Australia’s corporate regulator has ordered Slater & Gordon to produce documents in relation to an investigation into the accuracy of its financial records, sending shares in the beleaguered law firm down more than 6 per cent. S&G has faced a string of issues with authorities in the UK and Australia following its disastrous 2015 acquisition of the professional services arm of UK-based Quindell, now known as Watchstone […]
A Middle Eastern investment banking fee bonanza should extend into 2017, spurred by a combination of bond and share sales and mergers and acquisitions as the region adjusts to lower oil prices, bankers say. Deals such as Saudi Arabia’s $17.5 billion debut international sovereign issue and the sale of a majority stake in retailer Kuwait Food Co (Americana) to Gulf-based Adeptio have helped banks’ earnings, off-setting falls […]
At least 26 people were killed and some 70 injured in a huge explosion at an open-air fireworks market in Mexico as shoppers stocked up on bangers and rockets for the holidays. The blasts ripped through the San Pablito fireworks market in the manner of a chain reaction on Tuesday afternoon. With about 300 stalls, the fireworks market, in the town of Tultepec in the central State […]
Friction between the two countries and their proxies is rising alarmingly at a time that mutual trust has reached a nadir. Tehran interprets Turkey’s Syria policy as primarily a product of a neo-Ottoman ambition to regain clout and empower pro-Turkey Sunnis in territories ruled by its progenitor. “What changed in Syria” after the civil war began “was neither the government’s nature nor Iran’s ties with it, but […]
Italian bank shares are on track for their best month in more than seven years as signs the government may intervene to support its financial sector gave fresh momentum to a rally. The FTSE Italia All-Share banks climbed 2.3 per cent in afternoon trading, leaving it up more than 22 per cent so far in December. The index is now on course for its best monthly showing […]
Europe 17:43 20.12.2016(updated 17:45 20.12.2016) Get short URL The Panama Papers affair began with the leak, by the International Consortium for Investigative Journalism, of 11.5 million confidential documents that provided detailed information about more than 214,000 offshore companies listed by the Panamanian corporate service provider Mossack Fonseca, including the identities of shareholders and directors of the companies. The documents show how wealthy individuals, such as public officials, hide their money from public scrutiny. It led to the European Commission […]
Tuesday 19:45 GMT Overview A robust session for US equities saw the Dow Jones Industrial Average climb to within a whisker of the 20,000 milestone as participants shrugged off geopolitical concerns and focused on the prospect of stronger growth under the presidency of Donald Trump. The “risk-on” mood in the markets left US Treasury prices and gold lower while the yen — viewed by many as a […]
The “animal spirits” that Donald Trump’s incoming US administration may unleash would have more far-reaching consequences on the economy and financial markets than any specific stimulus package he delivers, according to Bridgewater’s Ray Dalio. Mr Dalio, the founder of the world’s largest hedge fund group, wrote that “if this administration can spark a virtuous cycle in which people can make money, the move out of cash (that […]
The Dow and the Nasdaq hit record highs on Tuesday, with the blue-chip index just 13 points shy of the 20,000 mark, a level it has never scaled. Goldman Sachs (GS.N), which was up about 1 percent, gave the biggest boost to the Dow. U.S. stocks have been on a tear since the Nov. 8 presidential election, with the Dow up 9 percent and S&P more than […]
DUBAI // Housewives are risking fines and even jail by selling clothes, beauty products, home accessories and other items on social media without securing approval or a licence from authorities. The women, from India and Pakistan, are using sites such as Facebook and Instagram to sell their wares, which they either make themselves or bring from their home countries. This form of cottage industry is common on […]
Turkey’s lira, the second-worst performing currency of 2016, reverted to type with a bout of volatile trading after the country’s central bank kept interest rates unchanged. After strengthening by nearly 1 per cent ahead of the meeting, the lira came back under pressure and was trading at around TL3.54 to the dollar, although another bout of volatility subsequently pushed it higher in late London trading. Concerned about […]
Law Blog rounds up the morning’s legal news: Authorities allege $1 billion fraud at Platinum Partners: Top executives at the hedge-fund firm, including founder Mark Nordlicht, were arrested and charged with defrauding investors in one of the biggest such cases since Madoff’s Ponzi scheme. [WSJ, Bloomberg] Judge Persky cleared: A California judicial disciplinary panel found no grounds to sanction Santa Clara County Judge Aaron Persky over the six-month sentence […]
