Bob Diamond, the former Barclays chief executive, has teamed up with the investment vehicle of the Qatari royal family to launch a bid for Panmure Gordon, the lossmaking stock broker and investment bank. Panmure, whose name dates back more than 140 years, is suffering like many mid-cap brokers from a number of structural challenges, including increased regulation, fewer deals and lower corporate retainers. The deal may be […]
By John Davison | MOSUL, Iraq MOSUL, Iraq After five months of intense fighting, Iraqi forces have begun to drive back Islamic State into the dense and narrow-alleyed Old City of Mosul, with the mosque where its leader Abu Bakr al-Baghdadi declared a caliphate in 2014 firmly in sight. Iraqi leaders say the battle to recapture Mosul is reaching its final stages, trumpeting each gain made against […]
Saudi Arabia’s push to boost political and trade ties with the Maldives faces growing resistance as activists in the archipelago oppose plans for an ambitious development project funded by the kingdom. King Salman bin Abdulaziz, who is on a month-long tour of Asia as Saudi Arabia seeks to deepen alliances with predominantly Muslim states in the region, is due to visit the Indian Ocean nation at the […]
The parkas that have made it to the top of Mount Everest and the cover of Sports Illustrated’s swimsuit edition have found their way to Wall Street. Shares of Canada Goose, the maker of down winter coats with coyote fur trim and a circle patch logo, soared in their New York debut on Thursday, rising 26 per cent to $16.08 after pricing at $12.78 a piece, above […]
Image: LG I’ve been using a non-final LG G6 unit for a couple of weeks and have decided this is likely my next Android phone, depending on the price. Rumors have indicated we might see the LG G6 launch on 7 April, a week after Samsung announces the Galaxy S8 and before the S8 hits the streets. According to information that Android Central received, the LG G6 […]
William “Billy” Walters’ stomach for taking risky bets and reading “tells” of opponents made him one of the most successful sports gamblers of all time. It is the same strategy he used to invest in the stock market, his lawyer told a jury as opening statements began in his $40m insider trading trial. Prosecutors have accused Mr Walters of making over $30m in profits and avoiding $10m […]
Retail stocks were once again heading straight for the discount bin on Wednesday. Struggling department store operator Macy’s was the day’s biggest decliner on the S&P 500, dropping 2 per cent to $30.32 following news that one-time suitor Hudson’s Bay now has its eyes on upmarket retailer Neiman Marcus instead. Shares in Macy’s, which have been languishing at six-year lows amid falling sales and profits, had rallied […]
ABU DHABI // The introduction of value-added tax in the UAE next year, in tandem with the other five GCC countries, will boost government revenues that took a hit with falling oil prices. VAT could generate Dh12 billion in its first year and Dh20bn in its second year, said Sultan Al Mansouri, Minister of Economy. The international monetary fund (IMF) said introducing VAT at a low rate […]
While it may not be the very definition of irony, we do find the fact that the Atlanta Fed has just cut its Q1 GDP forecast from 1.2% to 0.9%, a number which if confirmed would be the lowest quarterly print in year, just two hours before the Fed’s rate hike quite humorous. As a reminder, the number was as high as 3.4% one and a half […]
A grand jury in California has charged four people — including two Russian intelligence officers — in a pair of computer hacks against Yahoo that victimised hundreds of millions of consumers, the US Justice Department said on Wednesday. The men penetrated Yahoo’s email accounts, often using “spear phishing” emails, and used information they obtained to access other accounts at Yahoo and Google. Among those targeted were Russian […]
With the oil market showing signs of losing faith in a price rebound, Opec is now asking itself: what more can it do? Production cuts agreed late last year between some of the world’s biggest producers inside and outside the cartel, are losing their sway given the near 10 per cent drop in the Brent benchmark over the past week. Brimming global storage tanks and a resurgent […]
In this Monday, March 13, 2017 photo, a Uniti employee works on prototype steering controls, at the startup’s temporary production facility in Lund, Sweden. A group of Swedish students that raised 1.2 million euros in crowdfunding for their startup to build electric cars has caught the attention of German industrial heavyweight Siemens. The two sides said Wednesday that they were starting a partnership that will see them […]
