|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) today announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The launch of this new service falls in line with ADX’s strategy to increase liquidity levels as well as diversify investment and hedging instruments in order to […]
|By Arabian Post Staff| The introduction of value added tax would force Dubai’s precious metals and gems businesses to relocate to other centres such as Singapore and Hong Kong, DMCC excutive chairman Ahmed Bin Sulayem has warned. VAT could lead to an “exodus” of firms in the gold and diamond industry from the UAE, Bin Sulayem said in a message to the Dubai Diamond Conference and urged the […]
|By Matein Khalid| Jamie Dimon, the unanointed king of Wall Street and chief executive of New York banking colossus J.P. Morgan did not mince his words. He called Bitcoin “a fraud”, a speculative bubble comparable to the Dutch tulip mania of the seventeenth century and declared he would fire any trader at his bank trading in the cryptocurrency “in a second” for “stupidity”. This has only reinforced the […]
|By Arabian Post Staff| A high-level meeting of the Arab Monetary Fund (AMF), International Monetary Fund (IMF) and the World Bank, in collaboration with the Financial Stability Board (FSB on the Withdrawal of Correspondent Banking Relationships (CBRs) in the Arab region has highlighted the importance of initiatives aimed at addressing compliance costs and profitability considerations to deal with the situation. These initiatives could cover areas such as […]
|By Arabian Post Staff|The Central Bank of Bahrain (CBB ) announcement of new Shari’ah governance regulations applicable to wholesale and retail Islamic banks in Bahrain are a positive development, Moody’s said in a report. Effective June 2018, the new regulations will make Islamic banks subject to an Independent External Shari’ah Compliance Audit, to ensure that all Islamic banks activities are Shari’ah compliant. Additionally, all internal Shari’ah board […]
|By Arabian Post Staff| With so many companies facing debt write-offs and bankruptcy, a provision in the UAE VAT tax law is likely to become a key focus in the days to come. And this provision relates to relief that will be available for debts written off by VAT registered businesses in certain circumstances. To what extent this will help companies in trouble or whether it will […]
|By Matein Khalid| Trump’s post Charlottesville remarks, the Barcelona terrorist attacks and Cisco’s results unnerved the US stock market bulls last week. Friday was a surreal moment in the history of Wall Street. It was entirely rational for traders on the New York Stock Exchange floor to cheers and the Dow Jones Index rise 150 points when news broke that Trump had fired his alt-right, white nationalist chief strategist […]
|By Arabian Post Staff| The UAE Federal Tax Authority (FTA) announced that it will open online registration for tax purposes for businesses in mid-September 2017. The announcement was made at a media briefing by the FTA to familiarise with various aspects of the FTA’s work. The briefing also covered the implications of the tax procedures for boosting the momentum of the UAE’s sustainable economic development. Khalid Ali […]
|By Arabian Post Staff| Teneo Holdings, the global CEO advisory firm, today announced that it has acquired Credo Business Consulting LLP, a leading management consulting firm with operations in London and Dubai. Credo is a highly-respected management consulting firm focused on corporate strategy, transaction services, commercial and operating model transformation and performance improvement. With an outstanding reputation for depth of analysis and insight, Credo has helped many of the world’s leading organizations […]
|By Arabian Post Staff| SHUAA Capital, the UAE’s premier integrated financial services firm, announced it has entered into an agreement with Integrated Financial Group (IFG), towards the acquisition of Integrated Capital and Integrated Securities. The signing of the agreement follows the completion of the due-diligence process initiated in March. The strategic acquisition, which remains subject to regulatory approvals, of two of the UAE’s most active and successful financial […]
|By Arabian Post Staff| Senaat, the industrial investment holding company managing the assets of the Abu Dhabi government, announced marginally lower revenue and profits for 2016. The Group claimed a solid performance by operating companies, reflecting the resilience of its business model. Revenues of AED 13.4 billion (2015: AED 14.0 billion) were marginally lower compared to the previous year and total EBITDA also declined slightly to AED 1.8 […]
|By Arabian Post Staff| UAE’s National Bonds Corporation announced the results of its 2016 Savings Index for select GCC countries based on a survey conducted across Saudi Arabia, Bahrain, Kuwait and Oman. The results showed that the UAE recorded the highest percentage of regular savers – 37 percent – compared to 25 percent in Saudi Arabia and 27 percent in the rest of the surveyed GCC countries […]
