| By K Raveendran| A number of banks have failed to complete the process of providing credit data of their customers for the past two years. The Etihad Credit Bureau, the federal government entity responsible for administering the credit data base, has expressed concern over the delay and pointed out that effectiveness of the bureau’s reports would depend on the submission of quality data by the banks […]
| By K Raveendran| There has been a considerable media buzz over the recent Saudi announcement that work to build the a kilometre tall Kingdom Tower in Jeddah is set to start within a few days. The regional media, in particular, is celebrating the prospect of the new tower deposing Dubai’s iconic Burj Khalifa, currently the world’s tallest skyscraper. According to the project consultants, the Saudi tower […]
Saudi Arabia’s main share index rose the most in a month to reach a fresh six-year high on Sunday as investors shook off a slight dip in quarterly profit from the bourse’s biggest stock. Speculation in mid-cap stocks helped Dubai gain. The Saudi measure advanced 1.1 percent to its highest close since June 2008, up 12.9 percent so far in 2014. This came despite Saudi Basic Industries […]
Dubai — long champion of all things biggest, longest and most expensive — will soon have some competition from neighboring Saudi Arabia. Dubai’s iconic Burj Khalifa — the world’s tallest building — could be stripped of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Kingdom Tower in Jeddah — a prospect looking more likely as work begins next week, according […]
Amina al-Rustamani, a member of a prominent UAE family, raised eyebrows among friends and relatives when she started her career in Dubai 13 years ago as an electrical engineer, becoming one of few females in the Middle East to enter the profession. Success in a male-dominated environment helped give her the confidence to rise up the career ladder and break more barriers. She is now chief executive […]
Hong Kong’s government plans to issue as much as US$1 billion worth of Islamic bonds later this year, a spokesperson for its central bank said, suggesting the territory’s debut sukuk issue might be larger than initially expected. Lawmakers in Hong Kong passed a bill last month that will allow the AAA-rated government to issue sukuk for the first time. A report by the territory’s Legislative Council indicated […]
The wrenching selloff in U.S. high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week. First-quarter earnings estimates have fallen sharply as many companies have blamed the brutal winter for weak outlooks. With high-valuation stocks under pressure, earnings could be subjected to even more investor scrutiny than usual. “There’s skepticism among investors about the outlook, […]
Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped. The DFM General Index tumbled 1.7 percent, the most since March 12, to close at 4,759.15 in the emirate. Dubai Islamic Bank , the United Arab Emirates’ biggest shariah-compliant bank, declined for […]
The Sensex could pause for breath after a record-setting rally as quarterly earnings reports, inflation data and the continued five-week long elections breed caution. Software stocks are on watch with Infosys Ltd kicking off March-quarter earnings season on Tuesday, followed by Tata Consultancy Services on Wednesday. Wipro and HCL Technologies report on Thursday. Index heavyweight Reliance Industries is due to post its results on Friday. India’s consumer […]
General Motors engineers were well aware of serious problems with ignition switches in GM small cars, but rejected several opportunities to make fixes, according to dozens of confidential documents released on Friday by a Congressional committee investigating the deadly defect. Parts supplier Delphi Automotive also repeatedly tested switches and found they did not meet GM specifications, according to emails and other memos. The internal documents from GM, […]
|By TAP Staff| New studies are intensifying medical concerns about malignant brain tumors from cell phone use. According to the BioInitiative Working Group, evidence for health risk from wireless tech is growing stronger and warrants immediate action. The Group released a mid-year update covering new science studies from 2012 to 2014. “There is a consistent pattern of increased risk for glioma (a malignant brain tumor) and acoustic […]
The U.S. government warned banks and other businesses on Friday to be on alert for hackers seeking to steal data exposed by the “Heartbleed” bug, as a German programmer took responsibility for the widespread security crisis. On a website for advising critical infrastructure operators about emerging cyber threats, the Department of Homeland Security asked organizations to report any Heartbleed-related attacks, adding that hackers were attempting to exploit […]
