|By Matein Khalid|Brexit will have a profound impact on international banking. It was no coincidence that the shares of UK, German, Swiss, Italian, Spanish and other banks fell 20-25% in a single trading session on news of Brexit. Even American money center banks and investment banks with a large footprint in the City of London fell 8 – 10% on Friday, June 24, 2016. As Deutsche Bank […]
The logo of Facebook is seen at the Cannes Lions Festival in Cannes, France, June 23, 2016. Reuters/Eric Gaillard Facebook Inc on Friday said it began testing end-to-end encryption on its popular Messenger application to prevent snooping on digital conversations. The limited testing on Messenger, which has more than 900 million users, comes three months after Facebook rolled out end-to-end encryption to its more popular WhatsApp, a […]
Scientists with NASA’s Dawn mission have identified permanently shadowed regions on the dwarf planet Ceres. Most of these areas likely have been cold enough to trap water ice for a billion years, suggesting that ice deposits could exist there now. “The conditions on Ceres are right for accumulating deposits of water ice,” said Norbert Schorghofer, a Dawn guest investigator at the University of Hawaii at Manoa. “Ceres […]
Scientists have specified how many deaths can be attributed to human-made climate change during an extreme heatwave in two European cities in 2003. They calculate that in Paris, the hottest city in Europe during the heatwave in summer 2003, 506 out of 735 summer deaths recorded in the French capital were due to a heatwave made worse by human-made climate change. The impact of climate change was […]
|By Matein Khalid| The merger of Abu Dhabi banks First Gulf Bank and NBAD creates the largest bank in the Middle East, a regional colossus with $170 billion in assets, competitive funding cost in the global interbank/capital markets and a market value greater than Credit Suisse, Standard Chartered Bank (SCB) and Deutsche Bank. This is the biggest game changer event in UAE banking and finance since the […]
BAGHDAD — As celebrations for the Muslim holy month of Ramadan stretched past midnight into Sunday in central Baghdad, where Iraqis had gathered to eat, shop and just be together, a minivan packed with explosives blew up and killed at least 143 people — the third mass slaughter across three countries in less than a week. The attack was the deadliest in Baghdad in years — at […]
DUBAI // Transport authorities in Dubai are drawing up regulations to govern companies such as Uber and Careem. “The law is already there, it exists, we are looking at the implementation,” said Adel Shakeri, the Roads and Transport Authority’s director of transportation systems of the transport services. “We want to ensure security, safety is our main concern, there have been some incidents in other parts of the […]
|By Matein Khalid| David Cameron, Wall Street’s elite, Mutti Merkel, Obama, the Eurocrats of Brussels, the great and the good of the City and the IMF’s Lady Christine all got it so horribly wrong. I slept Thursday night with sterling at 1.50 on New York and awoke to see it trade at 1.34 on Friday, a 30 year low before the Plaza Accords. Britain has voted to […]
A journalist’s account of the conflict in Afghanistan details the cascading failures of the West Farewell Kabul: From Afghanistan to a More Dangerous World By Christina Lamb, William Collins, 640 pages, $25 There is a certain subspecies of journalist who comes to feel more at home in a foreign war zone than in her native land, who gets so plugged in with power brokers and average people […]
With just weeks to go before it launches its one-year Anniversary Update of Windows 10, Microsoft has been rolling out a series of preview builds aimed at fixing various bugs. The most recent build, announced yesterday, resolves a number of issues found in the PC and mobile versions of Microsoft’s operating system. The updates come on the heels of last week’s “Bug Bash,” during which Microsoft gave […]
A BGSU photochemical sciences research team has shown that a new and unusual reaction path in chemistry occurs not only in the gas phase, but also in solution. According to Dr. Alexander N. Tarnovsky, the finding, which is important to atmospheric photochemistry, also establishes the direct link between chemical reactivity in the gas phase and in solution. Tarnovsky and doctoral graduate assistants Andrey Mereschenko, Evgeniia V. Butaeva, […]
During its annual SugarCon conference last week, customer relationship management (CRM) firm SugarCRM unveiled a new machine learning-based offering that’s currently in development: Sugar Intelligence Service. The service, which will be delivered through a Siri- or Cortana-like artificial intelligence (AI) agent called “Candace,” will combine companies’ in-house data with other outside sources to provide predictive analytics and a more 360-degree view of customers. No release date or […]
