World’s leading hotel operator AccorHotels announces first Mercure brand in the country Muscat, Oman, 20 December 2016 AccorHotels, one of the world’s leading hotel operators announces the opening of Mercure Sohar in Oman. Blending the best of business and leisure, this new hotel pays tribute to its environment with an authentic offering reflective of genuine Omani warmth and hospitality. Nestled between Al Hajjar Mountains and the Sea […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the Christmas weekend. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.58 per barrel at 0105 GMT, up 28 cents from their last settlement. International Brent crude oil futures LCOc1 […]
Friction between the two countries and their proxies is rising alarmingly at a time that mutual trust has reached a nadir. Tehran interprets Turkey’s Syria policy as primarily a product of a neo-Ottoman ambition to regain clout and empower pro-Turkey Sunnis in territories ruled by its progenitor. “What changed in Syria” after the civil war began “was neither the government’s nature nor Iran’s ties with it, but […]
Italian bank shares are on track for their best month in more than seven years as signs the government may intervene to support its financial sector gave fresh momentum to a rally. The FTSE Italia All-Share banks climbed 2.3 per cent in afternoon trading, leaving it up more than 22 per cent so far in December. The index is now on course for its best monthly showing […]
Nike Inc (NKE.N), the world’s No. 1 footwear maker, reported better-than-expected quarterly revenue, helped by higher demand from Western Europe, Greater China and emerging markets. The company’s shares were up 4 percent at $53.89 in after-market trading on Tuesday. Nike’s net income rose to $842 million, or 50 cents per share, in the second quarter ended Nov. 30, from $785 million, or 45 cents per share, a […]
Tuesday 19:45 GMT Overview A robust session for US equities saw the Dow Jones Industrial Average climb to within a whisker of the 20,000 milestone as participants shrugged off geopolitical concerns and focused on the prospect of stronger growth under the presidency of Donald Trump. The “risk-on” mood in the markets left US Treasury prices and gold lower while the yen — viewed by many as a […]
The Dow and the Nasdaq hit record highs on Tuesday, with the blue-chip index just 13 points shy of the 20,000 mark, a level it has never scaled. Goldman Sachs (GS.N), which was up about 1 percent, gave the biggest boost to the Dow. U.S. stocks have been on a tear since the Nov. 8 presidential election, with the Dow up 9 percent and S&P more than […]
DUBAI // Housewives are risking fines and even jail by selling clothes, beauty products, home accessories and other items on social media without securing approval or a licence from authorities. The women, from India and Pakistan, are using sites such as Facebook and Instagram to sell their wares, which they either make themselves or bring from their home countries. This form of cottage industry is common on […]
Turkey’s lira, the second-worst performing currency of 2016, reverted to type with a bout of volatile trading after the country’s central bank kept interest rates unchanged. After strengthening by nearly 1 per cent ahead of the meeting, the lira came back under pressure and was trading at around TL3.54 to the dollar, although another bout of volatility subsequently pushed it higher in late London trading. Concerned about […]
BlackBerry’s big bet on software and services is making progress — albeit slowly. The Canadian former phone maker turned software developer posted Tuesday a fiscal third-quarter profit of just one cent for the quarter, beating Wall Street expectations, which predicted a two cent loss (statement). No longer a smartphone company, BlackBerry is investing in software and services. Read more. However, the company did miss on revenue, bringing […]
Submitted by Jayant Bhandari via Acting-Man.com, India’s Currency Ban – Part VI India’s Prime Minister, Narendra Modi, announced on 8th November 2016 that Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes would no longer be legal tender. Linked are Part-I, Part-II, Part-III, Part-IV, and Part-V, which provide updates on the demonetization saga and how Modi is acting as a catalyst to hasten the rapid degradation of […]
By Alastair Sharp and Allison Martell | TORONTO TORONTO BlackBerry Ltd (BB.TO)(BBRY.O) on Tuesday posted an adjusted profit that beat expectations even as revenue dropped sharply, as the software growth it is relying on failed to fully make up for its retreat from handsets and lost service fees. The Canadian smartphone pioneer has gone through a wrenching transition in recent years featuring huge writedowns and job cuts […]
