By Arabian Post Staff The Dubai Gold and Commodities Exchange (DGCX) today confirmed the launch date of its three FX Rolling Futures contracts – Euro (EUR), Pound Sterling (GBP) and Australian Dollar (AUD) against the US Dollar (USD). The contracts will go live on Monday 6 July, 2020, and will expand its suite of currency products that include G6 and Indian Rupee contracts, with the latter being […]
By James M. Dorsey A Turkish-US business council is projecting Turkey as a trading alternative to China with the help of influential US Republican Senator Lindsey Graham, a close associate of President Donald J. Trump. The Turkish effort comes two weeks after President Recep Tayyip Erdogan heralded a new era in long-strained relations with Washington. Mr. Graham’s agreement to participate in a webinar organized by the Turkey American Business […]
Produced by the Group’s indirect wholly-owned subsidiary, Zip Cinema, #ALIVE achieved #1 in advance ticket bookings with a dominant market share of 57.7% two days ahead of its release on 24 June 2020 In comparison, the Group’s most recent film, CRAZY ROMANCE, which resulted in commercial success, attained a market share of 12.3% two days prior to its opening day Distributed by Lotte Entertainment, #ALIVE headlines Spackman […]
By Matein Khalid Oscar Wilde once spoke of his friendship with Lord Alfred Douglas, the fabled Bosie, as “the love that dare not speak its name”, in Victorian London, when Sherlock Holmes and Jack the Ripper roamed amid the fog and the gaslights! The love that dare not speak its name in my life is, of course, my obsession with foreign exchange markets, a love that mesmerizes […]
Arabian Post Staff The Dubai Gold and Commodities Exchange (DGCX) announced that it has received a positive assessment from the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, and is now listed as a third-country trading venue (TCTV) that meets the post-trade transparency requirements under MiFID II and MiFIR. The DGCX met all the criteria set out in the ESMA Opinion (determining TCTVs for […]
The Dubai Gold and Commodities Exchange (DGCX) continued to see robust trading activity in April, with members increasingly seeking to protect themselves against volatility and global economic uncertainty. In light of continued currency volatility and varying views on the dollar as a safe haven, the DGCX last month most notably recorded a surge in trading of its G6 currency portfolio, which registered year-on-year (Y-O-Y) volume growth of […]
Non-Residential Indians (NRIs) and Person of Indian Origin (PIO) have several banking needs that are difficult to be served by any regular bank account. Since these people reside abroad, they generally have their savings and income in foreign denominations such as US Dollars, Euros, etc. Therefore, such individuals need a different account to suit their requirements. NRI accounts have distinctive facilities for amount transfers, tax-related issues, currency […]
By Matein Khalid The US dollar is the traditional safe haven currency during times of geopolitical or financial stress even when the cause of a risk aversion spasm is ultimately American, such as the failure of Lehman Brothers in 2008, Obama’s epic budget battles with the Republicans in 2011 and the Trump White House’s drone hit on Iran’s most revered Revolutionary Guard commander on 3 January 2020. […]
By Matein Khalid I had published an article expressing my shock at the abysmal corporate governance and financial disclosure at NMC Healthcare, the London listed UAE’s largest private operator of healthcare clinics and hospitals. NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. NMC Healthcare has now plunged to 775 […]
DUBAI: Internet has changed the way the health sector in some of the African countries operates. Better internet and mobile connectivity have brought huge benefits to hospitals and health professionals. For instance, doctors and health care workers in the region are now able to exchange information in real-time, thereby improving disease diagnosis and patient management. Similarly, medical staff can now use video conferencing to consult with other […]
By Matein Khalid NMC Health PLC, the UAE’s leading private operator of medical clinics and hospitals with a footprint in 17 countries was founded by Abu Dhabi based Indian-Udupi businessman B. R. Shetty and listed on the London Stock Exchange. NMC plunged a shocking 45% in five trading sessions after Carson Block of Muddy Waters Capital, one of the world’s preeminent short selling specialist hedge funds, accused […]
By Matein Khalid I had recommended buying the Tadawul ETF iShares MSCI Saudi Arabia (symbol KSA on NYSE) on November 30 to benefit from the post-IPO surge in the price of the Saudi Aramco IPO shares on the Tadawul. This tactical trade was a beauty even before Saudi Aramco shares soared 20% on its Thursday December 12 to peak at 38.7 Saudi riyals (SAR). As I expected, […]
By Matein Khalid I literally laughed when I heard that Goldman Sachs put a valuation range of $1.6 to $2.3 trillion on the Saudi Aramco IPO. One, a valuation range of $700 million only means the Goldie analyst bankers (deal promoters?) are clueless about what Saudi Aramco is really worth. Two, I cannot fathom how the financial markets will assign a valuation of 17 to 23 times […]
By Saifur Rahman Dubai: Emirates Group, which includes Emirates Airline and its ground handling and ticketing arm Dnata, reported an 8 percent growth in profits to Dh1.2 billion (US$320 million), despite a 2 percent decline in group revenues to Dh53.3 billion (US$14.5 billion) for the first six months of 2019-2020 financial year, starting April 1, 2019, compared to Dh54.4 billion (US$14.8 billion), during the same period last year, due to unfavourable […]
Mohamed Said Guedi, a Somaliland-Djibouti dual national, has been running successful businesses in East Africa, the Middle East and Europe. He is an entrepreneur who grew several businesses from start-ups to millions in annual sales through effective business planning, quality of products, creative sales techniques and innovative marketing.
