By Michael Flaherty and Siddharth Cavale Procter & Gamble Co (PG.N), maker of Tide detergent and Gillette razors, will face ever greater pressure to slice costs and slow-growing divisions now that activist investor Trian Partners is a major shareholder. P&G’s shares hit a two-year high on Wednesday after Trian disclosed a stake in the consumer products behemoth, which is already trying to slim down by selling unprofitable […]
The paper chore chart has gotten a modern update. Introducing BusyKid, a mobile first site that allows parents to keep track of tasks, while also being a tool to introduce kids to learning about their personal finances. Created by Gregg Murset, a father of six, BusyKid is an online chore chart that promotes work ethic and responsibility. It also educates about money management, serving as a platform […]
Joo Kim Tiah, the son of one of Malaysia’s wealthiest tycoons, sat on stage in the summer of 2013 as his new business partner announced their plans for a C$360m luxury condominium-hotel project on Vancouver’s most prestigious downtown thoroughfare. With characteristic salesmanship, Donald Trump bragged that the 63-storey glass tower on West Georgia Street would be “one of the great buildings, not only in Canada and the […]
The reflation trade is back, in earnest. On Wednesday, all-world stock indices traded at all-time highs for the first time since spring 2015. US 10-year bond yields rose back to 2.5 per cent. Bank stocks rallied, with Goldman Sachs at an all-time high for the first time in a decade. So did tech stocks — Apple is back at a record. All of this after a hawkish […]
By Steve Holland and Patricia Zengerle | WASHINGTON WASHINGTON Senior Republicans issued their boldest challenge yet to U.S. President Donald Trump on Wednesday, promising to get to the bottom of the relationship between his aides and Russia, and calling for ousted national security adviser Michael Flynn to testify before Congress. Trump, facing a deepening crisis less than a month into his presidency, sought to focus the attention […]
After two days of questioning, Ramon Fonseca Mora and Jurgen Mossack were detained by prosecutors in Panama on 9 February. The pair have been denied bail as they have been deemed flight risks. They are being held as part of a probe into corruption and bribery allegations involving Brazilian construction group Odebrecht, which has admitted paying $1bn (£800m, €943m) in bribes to obtain contracts in 12 […]
Donald Trump responded to a growing crisis surrounding his White House on Wednesday by rekindling a public war with the US intelligence community, accusing it of mounting a dirty tricks campaign to undermine his presidency by leaking information about his administration’s ties to Russia. In an early-morning Twitter barrage the US president blamed the escalating crisis that forced this week’s departure of Michael Flynn, his national security […]
Wednesday 14:30 GMT Overview Global equities were on track to close at all-time highs as Wall Street hovers near record levels in the wake of comments from Federal Reserve chair Janet Yellen. And Ms Yellen’s more hawkish than forecast rhetoric has been backed up on Wednesday by stronger than expected US retail sales and inflation data that are pushing up the dollar and bond yields, while leaving […]
For the first time since Q1 2013, mortgage delinquencies rose QoQ in Q4. The jump from 4.52% (of total loans) to 4.80% is the largest since Q1 2010 and hit as mortgage rates spiked following President Trump’s election and Fed Chair Yellen’s jawboning and rate-hike. Of course, levels remain ‘low’ relative to the extreme highs of the financial crisis. One word springs to mind – “contained” […]
The chief executive of General Motors has flown to Germany as the US carmaker seeks to assuage concerns from local managers and unions about job losses amid talks to sell the carmaker’s ailing European business to French rival PSA Peugeot Citroën. Mary Barra and key lieutenant Dan Ammann arrived at Opel’s headquarters, GM’s subsidiary, on Tuesday morning, while PSA chief executive Carlos Tavares is pushing to meet […]
Painting a relatively optimistic economic picture during Congressional testimony this week, Janet Yellen confirmed the Federal Reserve would raise interest rates gradually. It was clear in the sessions, though, that other factors would soon weigh on interest rates and markets. Fiscal policy could make the Fed more hawkish. Yet the political agenda of financial deregulation, coupled with President Donald Trump’s choices for several vacancies on the Fed’s […]
National Real Estate Company (NREC), a Kuwait-based developer with projects exceeding $1 billion in Egypt and the UAE, has signed an agreement for a $101.5 million loan. The developer of Abu Dhabi’s upcoming Reem Mall said in a statement that it has signed the five year convertible loan with Agility Investment Holding Limited, a subsidiary of Kuwait-based logistics firm Agility. The loan facility has the option of […]
