Muscat, November 17, 2016 In line with its objective to continue to enhance customer experience and touch-points across the country, Bank Sohar has further expanded its ATM network with the introduction of a new off-site ATM in Azaiba. The new ATM, located at the Mars Hypermarket, will offer greater banking convenience to customers in the area as well as to those who shop at the location. Highlighting […]
By Masayuki Kitano and Lisa Twaronite | SINGAPORE/TOKYO SINGAPORE/TOKYO The dollar caught its breath on Thursday, after charging to a 13-1/2 year high against a basket of currencies on bets the Trump administration will adopt inflationary policies, while the yen sagged after a Bank of Japan bond-buying operation. The dollar index, which tracks the greenback against six major rival currencies, eased 0.1 percent to 100.32 .DXY, after […]
Local authorities in London have approved Qatari Diar’s plans to convert the former US embassy building in Mayfair’s Grosvenor Square into a luxury hotel. The firm, the property development arm of sovereign wealth fund Qatar Investment Authority, bought the listed building in 2009. Later on this year, America will move its diplomatic presence from the site to Vauxhall. The plans approved by Westminster Council, will see two […]
The Middle East will require additional power capacity of 267 gigawatts (GW) by 2030, an increase of 66 percent, according to engineering giant Siemens. The German conglomerate, its outlook for the energy landscape in the region, said growing demand will require and 66 GW of of power over the next 15 years. Siemens’ report maps out the region’s current power generation scenario, upcoming challenges, allocation of energy […]
Amid his display cases of gold coins and jewellery, Suresh Jain was in bullish spirits as he considered Indian households’ traditionally strong demand for the precious metal. “There is no change,” said the 55-year-old owner of BJ Jain Jewellers, in Mumbai’s Zaveri gold bazaar. “Gold is a need of the people. It is not a luxury item; it is essential.” Indian prime minister Narendra Modi is putting […]
SINGAPORE Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day (bpd), according to data released […]
16 November 2016 H.E. Sheikh Fahad Bin Mohamed Bin Jabor Al-Thani, Chairman of Doha Bank, disclosed that the Board of Directors has resolved in its meeting held on 16/11/2016 to submit a recommendation to the Extraordinary General Assembly of the shareholders that will be held in March 2017 to increase the capital of the bank during the 1st half of 2017 by 20% to meet the bank’s […]
Donald Trump has pushed back on claims that infighting is hampering the critical process of putting in place his cabinet and top officials, insisting that his presidential transition is on track despite a series of dismissals and resignations. “It is going so smoothly,” Mr Trump tweeted on Wednesday, saying reports of chaos inside the team now headed by Mike Pence, his vice-president, were “totally wrong”. He also denied the transition […]
Lawyer Hani Hussein, who was barred from participating in the parliamentary polls, has claimed a “big surprise” could delay Kuwait’s November 26 elections and lead to the reinstatement of the 2013 National Assembly which was dissolved in October. Hussein made the announcement on his official Twitter account but declined to reveal the nature of the surprise. However, he said it relates to a provision in the election […]
NEW YORK JPMorgan Chase & Co (JPM.N) shares dropped to a session low as volume jumped late in the trading session on Wednesday after Fox Business Network reporter Maria Bartiromo tweeted that the bank’s chief executive Jamie Dimon might get the Treasury Secretary position and a “big meeting” was planned on Thursday. Bartiromo tweeted she was “hearing” Dimon will get the position under President-elect Donald Trump with […]
Eight years after the launch of the National, state-owned Abu Dhabi Media Company (ADM) has sold the English-language newspaper. WAM reported that the paper had been sold to International Media Investments (IMI), a subsidiary of private investment firm Abu Dhabi Media Investment Corporation (ADMIC). ADMIC was set up in 2010 as a special purpose vehicle for a partnership with broadcaster BSkyB to launch the Sky News Arabia […]
DUBAI // Indian expatriates appealed to their government for enough time to get home and deposit the now-defunct 500 and 1,000-rupee notes. Last week the government of prime minister Narendra Modi scrapped high-denomination banknotes in an attempt to tackle corruption and tax evasion, setting a December 30 deadline to exchange old bills. India’s central bank, the Reserve Bank of India, said those unable to deposit banknotes in […]
