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The Dow Jones Industrial Average marched higher after hitting 20,000 for the first time on Wednesday as strong earnings and President Donald Trump’s pro-growth initiatives reignited a post-election rally. Trump has made several business-friendly decisions since taking office on Friday, including signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines. The S&P 500 and the […]

Dow 20,000 is here at last. No regular reader — or indeed, any sentient and sensible human being — should base any investment decision on the Dow. Its methodological flaws are irremediable. And in any case, round numbers should not matter. One brief illustration of the Dow’s primitive methodology will suffice. Just five of its stocks — Goldman Sachs, IBM, Boeing, UnitedHealth and JPMorgan Chase — account […]

Wednesday 14:35 GMT Overview Major global stock markets are rallying as the Dow Jones Industrial Average breaches 20,000 amid revived hopes for faster US growth. Benchmark sovereign bonds yields are rising, but oil and gold prices are moving lower despite a weaker dollar. Hot topic The “Trump trade” is back on and it has the Dow through 20,000 for the first time? The average, though a price-weighted […]

All but one of the students were enrolled in the Deferred Action for Childhood Arrivals program, also known as DACA. Created in 2012 by an Obama-administration executive action, DACA allowed teenagers and young adults who came to the United States illegally as children with their parents to register with the government and in turn receive a two-year renewable protection against deportation, along with work permits and Social […]

Dubai, UAE; 25th January 2017 Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2016. Key highlights [2016 vs 2015]: Stable growth in Operating Income Operating Income up 3.2% year-on-year to AED 6.2 billion driven by strong growth in Net Interest Income & Net Income from Islamic Products Advertisement Net Interest Income & Net […]

The Dow Jones Industrial Average on Wednesday rose above 20,000 points for the first time marking a milestone for Wall Street’s venerable equity barometer as the Trump trade that stalled at the onset of 2017 resumes. The gauge of blue-chip companies climbed 0.5 per cent to 20,014 in opening trading, as US equities extended their record-setting rally that began after the presidential election in November. Investors have […]

Bloomberg has gone where MSCI feared to tread, becoming only the second major index provider to include China’s onshore markets in widely-followed benchmark indices in a move that could prompt rivals to follow suit. China is home to the world’s second-largest stock market and the third-largest bond markets, but its tight control of onshore activity has made its inclusion in flagship indices contentious, with many investors arguing […]

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No, Mark Zuckerberg is not running for president. This came straight from the horse’s mouth after days of media speculation about the Facebook mogul’s political ambition. In a statement sent to BuzzFeed, Zuckerberg stated that he is focused on building the Facebook community and working on the Chan Zuckerberg Initiative. Note how the word “never” was not mentioned at all, providing him wiggle room in case he […]

KUALA LUMPUR: The Federal Court has granted leave to the Government to raise questions of law over the damages awarded to The Edge Communications Sdn Bhd after the Home Ministry suspended two of its publications in 2015. Federal Court judge Justice Zulkefli Ahmad Makinudin, who chaired a three-man panel, allowed the Ministry’s application to pose three questions after The Edge’s counsel Raja Eileen Soraya Raja Aman did […]

Wednesday 05:05 GMT Overview Major stock markets across Asia were mostly positive, buoyed by a record high for the S&P 500 in the US and by stronger prices for base metals supporting materials stocks. Hot topic The Australian dollar was the big loser among Asian currencies, down 0.5 per cent at $0.7541 against its US counterpart after inflation data for the December quarter fell short of economists’ […]

DUBAI // Motorists in Dubai experienced delays across the city with accidents compounding morning rush hour. The Patrol and Traffic Department said an accident on Sheikh Mohammed bin Zayed Road from the second bridge towards Dubai caused delays and congestion for motorists. Commuters were also faced with heavy traffic on Financial Centre Road towards Dubai Mall from Al Khail Road, according to @TrafficDXB. Traffic was slow moving […]

Until recently, oil rich Gulf states could afford to ignore global bond markets. While developed and developing countries issued record sums of debt in the years after the financial crisis, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates used the vast oil wealth to propel themselves to affluence. The states — members of the six-country Gulf co-operation council — built skyscrapers, schools and motorways […]