Deal Professor By STEVEN DAVIDOFF SOLOMON It’s hard to get one’s head around it: An initial public offering that would value a company in the trillions of dollars. That’s trillions, with a T. Saudi Arabia is considering selling shares in its state oil company. With 261 billion barrels of oil in reserves and a yearly output of over three billion barrels of oil, the company, Saudi Aramco, […]
|By Matein Khalid|Dr. Mervyn King broke with tradition by publishing his book “The End of Alchemy: money, banking and the future of the global economy”. After all, retired governors of the Bank of England do not, as a rule, do not write/publish books, let alone write books that lambast the City of London’s culture of greed and hubris. It is no coincidence that Dr. King quotes T.S. […]
INTERNATIONAL. A sense of disappointment permeated through the global markets during trading on Monday following last week’s shocking NFP result of 38k that discounted expectations over the Fed raising US rates in Q2. With the number of jobs created falling to its lowest level since 2007, the Dollar was left vulnerable as concerns elevated over a potential economic slowdown in the States. Although the headline unemployment rate […]
In all my long days as an automotive writer, not one single car manufacturer has asked me to attend their display at an international motor show, and drape myself alluringly across the hood of one of their vehicles. Sex Sells When people (in truth, men) discovered sex sells, car makers jumped on the band wagon. They found that a seductive model adjacent to the product seemed to […]
SHIRAZ, Iran — For centuries, Iran’s famed carpets have been produced by hand along the nomad trail in this region of high plains around the ancient city of Shiraz. Sheep grazed in high mountain pastures and shorn only once a year produce a thick, long wool ideal for the tough thread used in carpet making. But high-quality production of hand-woven carpets is no longer sustainable on the […]
ABU DHABI // Hundreds of residents are rallying around their feathered friends after managers said ducks would be removed from their community’s lakes because their droppings were a health hazard. The residents at isolated Al Ghadeer, on the border between Abu Dhabi and Dubai, have signed an online petition after receiving an email which said the 30 ducks would be moved because their excrement could spread disease […]
Dark matter is a mysterious substance composing most of the material universe, now widely thought to be some form of massive exotic particle. An intriguing alternative view is that dark matter is made of black holes formed during the first second of our universe’s existence, known as primordial black holes. Now a scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, suggests that this interpretation aligns […]
Deep in vents on the ocean floor, methane-producing microbes feed off chemical reactions between water and rock. Now evidence of this process has been found on land in a freshwater spring in California. A team of scientists report in a new study that they have found evidence of hardy, methane-producing microbes in water that surfaces from deep underground at The Cedars, a set of freshwater springs in […]
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) revealed a more than $1 billion stake in Apple Inc (AAPL.O) in a rare foray into the technology sector, which Buffett has largely shunned apart from a poorly performing investment in IBM (IBM.N). Shares of Apple rose 3.7 percent on the news, closing up $3.36 at $93.88. Berkshire made its investment in the first quarter, before the iPhone maker in April […]
|By Matein Khalid| The April payrolls data demonstrated that US economic growth has hit a soft patch. The US economy only added 160 jobs in April, less than the expected 203,000 average in the first three months of 2016. One disappointing data point does not imply a macroeconomic trend reversal since the US economy added 2.8 million jobs between March 2015 and March 2016. Statistical and measurement errors […]
The latest update to SugarCRM’s customer relationship management (CRM) platform adds several new capabilities aimed at providing sales and marketing professionals with “more timely and relevant” information about their customers. Sugar 7.7 adds new support for custom tags to help users better classify information about their customers in ways that work for them, the company said. The updated platform also improves search capabilities to deliver the most […]
A Facebook logo is pictured on an Apple’s Ipad in Bordeaux, southwestern France, March 10, 2016. Reuters/Regis Duvignau/Illustration Facebook (FB.O) workers have often omitted conservative political stories from the website’s “trending” list, the technology news site Gizmodo said on Monday in a report that sparked widespread comment on social media. An unnamed former Facebook employee told Gizmodo that workers “routinely suppressed news stories of interest to conservative […]