In a year replete with extraordinary political upheaval and the wrenching loss of artistic icons, the markets have played their part in contributing to the angst. Here is a look at some of 2016’s most notable one-day wobbles. China cracks It started badly. In China, the mainland’s benchmark, the Shanghai Composite index, had closed 2015 near a four-month high after bouncing nearly 21 per cent from its […]
Emirates, the world’s biggest long-haul airline, and Abu Dhabi’s Etihad Airways are reviewing their workforce as overcapacity and a stronger dollar put pressure on earnings. The cutbacks show how the Gulf airlines’ rapid expansion of the past few years is slowing down against a more challenging economic backdrop. Dubai-based Emirates has offered redundancies to staff working in accounting, finance, IT and other departments in its head-office, sources […]
U.S. stocks were higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares. The S&P technology index .SPLRCT rose 0.94 percent, leading the 11 major sectors. Microsoft (MSFT.O), Amazon (AMZN.O) and Apple (AAPL.O) were up between 1-1.8 percent, providing the biggest boost to the Nasdaq and the S&P 500. “Traditionally, as you head into the […]
German short-term interest rates dropped to a fresh record low on Monday as traders anticipated the effect of New Year policy changes announced by the European Central Bank this month, at a time when market activity begins to ebb in the final days of the year. The yield on two-year Bunds fell to as low as minus 0.82 per cent on Monday, in a sign of demand […]
WASHINGTON President-elect Donald Trump plans to nominate Virtu Financial founder Vincent Viola as secretary of the Army, the Trump transition team said on Monday. Viola is a West Point graduate and U.S. Army veteran who has founded companies, including the high-frequency trading firm Virtu Financial. He is a former chairman of the New York Mercantile Exchange, where he began his financial services career, and is a leader […]
Lennar Corp (LEN.N), the No. 2 U.S. homebuilder, reported higher-than-expected quarterly profit and revenue and said the housing market continued to make a “slow and steady recovery.” An improving job market and attractive mortgage rates continue to fuel demand for housing in the United States, helping homebuilders such as Lennar and PulteGroup Inc (PHM.N). U.S. home prices are set to rise almost 5 percent next year, despite […]
Bank also aims to raise interest in Emirati youth to pursue banking and financial careers Dubai, 19 December, 2016 Emirates NBD, a leading bank in the region, has launched a brand new edutainment mobile simulation game, ‘Banki’ in its efforts to promote financial literacy in the UAE. Through its highly engaging and informational interface, Banki will target the nation’s youth to become economically aware at a young […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.57 per barrel at 0401 GMT, up 36 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate […]
On Saturday morning, the Pentagon was eager to announce that China would return a U.S. Navy underwater drone after its military scooped up the submersible in the South China Sea late this week and sparked a row that drew in President-elect Donald Trump. As previously reported, Pentagon spokesman Peter Cook said that “through direct engagement with Chinese authorities, we have secured an understanding that the Chinese will […]
By Kylie MacLellan | LONDON LONDON Britain may need a transitional agreement to smooth its exit from the European Union but it should not “buy back” into too many of the bloc’s regulations, Britain’s trade minister Liam Fox said on Sunday. Fox, who campaigned for a Brexit vote in June’s referendum, also indicated he was seeking a flexible approach on trade to try to ensure the best […]
|By Arabian Post Staff| UAE’s share of Middle East’s total exports in 2015 increased to 31.5 percent, compared to 28 per cent in 2014, according to a report of the World Trade Organisation. The UAE also accounted for 30.8 per cent of the region’s total imports. In terms of service trade, the country ranked 20th globally and first in the Arab World with service imports worth USD […]
A series of big events shaped financial markets in 2016. Here is a selection of FT analyses and commentary, alongside charts, highlighting a tumultuous year. The new year rout January proved brutal for investors. After just 10 trading days, global equity markets had lost more than $4tn of value, with sentiment hammered by fears about China’s economic slowdown and a depreciating currency. In turn, bond markets were […]
