From Raju Kumar BHOPAL: The first day of Global Investors Summit in Indore got underway on October 8 with convention of micro, small and medium enterprises (MSME). Union Minister for Micro and Small Industries Kalraj Mishra inaugurated Convention of MSMEs. It was the second time in Madhya Pradesh when the first day of Global Investors Summit organized convention of MSMEs. MSMEs feared about their market and […]
JPMorgan Chase & Co. (JPM) hired senior bankers from Rothschild and Standard Chartered Plc (STAN) for its investment banking business in the Middle East. The New York-based bank named Majed Al Mesmari, previously at Rothschild, as head of investment banking coverage in the United Arab Emirates, it said in a statement today. Fahad Al-Deweesh has joined from British lender Standard Chartered to lead investment banking coverage in […]
Emerging market-focused private equity firm Abraaj Group has bought a majority stake in Liberty Star Consumer Holdings (Libstar), a South African food and personal care product manufacturer, it said on Wednesday. Dubai-headquartered Abraaj bought shares in unlisted Libstar from its existing shareholders including Metier, Old Mutual Private Equity, Development Partners International and Lereko, it said in a statement. Abraaj said it would continue to support Libstar’s pan-African […]
|By TAP Staff| The herd mentality on the UAE stock market is once again visible, with a flurry of new stock listings that could scupper the market’s nascent revival. Prospective companies do not seem to be in a mood to wait and want to go to the market ahead of others. The first IPO in five years came when Emaar Malls Group floated an issue and attracted […]
By Nantoo Banerjee Believe it or not, the half-a-million-employee-strong postal department of the government of India faces the biggest threat to its 150-odd years’ existence from no other than the world’s largest courier conglomerate, Deutsche Post AG, a $55-billion German behemoth. Already a victim of governmental apathy and the Narasimha Rao-Manmohan Singh-led 1991-92 reform that led to a massive overhaul of the then departments of posts […]
Israeli Finance Minister Yair Lapid last year referred to Israeli expats in Berlin as willing to throw Israel “in the garbage” for a cheaper cost of living. Bloomberg News Back in 2011, rising dairy prices sparked a cottage cheese protest in Israel. Now there’s a pudding protest. The first campaign, which called for a consumer boycott of dairy goods, eventually helped bring hundreds of thousands of middle […]
|By TAP Staff| Mobogenie , the fastest growing developer of applications for android and mobile devices, announced the launch of a new app development platform named CYMaker at the Global App Summit in Dubai. Mobogenie claims it will open up the world of app development through a simplified, free of cost solution with no limitations, no hidden fees, and no credit card requirement. Visitors to the Global […]
By S. Sethuraman The world economy is yet to make a full exit of the 2008 financial crisis and its recessionary aftermath, so that growth prospects for 2014, the sixth year, have had to be revised down, with the disappointing and uneven recovery, mainly among advanced nations. And geopolitical tensions in Eastern Europe and the Middle East, with limited impact so far, may hold greater risks […]
For the second time since June, AT&T has acknowledged that it has been hit by an insider data breach. The telecom giant is warning consumers that an employee, who has since been fired, illegally accessed the personal information of some of its users, making off with Social Security numbers and driver’s license numbers. In a letter sent to the Vermont attorney general earlier this month, AT&T officials […]
|By TAP Staff| RAK Petroleum said it would offer shares worth $25 million to institutional and retail investors in Norway and a private placement to certain international institutions. The IPO would be listed on the Oslo exchange. Current shareholders will be able to place their shares in the offer as well, the company said in a statement. RAK Petroleum said its assets included a 42.8 percent stake in DNO ASA, an […]
A hidden-away feature on Facebook Messenger appears to be ready enable users to take advantage of peer-to-peer (P2P) payments whenever Facebook decides to implement the service. Screenshots and videos of the feature were taken by Stanford computer science student Andrew Aude following a heads-up last month by digital forensic expert Jonathan Zdziarski. We reached out to Aude to learn more about how close to implementation the Messenger […]
Virtual Piggy, a payments technology company and the provider of youth payment technologyOink, has partnered with Funcom. The agreement with the independent developer and publisher of Massively Multiplayer Online (MMO) games, is to bring control to in-game payments. Oink is a payment technology designed to allow retailers and game publishers to reach under 21 consumers in a legal manner compliant with the FTC and other international regulations. The […]
