FRANKFURT European Central Bank policymaker Jens Weidmann said plans for a state bailout of Italian bank Monte dei Paschi di Siena (BMPS.MI) should be weighed carefully as many questions remain to be answered, according to German newspaper Bild. “For the measures planned by the Italian government the bank has to be financially healthy at its core. The money cannot be used to cover losses that are already […]
One may assume the life of a member of a Royal Family is easy, right? After all, members receive the “royal treatment” all year long. But the truth is royal families are just like all our families. Their lives can include controversy, scandal and some drama. And this year was no different. Whether it was relationship rumours, links to the Panama Papers scandal, tax fraud trials or […]
Well before India’s surprise ban on using 86 per cent of its cash supply, rightwing circles were abuzz with speculation about prime minister Narendra Modi taking such a step to fight so-called black money. Mainstream economists paid little heed to the chatter — deeming it “too preposterous” to take seriously, given the economic damage it would inflict. But with India now reeling from the acute cash crunch triggered […]
Saudi Arabia will resist plans to introduce a tax on expat remittances for now, according to Mohammed Al-Tuwaijri, secretary general of the Financial Committee at the Royal Court. Saudi Arabia’s Shura council has discussed plans to impose a 2 to 6 percent tax on expat workers’ remittances, following a proposal submitted by former Shura council member Husam Al Angari. He proposed an initial tax of 6 percent […]
Kuwait, 26 December 2016 Kuwait Financial Centre “Markaz” and Gulf Bank announced in a joint statement the successful completion of “Markaz” 5 years bond issue with a nominal value of 25 Million Kuwaiti Dinar, which was oversubscribed. This extensive demand reflects the investors’ trust in “Markaz”, the quality of the issue, and the high creditworthiness of “Markaz,” in addition to the effectiveness of the joint distribution efforts […]
MILAN/LONDON On the morning of July 29, former Italian Industry Minister Corrado Passera was traveling in a high-speed train toward the medieval city of Siena, racing to meet the directors of the world’s oldest bank to present them with a rescue plan. Monte dei Paschi di Siena, Italy’s third-largest lender, was destined to be wound down within months unless it could raise billions of euros and pull […]
The Apple AirPods is available right now for purchase, and many are going out to get a pair for Christmas. However, one should keep in mind that the AirPods are not the best when it comes down to reparability, so taking care of them and not allowing them to break is a must. We say this because the folks at iFixit decided to teardown the AirPods to […]
Over the past year, technology and ‘sharing economy’ start-ups have continued their disruption of traditional industries — from Uber and other ride hailers’ shake-up of the taxi market to Airbnb’s myriad alternatives to conventional hotel stays. But which will be the next businesses to be challenged by further digitisation and automation? FT correspondents have looked ahead five to 10 years to identify those industry sectors and companies […]
Dubai’s Shuaa Capital bought 14 percent of Bahrain’s Khaleeji Commercial Bank on Sunday for 9.6 million dinars ($25 million) and said it would use the stake to support the bank’s expansion. The Dubai-listed investment bank purchased the stake from Alimtiaz Investment Group for 0.065 dinar per share, acquiring 147.1 million shares in a special auction, the Bahraini bourse said. KHCB is an Islamic retail bank with assets […]
SEOUL Headed for a fourth straight annual profit decline, Hyundai Motor (005380.KS) is trimming its cost fat; scaling back on business class flights and annual family home trips for overseas employees, executives told Reuters. The South Korean automaker has been hit by its exposure to weak emerging markets, and a product line-up that features more sedans than sport utility vehicles, just as SUVs have become more popular […]
2016 was chock-full of surprises, both in markets and in politics. As Goldman’s Allison Nathan explains, the year began with a perfect storm of worries that had become all too familiar already in 2015. Oil prices plunged and fears of faltering growth and a sharp depreciation of China’s currency escalated, driving disruptive sell-offs in credit and other risk assets. Confidence in global growth faltered, particularly after an […]
TEL AVIV Messaging app Snapchat is buying Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million, marking Snapchat’s first acquisition in Israel, the Calcalist financial daily reported on Sunday. Cimagine developed True Marketless Augmented Reality – technology that allows users to virtually place furniture and appliances they wish to purchase in the space of their home, on their mobile devices, at the click of a […]
