Dubai has overtaken other financial centres in listing Islamic bonds on its exchanges, and is mounting a global drive to attract more listings while developing new channels to trade sukuk, the chief executive of Nasdaq Dubai said. “Demand for Islamic financial products still exceeds supply — there are very few financial products for which this is true,” said Hamed Ahmed Ali. The exchange is working on ways […]
U.S. crude tumbled about 2 percent on Tuesday, sinking for a second straight day as investors fled to safe havens on worries about a near-bankrupt Greece and China’s stock market losses and as technical selling threatened to push oil into a bear market. Iran’s determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market and the restart of […]
INTERNATIONAL. This is now officially a Greek tragedy. In many ways, it is relatively easy to understand why the result was a No from Greece. There is little to lose, as a Yes to more austerity hardly was a great choice for a society on the brink of a social break down. The vote clearly was not help by the fact that the actual vote: Yes or No […]
INTERNATIONAL. Greece’s seeming hour-by-hour descent into chaos at the end of the second quarter has fashioned an intensely uncertain framework casting markets at the mercy of headline risk. It is with that ever-changing caveat that Saxo Bank publishes its Q3 Outlook ahead of the Greek referendum on EU membership which, as things stand, will take place July 5. The outlook for Q3, therefore hangs in the balance, […]
Shares of the biggest U.S. banks fell, led by a 2.2 percent decline in Citigroup Inc., after talks to provide Greece with additional bailout aid failed and the Greek government imposed capital controls. The Standard & Poor’s 500 Financials Index slid as much as 1.1 percent, the biggest decline in almost seven weeks. JPMorgan Chase & Co., the largest U.S. bank by assets, dropped 1.9 percent and […]
Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with. With China’s leadership aiming to scale back the role of investment in the domestic economy, the nation’s surfeit of savings — deposits currently stand at $21 trillion — will increasingly need to […]
Networking company Netgear just made a big move in the cable modem router world. So big, in fact, that high-speed Internet users on home fronts everywhere have good reason to rejoice. The firm just rolled out the industry’s fastest-ever cable modem router. It’s the first router in the Nighthawk line and it aims at cable Internet subscribers who have an extreme need for broadband speed. The Nighthawk […]
|By TAP Staff| The shale industry boom, which was instrumental in oil producers like Gulf countries losing control of the market, is facing the risk of being sunk by the weight of debt. That should bring some reassurance to Gulf countries, who are now struggling to cope with the impact of lower oil prices. According to a Bloomberg report, drillers are devoting more revenue than ever to […]
Visitors at the exhibit “A Brief History of Humankind” at the Israel Museum. The museum is Israel’s largest cultural institution, presiding over Jerusalem from a hilltop site alongside the Knesset and the Supreme Court. By ISABEL KERSHNER June 17, 2015 JERUSALEM — A softly lit case displays a small, gnarled implement that is said to be the world’s oldest known complete sickle, dating back 9,000 years. On a wall […]
UAE. Private wealth in the United Arab Emirates (UAE) showed solid growth in 2014 (8.4 percent), according to a new report by The Boston Consulting Group (BCG), Global Wealth 2015: Winning the Growth Game, being released today. In the UAE, the growth of private wealth was driven mainly by equities. After all, between 2013 and 2014, the amount of wealth held in equities rose by 13.8 percent […]
The black flag of the Islamic State, left, flew over Tal Abyad, Syria, on Tuesday. After Kurdish and rebel fighters took over the town later Tuesday, they hoisted a Kurdish militia flag. By BEN HUBBARD June 16, 2015 ISTANBUL — Kurdish militias and rebel fighters on Tuesday took full control of the strategic Syrian town of Tal Abyad on Turkey’s border, striking a blow against the Islamic State and expanding […]
