|By Matein Khalid| Janet Yellen confirmed the Wall Street consensus that the Federal Reserve will raise its overnight borrowing (Fed Funds) rate at the March FOMC. Wage growth, inflation, crude oil, asset prices, economic data momentum and Trump’s fiscal stimulus all reinforce the dual mandate logic of a rate hike. Only a really awful February non-farm payroll shock (consensus is 200,000 jobs) will avert a rate hike […]
The Miami Herald shared a prestigious journalism award for its part in the Panama Papers investigation and was a finalist for its breaking news reporting on Jose Fernandez’s death. Read The Series: “The Secret Shell Game” The Scripps Howard Foundation awarded the Herald, along with parent company McClatchy and the International Consortium of Investigative Journalists, the 2016 William Brewster Styles Award for business/economics reporting. The Panama Papers […]
New York – Pat Beall said she and her colleagues at The Palm Beach Post had been consistently reporting on Palm Beach County’s growing opioid epidemic, highlighting the lives of a few of the victims and the toll their death took on families and the larger community. But it wasn’t enough. Each story would get a little attention, but within a day or two the latest […]
Snap, the first big tech listing since Alibaba in 2014, has already experienced the highs and lows of the stock market in the week since its NYSE listing. Shares on Wednesday closed at $22.81, down from a high of $29.44 last week, but still above the $17 IPO price. That performance, along with doubts over corporate governance, has raised questions over if, rather than when, Snap will […]
While many have blamed today’s spike in yields for the broader underperformance of the REIT sector, which sent the Bloomberg North American REIT index down 1.4%, its biggest one-day drop since December in a widespread selloff across all property sectors with 194 of the 214 stocks in the index lower today, it’s more than just the jump in rates that is slamming the rate-sensitive sector. While longs […]
By Susan Cornwell and Yasmeen Abutaleb | WASHINGTON WASHINGTON Democrats mounted a fierce uphill battle on Wednesday to thwart a Republican plan backed by President Donald Trump to overhaul the U.S. healthcare system, even as the legislation also drew fire from a top medical group and dissatisfied conservatives. Two House of Representatives committees began debating the bill and considering amendments two days after it was unveiled by […]
Dubai, UAE 08 March 2017 Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its Full Year Financial Results for the year ended 31 December 2016. Amlak reported net profits of AED 107 million at the end of December 2016, a decrease of 20% compared to AED 135 million in 2015. The Company’s total revenues, however, reached AED 778 million in […]
George Osborne will earn £650,000 a year for working four days a month at BlackRock, more than ten times what he is paid as an MP once expected share awards from the world’s largest fund manager are included. The detail of Mr Osborne’s pay at BlackRock, which he agreed to join as an adviser earlier this year, was disclosed in the register of members’ financial interests at […]
By Ginger Gibson and David Shepardson | WASHINGTON WASHINGTON When the bosses of some of the world’s largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting. Just weeks before, Trump had sent drug stock prices plummeting after accusing the companies of “getting away with murder” by charging too much for medicines. But […]
The two Fortune 500 companies, International Business Machines corp. (IBM) and Salesforce, have agreed to integrate their artificial intelligence platforms and some of their software and service components. As part of the deal, Salesforce customers could make use of the data from IBM’s Watson artificial intelligence platforms whereas IBM would be deploying Salesforce Service Cloud for internal use, more or less a sign of good will. The […]
By Saikat Chatterjee | HONG KONG HONG KONG Asian stocks edged lower on Wednesday after a strong start to the week due to profit-taking as investors lacked conviction to buy risky assets before a U.S. policy meeting next week that may see interest rates rising for the second time in three months. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trade, a […]
March 8, 2017 by: Shawn Donnan and Demetri Sevastopulo in Washington ZTE has agreed to plead guilty to criminal charges of violating US sanctions on North Korea and Iran and to pay up to $1.2bn in fines, the largest sanctions-busting penalty levied against a Chinese company by Washington. The Chinese telecommunications group also admitted to obstructing a federal investigation as part of a settlement announced on Tuesday […]
