A tell-tale sign of a booming equity market is a hot technology listing and the blockbuster debut by Snap, duly summoned memories of the dotcom era. Shares in the parent of the popular messaging app surged more than 40 per cent in their New York Stock Exchange debut on Thursday where the fresh-faced co-founders rang the opening bell to cheers from the trading floor. On Friday, they […]
Najib Razak says this will enable the airport to handle bigger aircraft, such as the Airbus 330, and more flights from China. SANDAKAN: Prime Minister Najib Razak today announced the extension of the Sandakan airport runway that would make direct and chartered flights from China possible. The prime minister said the contract price was being determined at the moment. “I have asked the transport minister (Liow Tiong […]
NEW YORK/SAN FRANCISCO Institutional investors anxious not to be left out of this year’s marquee initial public offering helped Snap Inc (SNAP.N) pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc (BABA.N) smashed records in 2014. Keen to boost returns and with a dearth of new stocks to buy, the IPO of a buzzy social media group was […]
March 3, 2017 by: Jamie Chisholm, Global Markets Commentator Friday 08:35 GMT Overview Stock markets are retreating as Wall Street equity futures dip further from this week’s record high as investors cash in some of their bullish bets on stronger growth following the election of US president Donald Trump. The pullback comes amid heightened expectations that the improving economic scenario will encourage the Federal Reserve to increase […]
SYDNEY The dollar clung to broad gains on Friday as the risk of an imminent U.S. interest rate hike slugged sovereign bonds and commodities, even managing to sour Wall Street’s party as the reality of rising borrowing costs began to sink in. Spread betters pointed to opening losses for European stocks and E-mini futures for the S&P 500 were off 0.3 percent. Asian markets were mostly lower, […]
Core inflation has returned to Japan for the first time since 2015, with consumer prices excluding fresh food rising by 0.1 per cent in January over the same month a year earlier. The return to positive territory was driven by energy — petrol prices jumped 9.2 per cent year-on-year after big drops in 2016 — but the rise will be welcome news for the Bank of Japan. […]
BEIJING, Activity in China’s services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed. The findings echoed a similar softening in growth in China’s official services activity survey released on Wednesday, and contrasted with an unexpected pick-up in growth in its […]
Why Georgetown? Georgetown was there long before Washington, DC was, and it still has some pretty stern objections to being regarded as just another district of the American capital. Formerly a port town, it has now become Washington’s most obviously moneyed-up area – where people come to dine and mooch around shops and galleries. Part of the appeal comes from the architecture. Many 18th- and 19th-century buildings […]
By David Shepardson | WASHINGTON WASHINGTON The U.S. Transportation Department on Thursday proposed awarding 24 slot pairs at Mexico City’s Benito Juarez International Airport to Alaska Airlines, JetBlue Airways Corp (JBLU.O), Southwest Airlines Co (LUV.N), Volaris and Grupo Viva Aerobus SAB de CV. The tentative Mexico City allocations will result in new or additional low-fare service to 15 U.S. cities, including Chicago O’Hare, Denver, Houston Hobby, Los […]
One of Dubai’s biggest shopping malls has installed nine electric car charging stations, following the official launch of Tesla in the UAE last month. Located at the Fashion Dome Valet Parking and on the first and second floors at Mall of the Emirates, the Tesla charging stations can add up to 100km of range to the battery per hour of charge. “Majid Al Futtaim is proud to […]
When it came to once slice of the media Thursday, Jeff Sessions was generally trumped by Evan Spiegel. Contacts with Russians? Lying to a Senate committee deliberating his nomination? Need for a special prosecutor? Step aside as Attorney General? Well, that was grist for the mills of Washington-focused media and the cable news channels Thursday — and with good reason. But on CNBC and Fox Business, as […]
Interested in precious metals investing or storage? Contact us HERE Written by Peter Diekmeyer (CLICK HERE FOR ORIGINAL) Gold prices have surged (+8.57% EOD Wednesday) since January. However, one expert says that trend could continue. “Shrinking exploration budgets, a dearth of new high-quality deposits and the “fear trade” will provide continuing upside pressure as the year unfolds,” says Brent Cook, editor […]