For decades the Cleveland Clinic has provided healthcare to the upper echelons of Middle Eastern society who fly halfway across the world for treatment at the Ohio-based private medical center. Soon, they can skip the trip. Early next year the Cleveland Clinic plans to open an ultra-modern, 364-bed specialty hospital on Al Maryah Island in Abu Dhabi, one of the most ambitious forays into the oil-rich country […]
The Nasdaq suffered its biggest drop in two-and-a-half years on Thursday after another sharp selloff in biotech and momentum names, including Gilead Sciences and TripAdvisor, increasing investor anxiety about a broader pullback. The Nasdaq biotechnology index .NBI shed 5.6 percent, its biggest one-day drop since August 2011, adding to recent losses since a large drop in Gilead more than two weeks ago triggered a wider selloff for […]
Commodity futures trading volumes in India fell 40.49 percent in the year to March 2014, its second straight year of decline, the market regulator said on Tuesday. In value terms, futures trading at commodity exchanges fell to 101.44 trillion rupees in the first twelve months from April 2013 from 170.46 trillion rupees a year ago, the Forward Markets Commission said in a statement on its website. Trading […]
Fears that high-speed traders have been rigging the U.S. stock market went mainstream last week thanks to allegations in a book by financial author Michael Lewis, but there may be a more serious threat to investors: the increasing amount of trading that happens outside of exchanges. Some former regulators and academics say so much trading is now happening away from exchanges that publicly quoted prices for stocks […]
Iran said on Saturday it had useful expert-level nuclear talks with world powers in Vienna, addressing all major technical issues in the way of a final settlement. “The meetings were useful, raised mutual insight into our differing positions,” Iranian negotiator Hamid Baeedinejad told the official IRNA news agency at the end of the three-day talks in Vienna. “Everyone came well-prepared … addressing issues in minute technical details […]
U.S. stocks fell, with the Nasdaq Composite Index sliding the most in two months, after large technology stocks from Google Inc. to Yahoo Inc. plunged as investors sold the bull market’s biggest winners. Google Class A shares sank 4.6 percent in the biggest drop since October 2012. Facebook Inc. lost 4.6 percent, bringing its two-day slide to 9.5 percent. Yahoo Inc. declined 4.2 percent to the lowest […]
India’s high-profile RBI governor is likely to come under political pressure to retreat from his hawkish stance on inflation if opposition leader Narendra Modi wins power in the general election. Strategists in Modi’s Bharatiya Janata Party (BJP), confident that his jobs-first policy pitch will secure a strong voter mandate, suggest that they would prefer to have one of their own at the helm of the Reserve Bank […]
The U.S. stock market is rigged in favor of high-speed electronic trading firms, which use their advantages to extract billions from investors, according to Michael Lewis, author of a new book on the topic, “Flash Boys: A Wall Street Revolt.” High-frequency trading (HFT) is a practice carried out by many banks and proprietary trading firms using sophisticated computer programs to send gobs of orders into the market, […]
As investors dump emerging-market equities at an unprecedented clip, they’re turning more and more to frontier markets in search of the next growth story. No exchange-traded fund focused on developing nations has grown faster in the past year than BlackRock Inc. (BLK)’s iShares MSCI Frontier 100 fund, whose biggest holdings are in Kuwait and Qatar. Assets under management surged nine-fold to $594 million, fueled by $465 million […]
Microsoft Corp’s new Chief Executive Officer, Satya Nadella, finally unveiled Office for Apple Inc’s iPad in a polished debut that set him apart from his energetic predecessor while signaling his plans to make mobile apps the top priority at the world’s largest software company. At a news conference Thursday, executives demonstrated a new “touch-first” version of Office crafted for the iPad, available for download as a free […]
Qatar Airways Ltd. Chief Executive Officer Akbar Al Baker said he’s pursuing acquisitions after reviving an investment strategy that saw the company offered stakes in carriers including Italy’s Alitalia SpA. The second-biggest Gulf airline is “actively discussing opportunities” with other passenger carriers, Al Baker said in an interview, without specifying where talks are focused. “I would not like to pre-empt our decision,” he said. “We would rather […]
Dubai-based Souq.com has secured $75 million in funding from South African e-commerce firm Naspers, the UAE online retailer said on Tuesday. The latest investment by Naspers, which held a 36 percent stake in Souq.com as of November 2013, brings the total money the Dubai firm has raised to $150 million. Souq.com will use the new funds to invest in its technology and mobile services, it said in […]
