Abu Dhabi’s stock market plans to introduce covered short-selling in the first quarter of 2017, its chief executive said on Monday, as it seeks to boost liquidity and attract more foreign investors. In covered short-selling, investors borrow shares and sell them in the expectation of repurchasing them later at a lower price. Regulators in the Gulf have until now shied away from allowing the practice because of […]
Toshiba warned the market that it could book an impairment loss of “several billion dollars” at its troubled US nuclear division and reconsider its presence in that industry as accounting issues returned to blight one of Japan’s biggest industrial names. With Toshiba’s financial position becoming more clouded by the announcement, its chief executive, Satoshi Tsunakawa, told a press conference on Tuesday night in Tokyo that the company […]
The eurozone’s biggest stock markets are closing in on double-digit gains for the final quater of 2016, as a combination of resurgent banks shares and a weaker euro entice investors into a region that has disappointed for much of the year. On Tuesday’s return from the Christmas break, Germany’s Xetra Dax 30 advanced 0.1 per cent in early afternoon trading, and is now up more than 9 […]
Saudi Arabia expects oil revenue to jump by 46 percent next year following the deal between the kingdom and other producers to curb output and drive up global prices. The world’s top oil exporter expects to collect SR480 billion ($128bn) from oil sales in 2017, compared with SR329 billion ($87.67 billion) this year, the finance ministry said in a budget statement last week. Non-oil revenue will climb […]
Iran’s rial hit a record low against the U.S. dollar on Monday in a sign of concern about the country’s ability to attract foreign money after U.S. president-elect Donald Trump takes office. The rial was quoted in the free market at 41,500 to the dollar, weakening from around 41,250 on Sunday and 35,570 in mid-September. Before this month, the record low was about 40,000, hit in late […]
By Osamu Tsukimori | TOKYO TOKYO Oil prices were little changed on Tuesday in light pre-New Year holiday trading with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in. London Brent crude for February delivery LCOc1 was down 1 cents at $55.15 a barrel by 0335 GMT […]
MILAN The European Central Bank has told Monte dei Paschi it needs to plug a capital shortfall of 8.8 billion euros ($9.2 billion), higher than a previous 5 billion euro gap estimated by the bank, the lender said on Monday, confirming what sources told Reuters. Last Friday the Italian government approved a decree to bail out Monte dei Paschi (BMPS.MI) after Italy’s No. 3 lender failed to […]
Over the past year, technology and ‘sharing economy’ start-ups have continued their disruption of traditional industries — from Uber and other ride hailers’ shake-up of the taxi market to Airbnb’s myriad alternatives to conventional hotel stays. But which will be the next businesses to be challenged by further digitisation and automation? FT correspondents have looked ahead five to 10 years to identify those industry sectors and companies […]
Dubai, December 25, 2016 Nikai Electronics, a part of the Nikai Group of Companies, has been honoured with the Sheikh Khalifa Business Excellence Award (SKEA) in the Commercial sector. The prestigious award, an initiative of the Abu Dhabi Chamber of Commerce & Industry, aims at providing continuous improvement and enhancing competitiveness within the business sector in the UAE. The coveted award was conferred to Nikai at a […]
By Lucia Mutikani | WASHINGTON WASHINGTON New U.S. single-family home sales rose more than expected in November and consumer sentiment hovered near a 13-year high this month, strengthening the view that the economy will gain further momentum next year. President-elect Donald Trump’s plan to cut taxes and increase infrastructure spending is expected to boost economic growth, though it already has sparked a surge in mortgage rates that […]
Written by Ritu Sarin | New Delhi | Published:December 25, 2016 4:55 am The Letters of Intent along with the precise quantum of orders to each foreign firm would be finalised soon. The remonetisation drive — and the frantic printing of banknotes — has brought some Christmas cheer for some of the world’s largest currency paper suppliers. Over Thursday and Friday, principals of eight foreign firms were […]
|By Arabian Post Staff| Dubai saw a 11 per cent surge in the total volume of traded goods in the first nine months of 2016, rising as high as 70.82 million tons of commodities. Imports had the lion’s share at AED 594 billion (46.81 million tons and 12% increase), while exports and re-exports accounted for AED 109 billion (11.84 million tons and 8% increase) and AED 249 […]
