David Cameron began 2016 in 10 Downing Street and ended it at DePauw University in a small Indiana town, speaking for a reported £120,000 an hour. The former British prime minister is now paid almost as much for a 60-minute speech as he used to earn in a year, as he tries to make sense of his own historic failure: Brexit. Whatever he says now, Mr Cameron’s […]
While an overseas buying spree by Chinese companies has grabbed headlines, more mundane activity such as trade finance and corporate cash management are a much bigger strain on China’s foreign exchange reserves, analysis of official data shows. The dominance of bank lending and portfolio investment as a source of Chinese capital outflows casts doubt on whether Beijing’s recent clampdown on big-ticket foreign deals by the likes of Dalian […]
Wall Street is bathing in nostalgia. This week the cover of Barron’s, the bible of US retail investors, proclaimed “Dow 20,000”. Presenters on CNBC are wearing Dow 10,000 caps first donned in 1999. And each day the thinning crowds on the floor of the New York Stock Exchange have watched the boards to see if the Dow Jones Industrial Average, having passed 19,900, can top the 20,000 […]
A series of big events shaped financial markets in 2016. Here is a selection of FT analyses and commentary, alongside charts, highlighting a tumultuous year. The new year rout January proved brutal for investors. After just 10 trading days, global equity markets had lost more than $4tn of value, with sentiment hammered by fears about China’s economic slowdown and a depreciating currency. In turn, bond markets were […]
SIGN UP FOR OUR NEWSLETTER An opposition-backed bill in Pakistan seeking to establish a commission to inquire into the revelations made by the controversial Panama Papers, which suggest financial wrongdoings by Prime Minister Sharif and his family, prompted an exchange of harsh words in the Islamabad-based parliament this week. The bill, officially known as the “Panama Papers Inquiries Act, 2016,” has already cleared the Senate. SIGN UP […]
Our round-up of the week’s best comment and analysis from the Financial Times focuses on expectations of a Trump-presidency stimulus and the danger of complacency. The selection is taken from our Markets Insight and Smart Money columns, written by industry contributors and FT commentators. Wall Street might be too complacent about Donald Trump’s corporate tax stimulus and are not pricing in an upsurge in volatility, argues the […]
(Image: file photo) An advisor working for financial planning giant Ameriprise has inadvertently exposed hundreds of investment portfolios, worth tens of millions of dollars. The data was found on an internet-connected backup drive at the advisor’s home, which was set to synchronize over the internet with his primary backup drive at his office. But neither drive had a password, allowing anyone to view sensitive client data. The […]
18 December 2016 Dubai: The Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with Dubai Islamic Economy Development Centre to exchange experiences and coordinate on matters related to the strategic plan for ‘Dubai the Capital of Islamic Economy 2017-2021’, in order to strengthen the UAE’s position and enhance the Emirate of Dubai as the capital of the Islamic economy. The Dubai Islamic Economy Development Center […]
US planemaker Boeing is working to resolve certain issues with IranAir to finalise a $16.6 billion aircraft deal, and the manufacturer plans to commence the the first delivery in 2018, a senior company official told Arabian Business. The deal for 80 Boeing passenger jets, announced on Sunday, includes 50 narrow-body 737 MAX aircraft and 30 long-haul 777s, split equally between the 777-300ER, and the 406-seat 777-9, which […]
By David Stanway | PINGDINGSHAN, China PINGDINGSHAN, China China has ordered state firms to smash the decades-old system of providing cradle-to-grave welfare support, known as the country’s “iron rice bowl”. But the order, part of a plan to reduce financial pressure on bloated and heavily indebted state-owned enterprises (SOEs), is likely to be easier said than done as cities navigate the social and financial wrenches the changes […]
Monte dei Paschi di Siena has gained stock market approval to extend a voluntary debt-for-equity swap to retail investors, a key part of the Italian bank’s attempt to raise €5bn in fresh capital before Christmas and stave off a state rescue. The last-gasp attempt by the world’s oldest surviving lender comes as regulators and the bank have revealed that long running crisis at MPS is taking a […]
It was a clear and chilly afternoon in Moscow – March 18, 2014 – when Russian President Vladimir Putin signed the documents to formally annex the Crimean Peninsula away from Ukraine. Frustrated Western governments soon began rolling out the only response they could agree on to Mr. Putin’s brazen redrawing of Europe’s borders: economic sanctions. Over the next two days, the United States would designate 27 individuals […]