Saudi Arabia has promised to launch major development projects towards the end of 2017 to re-energise an economy which has been hit by austerity measures, industry sources told Reuters. Deputy Crown Prince Mohammed bin Salman, the kingdom’s top economic official, made the commitment at a recent meeting with a delegation representing the Saudi private sector, the sources, who spoke on condition of anonymity, said. While they pledged […]
By Jennifer Ablan | NEW YORK NEW YORK Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Tuesday he expects the Federal Reserve to begin a campaign this month of “old school” sequential interest rate hikes until “something breaks,” such as a U.S. recession. Gundlach, who oversees more than $101 billion at Los Angeles-based DoubleLine, said U.S. economic data support a rate increase as soon as […]
Banks have structured some unusual and complex deals for European companies to raise capital through a combination of debt and equity derivatives in recent weeks, reflecting investor enthusiasm for convertible securities. Last week BASF launched a $600m bond bundled with warrants, in a so-called neutral structure which effectively makes the chemicals group a middleman between its investors and its banks. The deal, put together by Deutsche Bank, […]
Highlights of the day for U.S. President Donald Trump’s administration on Tuesday: HEALTHCARE Trump endorses a plan by Republican lawmakers to replace the Obamacare healthcare law but influential conservative groups come out strongly against it, complicating the proposal’s prospects for passage in Congress. Shares of large U.S. pharmaceutical and biotechnology companies are selling off after Trump says he is working on a system to reduce prices in […]
Canadian financial services group Canaccord Genuity’s aims to double the contributions to its investment banking business from the Middle East and India in the next five years, its regional head told Reuters. It recently helped broker a C$5 billion ($3.7 billion) investment partnership between Dubai ports operator DP World and Caisse de depot et placement du Quebec, Canada’s second-largest public pension fund. “We think this could be […]
Snap Inc’s shares fell as much as 10.4 percent on Tuesday, opening at their lowest since a blockbuster market debut last week. Snap’s shares hit a low of $21.30 in early trading on Tuesday, wiping out more than $9 billion of the company’s market capitalization from Friday’s high. Shares surged 44 percent in a hotly anticipated listing on Thursday, valuing the parent of Snapchat, an app popular […]
Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. The valuation of Aramco. the world’s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell […]
By Nichola Saminather | SINGAPORE SINGAPORE Asian shares rose on Tuesday, diverging from New York markets that slipped on concern about President Donald Trump’s ability to focus on economic policies. Oil prices were slightly lower amid fears growing U.S. production will offset OPEC cuts. Futures are pointing to a positive open for Britain’s FTSE 100 .FTSE and France’s CAC 40 .FCHI. MSCI’s broadest index of Asia-Pacific shares […]
Tuesday 02:00 GMT Overview Markets were in wait-and-see mode in Asia trading with investors in Australia awaiting an interest rates decision from the country’s central bank. Hot topic Tokyo’s Topix index was flat, while the Nikkei 225 index was off 0.1 per cent. Nintendo was a bright spot with its shares climbing just over 2 per cent, on track for a third straight day of gains following […]
Snap has fallen below Thursday’s opening price, losing 12 per cent on Monday as analysts issued ‘sell’ ratings on the owner of messaging app Snapchat. Shares in Snap, which went public three days ago, closed at $23.77, below its $24 opening price on the New York Stock Exchange. The broader market closed down 0.3 per cent. However, Snap is still 40 per cent above the $17 at […]
Monday 21:56 GMT Overview Global equities sold off on Monday, encouraging flows into sovereign debt, after Asian markets were rattled by North Korea firing missiles into the Sea of Japan and the Federal Reserve’s interest rate meeting drew nearer. US President Donald Trump’s latest spat with the country’s security services may also be damping the mood somewhat as markets continue to price in a rate rise by […]
After losing her six-week-old son, a grieving mother from Utah decided to donate her breast milk to families who are in need. The toddler had been diagnosed with a rare immune disorder, called DiGeorge Syndrome. Nicura Thompson, who gave birth full-term Oct. 21, 2016, to her fourth child, had known since her fifth month of pregnancy that her child was suffering from seven different heart conditions. The child […]