By Lauren Hirsch | NEW YORK NEW YORK Snap Inc’s (SNAP.N) shares continued to defy doubts about the company’s early-stage business model and slowing user growth, jumping nearly 50 percent in their first day of trading on the New York Stock Exchange. The owner of the Snapchat messaging app raised $3.4 billion in its initial public offering on Wednesday night, more than the $3 billion Facebook (FB.O) […]
The US broke its long drought of hot technology initial public offerings on Thursday as shares in Snap soared more than 40 per cent in their market debut despite questions about corporate governance and profitability at the owner of vanishing messaging service Snapchat. A pack of traders huddled around the desk of Snap’s designated market maker for more than an hour after the opening bell at the […]
Oman’s government has given itself breathing space from the pressure of financing a large budget deficit by selling $5 billion of international bonds, almost completing its entire foreign borrowing plan for 2017 in a single issue. Wednesday’s bond sale, in tranches of five, 10 and 30 years, was about double the size that most investors had expected and a huge amount for a country which returned to […]
By Yashaswini Swamynathan U.S. stocks looked set to climb further on Thursday after a record day on Wednesday, as strong economic data added to the optimism about the U.S. economy. Wall Street’s main indexes rallied on Wednesday and the Dow Jones Industrial Average sailed past the 21,000 mark, boosted by President Donald Trump’s more measured tone in a speech to Congress and as bank stocks surged on […]
BERLIN Continental (CONG.DE) expects a possible tie-up between PSA Peugeot Citroen (PEUP.PA) and General Motors’ (GM.N) Opel division would boost its business, its chief executive said. “Opportunities emerge because platforms will be standardized and higher and more interesting volumes will arise” for suppliers, CEO Elmar Degenhart said during a conference call after the automotive supplier published results on Thursday. Separately, Continental said it planned to raise prices […]
A video showing Uber CEO Travis Kalanick disrespecting a company driver has gone viral and drew a firestorm of criticism, and Kalanick would like to apologize. For those unfamiliar with the matter, a video surfaced on Tuesday, Feb. 28 showing Kalanick in a heated argument with an Uber driver. The video stirred quite some waves and made headlines, so a more humble Kalanick has now seen the error of […]
Middle East fund managers have turned more bullish towards Saudi Arabian equities on hopes that corporate earnings may finally have bottomed out after a slide due to low oil prices, a monthly Reuters poll found. The poll of 13 leading fund managers, conducted over the past week, also found they had become very bearish on Qatari and Egyptian shares. The poll found 62 percent of managers expect […]
March 2, 2017 by: Nic Fildes, Telecoms Correspondent Deutsche Telekom has taken a €2.2bn charge on its investment in BT, pushing the German group to a fourth-quarter loss in 2016. Europe’s largest telecoms company blamed the Brexit vote, a decline in the value of sterling and the collapse in BT’s share price for the write-off. It holds a 12 per cent stake in BT which has been […]
Photo King Salman of Saudi Arabia, center, arriving at the presidential palace in Bogor, Indonesia, on Wednesday. Credit Achmad Ibrahim/Agence France-Presse — Getty Images LONDON — You could call it bling diplomacy. As part of a monthlong tour in Asia to promote economic ties, King Salman of Saudi Arabia arrived in Indonesia on Wednesday to great fanfare, accompanied, the news media said, by a retinue with a […]
By John Ruwitch | SHANGHAI SHANGHAI The fortunes of the richest 100 members of China’s parliament and its advisory body – all dollar billionaires – grew about 64 percent in the four years since Xi Jinping rose to power, according to data from an organisation tracking wealth in China. Xi has overseen a crackdown on corruption and decadence, and made the fight against poverty a top priority […]
Snap Inc, the parent company of photo-sharing app Snapchat, announced on Wednesday evening that 200 million shares would be sold for $17 a piece when it starts trading on the New York Stock Exchange (NYSE) on Thursday under the ticker symbol SNAP. The social media giant will sell 145 million of those shares — allowing it to raise more than $2.4 billion — while executives and early […]
TOKYO Already rare among Group of Seven leaders for the stability of his reign, Shinzo Abe will have a shot at becoming Japan’s longest-serving prime minister after his party changes a rule allowing him to serve a third consecutive three-year term. That would give Abe, whose resignation in 2007 after an earlier stint started a spate of revolving-door premiers, a chance to achieve his goal of revising […]