Philippines President Rodrigo Duterte(Photo: Tang Chhin Sothy, AFP/Getty Images) President Rodrigo Duterte threatened Saturday to terminate a pact that allows U.S. troops to visit the Philippines, saying “bye-bye America” as he reacted with rage to what he thought was a U.S. decision to scrap a major aid package over human rights concerns. A U.S. government aid agency, the Millennium Challenge Corporation, said earlier in the week that […]
Your daily guide to community and cultural activities across the Emirates for December 18, 2016, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. newslide Abu Dhabi Festival tickets Buy tickets for the Abu Dhabi Festival, which runs from March 14 to 31 and features artists across a variety of genres and nationalities, opening with Saudi singer Mohamed Abdo. […]
By all accounts, the June charity gala at Skylight, a Beaux-Arts building in midtown New York, was a very glitzy affair. Whoopi Goldberg served as master of ceremonies, while Naomi Campbell and Leonardo DiCaprio were among the A-list guests. The hosts for the evening were Martin Chavez, named this week as the next chief financial officer of Goldman Sachs, and his husband, Adam Norbury. In many respects […]
As millions of children around the world drag their parents to shopping malls to sit on Santa’s lap and tell him their wishes, hardly anyone is coming to Demre. Turkey has an abundance of problems — frequent terror attacks, a swelling population of Syrian refugees, mass arrests after a failed coup — that have driven tourists away. The only foreign visitors to Demre these days seem to […]
With Net Profit Reaching SAR 159 Million; a 41.8% Increase Compared to the Same Period Last Year: 15 December 2016 Riyadh: Saudia Dairy and Foodstuff Company (SADAFCO) has commenced operations of the new solar project that comes in line with the Kingdom’s 2030 vision for renewable energy, offering new employment opportunities and creates economic diversification. “The new 2 SAR million solar power project at our Riyadh Regional […]
By EconMatters We discuss a preview of January`s Earnings releases and how massive the gap down in most of these stocks will be when they report in a month. There have already been two earning`s guide downs from industrial companies this past week in UTX, and HON. But with the run up in financials and energies for the last month we are going to experience big $5 […]
Newspapers reach nearly seven in 10 Americans in any given month, according to a new report from the ratings agency Nielsen. The report, drawn from a Nielsen Scarborough study, found that “more than 169 million adults in the U.S. read a newspaper in a month — whether it be in print, on a website or via mobile app.” Notably, more than half of monthly newspaper readers are reading […]
When the first commercial solar photovoltaic panel was unveiled in 1954, it was only capable of converting into electricity six per cent of the Sun’s light. Efficiency has increased since then, making solar a viable option for homes and power plants alike. The gains started plateauing in the 1990s and today’s panels, which convert about a quarter of the sunlight they capture into electricity, are only slightly […]
Re: Investigation fallout felt around the world, Dec. 11 Investigation fallout felt around the world, Dec. 11 Kudos to the Star for their continuing coverage of “The Panama Papers “ investigation. With every new revelation, it never fails to amaze me, the extent of devious manipulations employed by obscenely wealthy individuals to avoid contributing their fair share of taxes. There is a growing resentment among the rest […]
The New York Times will vacate eight floors of its midtown headquarters in a bid to make some money and improve its efficiency. “The current way we have configured our office makes us slower and less collaborative,” New York Times CEO Mark Thompson and Publisher Arthur Sulzberger Jr. said in a memo to staff Friday. “It is also, frankly, too expensive to occupy this many floors when […]
By Chuck Mikolajczak | NEW YORK NEW YORK Benchmark U.S. stock index rallies, in anticipation of fiscal stimulus measures by the incoming administration of President-elect Donald Trump, could also be laying the seeds for equity market troubles from a stronger dollar and rising bond yields. The S&P 500 stock index .SPX has surged over 8 percent since the Nov. 8 election, due in large part to sectors […]
ABU DHABI // Before becoming Europe’s No 1 ethical hacker, Jamie Woodruff took advantage of his autism to become a computer boffin and started hacking when he was nine. In discussing with young people how challenges can be turned to opportunities, Mr Woodruff, 23, showed how he overcame autism, dyslexia and dyspraxia. “I did not have access to education sectors that you would see. When I went to […]
