The US economy and fiscal policy face an uncertain path under the administration of Donald Trump, Janet Yellen warned on Tuesday as she declared “monetary policy is not on a preset course” but said it would be “unwise” to raise rates too slowly. Testifying before Congress on Tuesday, the Federal Reserve chair painted a picture of an economy with accelerating growth, higher inflation and a robust labour […]
Greece is planning to appoint Rothschild to advise on its debts as the country attempts to end a long-running creditor stand-off and avert default. Government officials hope to finalise the appointment before a gathering of eurozone finance ministers on February 20 that has been described as the last chance for Greece’s lenders to overcome their differences before European attention shifts to general elections in eurozone countries. Unless […]
Tenants in Dubai could have the upper hand when negotiating rental rates thanks to a significant amount of stock coming to the market in 2017, according to real estate consultancy Asteco. Its new report said there are 31,500 apartments and 12,500 villas and townhouses scheduled to be delivered this year in areas including City Walk by Meraas, Damac’s Akoya, Dubai Wharf by Dubai Properties and Emaar’s Mira. […]
New markets and innovative solutions position Arkan well through current market cycle Abu Dhabi, UAE; 14 February 2017 Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Group”), a leading construction and building materials company in the UAE, today announced its preliminary financial results for the year ended 31 December 2016. 2016 saw considerable operational progress, with sales volumes increasing across new markets in the UAE, […]
After a five-hour delay, Toshiba has finally unveiled a $6.3bn nuclear writedown. The company announced that Shigenori Shiga, the chairman of Toshiba, will step down after the struggling Japanese industrial group warned that it would book a ¥712.5bn ($6.3bn) writedown to reflect massive cost overruns and delays linked to several nuclear projects in the US. For the full year through March 2017, the company said it anticipates […]
US markets regulators have delayed enforcement of new derivatives rules due to come into effect in two weeks’ time because few of the hundreds of pension funds, insurers and asset managers affected would be ready in time. There were fears that the widespread lack of readiness to comply could have caused market disruption if they were enforced as planned on March 1. The rules require some derivatives […]
SYDNEY Asian shares inched to 19-month highs on Tuesday as the potential for economic stimulus in the United States underpinned the dollar, bond yields and Wall Street stocks. Yet caution bled into markets ahead of testimony by the head of the Federal Reserve, which could highlight the likelihood of two or more U.S. interest rate hikes this year. Japanese shares also ran into trouble after Toshiba Corp […]
DUBAI // Sustainable travel hit the UAE running on Monday, as US electric car maker Tesla opened for business in Dubai with plans to launch a shop and service centre in Abu Dhabi next year. Chief executive Elon Musk said at the World Government Summit in Dubai that the company planned to invest millions in the UAE on infrastructure including recharging stations. “We expect to invest tens […]
Tuesday 04:40 GMT. Overview Equities in Asia were struggling ahead of comments by Federal Reserve chair Janet Yellen and as oil prices climbed back from a drop spurred by a report indicating output from the US was set to pick up. Hot topic Stock markets in the region deteriorated in afternoon trading, with Australia’s S&P/ASX 200 flat after giving up an early gain of 0.4 per cent, […]
Along with rising component prices and development and maintenance fees on sales channels, huge research and development (R&D) expenditures eroded Huawei’s margin and profits last year, according to a Sohu article, citing insiders from the Chinese technology firm. Huawei sold 30 percent more handsets year-over-year but profits from its consumer business group, which includes the smartphones segment, was down 10 percent from the year prior to $2 […]
Tesla has launched online sales for its Model S and Model X in the UAE. Californian company’s chief executive Elon Musk was in Dubai launch the dedicated website for UAE customers, where they can visit the online design studio to customise and order the Tesla vehicle. Prices start from $74,800 (AED 275,000) for Model S and $93,600 (AED 344,000) for Model X. First orders of Model S (range […]
Your daily guide to community and cultural activities across the Emirates for February 14, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Ellen Fortini rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Abu Dhabi Art exhibition Grace: […]
Optimism that the Trump administration is close to proposing a series of business-friendly tax reforms sent the main barometer for US small-cap stocks to a fresh high on Monday for the first time in more than two months. The Russell 2000 index, which tracks companies with market values of roughly $300m to $2bn, climbed as much as 0.7 per cent on Monday to 1,398.6, knocking out its […]
Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 percent. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1. Russia and 10 other non-OPEC […]
13 February 2017 Full year revenues stood at AED 173.8 million (2015: AED 178.2 million) Group losses reduced by 30% year on year as firm continues with stringent cost control and gears up for 2017 long term strategy implementation Real Estate Investment Management and Investment Banking business lines recorded systematic increase in profits Turnaround of the Group’s operations expected during 2017 Advertisement SHUAA Capital today reports results […]
February 13, 2017 by: Anjli Raval, Oil and Gas Correspondent Steep Opec production cuts could ease an oil market surplus quicker than expected in 2017, the oil cartel signalled in its first output assessment since a deal to curb supplies and bolster prices came into effect. After more than two years of allowing market forces to balance supply and demand, Opec in November agreed to again influence […]
February 13, 2017 by: Anjli Raval, Oil and Gas Correspondent Steep Opec production cuts could ease an oil market surplus quicker than expected in 2017, the oil cartel signalled in its first output assessment since a deal to curb supplies and bolster prices came into effect. After more than two years of allowing market forces to balance supply and demand, Opec in November agreed to again influence […]
Markets have started this week feeling much relieved, notes Bloomberg’s Richard Breslow, as the understandable fears that U.S.-Asia strategy might continue their lurch toward direct economic confrontation were given a respite. The phone call with Chinese President Xi went better than feared. And once the picture of the Japanese Prime Minister and American President high-fiving on the golf course was passed around, the sighs of relief were […]
|By Matein Khalid| The US Dollar Index has now fallen 3.5% since it peaked on January 3. Donald Trump and his White House aides broke the 20 year taboo against speaking out against the “strong dollar” policy platitudes. The Federal Reserve did not raise interest rates and signaled no rate hike is imminent at the March FOMC. It is significant that the US dollar has fallen against […]
The cost to upgrade the US electrical grid so it could cope with peak demands may be on the order of $180 billion, said the report in the Proceedings of the National Academy of Sciences As the planet warms due to climate change and hot days become more common, the US electrical grid could be unable to meet peak energy needs by century’s end, researchers warned Monday. […]
By Jamie McGeever | LONDON LONDON World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called “Trump trades” as investors bet that the U.S. president’s tax reform plans will boost economic growth and corporate profits. Following on from Friday’s record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, their […]
Health regulators have given their approval for the drug deflazacort for patients suffering from Duchenne muscular dystrophy. Available Overseas For $1,200 The steroid treatment has long been available outside United States but it was only last week that it received the green light from the U.S. Food and Drug Administration for Duchenne muscular dystrophy, a rare and incurable disease that most often affects boys and typically leads to […]
Copper prices in China rose as much as 7 per cent on Monday to their highest level in more than two years amid continued upward pressure from a strike at the world’s largest copper mine in Chile. The price of copper contracts on the Shanghai Futures Exchange leaped as high as Rmb50,300 ($7,306.79) per tonne in Monday Asia trading, the highest level since May 17, 2014. Workers […]
Submitted by Nick Kaman of Letters from Norway Introduction: Norwegians are just now starting to grapple with the effects of their “single cylinder” economy, mostly dependent on oil and gas (ca. 60% of exports). Despite optimism about $50-$70/barrel oil, American crude output is surging, on track to be the highest ever, since 1970, while cracks start to form in OPEC’s latest agreement. In addition to the oil […]
