|By TAP Staff| FGB has completed its USD 1 Billion three-year loan facility, with an oversubscription of around 33% for its initial launch amount of USD 750 million. FGB will be paying 70 bps per annum above USD LIBOR and has a bullet repayment at the end of the three year tenor. The facility will be used for general financing purposes Commenting on the deal, Christopher Wilmot, […]
FRANKFURT Flush with cash and confidence after years of rising sales, German carmakers are used to reaping industry-leading returns. But with Chinese demand abruptly slowing, the profit engine has begun to sputter, overshadowing the glitz of the Frankfurt auto show which opens on Tuesday. For the home team of BMW, Daimler and Volkswagen, as well as European rivals such as PSA Peugeot Citroen, China’s downturn also threatens […]
LEBANON. On Sept. 11, 2015, Standard & Poor’s Ratings Services revised its outlook on the Republic of Lebanon to negative from stable. At the same time, we affirmed our ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings. RATIONALE The outlook revision stems from our view that political uncertainty in Lebanon and regional tensions will continue to weigh on economic growth in the mediumterm. In […]
The UAE’s Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances in the country, has ramped up its awareness strategy to combat cybercrime. The strategy focuses on disseminating information to member exchange houses to combat cybercrime activities costing the global economy over $110 billion every year, said a statement. Rajiv Raipancholia, FERG secretary and Orient Exchange’s chief executive officer, said: “Not […]
Huawei, a leading information and communications technology (ICT) solutions provider, has launched a new Joint Innovation Center (JIC) in Saudi Arabia together with Saudi Aramco and King Fahad University of Petroleum and Minerals (KFUPM). Located in Dhahran Techno Valley Innovation Center, the centre will be dedicated to the oil and gas industry, jointly working with the leading oil and gas company and the university, said a statement. […]
UAE. Latest business survey data pointed to a robust and accelerated expansion in Dubai’s private sector output during August. Furthermore, the rate of business activity growth was the fastest seen since May, with all three monitored sub-sectors reporting stronger output growth in the latest survey period. The rebound in activity growth was underpinned by a stronger expansion in new business, which increased at the strongest rate in […]
Russian-speaking hackers with the cyberespionage group Turla have found a way to exploit weaknesses in global satellite networks to steal data while disguising the locations of their computers, the security firm Kaspersky Lab has revealed. Researchers at the firm said the hacking group, which has infected hundreds of computers in nearly four dozen countries over its eight-plus years of operation, has found an “exquisite” way to steal […]
UAE. Asteco, the Middle East’s largest full service real estate company has released its mid-year UAE market report ahead of Cityscape Global, highlighting stability in Dubai with a continued focus towards the affordable segment, in contrast to the high end market which experienced declines of up to 10%. Affordable apartment units at IMPZ, Discovery Gardens and Dubai Silicon Oasis showed 3%, 6% and 2% sales growth over […]
UAE. A report published today by international real estate advisor Savills has ranked the United States of America (USA), the United Arab Emirates (UAE) and Singapore respectively as the top three countries for residential investability on the basis of economic growth and market recovery. The new Savills World Residential Investability Ranking focuses on countries with cities and resort locations that have consistently attracted investor interest over recent […]
A customer points at a screen displaying a website of Alibaba’s Taobao at a rural service centre in Yuzhao Village, Tonglu, Zhejiang province, China, July 20, 2015. Reuters/Aly Song Alibaba Group Holding Ltd (BABA.N) said on Tuesday it expected second-quarter gross merchandise volume (GMV) to be lower than its initial estimates due to weaker consumer spending in China. The company’s shares reversed course and slipped as much […]
|By Matein Khalid| The Federal Reserve could well raise its overnight borrowing rate at the next FOMC monetary policy conclave on September 17. Though contagion from China’s 40% stock market meltdown has triggered bear markets from Hong Kong to Frankfurt and plunged Asian/emerging markets equities into ta ghastly replay of 1998’s epic meltdown (General Suharto’s overthrow, the Russian rouble default, Malaysia’s capital controls, the run on the […]
With oil stock balances next year looking softer and costs coming down, the commodity will trade at $55 and $61 per barrel during 2016 and 2017, respectively, said the Bank of America (BofA) Merrill Lynch in a report. “Looking at the near-term, however, we still believe oil prices will rebound into year-end on a combination of factors,” said the report titled “Global Energy Weekly: Oil at an […]
