Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government. That might make it a good time to buy into a Saudi bank. And substantial stakes in two of them are up for sale. But in both cases, it’s international lenders who are seeking to get out – and there are no big-name global […]
Saturday, April 29, marks what may be a bittersweet anniversary for the Administration: it is President Trump’s 100th day in office. It could also mark Day 1 of a government shutdown if Congress doesn’t pass a spending bill authorizing funding, or if the president doesn’t sign it before then. This is a risk the GOP will be eager to avoid, although in recent days chatter has again […]
By Yashaswini Swamynathan U.S. stock index futures rose sharply on Monday, tracking European and Asian stocks, as investors breathed a sigh of relief after Centrist candidate and market favorite Emmanuel Macron won the first round of the French election. * Polls showed pro-EU Macron is expected to beat right-wing rival Marine Le Pen in a deciding vote next month, reducing the chances of France taking a Britain-like […]
Former BP boss Tony Hayward will in June leave Genel Energy, the Kurdistan-focused oil explorer he co-founded, following several troubled years for the lossmaking company. He will be succeeded as Genel chairman by Stephen Whyte, an energy industry veteran, whose career has included a long spell at Royal Dutch Shell in various technical and commercial roles. Since 2013, Mr Hayward has been chairman of Glencore, the mining-cum-trading […]
Risk is definitely on this morning as European shares soar, led by French stocks and a new record high in Germany’s Dax, after a “French relief rally” in which the first round of the country’s presidential elections prompted investors to bet that establishment candidate Emmanuel Macron will win a runoff vote next month, and who is seen as a 61% to 39% favorite to defeat Le Pen […]
BEIJING Washington’s move to probe steel imports could trigger a trade dispute between the United States and its major trading partners, who are likely to take retaliatory steps, the official China Daily said in an editorial on Monday. The article was the strongest official response yet to U.S. President Donald Trump on Thursday launching an investigation of China and other steel producers for dumping cheap steel products […]
The euro surged in early Asian trading after Emmanuel Macron, investors’ preferred candidate, appeared on track to make it through to the final round of the French presidential election, which opinion polls suggest he will win. Mr Macron, who supports open markets and France staying in the EU, won 23.7 per cent of the vote in the first round vote on Sunday, according to three estimates for […]
23 April 2017 Ras Al Khaimah, UAE – Novel international group, a leading highly diversified investment company from China, has signed an agreement with Al Marjan Island (AMI) Company to acquire 720.000 sq. Ft. of landon the man-made island in RasAl Khaimah. Alan Feng, Director, Novel company said that: “Our Group aims at enlarging its presence overseas via high standing partnerships, joint venture and other projects. The […]
When North Korean traders give Li Jian long lists of the goods they want to buy, he checks the items against a 236-page Chinese translation of the UN sanctions imposed after Kim Jong Un’s regime conducted a sixth nuclear weapons test in September. “If it’s on the sanctions list, we can’t provide it,” Mr Li said from his office in downtown Dandong, the Chinese border city through which […]
Data-driven analytics applications are eating the world and transforming every domain. But the world is also being eaten up in a different way by several non-sustainable practices. On Earth Day, we look at what we know about the relation between big data and the environment: how big data is used to measure sustainability and inform action, and what is the impact they have on the environment as […]
For some, modding PC games is a step to cybercrime. Image: iStock Cybercriminals are likely to get started young, and the barriers to getting involved with online crime are lower than ever, police have warned. The Pathways into Cybercrime report from the National Crime Agency (NCA) — the UK’s main body in the fight against organised crime — warns that free and off-the-shelf hacking tools, such as […]
Oil producers are moving closer towards agreement on extending the Opec-led deal to limit output, Saudi Arabia’s energy minister said on Thursday, as the cartel battles excess stockpiles and a resurgent US shale industry that have weighed on prices. Khalid al-Falih said the deal could be run for another three to six months beyond the end of June. Under the terms of the existing accord, Opec members […]