Abu Dhabi e-govt showcase solutions at Gitex ABU DHABI, 3 days ago Twenty-two Abu Dhabi Government entities will showcase their latest innovative IT solutions, product apps and software offerings, all under the theme, “Towards a Digital Abu Dhabi’, at Gitex 2014, Dubai. UAE. The apps have been designed specifically to strengthen customer service and enhance the customer experience. Abu Dhabi Systems and Information Centre (Adsic) will host […]
German engineering has an outstanding reputation worldwide for quality, technological innovation and reliability, yet in the obsession for perfection, it can miss market opportunities. The German watch industry, for example, with its hundreds of companies, has for long had a fixation for mechanical perfection, but in the process neglected the design aspect and the very quartz technology it had developed on its own. Similarly, Siemens had a […]
UAE. A working paper by the International Monetary Fund (IMF) has called for the countries of the GCC to create a dynamic non-oil tradable sector to support sustainable growth. The paper ‘Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions’, authored by Reda Cherif and Fuad Hasanov, says this strategy should be implemented right away, even for the richest GCC countries. Charles […]
The planned merger of the United Arab Emirates’ two main stock exchanges, home to the second-best performing share gauge in the world, will take more time to complete, according to a Dubai government official. “It’s still on the table,” Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai, the emirate’s main state-owned holding company, said in an interview today at a Dubai conference. “We were […]
|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD. This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added. The DIFC action is the latest […]
DUBAI // The fifth Big Boys Toys arrived in Dubai yesterday, featuring 80 of the fastest and most luxurious products from makers across the globe. From one of the smallest drones to the world’s most expensive bicycle, and with extreme buggies and electronic motorcycles thrown in, there was plenty to keep petrolheads and gadget geeks happy. Hundreds arrived to see what the 65 exhibitors at the three-day […]
If you need to handle massive amounts of computational data faster than you are now, IBM has rolled out new systems just for you. Big Blue’s Power8 portfolio now offers systems that claim to deal with data at nearly 20 percent better price for performance metrics than comparable Intel Xeon v3 processor-based systems. To be sure, IBM is pushing toward the big data computational brink in response […]
Dubai bourse… marked recovery in economy boosts IPOs Dubai bourse ‘may see further listings by year-end’ DUBAI, 1 days ago The Dubai Financial Market could see one more company list on the stock exchange before the end of the year in addition to the already-announced share sale by a healthcare and education start-up, its chairman said on Thursday. Initial public offerings in the emirate dried up in […]
Emaar Malls Group jumps 20pc on listing DUBAI, 1 days ago Shares in Dubai’s Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai’s main stock exchange and drained liquidity from the rest of the emirate’s market. EMG shares, which were sold at Dh2.90 in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 per cent to Dh3.30 after […]
A trading screen on the floor of Dubai Financial Market shows the bid and offer levels for Emaar Malls Group shares. Asa Fitch for The Wall Street Journal Shares of Emaar Malls Group started trading on the Dubai Financial Market on Thursday, marking the first significant new share sale in Dubai since the global financial crisis. Emaar Malls isn’t a big deal globally. But traders here say […]
|By K Raveendran| The run-away success of Alibaba’s blockbuster IPO is seen inspiring other online players to take similar routes. Among the probable candidates is leading online trading and investment entity Saxo Bank. “The IPO is one of the options the management has under consideration,” Jakob Beck Thomsen, CEO of Saxo Bank Dubai, told The Arabian Post. But he refused to commit himself on a specific time […]
|TAP Special| When state-owned Investment Corporation of Dubai announced last month that it was taking a minority stake in Nigeria’s largest cement manufacturer Dangote Cement for $300 million, it seemed like something coming out of the blue. But things began to fall in place this week, when the African conglomerate’s chairman Aliko Dangote announced in Dubai that he was contemplating billions of dollars worth of investments in […]