Submitted by Jayant Bhandari via Acting-Man.com, India’s Currency Ban – Part VI India’s Prime Minister, Narendra Modi, announced on 8th November 2016 that Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes would no longer be legal tender. Linked are Part-I, Part-II, Part-III, Part-IV, and Part-V, which provide updates on the demonetization saga and how Modi is acting as a catalyst to hasten the rapid degradation of […]
It started off as one of those typical conversations you have when you’re in a foreign country and the taxi driver recognizes you to be a foreigner. “Where are you from?,” he asks, soon after I get into the bright yellow taxi cab, to which I reply “Sri Lanka.”“Beautiful country,” he responds.“Have you been there?” I ask him politely.“No, but my friend went there for a holiday. He […]
20 December 2016 UAE – As the UAE increasingly becomes a thriving hub for entrepreneurs, the demand for accounting and finance skills will rise to sustain business and ensure success and survival amidst regional and global economic pressures, according to financial experts. Recent analysis revealed by professional networking site LinkedIn showed that the UAE has the highest percentage of members indicating entrepreneurship as their job function across the […]
The Turkish lira is climbing off its weekly lows this morning in the wake of the assassination of the Russian ambassador in Ankara on Monday and ahead of another key interest rate decision later today. At publication time, the lira has gained 0.35 per cent against the dollar to TRY3.5180 per dollar, having slumped to as low as TRY3.5340 in the aftermath of the shooting of Andrei […]
MUMBAI Apple Inc is in talks with India’s government to explore making products locally, the Wall Street Journal reported on Tuesday, as the U.S. firm aims to make deeper inroads in the world’s second-largest mobile phone market by users. Prime Minister Narendra Modi is trying to boost technology manufacturing in the country through his ‘Make in India’ initiative. His government in June exempted foreign retailers for three […]
ZURICH A man who shot three people at a Zurich mosque on Monday is dead, police said on Tuesday, confirming that a body found near the scene was that of the assailant. Zurich cantonal police said authorities had identified the suspect, but gave no details. A news conference was scheduled for 1300 GMT. The gunman had stormed into the Islamic centre and opened fire on worshippers. “The […]
It’s a hot July day in Bethlehem, and white-robed pilgrims from Nigeria stand in the courtyard entrance to the ancient church, singing and beating drums. They’ve travelled more than 3,500 kilometres to enter the church’s low wooden door, pass through a nave under restoration and down one of the staircases in the sprawling church, to the grotto. There, they will kneel in prayer and devotion at the […]
By Umit Bektas and Orhan Coskun | ANKARA ANKARA Turkish police have detained six people over the killing of the Russian ambassador, state media said, who was shot in the back as he gave a speech in Ankara on Monday by an off-duty police officer shouting “Don’t forget Aleppo” and “Allahu Akbar”. The state-run Anadolu agency said on Tuesday the attacker’s mother, father, sister and two other […]
Tuesday 02:20 GMT Overview Stock markets across Asia were largely on the back foot, with investors in the Japanese market treading particularly cautiously despite the yen weakening and the Bank of Japan keeping monetary policy meeting steady, as expected. Hot topic Global financial markets were beginning to quiet down in the lead-up to Christmas. Despite attacks in Germany and Turkey on Monday that added to geopolitical unease, […]
Reliance Jio is a great, big, and savvy Indian python that has recently slithered into the telecom space, threatening to swallow the lunch of existing incumbents like Airtel and Vodafone. The question is, will it end up swallowing itself tail-first as well? As I wrote a few months ago, and as you probably may well know, Mukesh Ambani, India’s oil to telecom billionaire who is not known […]
Tunis – December 20, 2016 The Tunis Bay Project Company, a project of Bahrain-based GFH Financial Group B.S.C., held a ceremony in the Tunisian capital recently to mark the nearing completion of infrastructure works on the first and second phases of the Tunis Financial Harbour (TFH). The ceremony was held under patronage and presence of Tunisia’s Prime Minister, Youssif Chahed, a number of other ministers, parliament members and diplomats. The event coincided […]
Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar have entered into initial talks for a potential merger, a statement said on Monday, in a deal that would create the Gulf state’s second-largest bank. The trio have begun initial discussions “to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar’s economic growth”, according to a joint […]
