Hedge fund managers may be criticised for their recent returns but they have consistently displayed a razor sharp sense of timing when it comes to picking when to sell their own businesses. When Och-Ziff, the New York-based hedge fund founded by the former Goldman Sachs trader Daniel Och, decided to sell equity to the public markets it did so near the top of the market in late […]
29 March 2017 Under the patronage of H.E. Sheikh Al Fadhil Bin Mohammed Al Harthy, Secretary General of the Council of Ministers, the first edition of Smart Cities Summit was launched on Tuesday at Oman Convention and Exhibition Center in the presence of a number of excellences, high officials and diplomats. The summit was attended by delegations from Dubai, Qatar, The Republic of Korea, KSA, USA, Belgium, […]
In a country that is becoming increasingly modern and globalised, there is a renewed focus on what it means to be Emirati and what can be done to preserve local heritage. This weekend, the courtyard of Al Ain Palace will be transformed into a traditional market, with food stalls and demonstrations of traditional medicine practices, such as hijama and tajbeer splinting, for the campaign “My Heritage, My […]
When Charles Li was asked last week about the recent wild gyrations of some stocks in Hong Kong, the head of the Hong Kong Exchange compared the market to a city that is reasonably well-run but has “a few dark alleys and little corners”. “We all need to relax,” he added. “This is a great market. You don’t want the regulator to solve all your problems.” Investors […]
By Francesco Guarascio | BRUSSELS BRUSSELS The European Parliament said in a draft position paper on Wednesday that Brexit can be revoked. The draft, seen by Reuters on the day that Article 50 on Britain’s leaving the European Union was invoked also said there should be transitional arrangements to smooth the divorce but no more than three years. London-based EU agencies, the European Banking Authority and the […]
Bank supports initiative by enabling the installation of Qindeel’s book collection kiosks at branches 29 March 2017 Dubai – Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has partnered with Qindeel Printing, Publishing, and Distribution, a subsidiary of the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF), to promote literacy inclusion worldwide. The partnership follows the announcement of March as the dedicated month […]
By Elizabeth Piper | LONDON LONDON After nine months of preparation, bitter public argument and a battle with parliament, British Prime Minister Theresa May is launching talks with the European Union armed with a plan she hopes will secure a better divorce deal than many expect. But what is it? Although May has published a policy document outlining a 12-point approach to the talks that will reshape […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Donald Trump is temporary ratings gold, which is either evidence of renewed civic engagement or merely the decline of Western civilization. Variety reports that Fox News “finished far and above its competition in the ratings for the first quarter of […]
LONDON Britain’s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ‘mutual recognition’ system. Under this, the European Union and Britain would broadly […]
So much flip-flopping from Dennis Gartman in just the past week, it is enough to make one’s head spin. After missing Friday’s move lower, on Monday morning Gartman said he was actively looking to “re-establish net short positions” when S&P futures were sharply lower to which we said “at the rate the S&P is covering its opening losses, he should be able “find a point” where the […]
Bloomberg suffered its second-ever drop in the number of ubiquitous terminals dotting global trading desks as it fell victim to cost cutting by the finance industry. The number of Bloomberg’s distinctive black terminals, used daily by bankers, traders and money managers, fell by 3,145 last year to just under 324,500, down nearly 1 per cent from 2015, according to a report on Tuesday from Burton-Taylor International, one […]
By Guy Faulconbridge and Elizabeth Piper | LONDON LONDON Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. Nine months after Britons voted to leave, May will notify EU Council President Donald Tusk in a letter that the UK really is quitting […]
New photovoltaic plant will add 61.3 MWp of installed energy capacity to Risha, Jordan Lowest tariff for solar energy ever presented for a Jordan-based photovoltaic project The plant marks ACWA Power’s strategy of continuous investment Jordan, and its second Solar Photovoltaic Plant The new PV plant will bring the installed capacity in Jordan as controlled by ACWA Power to 1,665 MW further consolidating ACWA […]