NEW YORK If newly elected U.S. officials were to reduce federal corporate taxes by 20 percent, Citigroup Inc (C.N) could have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, Citi’s chief financial officer said on Wednesday. However a charge of that size and nature would not hurt the amount of capital that Citigroup reports to regulators under rules […]
Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, has become a settlement bank for the Dubai Gold & Commodities Exchange (DGCX), the exchange said on Tuesday, allowing more investors to clear transactions in yuan. ICBC becomes the second Chinese bank to join DGCX’s wholly-owned subsidiary, Dubai Commodities Clearing Corporation, as a clearing and settlement bank. Bank of China became a member in […]
A preliminary October 2016 performance data report by STR has indicated Dubai experienced a 2% occupancy decrease to 77.9%. The research also showed a 10.3% ADR decrease to AED 767.58 (US $208.97) and a 12% RevPAR decrease to AED 598.09 ($162.83). The report indicated performance declines were consistent with significant supply growth. Based on daily data from October, Dubai reported increases in supply of 6.0% and demand […]
MARRAKESH // Today’s youth value protecting the environment over economic gain and see education and social awareness as key enablers to sustainable development, according to a new survey by Masdar. The Masdar Gen Z Global Sustainability Survey involved around 5,000 young people aged 18-25 from across the globe in order to understand the challenges they see in the future. The findings offer insights into a generation’s hopes […]
By Alex Lawler and Rania El Gamal | LONDON/DOHA LONDON/DOHA OPEC officials are working to nail down details of their plan to limit oil supply and gaps over some sticking points are narrowing, OPEC sources said, a sign of progress in finalizing the exporter group’s first such deal since 2008. OPEC agreed in Algeria on Sept. 28 to limit supply with special conditions given to Libya, Nigeria […]
British multinational hotels company InterContinental Hotels Group (IHG) and Dubai’s Al-Futtaim have signed an agreement for management of the largest Holiday Inn hotel in the UAE. The 520-room Holiday Inn Dubai Festival City, a mixed-use waterfront community, is expected to be completed towards end-2017. The new hotel, the first branded mid-market hotel in the area, will connect directly to Dubai Festival City Mall. The hotel will also […]
BERLIN The new chief executive of Hugo Boss (BOSSn.DE) said he expects to return the struggling German fashion house to growth in 2018, announcing plans to simplify its brand portfolio and adjust prices in a bid to appeal to younger customers. Mark Langer, the former finance chief who was appointed CEO in May, said the company will focus in future on two main brands – upper premium […]
Commercial banks in the Gulf could lose their ability to have dollar trades cleared through the US banking system, increasing risks for them, the UAE’s central bank governor has warned. Mubarak Rashid al-Mansouri told a financial conference that US and European banks were continuing to scale back their relationships with Gulf banks because foreign regulators were requiring them to do more due diligence on customers, raising costs […]
TOKYO A pause in both the sell-off in global bonds and sharp rise in the dollar following Donald Trump’s election victory, together with Wall Street’s record high overnight helped Asian shares steady on Wednesday from a four-month low struck a day earlier. President-elect Trump’s plans to cut taxes and boost infrastructure spending would boost demand while his proposals to deport illegal immigrants and impose tariffs on cheap […]
Qatar’s United Development Co has awarded three contracts worth 716 million riyals ($190.9 million) to develop projects on its Pearl-Qatar real estate project, the company said on Tuesday. Leighton Contracting Qatar had been commissioned for construction work at the main building of Al Mutahidah Towers, while Navayuga Engineering Co was picked to complete infrastructure work at Giardino Village, a residential district. Promer Qatar was given a contract […]
Snapchat parent company, Snap Inc., has just filed confidentiality for its initial public offering (IPO), according to reports. News about a Snapchat IPO at a $25 billion valuation first surfaced back in October, and new reports now bolster such claims. The company is reportedly seeing to raise $4 billion, which would lead to a valuation of $25 to $35 billion. The confidential filing with the Securities and Exchange […]
|By Matein Khalid| Donald Trump’s shock win will have a profound impact on the GCC economic constellation via multiple feedback loops. His economic policies mean a much higher US dollar, anathema to GCC economies since it correlates with stock/property market crashes, banking stress and oil slumps. This is the macroeconomic linkage due to the GCC US dollar peg whose lessons the region learnt the hard way in […]