Bond issue … big shift in Saudi economic policy. Saudi may issue government bonds this year DUBAI, 6 days ago The Saudi Arabian government may resume issuing bonds this year, easing downward pressure on the country’s foreign reserves caused by low oil prices, a senior International Monetary Fund official said after talks with Saudi officials. “The sense we had is this year,” Tim Callen, chief of the […]
BAHRAIN. Fitch Ratings has downgraded Bahrain’s Long-term foreign currency Issuer Default Rating(IDR) to ‘BBB-‘ from ‘BBB’ and Long-term local currency IDR to ‘BBB’ from ‘BBB+’. The Outlooks are Stable. The issue ratings on Bahrain’s senior unsecured foreign and local currency bonds have also been downgraded to ‘BBB-‘ from ‘BBB’ and ‘BBB’ from ‘BBB+’, respectively. The agency has simultaneously affirmed Bahrain’s Country Ceiling at ‘BBB+’ and Short-term foreign […]
|By Rashidul Bari|One may expect the title “Grameen and Muhammad Yunus” to reflect Yunus’ founding of the Grameen Bank (which won the Nobel Prize in 2006) in 1983 to provide miniature loans to the poor—especially women who were trapped in an endless cycle of poverty. Why then does the title involve John Nash, a math genius who won the Nobel Prize in 1994, instead of Yunus? Does […]
DP World to start USD bond meetings Thursday DUBAI, 23 days ago DP World, one of the world’s biggest port operators, will hold meetings with investors in the United States, Britain and the UAE from Thursday before a possible benchmark US dollar bond issue, a document from lead managers showed on Tuesday. Benchmark size is usually taken to mean at least $500 million. Sources aware of the […]
An anonymous painting of Turkish Emperor Mahmud II leading his troops. By DAVID MOTADEL May 23, 2015 CAMBRIDGE, England — THE last several months have brought a dramatic escalation in conflict across the Middle East, almost all of it involving tensions between Sunni and Shiite Muslims — which are in turn fueled by a power struggle between Shiite Iran and Sunni Saudi Arabia for regional supremacy. Tehran runs a […]
NEW YORK Billionaire activist investor Carl Icahn said Thursday that mutual funds will increasingly realise that being underweight shares of Apple (AAPL.O) will hurt their performance as the technology giant continues to innovate. “They are underweight Apple in relation to the index funds, and I think more and more of these funds will realise that’s going to hurt their performance in the future as Apple continues to […]
CRM behemoth Salesforce is rolling out the next iteration of Community Cloud, technology that lets companies combine business data and processes with its customer relationship management (CRM) platform to create personalized, mobile destinations. Specifically, Salesforce is adding Targeted Recommendations, Lightning Community Builder and Templates and Salesforce Files Connect for Google Drive. The goal is to help companies connect with stakeholders in new ways. Community Cloud was already […]
Industrial and Commercial Bank of China has launched a $500 million five-year debut bond issued by its Dubai branch, which is set to price later on Monday, a document from lead managers said. The bank, China’s largest by assets, set the final spread at 120 basis points over U.S. Treasuries, the document stated, tighter than the initial price guidance of around 145 basis points over treasuries announced […]
DP World, one of the world’s biggest port operators, has launched a $500 million, five-year bond that will price later on Tuesday, a document from lead arrangers showed. The transaction was set to price at a spread of 155 bps over midswaps, which is at the tighter end of a final guidance of 160 bps plus/minus 5 bps over midswaps. This is lower than initial pricing guidance […]
|TAP Special| US airlines companies hired secret accountants to unearth how Gulf governments subsidized their airlines, including Emirates, Etihad and Qatar Airways, western media has reported. As the battle intensifies over U.S. airlines’ allegations of unfair state subsidies to three Persian Gulf rivals, American carriers have been gathering data to support their claims sheds light on the vast financial reporting divide between the two sides. The U.S. […]
DP World, one of the world’s biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to fixed-income investors as soon as next week, three sources aware of the matter said on Thursday. The Dubai-based firm could raise between $750 million and $1 billion from the bond, depending on investor appetite and the interest rate the company would have to […]
