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 […]
By Tim Cocks and Aaron Ross | KINSHASA KINSHASA Gunfire could be heard in several districts of Kinshasa early on Tuesday as demonstrators demanded that President Joseph Kabila step down after his mandate expired at midnight, and measures to curb dissent fanned fears of more violence. Reuters witnesses in various parts of the Democratic Republic of Congo’s capital city heard repeated gunshots, and one saw youths burning […]
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. Imagine if Snopes, PolitiFact and The Associated Press fact-checked our holiday cards and letters — or many of our daily declarations — for the truth. Facebook, of course, just announced it would team with PolitiFact, FactCheck.org, the Associated Press, ABC […]
Christine Lagarde was found guilty of negligence in public office by a special Paris court on Monday in a ruling that will cast a cloud over her position as managing director of the International Monetary Fund. Within hours, however, the former French finance minister won the support of her board, clearing the way for her to continue on at the head of the fund. The board’s decision came […]
By Michael Shields and Arnd Wiegmann | ZURICH ZURICH Three people were wounded in a shooting near an Islamic centre in central Zurich on Monday, police said. Swiss media said a suspect was on the run after the incident near the main train station in Switzerland’s financial capital. It was not immediately clear whether the Islamic centre or any of the other businesses registered buildings nearby, were […]
Our annual collection of media corrections is, undoubtedly, an excuse to chuckle at our industry’s missteps. But it’s also a recognition of an honorable practice that not everyone follows. Outlets that mark their corrected articles clearly or collect them in one easily searchable section (for example, The Guardian) may be over-represented in this list, but they should be commended. A note on selection: This is a list of media […]
Fitch Ratings-Dubai/London-19 December 2016 The ability of the UAE courts to interpret the federation’s new bankruptcy law and handle bankruptcy proceedings will be key to its effective implementation, Fitch Ratings says. The law is due to come into effect at the end of this month. It aims to create a clear and predictable framework for court-based bankruptcy proceedings as an alternative to liquidation. We think the new […]
U.S. stocks were higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares. The S&P technology index .SPLRCT rose 0.94 percent, leading the 11 major sectors. Microsoft (MSFT.O), Amazon (AMZN.O) and Apple (AAPL.O) were up between 1-1.8 percent, providing the biggest boost to the Nasdaq and the S&P 500. “Traditionally, as you head into the […]
A last-ditch attempt by Monte dei Paschi di Siena, the struggling Italian bank, to raise up to €5bn in capital was thrown into doubt after the country’s private bank rescue fund expressed “strong reservations” over the terms of a bridge loan that is key to the deal. On Monday, MPS said in a statement that it was “in contact” with Quaestio Capital Management — which manages the […]
Most players will tell you that the back-to-backs add up to more fatigue and more risk for injury. They have also become a marketing problem for the league, because coaches sometimes bench their stars for one of the games. Continue reading the main story Just last week the Cleveland Cavaliers left LeBron James, Kyrie Irving and Kevin Love at home when the team visited the Memphis Grizzlies […]
WASHINGTON President-elect Donald Trump plans to nominate Virtu Financial founder Vincent Viola as secretary of the Army, the Trump transition team said on Monday. Viola is a West Point graduate and U.S. Army veteran who has founded companies, including the high-frequency trading firm Virtu Financial. He is a former chairman of the New York Mercantile Exchange, where he began his financial services career, and is a leader […]
Bank supervision and anti-money laundering standards need to be toughened in global geopolitical hotspots as a way of tackling the recent decline in so-called correspondent banking, a global group of policymakers has said. The Financial Stability Board, the group of policymakers and regulators that makes recommendations to the G20 nations, said on Monday that its members should assist other countries in drafting legislation and training supervisors to […]
Bank also aims to raise interest in Emirati youth to pursue banking and financial careers Dubai, 19 December, 2016 Emirates NBD, a leading bank in the region, has launched a brand new edutainment mobile simulation game, ‘Banki’ in its efforts to promote financial literacy in the UAE. Through its highly engaging and informational interface, Banki will target the nation’s youth to become economically aware at a young […]
Ireland will appeal the European Commission’s ruling to collect €13 billion in taxes from Apple, the Irish Department of Finance has announced on Monday. The Irish countermove comes nearly four months after the European Commission declared tax arrangements between Apple and Ireland — originally established in 1991 — had allowed the company to pay “substantially less tax” than rival companies, and were therefore illegal under state aid […]
TOKYO Asian shares slipped to four-week lows on Monday as the prospect of higher U.S. interest rates and a strong dollar stemming from the incoming Trump Administration’s purported policies of cutting taxes and spending heavily threatened to suck capital out of emerging markets. European shares are seen having better luck, following recent gains in shares of banks, resource companies and some automakers. Spread-betters see a rise of […]
By Jack Kim | SEOUL SEOUL A friend of South Korean President Park Geun-hye at the centre of a corruption scandal that led to Park’s impeachment in parliament denied charges of fraud and abuse of power on Monday on the first day of her trial. The friend, Choi Soon-sil, 60, is charged with pressuring big businesses to pay money to foundations that backed Park’s policy initiatives. Prosecutors […]
As Trump prepares for his presidential inauguration, the connections to Russia of people who will likely serve in his administration have come under scrutiny. In 2013, Vladimir Putin awarded Tillerson with the Order of Friendship, a state decoration for foreigners whose work improves their countries’ relations with Moscow. “I don’t know what Mr. Tillerson’s relationship with Vladimir Putin was, but I’ll tell you it is a matter of […]
With Tesla’s success and financial muscle, its CEO Elon Musk is free to explore new ventures such as his SpaceX and the solar roof project he has just unveiled. His latest interest seems to have zoomed in on tunnels. Musk vs. Traffic This came after an exasperated Musk posted at Twitter that the traffic is driving him nuts so he is going to build a machine that will bore […]
Monday 02:20 GMT Overview Stocks across Asia were weaker, retreating in line with Wall Street’s slight pullback on Friday from last week’s record highs, and as the US dollar softened. What to watch Investors are turning their attention to the Bank of Japan’s policy decision on Tuesday, in the wake of the Federal Reserve’s interest rate rise last week. While the dollar’s strength over recent weeks seems […]
Your daily guide to community and cultural activities across the Emirates for December 19, 2016, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. newslide Abu Dhabi Film screenings Catch two film screenings as part of the Cinema Space series. The Patience Stone (pictured), a film in Dari (Afhgan Persion) with English subtitles, is about a young woman in […]
The Federal Reserve will wait six months before raising interest rates again, according to a survey of top economists that suggests policymakers will maintain a cautious approach to tightening policy until they see the economic package US president-elect Donald Trump has promised. Officials will raise the Fed’s key short-term rate just twice in 2017, starting with a move in June, an FT survey of 31 Wall Street […]
