as an attempt by the authorities to prevent alarm that could trigger further declines in the yuan, the bankers from […]

Saudi Arabia plans to follow its record breaking debut on global debt markets with an Islamic bond issue in a sale that could come as early as February. The sharia-compliant sukuk will form part of a pipeline of bond sales to finance the kingdom’s budget deficit and invest in economic diversification away from oil and is likely to appeal to regional investors in the Gulf. Last year, […]

The Middle East has given McLaren Automotive, the British manufacturer of luxury sports and supercars, good reason to get revved up with sales soaring last year. Its Middle East, Africa and central and South America region grew by an impressive 69 per cent last year, as the company posted another record year of sales growth. From offices in Dubai, McLaren has expanded into Abu Dhabi. “We continue […]

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Tuesday, January 10th  2017  DUBAI, UAE: Major infrastructure projects in the Middle East and across Sub-Saharan Africa are increasingly becoming a key investment target for Islamic investors, according to Project & Infrastructure Partner at Jones Day, Nadim Khan. Billions of US dollars’ worth of project capital from the growing Islamic economy is a potential source of investment for the type of mega infrastructure that underpins economic and […]

Since the start of the 21st century the South American nation of Suriname, population 540,000, has been riding a commodity boom that yielded major benefits for a country rich in bauxite, gold, oil and bananas. From 2000 to 2014, annual per capita income more than quintupled to almost $10,000. Child mortality fell by a third. A child born there today can expect to live to 70, up […]

The UAE will spend AED600 billion ($163.3 billion) over the next three decades in developing the country’s energy market, with a plan for clean energy to power 50 percent of the sector by 2050. The first unified energy strategy for the UAE has been announced which aims to balance economic needs and environmental goals. In a series of tweets on the official Dubai Media Office feed, it […]

To address criticism from regulators and public policy groups, Microsoft is making some changes in its privacy practices. Of all the body blows Microsoft has absorbed in the past 18 months over Windows 10, the criticisms of its privacy policies have to sting the most. Last summer, the French National Data Protection Commission (CNIL) issued a formal notice against Microsoft, ordering that the company “stop collecting excessive […]

WASHINGTON The Federal Reserve on Tuesday said it would turn over $92.0 billion in profits to the U.S. Treasury in 2016, down from the $97.7 billion the central bank’s 12 regional banks paid back to the U.S. government in the previous year. The Fed earns interest on government bonds that it holds as well as from securities tied to mortgage-finance giants Fannie Mae and Freddie Mac. Through […]

The debate about “fake news” has gripped politics since the election of Donald Trump in November and has entered markets as investors spar over a “great rotation” from bonds into stocks. Long predicted by some analysts, expectations of a pronounced rotation out of low-yielding bonds and defensive share sectors into areas of the equity market that prosper from faster economic growth have been heightened by the prospect […]

For more evidence that central bank intervention in the foreign exchange market is increasingly becoming an exercise in futility – look no further than Mexico. The peso briefly sank to a fresh all time low against the dollar on Tuesday, dropping by as much as 1.1 per cent to MXN 21.6227, as concerns continue to mount over incoming US president Donald Trump’s trade rhetoric towards Mexico, report […]

By Patricia Zengerle | WASHINGTON WASHINGTON Senior U.S. Republican and Democratic senators will introduce legislation on Tuesday seeking to impose a wide range of sanctions on Russia over its cyber activities and actions in Syria and Ukraine. The legislation is sponsored by 10 senators – Republicans John McCain, Lindsey Graham, Marco Rubio, Ben Sasse and Rob Portman and Democrats Ben Cardin, Robert Menendez, Jeanne Shaheen, Amy Klobuchar […]

Jeremy Corbyn has backed a cap on high earnings as a way to reduce income inequality, as the Labour leader makes a fresh pitch to UK voters. Mr Corbyn told the BBC on Tuesday: “I would like there to be some kind of high earnings cap, quite honestly.” The Labour leader described the UK as a bargain basement economy on the shores of Europe. “We have the […]

Good morning. Elites caught in a bubble? John Oliver and Meryl Streep bashed Donald Trump and praised journalism. Donations soared for two nonprofits praised by them: ProPublica and the Committee to Protect Journalists. Hip, hip, hoorah. Truth and justice win out over the forces of darkness. Or did they? You couldn’t try harder, or be more articulate, than Streep. “It was simply stunning: eloquent and urgent, the […]

January 10, 2017 by: Nicole Bullock in New York US stock market bulls can be forgiven for feeling like Vladimir and Estragon, the two characters in Waiting for Godot. Donald Trump’s promise to cut tax and business regulation sent the Dow Jones Industrial Average up more than 8 per cent in quick order following his election in early November. However, it has failed to crack the 20,000 […]

Prince Alwaleed: “This transaction marks yet another success for Kingdom’s value realization strategy” 10 January 2017 Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announces that it has successfully sold its 100% interest in the Mövenpick Hotel Ambassador Accra to QG Africa Hotel LP, a Mauritius-based fund managed by Quantum Global Investments Africa Management Ltd. for a consideration of $100M. The […]

Plans have been revealed for a AED1.8 billion ($490 million) development in Dubai to feature amusement parks, apartments, shops, restaurants and a cultural centre. Ento Capital Managment, an investment company licensed by the Dubai Financial Services Authority (DFSA), said it is geared to reconstruct the Wonder Land project, located on Al Riyadh Street. Hayssam El Masri, CEO of Ento Capital, said the project is slated to start […]

A man wearing a VR headset experiments with a merged reality experience using Project Alloy at the Intel exhibit during the 2017 Consumer Electronic Show in Las Vegas Virtual reality sought its stride Friday at the Consumer Electronics Show, where despite being a hot topic there was little sign it is racing into mainstream culture. Show floor space devoted to virtual reality abounded with companies diving into […]

The Federal Reserve should be ready to consider reducing the size of its balance sheet as part of its efforts to prevent overheating in the US, a senior policymaker said as he noted the pick-up in wage inflation and predicted a return of inflation to target by the end of the year. Eric Rosengren, the president of the Federal Reserve Bank of Boston, said that if the […]

Upon the closing of the $4.8 billion sale of Yahoo to Verizon, Yahoo will see itself renamed to Altaba Inc as it begins its new direction as an investment company. Complementing the name change will be a new board of directors, with only five individuals claiming a position at the table. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney, and Jeffrey Smith will continue to serve as […]

By Steve Holland | WASHINGTON WASHINGTON President-elect Donald Trump’s son-in-law, Jared Kushner, will become a senior White House adviser and work on trade deals and the Middle East, transition officials said on Monday, in a rare case of a close presidential family member taking on a major job. Kushner, 35, who is married to Trump’s daughter Ivanka, is taking the job after receiving legal counsel he would […]

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