S&P Global Ratings on Friday lowered its long-term rating on Oman to BB+ from BBB- with a “negative” outlook, indicating the agency could further reduce its rating. The move to cut Oman’s credit rating below investment-grade status “reflects our view that the Omani government’s heightened external financing needs have resulted in the economy’s large net external asset position, (external assets exceeding external liabilities) declining to a level […]
May 12, 2017 by: Mark Robinson and Emma Powell, Investors Chronicle Shares in Anglo American have risen 84 per cent base-to-apex within the past 12 months, a reflection of improved commodity pricing combined with cumulative rationalisation measures. Earlier this year, it was announced that the miner’s chairman, Sir John Parker, had decided to call it a day after an eight-year tenure in which he oversaw the sale […]
Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the US. The kingdom’s sovereign wealth fund is set to announce plans to deploy as much as $40 billion into US infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next week to coincide with Trump’s visit to the kingdom, said the people, […]
By Yashaswini Swamynathan The S&P 500 and the Dow edged lower on Friday as financial stocks fell, but losses on the Nasdaq were kept in check by a rise in technology shares. With the first-quarter earnings season coming to an end, investors are looking to the Federal Reserve, Trump administration and economic data for fresh trading catalysts. A risk-off sentiment has dominated trading this week after President […]
Profits take a hit at Entertainment One. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. Efforts to strengthen Entertainment One’s film division will hit its full-year profits by almost £50m, the company announced today, after it renegotiated one of its main distribution agreements, writes FastFT. Entertainment One is best known for producing television programmes such as Peppa […]
By Nick Carey | ORWELL, Ohio ORWELL, Ohio Three years ago if a customer walked onto Dan Reel’s used car lot seeking a late-model off-lease Ford Escape, his answer was short: tough luck. The supply of lightly-used cars and trucks was tight because automakers had drastically cut back on bargain leases during and after the Great Recession. Recently, though, a computer search for available used vehicles within […]
Kuala Lumpur, 11 May 2017 The fifth edition of Islamic Financial Services Board’s (IFSB) annual Islamic Financial Services Industry Stability Report 2017 examines the implications of the recent economic developments and changes in the global regulatory and supervisory frameworks on the global Islamic financial services industry (IFSI). Amidst a challenging external environment brought on by the changing policy directions and uncertainties in the global economic landscape, institutions […]
It’s been a strange day in Washington, as top intelligence officials and even US President Donald Trump appeared to question his own statements on the firing of FBI director James Comey. Andrew McCabe, the FBI acting director, contradicted Mr Trump over the firing of Mr Comey, denying in testimony to the Senate intelligence committee that the ousted chief had lost the support of employees as he insisted […]
By John McCrank | NEW YORK NEW YORK Goldman Sachs Group Inc (GS.N) will launch a new private stock-trading venue, known as a “dark pool,” on Friday, that is run by exchange operator Nasdaq Inc (NDAQ.O), according to a note to clients obtained by Reuters. Goldman has been refreshing its trading technology to become more competitive in its electronic stock execution business, and hired Nasdaq last year […]
Adjustments to closely tracked corporate bond indices have “clear” trading and pricing impacts, a new study from credit rating agency Fitch showed on Thursday. The US rating agency found that changes to the Bloomberg Barclays US Aggregate Index earlier this year resulted in “dramatic increases” in trading volumes for bonds set to be dropped from the index and that prices for those bonds underperformed larger credits. Bloomberg […]
The developer of an easy-to-use form of customisable ransomware has massively expanded their activities, expanding their arsenal of cybercriminal tools and making it even easier for would-be cyber crooks to set up operations. First spotted in September last year, Philadelphia ransomware is simple to deploy and at $400, is a relatively low-cost investment for entry-level cybercriminals, who also get support and updates as part of a ‘ransomware-as-a-service’ […]