Bahrain has been ranked among the top-10 most improved economies in the world in this year’s Doing Business 2020 report, up 19 places to 43rd place since last year in the World Bank’s assessment of 190 countries. The most improved economies are selected based on the number of economic programs and legislative reforms each country has enacted, and on how much their ease of doing business score […]
Whilst the forex market is renowned for its liquidity and volatility, it’s fair to say that some currencies offer a far greater degree of stability than others. Take the U.S. Dollar (USD), for example, which features as part of 84% of all currency trades and accounts for an estimated 38% of the world’s debt. The USD has also performed well of late, having strengthened to a 12-year […]
By Arabian Post Staff DP World has announced a partnership with Zhejiang China Commodity City Group Company LTD (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone (JAFZA). DP World will hold a majority share in the 70/30 joint venture. The Traders Market project will span approximately 800,000 square metres, with Phase 1 development covering about 220,000 square metres. Phase 1 Capex is estimated at $150 […]
By Matein Khalid The S&P 500 index trades at 2990 as I write. The risk-reward calculus on the broad index no longer flashes a buy signal to me. The economic data around the world has deteriorated at an accelerating pace, as the decline in global PMI’s, 9% fall in German factory orders and $13 trillion in in government debt trading at negative interest rates attest. Commodities prices […]
By Arabian Post Staff The Dubai Gold & Commodities Exchange (DGCX) and the Multi Derivatives Exchange Nepal (MDX), a proposed derivatives exchange in Nepal that has applied for a regulatory license from SEBON to operate a commodities and derivatives exchange, today announced the signing of a Memorandum of Understanding (MoU), agreeing to collaborate and share knowledge on areas of mutual benefit surrounding commodity trading. DGCX and MDX will […]
By Matein Khalid Goldman Sachs shares traded at 190 when I wrote this article, way below its 52 week high at 245 making it a Cinderella in global investment banking at only 8.5 times forward earnings. It is obvious that Goldman’s involvement in the $7 billion 1MDB sovereign wealth heist in Malaysia has led to global outrage, demands for a $6 billion in punitive fine by Prime […]
By Matein Khalid Thanks to the orchestrated bullishness of a dozen Wall Street sell side analysts and the mother of all short covering rallies, Uber has managed to claw back its losses from 38 to its IPO offer price of $45 though the latest management disaster and sacking of Dara’s handpicked COO and marketing lady wunderkind will slam the shares tonight. Uber has also benefited from a […]
By Matein Khalid Citigroup, the third largest US money center bank, owns subsidiaries in Latin America whose pedigrees go back almost a century. For instance, Banamex, Citi’s subsidiary in Mexico, is the second largest corporate/retail bank south of the Rio Grande. So it was no coincidence that Citi shares got sandbagged to a recent 61 as President Trump threatened to impose tariffs on Mexico’s $350 billion exports […]
The foreign exchange market is gaining in popularity as more exposure of how it works spreads online. It is the world’s most traded market, turning over more than $5 trillion every day and it is openly accessible and relatively easy to start. One of the key attractions of forex is that the market operates 24 hours a day. There isn’t any one centralized place for forex – […]