An explosion in the number of new Internet addresses has created a wealth of opportunities for criminals exploiting shady domains such as .zip, .kim or .party, according to an industry study published on Tuesday. Attackers are constantly in search of new domains for links to lead users to download malware, divulge personal data or spam their friends, and a liberalization of the Web has expanded the number […]
Fast-growing, Portland, Oregon-based video-streaming infrastructure company Elemental Technologies is becoming a property of Amazon Web Services. AWS has reportedly clinched a deal to acquire Elemental, which will continue to operate under its own brand name, for $500 million. Founded in 2006, Elemental provides cloud-based software that lets its customers more easily reformat and stream video from live and on-demand sources onto laptops, tablets, smartphones and other devices. […]
Middle East Refugees from Syria walked down the railway in Horgos, Serbia, on Sunday before crossing into Hungary. By ANNE BARNARD September 4, 2015 BEIRUT, Lebanon — Arresting images of desperation on the West’s doorstep have brought Syria, for the moment, back to worldwide attention: refugees cramming into train stations and climbing border fences; drowned Syrian toddlers washing up on beaches, a girl in polka dots, a boy in […]
DETROIT From his laboratory at Pittsburgh’s Carnegie Mellon University, automated vehicle pioneer Raj Rajkumar says self-driving cars will evolve step-by-step, with humans staying in charge for a long time to come. More than 2,500 miles west in Mountain View, California, Chris Urmson, head of Google Inc’s self-driving car program since 2009, has a different view: A fully automated vehicle that requires no input or intervention from humans is […]
People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. Reuters/Mansi Thapliyal/Files LONDON English Premier League club Manchester United said on Wednesday it had signed a partnership deal with IT firm HCL Technologies to improve its website and app as it gears up to launch a new digital media strategy. The 20-time league winners have struggled […]
|By Matein Khalid| Hong Kong now trades at 9.6 times earnings and 0.86 book value. Hang Seng valuations were gutted by the protest movements in Central and the Shanghai financial meltdown. The Hang Seng index is down 25% since late May and now trades at six times forward earnings, its post Lehman, post 2014 bottom. Hong Kong trades at its lowest price/book value since the Asian flu […]
UAE. With a 54% decline in the price of oil prices during the past 12 months the United Arab Emirates (UAE) real estate market is now beginning to feel the effect with property transaction levels falling across Abu Dhabi, Dubai and Sharjah, according to the latest research from international real estate consultancy, Cluttons. Cluttons’ annual 2015 UAE Property Report reveals that the direct correlation between hydrocarbon revenues […]
UAE. Management in the Gulf need to take more risks and develop staff to think creatively, according to a new global innovation survey designed to help companies stop wasting their best ideas and flushing hundreds of billions of dollars down the drain. Announced in Abu Dhabi today by PA Consulting Group, the report highlights an overwhelming view that leadership of organisations in the UAE, Saudi Arabia and […]
UAE. Today, Phidar Advisory released its Q3 mid-quarter Dubai residential research note. The report shows that residential prices in the third quarter of 2015 continue to decline, compared to the previous quarter. However, the most significant finding was in a statistical analysis of the relationship between currencies and Dubai real estate prices. “Analysis reveals a significant relationship between three key foreign currencies and Dubai real estate prices,” said […]
ABU DHABI // More than 2,000 pupils at the 21st Century Private Academy are still waiting for classes to begin while their school remains closed four days into the new academic year. On what was to be the first day of class on Sunday, several parents visited the Filipino school and were told by an assistant principal that classes were tentatively scheduled to resume in October. “We […]
A woman walks past a logo of Google at the Global Mobile Internet Conference (GMIC) 2015 in Beijing, China, April 28, 2015. Reuters/Kim Kyung-Hoon REUTERS – Google Inc and French drugmaker Sanofi SA said they will partner to develop tools to improve the management and treatment of diabetes. Sanofi will work with Google’s life sciences team to collect, analyze and understand information impacting diabetes, which is expected […]
BEIRUT, Lebanon — Lebanese demonstrators gathered by the thousands on Saturday evening to protest towering garbage piles, corruption and political dysfunction, largely avoiding the clashes with security forces that had marred earlier protests. The crowd in downtown Beirut was the biggest turnout yet, and many people arrived leery of the possibility of violence. Last weekend, security forces used water cannons, tear gas and rubber bullets as some […]