Why Lower Manhattan? The bottom tip of Manhattan island was where New York began – with Dutch fur trappers finding it a handy harbour and trading site. Today, the trading is done on the New York Stock Exchange and in the giant office towers that compete for skyline space. But among the gleaming glass are remnants of a past that goes back much further than it does […]
It is clear now that from the very start, the hunters’ abduction was linked to the civil war in Syria, which has drawn in regional powers in an increasingly complicated proxy war. On one side of the hostage negotiations were Shiite powers — Iran and its Lebanese proxy Hezbollah — which firmly support the Syrian government of Bashar al-Assad. On the other were the Sunni powers Qatar […]
Within the US fixed income market, investors are sending a clear message about the prospect of higher interest rates. In recent weeks, investors have pushed back against a string of leveraged loan transactions, with a handful of deals pulled as money flows into the sector have shrunk. The stumbles underline a diminished appetite for richly valued, floating rate loans, seen as providing investors with some protection from […]
Honeywell International Inc (HON.N) said on Friday its commercial aviation after-sales business was benefiting from robust air travel, while its energy division was getting a lift from stable oil prices, sending shares to a record high. The diversified U.S. manufacturer’s shares rose as much as 3.6 percent to $128.30 in afternoon trading. Honeywell, which made an unsuccessful bid for rival United Technologies Inc (UTX.N) last year, also […]
Friday 08:30 BST What you need to know ● European and Asian stock markets firm after Wall Street rally● Euro holds above $1.07 in cautious trading ahead of French election● Bund yields up 1bp to 0.25 per cent despite political tensions● Global steelmakers shrug off Trump tariff threat● Oil prices gain but gold pulls back——————- Hot topic Investor attention is turning to eurozone assets ahead of Sunday’s […]
By Kate Holton and William Schomberg | NEWTON FERRERS, England/LONDON NEWTON FERRERS, England/LONDON Before last year’s Brexit vote, Scott McCready was struggling to fill his holiday cabins on the coast of southwest England. Now the site is fully booked with British tourists avoiding more expensive foreign trips following a plunge in the pound. This turnaround in the 10 months since Britons decided to leave the European Union […]
The London Metal Exchange, facing falling trading volumes and tougher competition, plans to ask its members to evaluate wide-ranging reforms that are intensifying a robust internal debate over its future. The 140-year institution is set to outline proposed reforms in the coming weeks, evaluating almost all aspects of its business, including whether it should become more similar to rivals such as the CME Group, the world’s largest […]
The pound was last worth $1.30 on September 30, a day when lawyers were lining up to derail Brexit in the courts, a resilient consumer was challenging economists’ dire post-referendum predictions and carmaker Nissan was demanding compensation for staying in the UK. Investors have become familiar with such Brexit unpredictability. Yet few of them could have guessed how sterling, tweeted by Nordea analyst Martin Enlund as “the […]
By Maiya Keidan and Jemima Kelly | LONDON LONDON Hedge funds lost out on Tuesday after British Prime Minister Theresa May shocked markets by calling a snap election, but those led by humans outsmarted those led by machines, in a reversal of fortunes from the Brexit referendum. While computer-driven hedge funds garnered plaudits for their outperformance in the wake of Britain’s shock vote to leave the European […]
By Chad Bray A federal judge said he needs more time to consider a $602 million settlement by hedge-fund firm SAC Capital Advisors LP to resolve allegations related to what federal authorities have called the most lucrative insider-trading scheme ever. The civil settlement with the Securities and Exchange Commission is one of two such agreements reached earlier this month by SAC, one of the nation’s most successful […]
The London market broke a four-day losing streak as the week’s spate of sterling-induced selling eased and consumer stocks from Burberry to Unilever put in robust performances. The marginal gains for the FTSE 100 were not enough to reverse Wednesday’s fall into losses for the year for the benchmark. But UBS maintaining that Burberry was its “preferred turnround name in luxury” and top pick in that European […]
By David Lawder | WASHINGTON WASHINGTON World financial leaders gathered in Washington on Thursday with pledges to work with U.S. President Donald Trump to fix lingering trade problems while vowing to keep their commitments to free trade and global integration. Worries over Trump’s approach to trade, taxes, financial regulation and climate change clouded the start of the International Monetary Fund and World Bank spring meetings, even amid […]