A thief, your kids skipping school or paranormal activity? That’s the question that Lighthouse aims to answer with its new interactive assistant. By combining sophisticated sensors with computer vision technology, the Lighthouse team hopes to deliver an experience that brings more day-to-day value than a mere home security solution. Coming out of Stealth today, the company is equipped with $17 million in venture capital financing from Eclipse Ventures, Playground Global, […]
For the 3rd month in a row, US Producer Prices have risen at a faster rate than The Fed’s mandate. April healdine PPI rose 2.5% YoY – the most since Feb 2012, and well above the highest anayst estimate, despite disinflationary credit impulse pressures from China being seen in industrial metals. The biggest driver is surging costs for investment advice! Core PPI (ex food and energy) rose […]
BT’s own goals cost the boss dearly. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Two months ago, all Paris St Germain had to do to reach the quarter finals of the European Champions League was not concede three goals in the final 2 minutes of their match against Barcelona. Barcelona’s ensuing […]
By Nandita Bose | WHEATON, Ill. WHEATON, Ill. German grocery chain Aldi Inc is trying to beat the world’s biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldi has set a minimum target of selling groceries at a 21 percent discount to its U.S. rivals, including Wal-Mart Stores Inc (WMT.N), Chief Executive Jason Hart told Reuters. His strategy, previously unreported, centers on […]
11 May 2017 The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it achieved a total operating income of US$ 249 million during the first quarter of 2017 and the total financing and investments recorded slight increases at the end of March 2017 compared to end of December 2016. Al Baraka Banking Group has continued during the first quarter of 2017, […]
Stock markets in the Asia Pacific region were mixed on Thursday as energy stocks enjoyed a boost from improved crude prices. In Sydney the S&P/ASX 200 was up 0.7 per cent as energy stocks climbed 1.1 per cent. Shares in major banks were recovering from a drop brought on by a new levy announced on Tuesday night, with National Australia Bank up 1.1 per cent. Tokyo’s Topix […]
By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks rose early on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark after strong gains in oil prices buoyed energy stocks globally. Oil prices held on to 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension […]
Just hours after the Fed’s March “dovish” rate hike, when stocks paradoxically surged to all time highs and yields tumbled, Goldman found something strange: “surprisingly, financial markets took the meeting as a large dovish surprise—the third-largest at an FOMC meeting since 2000 outside the financial crisis, based on the co-movement of different asset prices.” Even more surprising is that according to Goldman, its financial conditions index, “eased […]
Oil prices extended their gains after a report showed US crude stockpiles fell by the biggest margin since December and were down for the fifth straight week. Inventories of US crude fell by 5.25m barrels in the week ended May 5, according to the Energy Information Administration. That topped forecasts for a draw of 1.9m barrels. This was the largest streak of back-to-back declines in US oil […]
Air Arabia has renewed plans that were put on hold after a dip in demand to expand its fleet, with the biggest discount carrier in the Gulf and North Africa encouraged by rebounding sales at its Moroccan unit. The airline, an Airbus SE A320 operator, could reach a decision on new jets as early as this year or into 2018, Chief Executive Officer Adel Ali said in […]
10 May 2017 Abu Dhabi, United Arab Emirates – Jannah Hotels & Resorts’ award-winning flagship hotel, Jannah Burj Al Sarab played host to the ultimate Iftar preview party for the media delegation of the UAE and the GCC on 7 May. The all-day restaurant The Dining Room specializing in French and Mediterranean cuisine, served an extensive menu of Middle Eastern and International dishes for the Iftar buffet […]
Saudis often liken Aramco, the kingdom’s state oil company, to a fat cow or productive hen. The company has for decades been the bedrock of the economy and the enabler of the government largesse to which Saudis have grown accustomed. Now its future has become a source of concern as disquiet grows over plans by Mohammed bin Salman, the deputy crown prince, to sell a 5 per […]
Authored by Mike Krieger via Liberty Blitzkrieg blog, I’m fairly certain very few of you have heard of broker price opinions, or BPOs, but it’s something I think we should all become aware of given the influence of BPOs in the market for valuing residential real estate securitized bonds. Before we get to that, let’s revisit a little contemporary American robber baron history. In the immediate aftermath of the […]