A round up of some of 2016’s most significant corporate events and news stories. Smartphone sales © EPA A bright start to the year for Samsung Electronicswent up in smoke, after it took the unprecedented decision to axe its Galaxy Note 7 line, following a spate of safety issues that saw the smartphone banned from aircraft, writes Nic Fildes. The 2016 Galaxy Note iteration won substantial praise […]
By Rodrigo Campos | NEW YORK NEW YORK The year-end stocks rally on the heels of the election of Donald Trump as U.S. president was built on expectations of reduced regulations, big tax cuts and a large fiscal stimulus. Now signs are emerging from the Trump camp that harsher trade policies that could jeopardize the honeymoon are likely in the offing, and investors would be well advised […]
Porsche has won a key victory in its efforts to dismiss claims against the company for billions of euros of damages relating to its failed takeover of Volkswagen in 2008. Porsche Automobil Holding SE said on Friday that Germany’s federal court of justice, the country’s highest civil court, had dismissed a claim for €1.2bn brought by 19 hedge funds. When Porsche revealed in 2008 that it owned […]
On April 7, 14 large blue letters quietly disappeared from the outer walls of an office building in an exclusive neighborhood in northern San Salvador. One by one, the letters came down from the blue and beige stucco walls, leaving behind faint traces of the name of the law firm that had been working there just days before: M-O-S-S-A-C-K-F-O-N-S-E-C-A. Employees of the El Salvador branch of Mossack […]
A hundred years ago, an arms race between the dominant global superpower the (British Empire) and a rising power (Kaiser Wilhelm’s Germany) culminated in the mass slaughter of World War One. The deep mistrust between the United States and the People’s Republic of China has all the potential to spawn a traumatic chapter in international relations. Despite its “pivot” to Asia, the Obama White House was cautious […]
What a difference a year makes. Having ended 2015 as the worst performing sector on the S&P 500, energy stocks are on track to become this year’s biggest winners as this month’s rally in crude prices further extended the sector’s gains. Despite falling 0.1 per cent on Friday, the S&P 500 energy index is still up more than 25 per cent this year, making it the top […]
Wall Street treaded water in light pre-holiday trading on Friday, with the three major indexes on track to post weekly gains. The Dow Jones Industrial Average, which came within spitting distance of the historic 20,000 mark earlier this week, looked set to record its seventh straight weekly gains. “There’s really nothing to move the market one way or another,” said Mohannad Aama, managing director at Beam Capital […]
Christmas is almost here (and so is Hanukkah), and so it is time for the Long View to revisit the offices of Hindsight Capital LLC once more. Hindsight Capital, for the uninitiated, is the hedge fund that beats all others year in and year out because it is endowed with 20/20 hindsight; it can see the future. The returns to clairvoyance are potentially infinite, so it has […]
By Michael Shields and Arno Schuetze | ZURICH/FRANKFURT ZURICH/FRANKFURT Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe’s leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger U.S. rivals. Credit Suisse (CSGN.S) agreed in principle to pay […]
Deutsche Bank and Credit Suisse have agreed to pay out billions to resolve a probe into the alleged mis-selling of mortgage-backed securities at the height of the US housing bubble, striking deals before the Trump administration takes power. The deals came as federal prosecutors announced they were suing Barclays and two of its executives over the issue of allegedly fraudulent residential mortgage-backed securities. The suit followed the breakdown of talks […]
Friday 02:50 GMT Overview Asian markets not already shut for the holidays went into retreat, following a negative lead from Wall Street as investors took a breather ahead of the Christmas break. Hot topic Most major global stock markets were on track to finish December in the black, continuing the rally set off by Donald Trump’s presidential election victory in early November. In Asia, Japanese equities have […]
Donald Trump turned up the heat under Lockheed Martin about the cost of its F-35 fighter jet, tweeting on Thursday that he had asked rival defence contractor Boeing to price its F-18 Super Hornet as an alternative. “Based on the tremendous cost and cost overruns of the Lockheed Martin F-35, I have asked Boeing to price-out a comparable F-18 Super Hornet!” Mr Trump tweeted on Thursday evening. […]
