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By ISABEL KERSHNER June 4, 2015 JERUSALEM — A growing global pro-Palestinian movement to boycott Israel instantly created a national furor on Thursday after the top executive of Orange, a leading French telecommunications company, said he would withdraw from the Israeli market if he could. The Facebook page of an Israeli company, Partner Communications, which has a license to use the Orange brand, was filled with customer complaints demanding […]

The logo of Alibaba Group is seen inside the company’s headquarters in Hangzhou, Zhejiang province early November 11, 2014. Reuters/Aly Song/Files BEIJING/SHANGHAI Chinese e-commerce company Alibaba Group Holding Ltd will invest in financial media outlet China Business Network in a deal set to be announced on Thursday, Chinese media reported on Wednesday. The investment in China Business Network, part of Shanghai Media Group (SMG), will be worth […]

NEW YORK Billionaire activist investor Carl Icahn said Thursday that mutual funds will increasingly realise that being underweight shares of Apple (AAPL.O) will hurt their performance as the technology giant continues to innovate. “They are underweight Apple in relation to the index funds, and I think more and more of these funds will realise that’s going to hurt their performance in the future as Apple continues to […]

|By TAP Staff| Emaar Properties announced its intention to list its Egyptian subsidiary Emaar Misr for Development to proceed with an IPO, which will be listed on the Egyptian Stock Exchange. The offer will comprise a part meant for retail investors in Egypt, and a private placement to institutional investors. Emaar Misr plans to use the net proceeds raised from the offering to further the development of […]

|By TAP Staff| Arch Reinsurance Ltd. (Arch) announced completion of its acquisition of Gulf Reinsurance Ltd. (Gulf Re), a specialty reinsurer based in the Dubai International Financial Centre. Gulf Re was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership of Gulf Re. The agreement provides that, among other […]

Dubai Investments said on Wednesday it plans to enter new markets in Africa and the Gulf region, as it reported a 6.5 per cent rise in first-quarter net profit. “Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations,” Khalid bin Kalban, the firm’s chief executive, said in a statement. Kalban said the firm was targeting diversified sectors such as […]

Alitalia SpA may follow British Airways parent IAG in quitting the Association of European Airlines as a rift widens over the competitive threat from Gulf carriers, which are the biggest shareholders at both companies. “A strong signal is needed and other airlines have already done that,” Alitalia Chief Executive Officer Silvano Cassano, whose Rome-based company is 49 percent owned by Etihad Airways PJSC, said in an interview. […]

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|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]

Lloyds Banking Group and Natixis have sold their holdings in debt of Dubai World, the state-owned conglomerate nearing a $14.6 billion debt restructuring, according to sources familiar with the matter. Royal Bank of Scotland (RBS) also sold at least part of its exposure in the conglomerate, said two sources, which could mean more than $1 billion of Dubai World’s debt has changed hands. The moves help pave […]

Dubai Investments, a diversified Gulf-based investment group, plans to float shares in at least one subsidiary next year and could also divest other holdings, its chief executive said on Monday. The firm, which reported a 63 percent rise in annual profit to 1.34 billion dirhams ($364.8 million) last year, has primed three subsidiaries – in financial services and property, plus district cooling firm Emicool – to potentially […]

Salim Al Aufi, Oman’s undersecretary for oil and gas, likens attempts to cut the reliance on oil during a price slump to acting “with a gun pointed at your head.” If you have to make decisions under pressure, “you will probably make the wrong ones,” he said March 3 in Muscat during a panel discussion on the impact of the oil shock. Oman relied too much on […]

HSBC Holdings, struggling to contain a scandal over tax evasion at its private bank, reported lower-than-predicted fourth-quarter profit as costs and conduct provisions rose. The shares slumped the most since 2011. Pretax profit dropped 56 percent to $1.7 billion from the year-earlier period, London-based HSBC said in a statement on Monday. That missed the $3.7 billion average estimate of five analysts surveyed by Bloomberg. Full-year profit fell […]

