Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian government agency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation. The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of the kingdom’s 2030 Vision. So far, […]
Ant Financial Services Group, the financial services affiliate of China’s Alibaba Group Holding Ltd (BABA.N), said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc (MGI.O), after Euronet Worldwide Inc (EEFT.O) trumped its offer. U.S. electronic payments company Euronet Worldwide launched a $1 billion bid for MoneyGram on Tuesday, saying that its all-American deal would face less regulatory […]
Microsoft has added LinkedIn co-founder Reid Hoffman to its board of directors. As of Hoffman’s appointment, announced March 14, Microsoft’s board is back up to 12 members.Hoffman is a partner with Greylock Partners. He cofounded LinkedIn in 2002 and before that, was an executive vice president at PayPal. Microsoft purchased LinkedIn last year for $26.2 billion. Earlier this year, Microsoft made Kevin Scott, LinkedIn’s head of engineering, […]
This weekend, New York Times Executive Editor Dean Baquet took a shot at his rival, Washington Post boss Marty Baron. During an interview at South by Southwest Sunday, an audience member asked Baquet what he thought of The Washington Post’s new slogan: “Democracy Dies in Darkness.” “‘I love our competition with The Washington Post,’ Baquet said. ‘I think it’s great. But I think their slogan — Marty […]
Senior Officials Attend Opening Ceremony at MENA Headquarters in Dubai Internet City DUBAI, United Arab Emirates – 14 March 2017 SAP SE today announced a five-year USD 200 million investment in the UAE, underpinning objectives outlined by the UAE Vision 2021 plan to create economic diversity and jobs for youth. Senior officials participated in the official ribbon-cutting VIP ceremony and inaugurated the new SAP MENA headquarters in […]
COPENHAGEN, March 14 Danish banks should significantly increase their focus on complying with rules to avoid money laundering and tax evasion, the Danish Financial Services Authority (FSA) said on Tuesday in a report in the wake of the so-called the Panama Papers. This was backed by the country’s business minister. “It’s unsatisfactory that a range of banks in clear violation of the law apparently have risked participating […]
LONDON/PARIS An activist hedge fund has said it objects to plans by Walt Disney (DIS.N) to take full control of debt-laden Paris theme park operator Euro Disney (EDLP.PA), according to a letter seen by Reuters. Paris-based CIAM, which owns 1.4 percent of Euro Disney shares, has written to the board of the French company to object to what it believes are plans by Walt Disney to force […]
14 March, 2017 The Ministry of Finance in the United Arab Emirates (UAE) has recently launched a series of Value Added Tax (VAT) and excise awareness sessions to present to advisors and businesses on the progress of VAT and excise implementation. The first such session is aimed at the advisory community, followed by later sessions aimed at the general business community. Full details of the sessions can be […]
Tuesday 15:10 GMT What you need to know ● Pound under pressure amid Brexit and Scottish secession worries● Sterling drops below $1.22 and euro edges up towards 88p● S&P 500 down 0.5 per cent as sliding oil hits energy stocks● Treasury yields little changed ahead of Fed decision——————- Hot topic The UK pound is back under pressure as traders become concerned that Edinburgh’s demand for a another […]
SEOUL A South Korean animal rights group has filed a complaint with police against former president Park Geun-hye for abandoning nine pet dogs in the presidential Blue House after being dismissed from office. The dogs are Jindos, a Korean breed of hunting dog known for their loyalty. Park left the Blue House presidential complex on Sunday, two days after the Constitutional Court dismissed her from office over […]
Authored by Patrick Buchanan via Buchanan.org, Not long ago, a democratizing Turkey, with the second-largest army in NATO, appeared on track to join the European Union. That’s not likely now, or perhaps ever. Last week, President Recep Tayyip Erdogan compared Angela Merkel’s Germany to Hitler’s, said the Netherlands was full of “Nazi remnants” and “fascists,” and suggested the Dutch ambassador go home. What precipitated Erdogan’s outbursts? City […]
By Makiko Yamazaki and Taiga Uranaka | TOKYO TOKYO Japan’s Toshiba Corp failed to submit audited third-quarter earnings for a second time on Tuesday, gaining a one month extension as its expands a probe into problems at its U.S. nuclear unit Westinghouse. With its financial woes only deepening, Toshiba said it would speed up looking at whether to sell a majority of Westinghouse even as it sought […]