When US authorities started pursuing banks for their role in slicing, dicing and packaging the arcane products that sparked the financial crisis, they initially focused on domestic lenders. Now it is Europe’s banks that are in the crosshairs. Two days before Christmas, Deutsche Bank and Credit Suisse have agreed to settle with the US Department of Justice over the alleged mis-selling of mortgage-backed securities in the run-up […]
BEIJING China needs to keep financial market liquidity stable and regulate its “money gates” to prevent asset bubbles, but it also needs to ensure a lack of liquidity doesn’t cause financial stress, according to a commentary in a newspaper owned by the People’s Bank of China. Chinese policymakers face a dilemma as they need to tighten credit to contain debt and speculative investment without triggering a wave […]
Israel on Sunday summoned ambassadors of countries that belong to the UN Security Council for a Christmas Day reprimand for their support of a resolution condemning Israel’s illegal settlements on Palestinian lands. The UK was among the countries which saw its diplomats called into Israel’s ministry of foreign affairs on Sunday. David Quarrey, Britain’s ambassador to Israel, told the Financial Times. While Mr Quarrey was in the […]
By Lucia Mutikani | WASHINGTON WASHINGTON New U.S. single-family home sales rose more than expected in November and consumer sentiment hovered near a 13-year high this month, strengthening the view that the economy will gain further momentum next year. President-elect Donald Trump’s plan to cut taxes and increase infrastructure spending is expected to boost economic growth, though it already has sparked a surge in mortgage rates that […]
Three Société Générale executives have been arrested in Equatorial Guinea for allegedly breaking its banking secrecy laws, accused of leaking financial documents to be used against the country’s vice president during his upcoming corruption trial in Paris. The move is the latest in a tit-for-tat battle between the two countries after French prosecutors this year formally charged the vice president, Teodoro Nguema Obiang, of acquiring real estate, luxury […]
Abu Dhabi 22 December 2016 Union National Bank (UNB) signed a Memorandum of Understanding (MoU) with the Emirates Institute of Banking and Financial Studies (EIBFS). The signing ceremony took place on Tuesday 20th December 2016, at UNB head office, Abu Dhabi, and was attended by Mr. Mohammad Ali, Deputy CEO from UNB, and Mr. Jamal Al Jassmi General Manager of EIBFS, along with other Senior Executives from […]
Donald Trump intends to close his charitable foundation to reduce the number of potential conflicts of interest he faces, as the New York property mogul prepares for his inauguration on January 20 as the 45th president of the US. In a statement released on Christmas Eve, Mr Trump said he had instructed his lawyers to dissolve the charity without providing details on timing. The president-elect has faced considerable […]
Written by Ritu Sarin | New Delhi | Published:December 25, 2016 4:55 am The Letters of Intent along with the precise quantum of orders to each foreign firm would be finalised soon. The remonetisation drive — and the frantic printing of banknotes — has brought some Christmas cheer for some of the world’s largest currency paper suppliers. Over Thursday and Friday, principals of eight foreign firms were […]
Region’s Largest Financial Advisor Observes “Troublingly Low” Penetration Rates across the Country Key Benefits Include Medical Emergency Coverage, as well as Compensation for Flight Delays and Loss of Personal Belongings 22 December 2016 Dubai, United Arab Emirates UAE holidaymakers are putting themselves at increased risk of facing serious financial repercussions by not taking measures to adequately cover themselves in the event of a travel emergency, experts […]
Bulletproof Group reported on Thursday that it is on track to deliver improved financial results in the 2016-17 financial year, thanks to product investment and marketing strategies. The Australian Securities Exchange-listed cloud services provider informed the market that full-year revenue is expected to reach AU$54 million, up 14 percent from the 2015-16 financial year. Half-year revenue is expected to reach AU$24 million, an 11 percent increase over […]
By Lawrence Delevingne | NEW YORK NEW YORK When six executives of Platinum Partners, including founder Mark Nordlicht, were arrested on Monday on federal charges of running a more than $1 billion hedge fund fraud, people who had long alleged they were harmed by the New York-based firm felt some vindication. But the possibility that each defendant might face prison terms has done little to soothe their […]
Your daily guide to community and cultural activities across the Emirates for December 25, 2016, including Christmas attractions, food markets, art exhibitions, fitness events, performances, film screenings and family fun. Abu Dhabi Art exhibition See the exhibition Visions of the Future which features some of the most established artists in the UAE, as well as young talent, bringing a fresh character to Emirati art. Until January 5, […]
