Oil rig maker Lamprell said on Friday it would raise about $120 million to boost its productivity after returning to profit last year despite growing risk in the sector. Chief executive officer James Moffat said the rights issue marked “the final piece of the jigsaw puzzle in our recovery”, which had started around 18 months ago. It will be used to support investment, facilitate debt refinancing and […]
Bombings and shootings around Baghdad, Iraq’s capital, killed at least 29 people and wounded dozens on Thursday, officials said. Gunmen killed five off-duty army officers after stopping their car on a road just north of Baghdad, the police said. Earlier, a car bomb in Karrada, a busy commercial area with several government offices, killed four civilians and three police officers and wounded 21, a police officer said. […]
General Motors Co said on Thursday it has issued five more recalls, covering almost 3 million vehicles globally, and is expected to take a charge of up to $200 million. Still dealing with fallout from the recall of defective ignition switches linked to at least 13 deaths, the No. 1 U.S. automaker said the largest of the latest recalls covers more than 2.7 million cars for tail […]
Qatar is pledging labor-law reform in response to what critics have called systemic exploitation that traps thousands of foreign workers in low-wage jobs and squalid living conditions. Construction workers at a building site in Doha, Qatar Getty Images The reforms proposed Wednesday include an abolition of the so-called kafala sponsorship system and removing the need for a visa to exit the country. They come as Qatar prepares […]
|By TAP Staff|The ability of mortgaged buyers of Dubai properties to step on to the housing ladder is set to be curbed in the near to medium term, real estate consultancy Cluttons has predicted.This in turn will impact on the volume of transactions being recorded, the agency said in its report titled Dubai Spring 2014 Residential Market Outlook. “ We are already seeing the first signs of […]
Gold fell to its weakest in a week early on Monday as the euro hovered near a one-month low on fears of policy action from the European Central Bank, but the metal recovered some losses on safe-haven demand over escalating violence in Ukraine. Spot gold eased 0.2 percent to $1,286.40 an ounce by 0313 GMT, after dropping to a one-week low of $1,279.60 earlier in the session. […]
The fallout from the Syrian war continues to weigh on Lebanon’s economy and fiscal stability with long-needed structural reforms now more challenging to implement, an International Monetary Fund mission visit to the country found after routine consultations with local authorities. A political impasse “has amplified the microeconomic imbalances,” a mission report summary said, in a country with one of the highest debt-to-GDP ratios in the world. Here […]
With Alibaba Group Holding Ltd. filing to go public, the biggest winner won’t be founder Jack Ma or his fellow executives or even venture capital backers like Silver Lake Management LLC. It’ll be Japan’s Masayoshi Son. Fourteen years ago, Son’s SoftBank Corp. started with a $20 million bet on a then-unknown Web portal connecting Chinese manufacturers with overseas buyers. That site evolved into China’s biggest Internet shopping […]
Dubai’s bourse has outpaced other Gulf markets by a wide margin in terms of companies’ first-quarter profit growth, data show, supporting its position as the top performer in the region. The emirate’s benchmark soared 108 percent last year and is up 57 percent this year, making it one of the world’s top-performing stock markets over the past 17 months. Although some analysts believe the market is overbought, […]
According to international real estate consultancy firm Cluttons, an upsurge in economic confidence following Dubai’s World Expo 2020 win, has led to heightened demand for commercial office space in the emirate. Rents for prime Grade A space in particular have continued to climb with a 10% increase recorded in Q1, pushing average rates in this category to AED 220 per square foot. Cluttons Dubai Spring 2014 Commercial […]
The United Arab Emirates will have its own stand-alone exchange-traded funds with this week’s launch of the iShares MSCI UAE Capped ETF (UAE). On May 30th, both Qatar and the UAE will get promoted by the MSCI index folks being frontier markets to becoming full-fledged emerging markets. As of this year’s first quarter, the UAE and Qatar occupied the second- and third-largest country weights in the MSCI […]
Gold was steady on Friday after two consecutive sessions of losses, but the metal was headed for its second weekly drop in three on growing optimism about the U.S. economy and selling in the top bullion-backed exchange-traded fund. Spot gold was flat at $1,283.66 an ounce by 0034 GMT, after falling 0.6 percent in the previous session. The metalis down 1.6 percent for the week. Silver, with […]
NEW DELHI (Reuters) – New Delhi has asked the European Union to lift a ban on Indian mangoes, as the country has already addressed the issue cited by the 28-nation bloc in a clampdown on shipments from next month. The EU informed India in March that shipments of premium Alphonso mangoes would be blocked from May until December 2015 after authorities in Brussels found consignments infested with […]
It is now clear that the chances of a fire sale of Dubai’s ‘jewels in the crown’ — a reference to blue-chip assets such as Emirates airline and Jebel Ali Free Zone — stand completely mitigated as the emirate takes firm control of its financial situation. Analysts are in near agreement that Dubai’s sovereign debt is stabilising and deleveraging is progressing. A definite improvement has happened in […]
Twitter Inc on Tuesday reported 255 million monthly active users, up 5.8 percent from the previous quarter but not enough to satisfy investors increasingly concerned about its struggle to gain a mass following. Twitter’s stock fell nearly 10 percent after hours, to below its post-initial public offering low of $38.80 on November 25. The San Francisco-based company also said viewers refreshed their “timelines” – Twitter’s equivalent of […]
A sense of euphoria can be felt as you walk onto the Dubai Financial Market’s (DFM) trading floor. Excited investors sit huddled at tables, eyes fixed on trading screens. Occasionally the floor erupts in applause as certain stocks shoot up to target levels. A local investor in his fifties who gives his name as Abu Hany, dressed in the traditional white robes of the Gulf, describes himself […]
DP World Ltd., the world’s third-biggest port operator, asked lenders to cut the price on a five-year credit facility by a third to benefit from falling interest rates, two bankers familiar with the request said. The port operator, owned by Dubai World, one of the emirate’s three main state-controlled holding companies, is seeking a reduction to 150 basis points, or 1.5 percentage points, over the London interbank […]
Investors are switching their attention back to developing countries’ debt after flirting with U.S. and European junk bonds during a year of turbulence in emerging markets. A long sell-off in anticipation of U.S. stimulus withdrawal meant emerging sovereign debt posted negative returns last year but the sector has enjoyed one of its best starts to a year in a decade in 2014, investors say, with returns of […]
Forbes Media LLC’s effort to find a buyer is running into trouble, with one potential bidder officially out of the running and two others no longer in active talks, people with knowledge of the matter said. Germany’s Axel Springer SE, which publishes the Russian edition of the magazine, isn’t involved in any process to acquire Forbes, Edda Fels, a spokeswoman, said yesterday. The company had been interested […]
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 […]
Ahli United Bank (AUB), Bahrain’s largest lender, is evaluating a sale or a merger with a rival bank in a potential $5 billion deal, several bankers familiar with the situation said. A deal of this size would be the largest banking transaction in the region for the past 20 years, according to Thomson Reuters data, beating Emirates Bank’s $3.7 billion acquisition of National Bank of Dubai in […]
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 […]
|TAP Special| The Mayor of Oakland, California, caused a stir last week claiming that Dubai crown prince Sheikh Hamdan bin Mohammed Al Maktoum has partnered with the developers of a sports and entertainment centre at Oakland Coliseum complex. According to a report in Oakland Tribune, Mayor Jean Quan, however, retracted her claim a day later. The Mayor’s spokesman said one of the developers did have connections with […]