Image: Supplied South African regulation technology company e4 on Tuesday launched its virtual biometric identity verification service in Australia. Virtual verification of identity (VOI) allows lenders and mortgage brokers to verify new customers to relevant anti-money laundering (AML) and counter terrorism financing standards through a cloud-based application. Typically, when consumers fill out a mortgage application online, they will need to visit a bank or post office branch […]
The French presidential election is setting up a critical test of resolve for Japanese investors as life assurers, big banks and struggling regional lenders enter a second year under the Bank of Japan’s negative interest rate policy. The policy shift by the BoJ in February 2016 accelerated efforts by Japanese investors to seek higher fixed-rate returns overseas and has raised the sensitivity of their portfolios to global […]
By Anna Irrera | NEW YORK NEW YORK Brokerage Charles Schwab Corp (SCHW.N) on Tuesday launched a service that combines its automated investment management technology with human advisors, as financial institutions race to offer digital financial advice. The service, called Schwab Intelligent Advisory, provides clients with a financial and investment plan, unlimited access to a human advisor via phone or video conference, and an investment portfolio of […]
Shares in Toshiba fell more than 8 per cent as the troubled Japanese conglomerate missed its earnings deadline once again. The company on Tuesday confirmed that it has sought another extension to the deadline by which it must submit audited third-quarter earnings, amid uncertainty about the true extent of crisis at its US nuclear unit Westinghouse. The stock was down 8.1 per cent at ¥197.5 near midday […]
To investors still betting — either by choice or technical necessity — that Toshiba can pull off a miracle escape act, Monday night produced yet another dispiriting blow. With just hours left before the troubled Japanese conglomerate was due to submit its audited third-quarter earnings — an already overdue document critical to its continued status as a listed entity — sources close to the company confirmed that […]
By David Lawder | WASHINGTON WASHINGTON Fourteen million Americans would lose medical insurance by next year under a Republican plan to dismantle Obamacare that would also reduce the budget deficit, a nonpartisan congressional research office said on Monday, throwing President Donald Trump and Republicans on the defensive as they press forward with replacement legislation. The U.S. Congressional Budget Office forecast that 24 million more people would be […]
QFC to create 10,000 jobs in the private sector QFC to license 1,000 firms by 2022 QFC appoints leading industry heads to Advisory Board QFC to launch New Law QFC launch biggest TV campaign to date Advertisement 14 March 2017, Doha – Qatar Qatar Financial Centre is on track to license 1,000 new firms and create 10,000 jobs by 2022, Qatar Financial Centre (QFC) Authority CEO Yousuf […]
Nervousness in the US stock market has climbed to the highest level since the aftermath of the presidential election, even as equities have charted a mostly smooth path to further all-time highs in recent weeks. Credit Suisse’s fear barometer rose at the end of last week to 35.6, an increase of almost 10 points from the previous week and the highest reading since November 9, the day […]
By Yashaswini Swamynathan The S&P 500 and the Dow Jones Industrial Average were slightly lower on Monday as gains in financials shares – ahead of a widely expected interest rate hike – were weighed down by losses in drug stocks. The Federal Open Market Committee, the central bank’s policy-setting board, is expected to lift interest rates by a quarter point to 0.75 percent-1.00 percent after a two-day […]
Abraaj Group Art Prize In October last year, Rana Begum won the US$100,000 (Dh367,250) Abraaj Group Art Prize. The title is awarded each year to aid an artist realise a proposed project, which is later unveiled at Art Dubai. Begum, a Bangladeshi-born, London-raised artist, is interested in the geometry of a city. Her brightly coloured, angular metal sculptures and installations look at the unexpected architecture of a […]
Doha, Qatar – 13 March, 2017 In recognition of the creative efforts it made throughout the year, First Finance Company (FFC), a subsidiary of Barwa Bank Group, has earned the title of ‘Most Innovative Finance Company’ in Qatar 2016, at the International Finance Magazine (IFM) Awards, which was held at the JW Marriott Marquis Hotel in Dubai. FFC claimed the sought-after title in honor of its leading role […]
In textbook fashion, the Federal Reserve has prepared traders and investors for a 25 basis points increase in policy interest rates this week. When it comes to lasting effects on markets, however, the Fed is likely to deliver more than the third rise in 10 years. It will also signal an important evolution in its policy approach aiming for a beautiful rate normalisation. Facing an implied probability […]