Submitted by Don Quijones via WolfStreet.com, Spain’s three biggest banks, Banco Santander, BBVA and Caixa Bank, have got off to a flying start this year having issued €8.6 billion in new debt, seven times the amount they sold during the same period of last year. The last time they rolled out so much debt so quickly was in 2007, the year that Spain’s spectacular real estate bubble […]
Your daily guide to community and cultural activities across the Emirates for February 15, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Ellen Fortini rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Abu Dhabi Film screening Sign […]
After a day of chaotic communication, a stock sell-off and a $6.3bn writedown that may destroy one of Japan’s greatest industrial names, the Toshiba president’s bow of apology finally came. Satoshi Tsunakawa’s head nodded for just one perfunctory second on Tuesday. Most assume there will be much deeper, longer bows to come as Toshiba leads investors, customers, employees and Japan as a whole through the country’s first […]
As central bankers seek to wean markets off quantitative easing and exit the dangerous experiment of negative rates, they increasingly fret about the resilience of credit markets. How worried should they be? The US Treasury’s Office for Financial Research, the European Central Bank and the Bank of England have all issued warnings in their financial stability reports voicing concern over whether we might see fire sales that […]
TOKYO Shares in Toshiba Corp (6502.T) tumbled on Wednesday after the conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit and may sell more of its prized flash-memory chip business than planned to urgently raise funds. Scrambling for capital, Toshiba said it would consider selling most, even all, of its stake in the chips business – a decision that has investors questioning […]
DUBAI // Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, used the last day of the World Government Summit to announce the formation of a National Committee on Sustainable Development Goals. In a session titled Collaboration to Achieving SDGs, the minister affirmed the UAE’s commitment to sustainable development and revitalised global partnerships by launching the committee and confirming the UAE will play host […]
SoftBank’s billionaire founder Masayoshi Son, who has boasted of creating the “Berkshire Hathaway of tech”, has thrown himself into the world of private equity and hedge funds with a $3.3bn acquisition of US alternative asset manager Fortress Investment Group. The deal, which follows the Japanese group’s traditional focus on telecoms and internet, comes just as SoftBank is emerging as one of the world’s largest investors with the […]
Since then the barriers to peace have grown even more formidable, and attitudes like Mr. Gatshan’s more entrenched. Continue reading the main story When President Trump and Israel’s prime minister, Benjamin Netanyahu, meet in Washington on Wednesday they are likely to discuss a change of tactics, relying on Arab states like Qatar to help secure a two-state solution, under which Israel and an independent Palestinian state would […]
By Rozanna Latiff and Ebrahim Harris | KUALA LUMPUR KUALA LUMPUR The slight girl in a turquoise headscarf held back tears as she recalled what happened when she fled to Malaysia from Myanmar’s violence-hit Rakhine state. Just 12-years-old at the time, she was forced to wed a man she did not know, and who was more than a decade older than her. The teenager, who is not […]
Goldman Sachs shares shattered a 10-year record to reach a fresh closing high on Tuesday, buoyed by hopes that the Trump administration will bring a profit-boosting mix of higher interest rates, lower taxes and lighter regulation. All banks have rallied hard since November 8, when Mr Trump beat Hillary Clinton in the race to the White House. But only a handful have done as well as Goldman, […]
Applications for Islamic car loans in the UAE grew significantly in 2016, with Islamic auto loan products occupying three of the top five spots on the year’s most-applied-for list, according to new data. compareit4me.com, the Middle East financial comparison site, said the number of users applying for Islamic car loans increased by 64.7 percent in 2016 compared to the previous year. Data gleaned from the company’s car […]
By Lucia Mutikani | WASHINGTON WASHINGTON U.S. producer prices recorded their largest gain in more than four years in January amid increases in the cost of energy products, but a strong dollar continued to keep underlying inflation at the factory gate tame. Rising raw material costs are boosting producer prices across the globe, notably in China, which is the biggest source of U.S. imports. But economists still […]