Having abandoned its venture to lend out roughly $1 billion to legacy Taxi “Medallion” drivers and businesses some two years ago, and shifting its backing over to Uber resulting in many unhappy drivers as well as a handful of lawsuits, Capital One has nonetheless provided a useful spotlight into the troubled state of the traditional “yellow cab” industry by breaking out the details of its runoff commercial […]

24 January 2017 Warba Bank has today announced that, with immediate effect, Simon Clements has been named Chief Retail Banking Officer, taking over the responsibilities for Warba’s Retail Banking Group. In this role as Chief Retail Banking Officer, Clements will work towards enhancing customer experience and developing new and personalized products and services for our customers, significantly bettering our capability to support the Bank’s growing presence in […]

Sonos Play 5 Hardware is a tough game. On one hand, device makers have access to far more infrastructure than they did decades ago. This has led to the explosion of companies that have been able to finance — and often deliver — products via crowdfunding platforms such as Kickstarter. On the other hand, the stakes have also been raised in terms of interface experience. And while […]

By Steve Holland and Valerie Volcovici | WASHINGTON WASHINGTON U.S. President Donald Trump signed two executive orders on Tuesday to move forward with construction of the controversial Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental policies in favor of expanding energy infrastructure. While oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to […]

Of the many quandaries investors must grapple with this year, high on their list is Donald Trump’s relationship with Vladimir Putin. Not far behind is this — should they throw off their instinctive caution about Russia and its president, and push the rouble a lot higher? The turnround in the Russian rouble’s fortunes largely reflects the recovery in the price of oil, the country’s biggest export. That […]

Via GEFIRA, US-centric media are reporting that Japan has become the biggest holder of the US treasuries, surpassing China last month. However, this is true only in regard to single countries. If we consider the European Union member states collectively, then they appear to be the biggest holder of the US treasuries. It has been so almost one year long. Unfortunately, the EU’s holdings are artificially overstated […]

BAGHDAD Iraq’s oil is the property of Iraqis, Prime Minister Haider al-Abadi said on Tuesday, in reaction to U.S. President Donald Trump who argued that the United States should have taken possession of the nation’s crude reserves. In a speech to CIA officials on Saturday, Trump suggested the United States should have taken Iraq’s oil in reimbursement for the 2003 invasion that put an end to Saddam […]

Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. A fashionista friend in the White House press corps answered this lingering question after Sean Spicer’s much-anticipated first briefing: What exactly was the glaring color of that jacket worn by Kellyanne Conway? “Tomato?” she guessed. Well, it was especially vivid […]

Johnson & Johnson, the world’s largest healthcare company, blamed a stronger dollar as it forecast that 2017 profits and sales would fall below Wall Street expectations, sending the group’s shares down by more than 2 per cent. Dominic Caruso, chief financial officer, said it appeared that many Wall Street analysts had not updated their models to account “for the negative impacts of currency movement” as J&J became […]

A wave of about 25 African, European and South American countries is set to join the China-led Asian Infrastructure Investment Bank this year, reinforcing Beijing’s determination to push a global agenda even as US President Donald Trump rails against the ills of economic globalisation. Jin Liqun, president of the AIIB, said on Monday that an expanded membership would help boost lending by the $100bn multilateral organisation, which […]

January 24th  2017 BBK recently announced new appointments in its Executive Management as part of the new organization structure. Amongst those, the Bank welcomed on board Dr. Adel Salem, as Assistant General Manager – Retail Banking Division, succeeding to Mr. Mohammed Malik, who has been appointed as Deputy Chief Executive and Head of Banking  Group. Dr. Adel Salem has an extensive experience spanning over 30 years in […]

SINGAPORE – Tun Dr Mahathir Mohamad is opposed to the Kuala Lumpur-Singapore High Speed Rail (HSR), a project for which China is among the contenders. Citing financial constraints, the former prime minister, who is chairman of Parti Pribumi Bersatu Malaysia, said the HSR contract signed between Malaysia and Singapore may not be a done deal if the Opposition comes to power. “We need to do a study […]

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