Bank shares have been the runaway winners of the post-election U.S. stock market boom as investors wagered that higher interest rates, lighter regulation, lower taxes and faster economic growth would boost profits for lenders. Up 32 percent since the election of Donald Trump, the S&P 500’s bank index .SPXBK has outpaced the wider market’s gain by roughly 3-to-1. Now, however, a changing dynamic in the bond market […]
When Rex Tillerson visits Japan and South Korea next week, the new US secretary of state will not escape the whispers back home: the former ExxonMobil chief executive has been all but invisible since arriving in Washington. In his first weeks as the top US diplomat, the Texan has been conspicuously low-profile. His silence has fuelled concerns that President Donald Trump intends to downgrade diplomacy — and […]
Saudi Arabia’s is set to narrow during 2017 on the back of higher oil prices, discipline in spending and non-oil revenue measures, according to a new research note by Bank of America Merrill Lynch. BofA Merrill Lynch said it sees the 2017 budget deficit at SR316 billion ($85 billion), about 12 percent of the Gulf kingdom’s GDP, compared to a deficit of SR402 billion in 2016, which […]
Dubai, UAE, 9 March 2017: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been awarded with “Best Sukuk House” at the EMEA Finance Middle East Banking Awards 2016. The ninth edition of the EMEA Finance Middle East Banking Awards took place at the Conrad Hotel in Dubai recently, and celebrated the regional banking industry’s top achievers. Dubai Islamic Bank is an international leader […]
The way that markets are reported affects the way they are perceived, and the way that investors behave. So can the way journalists report the markets be measured? Are we doing a good job? Historically, it appears that we are not. This week, Diego Garcia of the University of Colorado at Boulder presented a paper to a conference on journalism and markets at Columbia Business School. Entitled […]
Canada’s Postmedia company is laying off more than 50 employees at The Vancouver Sun and Province after a months-long buyout process aimed at cutting the company’s payroll. Fifty-four union employees are being laid off as of April 8, according to a memo from Brian Norris, the director of human resources for the The Vancouver Sun and Province. The company is asking for volunteers, who will each receive […]
The internet as it currently stands is “not fit for purpose” to engage the connectivity of things and machines, according to Cisco ANZ CTO Kevin Bloch, as mobility requirements will be subverted by the Internet of Things (IoT) and a complete re-engineering will need to take place. “As we move to more machines being connected than humans, the first generation of the internet is not fit for […]
Dubai-based developer Ellington Properties has launched Belgravia 2 in Jumeirah Village Circle (JVC) after sales sold out in its Belgravia 1 project. The company announced its latest project after saying investors from more than 40 countries bought property in Belgravia 1. It added in a statement that five other Ellington projects have already broken ground that will add over 600 residential units across Dubai. Robert Booth, managing […]
By Caroline Valetkevitch | NEW YORK NEW YORK U.S. stocks rose on Friday after a solid jobs report pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week. Indexes ended lower for the week, however, with the S&P 500 and Nasdaq breaking a six-week streak of gains. Government data showed 235,000 jobs were added in the public and […]
“It sucks,” says Mike Mayo. One of the more visible Wall Street analysts, Mr Mayo lost his job last week when CLSA, the Chinese-owned broker which had employed him, abruptly shuttered its US research operations. At 4.15pm last Monday, as Mr Mayo tells it, he was summoned to an all-hands meeting. At 4.20pm he and 89 others were let go. He went to FedEx to buy nine […]
A wanted man has been killed in Saudi Arabia’s oil-producing Eastern province after an exchange of gunfire while police were searching a neighbourhood where he was hiding, state news agency SPA reported on Friday. The man, Mustafa Ali Abdullah al-Madad, was wanted by security forces for his involvement in “a number of terror crimes against the citizens and security personnel”. He was killed in the governorate of […]
By Lucia Mutikani | WASHINGTON WASHINGTON U.S. employers hired workers at a robust pace in February, beating expectations, and wages grinded higher, which could give the Federal Reserve the green light to raise interest rates next week despite slowing economic growth. Nonfarm payrolls increased by 235,000 jobs last month as the construction sector recorded its largest gain in nearly 10 years due to unseasonably warm weather, the […]
