With the US Federal Reserve raising interest rates, and President Mario Draghi of the European Central Bank seemingly unable to escape his addiction to quantitative easing policy, many investors are questioning who wants to buy the euro. The answer is simple. The whole world is eager to buy the euro. The problem in 2017 is more likely to be finding anyone who wants to buy the US […]
By Tom Hals | WILMINGTON, Del. WILMINGTON, Del. Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process. Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capital from creditors with a $750 million […]
By Yashaswini Swamynathan Wall Street looked set to open little changed on Thursday, a day after the S&P 500 index suffered its biggest fall in two months, putting a damper on a post-election rally. A report showed the number of Americans applying for jobless claims fell by 10,000 to 265,000 last week, indicating sustained strength in the labor market. U.S. equities had been enjoying a rally since […]
M&A: back with a bang Deal activity was vigorous with much of it concentrated just below the level of the industry’s biggest companies. Nasdaq bought International Securities Exchange for $1.1bn, while CBOE Holdings announced a $3.2bn deal for Bats Global Markets in September. Of most significance, the pending €24bn tie-up between London’s LSE Group and Deutsche Börse, which will create Europe’s largest exchange. As the chart above […]
29 December 2016 Munich. As 2016 comes to a close, BMW is able to look back on a highly successful year with well over 50 national and international awards and distinctions. As in the past, vehicles of the brand were highly rated by juries across a range of different categories and topics, frequently finishing at the top of the winners’ rostrum. The awards reflect not just outstanding […]
By Jamie McGeever | LONDON LONDON European shares, the dollar and bond yields fell on Thursday, with traders using the quiet holiday period to book some profit on the rise that had lifted all three to multi-year and in some cases record highs recently. Weakness in European financial stocks helped push broader indices into the red, extending the slippage after soft U.S. housing data the previous day. […]
Shares in Toshiba fell 17 per cent to ¥257 on Thursday, taking the total loss of equity value to more than 40 per cent since the Japanese company announced that it was facing a multibillion-dollar writedown at its US nuclear division Westinghouse. As investors continued to digest Tuesday’s warning, shares in some of Japan’s biggest banks slid after the electronics-to-nuclear conglomerate raised the prospect of losses on their […]
On the other were Mr. Netanyahu and Mr. Trump, firing back at what they deemed a hypocritical betrayal of America’s closest friend in the Middle East. Continue reading the main story If Mr. Obama and Mr. Kerry were playing for history, Mr. Netanyahu and Mr. Trump were playing for time. The departing administration intended for the speech to lay out a path to peace that they had […]
TOKYO Shares in Toshiba (6502.T) fell more than 19 percent in morning trade on Thursday, clocking a third day of heavy losses after the Japanese tech-to-nuclear conglomerate said earlier this week it faced a potential multi-billion dollar writedown. Late on Wednesday, Moody’s became the second rating agency to downgrade the group, pushing it deeper into “junk”, or non-investment grade territory, with a Caa1 rating, from B3. “Although […]
Principal Investment Arm of the Government of Dubai Grows its Portfolio to AED 736.8 Billion Dubai 28 December 2016 Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six-month period ended 30 June 2016 showing Revenues of AED 82.5 Billion and a Net Profit of AED 10.3 Billion. These results are achieved against a backdrop of lower oil and commodity prices, a strong US […]
Chinese technology giant Tencent, along with Beijing-based mapping company NavInfo and Singapore state-owned investment firm GIC, announced this week the trio intended to jointly take up a 10 percent share of mapping company Here, with current owners Audi, BMW, and Daimler reducing their indirect holding by the same amount. As well as the share purchase, the companies announced the creation of a 50/50 joint venture between Here […]
Planemaker Airbus said on Tuesday it was postponing the delivery of 12 A380 planes to Emirates Airline over the next two years, and added it would step up cost cuts to minimise the impact of these delays. Airbus, whose main rival is US group Boeing, said six deliveries of the A380 would be postponed from 2017 to 2018, with another six postponed from 2018 to 2019, following an agreement […]
