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Emirates NBD Saudi Arabia PMI: Growth of non-oil private sector accelerates at start of third quarter

SAUDI ARABIA. Saudi Arabia’s non-oil private sector began the third quarter of 2015 on a positive note, with business conditions improving at the fastest pace in three months during July. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly. However, data for employment bucked the general trend, as the […]

A ‘made-in-China’ recession

|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]

Apple's momentum 'meltdown' bites investors

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar NEW YORK Has the “curse of the Dow” finally caught up with Apple? Shares of the iPhone maker have been in a rut since posting disappointing quarterly results in late June, falling to a six-month low of $113.25 on Tuesday. […]

After failed FT bid Springer to go for pure digital deals

Police secure the main entrance of the German Axel Springer publishing group headquarters in Berlin January 8, 2015. Reuters/Hannibal Hanschke/Files FRANKFURT After its failed bid to buy the Financial Times, Germany’s biggest news publisher Axel Springer will concentrate on digital expansion through small and medium-sized deals, the company said on Tuesday. Springer was outbid last month by Japan’s Nikkei in an attempt to buy the FT from […]

Wall Street Breakfast: Greek Shares Nosedive As Market Reopens

Enoc ups Dragon Oil bid price

Emirates National Oil Co. increased its offer to buy Dragon Oil Plc to 800 pence ($12.50) a share, winning support from minority owners including billionaire Paul Singer’s Elliott Advisors U.K. Ltd. that rejected ENOC’s offer in June. Elliott and Baillie Gifford & Co., which hold a combined 13.1 stake in Dragon Oil, have accepted the new price, ENOC said in a statement. ENOC had offered to buy […]

Solar Impulse backers vow to see project ‘to the end’

ABU DHABI // Bertrand Piccard, co-founder of the Solar Impulse project and one of the pilots of Solar Impulse 2, the world’s first totally solar-powered aircraft, is looking to his staunchest supporters for funds to continue his journey around the world. Mr Piccard returned to Switzerland looking for €20 million (Dh80m) to repair the damage caused to Solar Impulse 2 as it flew to Hawaii. As the […]

FT deal and print media mergers

|By Matein Khalid|So Pearson PLC has sold the FT Group (with its flagship Financial Times newspaper) to Japan’s Nikkei Inc for $1.32 billion. Pearson will use the cash proceeds to increase its investment in education publishing businesses in the US and Canada, now 75% of revenues. This deal is a milestone in the history of newspaper publishing and my own life as an investor/financial journalist. I discovered […]

Baidu profit weighed down by offline mobile services push

People talk in front of a Baidu’s company logo at Baidu’s headquarters in Beijing January 16, 2014. Reuters/Jason Lee Baidu Inc’s (BIDU.O) quarterly profit missed analysts’ estimates as China’s biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu’s shares fell more than 8 percent in extended trading on Monday after the company’s […]

Wall Street Breakfast: Chinese Shares Burst Government Support Dam

Economist also on sale

Pearson Plc is in talks to sell its half stake in the publisher of the 172-year-old Economist magazine, marking another step toward the former conglomerate’s transformation to an education company. The Economist is one of the assets that were excluded from London-based Pearson’s agreement this week to dispose of the FT Group to Japan’s Nikkei Inc. Pearson’s 50 percent holding could be valued at as much as […]

Cloud services seen growth driver for Amazon

REUTERS – Amazon.com Inc’s shares surged more than 20 percent in early trading on Friday, adding more than $46 billion to the company’s market value, after strong growth in the e-commerce giant’s cloud business drove a surprise quarterly profit. The company’s market capitalization soared to more than $270 billion, overtaking that of Wal-Mart Stores, the world’s biggest retailer. Revenue from Amazon’s cloud operations – Amazon Web Services […]

Speculators back in Dubai stock market

A surge in shares of Amlak Finance since they returned to Dubai’s stock market last month has raised concerns about a new wave of unbridled speculation on one of the region’s biggest exchanges. The Islamic mortgage lender has soared about 150 percent since it restarted trading in early June after a six-year suspension due to debt problems. At its latest close of 2.52 dirhams, the stock is […]