ABU DHABI // The UAE topped the GCC in a Gender Progress Index released by business school Insead this week. The index takes a holistic view towards gender issues and includes education, health, labour, politics, power and society. It considers the relative performance of men versus women with no distinction between the two. The findings were discussed at a seminar marking International Women’s Day at the Insead […]
Like millions of young readers around the world, Chinese children have grown up with popular titles such as Roald Dahl’s Fantastic Mr Fox and the Harry Potter series. But Beijing is now introducing new measures to restrict access to foreign books and publications as it opens a new front in its battle to limit outside influence on Chinese society. Regulators have given verbal instructions to publishers to […]
By Tuvan Gumrukcu | ISTANBUL ISTANBUL A helicopter carrying an executive of the Turkish Eczabicasi group and four Russians, including the firm’s Russian operations chief, crashed in Istanbul on Friday, killing all seven people on board, the city’s mayor was quoted as saying. The helicopter crashed onto a highway shortly after take-off from Istanbul’s main Ataturk airport. Early media reports suggested it had hit a television tower […]
Saudi Arabian corporate earnings may finally have bottomed out after two years of falls due to low oil prices and the government austerity which followed, with the petrochemicals sector leading signs of recovery. But a sharp rebound is unlikely for companies in the Middle East’s biggest economy as further austerity looms and they are competing for customers who are no longer flush with cash. Analysts say stronger […]
Dubai, 10 March 2017 Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, along with Dubai Exports, the export promotion agency of DED, will go on a two-week tour of the US on the 11th of March 2017 as part of strengthening the emirate’s engagement with major economies to reinvigorate global trade flows and foreign investment. The mission, which […]
Authored by former Ohio State Senator Nina Turner viaThe Hill.com, My grandmother used to say, “You can put truth in the river five days after a lie; truth is gone catch up.” Well, here’s the truth: The working men and women of this country are working more jobs and more hours, and they’re still barely hanging on. Beneath those fingertips, they can feel that middle-class dream – […]
DETROIT Volkswagen AG (VOWG_p.DE) pleaded guilty on Friday to three felony counts as part of a $4.3 billion plea agreement reached with the Justice Department in January over the automaker’s massive diesel emissions scandal. VW general counsel Manfred Doess made the plea on the company’s behalf after he said at a hearing in U.S. District Court in Detroit that he was authorized by the board of directors […]
Aldar Properties has announced that it is preparing to open one of its key amenities within its Shams development on Reem Island – a 2.4km canal running through the heart of the community. Final testing and commissioning work is well underway ahead of its scheduled flooding in early April, the developer said in a statement. The canalscape, featuring 450 trees, covers an area of 46,000 square metres, […]
Qatar is looking to welcome 10 million visitors a year and generate $17.8 billion in tourism receipts by 2030, according to a new study. Research released ahead of the Arabian Travel Market 2017, which takes place in Dubai on April 24-27, showed that Qatar will look to generate 5.2 percent of its GDP through tourism over the coming years, creating 98,000 jobs and managing an inventory of […]
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By Kentaro Hamada and Makiko Yamazaki | TOKYO TOKYO The Japanese government, fretting over the future of Toshiba Corp’s flagship memory chips unit, is prepared to block a sale to bidders it deems a risk to national security, sources said, a stance that gives U.S. suitors a major advantage. The government would use Japan’s foreign exchange and foreign trade laws to control the auction if need be, […]
ABU DHABI // The number of Emirati students opting to enrol in Stem courses is slowly increasing, educators say. While about 70 per cent of students choose to study business or business-related subjects, more are looking at the benefits of choosing science, technology, engineering and mathematics courses, said Dr Warren Fox, head of higher education in Dubai’s education regulator, the Knowledge and Human Development Authority. “There’s change […]