Some of the biggest law firms on Wall Street are scrambling to shore up their defences against cyber attacks, in the wake of a raid by Chinese hackers which led to millions of dollars of profits from insider trading. Preet Bharara, US attorney for the southern district of New York, this week charged three individuals who he said infiltrated law firms over a period of about 18 […]
New York state’s financial regulator on Wednesday revised a proposal for the nation’s first cyber security rules for banks and insurers, loosening some security requirements and delaying implementation by two months to March 1. The rules from the New York State Department of Financial Services are being closely because they lay out unprecedented requirements on steps that financial firms must take to protect their networks and customer […]
ABU DHABI // A new insurance policy will protect employers from financial losses when a domestic worker absconds, fails a visa-renewal medical test or dies. For an annual premium of Dh100, the Domestic Helpers Protection Plan covers maids, drivers and other household staff aged between 18 and 64, employed by Emiratis or expatriates. “AXA Green Crescent has aspired to make this policy as convenient and affordable as […]
Arguably the biggest newspaper business story of 2016 was Gannett’s failed (for now) bid to take over Tronc. What the broken deal says about the industry, however, is more than a little ambiguous. For starters, consider that 2016 was a particularly hard year financially, with advertising revenue losses that started bad and got even worse in the fall. Both Gannett and Tronc are profitable on a cash […]
Within the tech world, there is something known as a Chaos Monkey. It is a software tool that simulates chaos and uncertainty, rampaging through a system pulling at cables and kicking computers. Simulate big problems so you can prepare for them; that’s how the thinking goes. Chaos Monkeys are tame – they are a tool employed by network administrators to make their systems safer and more stable. […]
When Jack Ma criticised Hong Kong last month for having outdated stock market listing practices, the Alibaba founder hit the city where it hurts. Hong Kong’s rivalry with New York has only heightened since the billionaire chose the US for his ecommerce group’s initial public offering two years ago. And next year, the battle between the world’s two largest listing centres will only become more heated, as three […]
Posted: Dec. 27, 2016 7:00 am Updated: Dec. 27, 2016 7:46 am MANILA, Philippines (AP) The Philippine coast guard pressed its search Tuesday for 18 crewmen from a cargo ship that sank at the height of Typhoon Nock-Ten, which struck the country on Christmas Day. Coast guard spokesman Armand Balilo said 14 other crewmen have been rescued and one died after the M/V Starlite Atlantic sank […]
Law Blog rounds up the morning’s legal news: Law firm hacking: Three Chinese traders earned more than $4 million in illegal profits after they hacked into the computer systems of prominent U.S. law firms and stole nonpublic information on mergers and acquisitions, according to an unsealed federal indictment. [WSJ, NYT] Student loan bankruptcy: Borrowers are beginning to win battles to erase some student loans in bankruptcy court, […]
Photo Construction this week in the settlement of Har Homa in Jerusalem. Credit Atef Safadi/European Pressphoto Agency JERUSALEM — Israeli leaders postponed plans on Wednesday to move ahead with new housing in East Jerusalem, just hours before Secretary of State John Kerry was scheduled to deliver a much-anticipated speech outlining an American vision for peace with the Palestinians. The Jerusalem city planning committee, reportedly acting at the […]
When the direct trading link between stock markets in Shenzhen and Hong Kong opened this month, local dignitaries were easy to spot at the launch events. Less conspicuous were international investors ready to take advantage of what was billed as a big opportunity to buy into Chinese equities. The link offers foreign investors greater access to shares on the Shenzhen Stock Exchange, home to some of China’s up […]
Qatar Airways has reportedly spoken of a positive outlook for 2017, as its rivals Emirates and Etihad Airways scale back in response to tough economic conditions and lower air travel demand. A spokesperson for Qatar Airways told Doha News that the airline would be adding new routes next year, and had recently put in a new order for Boeing aircraft. The spokesperson reportedly added that Qatar Airways […]
By Makiko Yamazaki | TOKYO TOKYO A looming writedown at Japanese conglomerate Toshiba Corp has wiped almost $5 billion off its value in two days and prompted a credit rating downgrade on Wednesday, as the company grapples to plug a potential multi-billion dollar hole. Toshiba said late on Tuesday that cost overruns at a U.S. nuclear business it bought from Chicago Bridge & Iron last year, CB&I […]