|By Arabian Post Staff| Gold plunged after trading volume hit 1.8 million ounces in just one minute and gold traders were shaken by the plunge, Bloomberg reported. Gold traders shaken awake by Monday’s rapid price plunge said the move probably won’t mean an end to the sleepy pace that’s characterized the market in recent months. Bullion sank at 9 a.m. in London on Monday after a huge spike […]
|By Saifur Rahman| Remittance by foreign workers in the UAE rose 7.6 per cent to US$43.81 billion (Dh160.8 billion) in 2016, up from US$40.73 billion (Dh149.5 billion) in 2015, according to the UAE Central Bank. The outflows of the workers’ remittances that were settled through the exchange houses grew 9.4 per cent – by Dh10.1 billion to US$32.17 billion (Dh118.1 billion) despite a slowdown in the economy and […]
|By Saifur Rahman | Executive Editor|Emirates, the world’s largest carrier of international passengers, has raised US$47.43 billion (Dh174 billion) to finance its fleet over the last 10 years, its recently-released annual report for 2016-17 shows. “Having raised Dh174 billion (US$47.3 billion) over the last 10 years, Emirates continues to maintain a well-diversified and evenly spread financing portfolio. Tapping into various sources of funding, both in terms of […]
|By Arabian Post Staff| Dubai Government is developing a new project development company that will manage projects by Dubai Holding and Meraas Holding, according to a media statement issued on Monday (May 29, 2017). The move is a reflection of the economic reality marked by lower oil price and lower growth outlook that is encouraging governments to consolidate their state-owned businesses to cut costs by creating synergies. It […]
|By Arabian Post Staff|The London High Court has upheld the injunction granted to ICICI Bank UK against leading diamond merchant family of Mehtas, considered legends in the diamond trading business and pioneers in Indian industry’s inroads to Antwerp. This means that the well-known Mehta family of Belgium lost their bid in London’s High Court to unfreeze certain of their family members’ assets, as they continue to be […]
|By Arabian Post Staff| Xanadu Real Estate Development, a Dubai-based property developer, announced the delivery of nearly 200 luxury villas and townhouses with a development value exceeding Dh750 million, part of the Dh8 billion worth of projects it helped deliver with its partners over the last six years. These include 130 Townhouses at Jumeirah Village Circle, worth Dh300 million and 68 luxury villas at Jumeirah Golf Estates, […]
|By Matein Khalid| The financial markets finally cottoned on the increasingly sordid political realities created by the Trump White House. Trump could well be impeached for obstruction of justice if he tried to pressure FBI Director James Comey to drop an investigation on disgraced General Michael Flynn’s contacts with Russian intelligence before the election. The appointment of a special prosecutor to investigate the scandal means Washington is […]
By Pete Schroeder | WASHINGTON WASHINGTON U.S. Treasury Secretary Steven Mnuchin told lawmakers Thursday that the Trump administration does not actually support separating investment and commercial banks. The administration has previously expressed support for some return of the Glass-Steagall Act, which established a firewall between investment and commercial banking. But Mnuchin was explicit before the Senate Banking Committee that that vision did not include breaking up large […]
Interested in precious metals investing or storage? Contact us HERE Posted with permission and written by John Rubino CLICK HERE FOR ORIGINAL) By now everyone with an Internet connection is aware of the “ransomware” attack that shut down hundreds of thousands of computers over the weekend. The fact that the onslaught is just beginning — as the military-grade hacking tools developed by […]
Tuesday’s court filing argues that UnitedHealth repeatedly ignored findings from its own auditors that risk scores were often inflated, as well as warnings by officials from the Centers for Medicare & Medicaid Services (CMS) that the firm was responsible for ensuring the billings it submitted were accurate. UnitedHealth argued that it had done nothing wrong, and said it would aggressively contest the case. “We are confident our company […]
“We need to reassess every single thing we are doing as to what we can do to bring an end to this conflict,” added Mr. Beasley, a former governor of South Carolina who was appointed to lead the agency by the Trump administration in March. Continue reading the main story By making Riyadh, the Saudi capital, the first stop on his tour, observers say, Mr. Trump has […]
Dubai Municipality has banned the sale and circulation of one-time use phone chargers in the emirate, it announced on Wednesday. The order was issued by Hussain Nasser Lootah, director general, Dubai Municipality, based on the technical and safety directives issued by the civic body in 2003. It warned companies not to import or sell any disposable and non-rechargeable one-time use mobile phone chargers and to return them […]