Eon, the German utility, recorded a net loss of €16bn for 2016 — the largest in his history — and unveiled ambitious measures to reduce debt by €7bn through asset sales and cutting 1,300 jobs. The loss reflected impairments on Uniper, the new fossil fuel power company spun out of Eon last year, as well as payments Eon is having to make into a new state fund to cover the […]
Agricultural traders and investors are watching the debut of a new derivative product that will allow them to bet on the benchmark price of Black Sea wheat. Wheat is the largest traded grain on the international markets and Russia became the leading exporter last year. Russia, Kazakhstan and Ukraine — collectively known as the Black Sea region among grain traders — accounted for just under a third […]
|By Arabian Post Staff| Kuwait announced it has successfully issued its inaugural dual-tranche $8 billion bond offering into the international debt markets. Notes due in 2022 (the five-year bonds) and for the value of $ 3.5 billion and notes due in 2027 (the 10-year bonds) for the value of $ 4.5 billion. The five-year bond was successfully priced on March 13 2017 at a yield of 2.887%, the 10-year bond […]
It is fitting that just a few hours until the Fed’s second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the […]
DHAKA Police in Bangladesh fired teargas and water cannon on Wednesday to disperse hundreds of demonstrators trying to besiege the energy ministry in a protest against an increase in gas prices. Starting from this month, gas prices are to be raised by an average of 22.7 percent in two phases. It is the second such hike within two years, despite objections from political parties and industry, including […]
Mahmoud Said was born into high society. His family were rich landowners from Alexandria in Egypt and his father, Mohammed Said Pasha, served as Egyptian prime minister from 1910 to 1914, and again briefly in 1919. His sister’s daughter, Safinaz Zulficar, became Queen Farida of Egypt, and her reign lasted almost 11 years. Even then, in the early 20th century, as Said simultaneously worked as a top […]
Shares in Cathay Pacific fell as much as 6.9 per cent on Wednesday after the Hong Kong flag carrier swung to its first annual loss since 2008. The airline reported a net loss of HK$575m ($74m) for 2016 in the face of increased competition from mainland Chinese airlines and falling demand for its premium class seats. The net loss compares with a HK$6bn profit reported in 2015, […]
Bahrain’s GFH Financial Group may merge with Dubai-based Shuaa Capital, GFH said on Tuesday, confirming market speculation that sent both companies’ share prices surging this week. “GFH has been in discussion with several financial institutions, including Shuaa Capital, for potential majority shares acquisitions of those financial institutions and/or mergers,” GFH said in a statement to the Bahrain bourse, without disclosing further details. A spokesman for Shuaa declined […]
ABU DHABI // Farmers and members of the Federal National Council called for more measures to protect local food prices from competition with cheap imports. Experts, however, said that such restrictions, proposed at the FNC meeting on Tuesday, could drastically raise food prices and would not solve the problem of water scarcity. FNC members had raised complaints from local farmers, who say their products are getting drowned […]
As the UAE continues to evolve, Standard Chartered is at the forefront of innovative financial services. By investing heavily in the digital space, not only does Standard Chartered future-proof investments, but continue to explore new and exciting opportunities, as Julian Wynter, chief executive officer of Standard Chartered UAE, explains. What macro-economic fundamentals make the UAE such a good market for Standard Chartered? For us, the UAE continues […]
Wednesday 02:40 GMT Overview A rally in crude oil prices that erased the losses of the previous session failed to bolster energy stocks in Asia, as bond and currency traders also shunned major moves ahead of the US Federal Reserve’s interest rates decision later in the day. Hot topic Crude was climbing in Asia after a slide on Tuesday. Brent, the international benchmark, was up 1.3 per […]
By Susan Heavey and Susan Cornwell | WASHINGTON WASHINGTON President Donald Trump and congressional leaders are weighing changes to their plan to dismantle the Obamacare health law, a White House spokesman said Tuesday, as Republicans defended their effort following an estimate that it would cause 14 million Americans to lose insurance next year. Press Secretary Sean Spicer said White House officials and leaders in the Republican-controlled U.S. […]