AT&T, DirecTV complete merger to form biggest pay-TV company

An AT&T Logo is pictured on the side of a building in Pasadena, California, January 26, 2015. Reuters/Mario Anzuoni WASHINGTON The No. 2 U.S. wireless carrier AT&T Inc (T.N) and the biggest satellite-TV provider DirecTV (DTV.O) became the country’s largest pay-TV company on Friday, completing their $48.5 billion merger after receiving final regulatory approval. The newly expanded AT&T leapfrogs the biggest U.S. cable company Comcast Corp (CMCSA.O). […]

Amazon swings to quarterly profit as North America sales grow

A zoomed image of a computer screen showing the Amazon logo is seen in Vienna November 26, 2012. To match Special Report TAX-AMAZON/ Reuters/Heinz-Peter Bader Amazon.com Inc (AMZN.O) swung to an unexpected quarterly profit on higher sales in North America, its popular Prime subscription service and growing demand for its Web services, sending the online retailer’s shares up more than 17 percent. Amazon also forecast third-quarter revenue […]

Apple plunge erases $32 billion

Apple Inc. shares tumbled, wiping out $32 billion in market value, after disappointing iPhone sales rekindled concerns over whether the company can keep making must-have products. Even though iPhone sales climbed 35 percent to 47.5 million units in the fiscal third quarter, the result fell short of the 48.8 million shipments projected by analysts. That, plus a revenue forecast for the current period that missed estimates, on […]

Analysts as upbeat as ever on Apple; Investors not so much

An Apple iPhone 6 is seen on display at the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar Forget that iPhone unit sales were not as strong as many had expected; that the revenue forecast fell short of the average estimate, and that there was no clarity on Apple Watch sales. Analysts, for the most part, remain […]

$700m fine on Citibank for ‘deception’

Citigroup Inc’s consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products. Citi will also pay civil […]

Aesthetics of art investing

|By Matein Khalid| As a student of investing and the son of a painter/art historian, I cherish art as a visceral, spiritual value but am also intrigued by its historical linkage to banking and the financial markets. The happiest moments of my life have been spent in the Prado, Tate, Hermitage, Rijksmuseum, Ufizi, MOMA, Met, the National Gallery on Trafalgar Square, the Louvre, Musee d’Orsay and so […]

IBM revenue falls for 13th straight quarter; shares dip

The IBM logo is seen outside the company’s offices in Petah Tikva, near Tel Aviv October 24, 2011. Reuters/Nir Elias International Business Machines Corp’s (IBM.N) revenue fell for the 13th consecutive quarter and missed the average analyst estimate, as it continued to shed low-margin businesses and the strong dollar weighed on Big Blue’s results. Shares of the world’s largest technology services company fell about 5 percent in […]

Exclusive – Micron does not believe deal with Tsinghua is possible: sources

The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. Reuters/Kai Pfaffenbach Micron Technology Inc (MU.O) has told China’s Tsinghua Unigroup Ltd that its $23 billion acquisition offer is not realistic because U.S. authorities would block the deal due to national security concerns, according to people familiar with the matter. The Boise, Idaho-based chipmaker’s […]

Commodity rout deepens; gold tumbles

The rout in commodities deepened with prices touching the lowest since 2002 as the prospect of higher U.S. interest rates sent gold tumbling. Raw materials are losing favor with investors as the dollar gains amid signals from Federal Reserve Chair Janet Yellen that the central bank may raise rates this year on the back of an improving U.S. economy. Higher borrowing costs curb the attractiveness of commodities […]

Intel Q2 revenue drops 4pc to $13bn

Intel Q2 revenue drops 4pc to $13bn NEW YORK, 3 days ago Intel Corp reported that its net revenue fell 4.6 per cent to $13.19 billion during the second quarter of the year, edging past the average analyst estimate of $13.04 billion. Growth in the company’s data centers and Internet-of-Things businesses helped offset weak demand for personal computers that use the company’s chips. Shares of the world’s […]

Saudis Cast Net for ISIS Sympathizers

BEIRUT, Lebanon — The security forces in Saudi Arabia have carried out a nationwide dragnet in recent months that resulted in the arrest of more than 400 people believed to be connected to the Islamic State jihadist group, the Saudi Interior Ministry said on Saturday. The people who were arrested were linked to recent attacks inside the kingdom; they planned attacks or monitored potential targets, or used […]