After nine months’ gestation, the Brexit process has started. Both sides of the referendum have political points; Brexiters can say the UK economy is growing and there has been no market implosion, while Remainers can say UK assets have drastically underperformed the rest of the world, and the costs of the historic sterling devaluation are yet to be counted. Now, it is time to work out what […]
LIMA Extreme floods wreaking havoc in Peru are also threatening the South American country’s rich archeological heritage and the tourism that thrives on it, a Peruvian archaeologist said on Tuesday. At least 50 archaeological sites in Peru have been damaged by the intense rains that are battering northern Peru, resulting in a drastic drop in related tourism, said archaeologist and explorer Walter Alva. Alva discovered the tomb […]
AMMAN: The 2017 Arab Summit started today in Jordan with the participation of an unprecedented number of Arab leaders, whose agenda was topped by the issues of Palestine, terrorism and Arab coordination.Since early Tuesday, leaders of Arab states started arriving in the Jordanian capital Amman for a gathering that comes amid serious challenges and crises facing the region.UN Secretary-General Antonio Guterres also arrived in Amman on Tuesday […]
Wednesday 04:40 GMT Overview Asian markets were mixed, with energy stocks benefiting from a recovery in crude oil prices, while the UK pound dropped after Prime Minister Theresa May dispatched the letter that will trigger Britain’s exit from the EU. Hot topic The pound weakened 0.3 per cent to $1.2409 in Asia trade, bringing its losses over the past two sessions to 1.2 per cent, in response […]
The United States Department of Commerce’s Bureau of Industry and Security has removed Chinese telecommunications technology solutions provider ZTE from its trading blacklist following the company pleading guilty to illegally exporting products to Iran. “Upon recommendation by BIS, the company and ZTE Kangxun Telecommunications Ltd will be removed from the Entity List on 29 March 2017 (United States time),” ZTE said in a statement [PDF] to the […]
Emirates Global Aluminium (EGA) mandated Bank of America Merrill Lynch, Goldman Sachs and JP Morgan to advise on its initial public offering, sources familiar with the situation have said. The three banks, which were mandated as joint global coordinators, declined to comment. One source said the company had earnings before interest, tax, depreciation and amortisation (EBITDA) of at least $1.5 billion and that its closest publicly traded […]
Overseas companies that invest in the UK issued a flurry of warnings on Tuesday about the threat Brexit poses to their businesses, signalling their growing concern as the UK prepares to start the formal process of leaving the EU. Forty European business lobbies, representing 20m companies in 34 countries, issued a statement calling for a post-Brexit settlement which would preserve the integrity of the single market, deliver […]
After the biggest downturn in a generation, there are reasons to think the worst of the commodities slump might be over. The Financial Times’s Commodities Global Summit began on Tuesday in Lausanne, Switzerland. Here are the main talking points from the first day. There was no shortage of talk on Opec, which in November agreed its first reduction in supply in almost a decade. Executives from some of the world’s […]
By Ju-min Park and Christine Kim | SEOUL SEOUL If ousted South Korean president Park Geun-hye is arrested this week, she will be sent to a solitary cell where she will be expected to rise at 6:30 a.m. and go to bed by 9 p.m. The only privilege she could have over other inmates will be slightly more space and a toilet and shower in an adjoining […]
WASHINGTON The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp (000063.SZ) from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday, At the same time, the Commerce Department said it would impose severe restrictions on former ZTE chief executive, Shi Lirong, who the agency accused of approving efforts to skirt […]
The triggering this week of Article 50 of the Lisbon treaty to facilitate Britain’s exit from the EU is undoubtedly a momentous event. At issue in the forthcoming talks will be whether Britain can win back control over immigration and lawmaking without wrecking trade relations in its biggest market and damaging London’s status as the pre-eminent international financial centre. A minimum of two years of difficult and […]