Malaysia’s largest refined sugar manufacturer MSM Malaysia Holdings Berhad will terminate a pact with Dubai’s Al Khaleej International Ltd to build a sugar refinery in the southern state of Johor, the firm said on Wednesday. In a filing to the local bourse, MSM said it will not proceed the non-binding memorandum of understanding with Al-Khaleej signed on May 8, 2014 to form a joint venture company to […]

Fast-growing Gulf Arab banks plan to bolster their reserves by issuing capital-boosting bonds, but uncertainty over regulation and ultra-tight pricing increase the risks for issuers and investors. Basel III standards, now being phased in around the world, will require banks to hold more capital. While Gulf banks have very high capital adequacy ratios, their rapid expansion, and the fact they operate in emerging markets with lower sovereign […]

Gulf stock markets rose on Thursday as Saudi Arabia released a 2015 state budget that will keep spending high, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil prices. The Saudi budget envisions state spending at a record 860 billion riyals ($230 billion) next year, up 0.6 percent from the 2014 budget plan. That would be the smallest rise […]

Deutsche Bank is open to offers for its London-based gold vault following the closure of its physical precious metals business, three sources familiar with the matter said on Wednesday. “If the right offer came along, then the bank would sell the London vault,” one source close to the situation said. The German bank shut its physical precious metals trading arm last month as it further reduced its […]

Voters today rejected a referendum requiring the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold. Had it been approved, it would have led to purchases of at least 1,500 metric tons over five years. With lower oil prices reducing costs for consumers and the U.S. considering raising interest rates, demand is fading for hedges against inflation such as […]

Bad debts in China are well underestimated because authorities persist in propping up weak companies and bailing out local investors, according to DAC Management LLC. The Chicago-based asset management and advisory firm, which focuses on distressed credit and special situations in China, says the worst is yet to come, and that means lots of opportunities for the world’s biggest distressed debt traders. Nonperforming loans at Chinese banks […]

Kolkata: The fear of bad loans and limited lending opportunities to top companies have prompted several banks to shift focus towards the retail (individual loans) and small & medium enterprises segments. India Inc’s reluctance to borrow money is keeping bankers worried. While lenders were able to stem fresh impairment in their credit quality in the July-September period, low demand for corporate loans has decelerated the growth in […]

PANAJI: Defence Minister Manohar Parrikar is considering the introduction of a new policy on the vexed issue of blacklisting defence equipment suppliers accused of corruption as well as reforming rules for lobbyists to balance the needs of the armed forces with transparency.   Speaking to ET in the state capital at the chief minister’s residence, Parrikar said, “One of the ideas the government is thinking about is […]

By Nantoo Banerjee   It is heartening to note that out of the world’s 2000 largest companies, figured in Forbes Global 2000, and their 3,30,000 subsidiaries worldwide characterizing their influence in the global market, as many as 30 are India’s much neglected and criticized State-owned enterprises (SOEs). India’s SOE numbers are only next to the People’s Republic of China’s. The People’s Republic of China had 70 of […]

NEW DELHI: HDFC Bank will not be able to raise much money by way of foreign investment even as the Foreign Investment Promotion Board (FIPB) on Friday regularised its current overseas investment structure. That is because the board turned down the bank’s plea to not treat the promoter stake as foreign investment. Besides, the bank will also have to deposit a penalty as it was in the […]

Mumbai: The finance ministry will meet chief executives of public sector banks on November 20 to take stock of the progress made under the Prime Minister’s Jan Dhan Yojana (PMJDY). There will also be a review of the performance of the lenders. Hasmukh Adhia, the newly appointed secretary of financial services, who took charge on November 8, will chair the meeting. Adhia, a Gujarat-cadre IAS officer of […]

|By TAP Staff| Amanat Holdings announced that its AED 1.375 billion Initial Public Offering (IPO) was nearly 10 times oversubscribed. The integrated healthcare and education company  collected more than AED 13.6 billion in total during its 16-day IPO. The company said shares have been allocated proportionately to subscribers and excess funds are due to be returned to investors on November 11, 2014. Amanat is scheduled to list […]

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