By Stanley White and Izumi Nakagawa | TOKYO TOKYO Japanese workers put up with long hours and unpaid overtime under pressure from cost-saving companies, and figures from government, which wants more money in workers’ pockets to boost consumer spending, appear to underestimate the problem. Prime Minister Shinzo Abe is trying to enact labor reforms as part of his “Abenomics” plan to end decades of stagnant growth and […]
Our round-up of the week’s best comment and analysis from the Financial Times focuses on expectations of a Trump-presidency stimulus and the danger of complacency. The selection is taken from our Markets Insight and Smart Money columns, written by industry contributors and FT commentators. Wall Street might be too complacent about Donald Trump’s corporate tax stimulus and are not pricing in an upsurge in volatility, argues the […]
18 December 2016 Dubai: The Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with Dubai Islamic Economy Development Centre to exchange experiences and coordinate on matters related to the strategic plan for ‘Dubai the Capital of Islamic Economy 2017-2021’, in order to strengthen the UAE’s position and enhance the Emirate of Dubai as the capital of the Islamic economy. The Dubai Islamic Economy Development Center […]
Settling into an interview with Marwan Bin Jassim Al Sarkal, the man in charge of luring foreign investors to Sharjah, it becomes evident that both tensions and ties bond the emirate with neighbouring Dubai. On the one hand Sharjah is cast into the shadows, often overlooked by businesses and visitors. On the other hand, the bigger brother’s international standing is helping the emirate of 1.5 million people […]
It was a clear and chilly afternoon in Moscow – March 18, 2014 – when Russian President Vladimir Putin signed the documents to formally annex the Crimean Peninsula away from Ukraine. Frustrated Western governments soon began rolling out the only response they could agree on to Mr. Putin’s brazen redrawing of Europe’s borders: economic sanctions. Over the next two days, the United States would designate 27 individuals […]
By all accounts, the June charity gala at Skylight, a Beaux-Arts building in midtown New York, was a very glitzy affair. Whoopi Goldberg served as master of ceremonies, while Naomi Campbell and Leonardo DiCaprio were among the A-list guests. The hosts for the evening were Martin Chavez, named this week as the next chief financial officer of Goldman Sachs, and his husband, Adam Norbury. In many respects […]
Wells Fargo has said the number of customers opening accounts has dropped sharply for a third consecutive month — underlining the scale of the fallout from the recent scandal over its sales tactics. Customers opened 41 per cent fewer Wells Fargo current accounts in November than they did a year ago and made 45 per cent fewer credit card applications. These figures cap another difficult week for […]
Where there was discord, Donald Trump has remarkably brought harmony. He has brought peace between the markets and Janet Yellen, as traders at last appear to believe her forecast for interest rates over the next year. The Federal Reserve says it intends to raise rates three times next year, and the market implicitly, through Fed Funds futures, puts the chance of this happening at almost exactly 50 […]
5918 25 by Shannon K. O’Neil December 16, 2016 A worker unloads palm fruit at a palm oil plantation in Peat Jaya, Jambi province on the Indonesian island of Sumatra September 15, 2015 in this photo taken by Antara Foto. September 15, 2015 (Reuters/Wahyu Putro A/Antara Foto). Trade Rules Favor Asia, Not the United StatesAsia’s rise in the global trading system continues. Recent World Economic Forum data […]
China has ceded its status as America’s largest creditor nation to Japan after spending a large portion of its foreign exchange reserves to defend the renminbi. Beijing’s ownership of US Treasuries fell by $41.3bn to $1.12tn in October, according to data from the US Treasury released on Thursday — the sixth straight month of decline. Japan’s holdings fell by $4.5bn to $1.13tn for the same period. Thomas […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices were stable on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut. But since any production cuts will only hit markets early next year and Iraq is still raising sales to Asia, analysts at Goldman Sachs said that the price […]
Friday 08:00 GMT Overview Equity markets are steady, holding near recent highs, as the dollar’s bounce to a 14-year peak on expectations of a more hawkish Federal Reserve pauses for breath. Bond markets are calmer too after the recent battering that pushed yields to their richest in many months, while gold edges up. Hot topic The dollar and surging bond yields has been one of the biggest […]
Chinese government bond yields retreated slightly after the central bank eased a credit squeeze that has been exacerbated by the US Federal Reserve’s rate increase. On Friday morning the People’s Bank of China injected a net Rmb45bn ($6.5bn) into the interbank market through reverse repos, bringing total net injections for the week to Rmb250bn. This marked a reversal from last week when the central bank drained more than […]
Friday 02:10 GMT Overview The US dollar has climbed to a 14-year high in the wake of the Federal Reserve’s decision this week to lift interest rates, putting pressure on Asian currencies and prompting caution among traders of regional stocks. Hot topic The dollar has been one of the biggest stories of the December quarter thanks to a more robust outlook for US inflation and growth. That […]
A one-two punch of a surging US dollar and rising interest rates sent the price of gold tumbling to its lowest level since February on Thursday, hurting the shares of miners and spurring hefty liquidations of exchange traded funds that track the metal. The price of gold in New York fell as much as 1.8 per cent to $1,122 an ounce, as the dollar rose across the […]
Thursday 11:00 GMT Overview Stock markets are trading cautiously as Treasury yields hit fresh highs after the Federal Reserve’s decision to raise interest rates for only the second time since the financial crisis. The prospect of the US central bank perhaps having to tighten policy faster than expected to reflect any additional boost to growth from president-elect Trump’s fiscal plans is lifting the dollar to a 14-year […]
MARTIN VAN BEYNEN Last updated 17:36, December 14 2016 A Russian investor has been allowed to purchase a luxury New Zealand property after explaining his connection with the Panama Papers. Leonid Kiryakov, who owns a heating and air conditioning firm in Russia, has bought a $5m property with its own beach in Matakana, a wealthy seaside settlement north of Auckland. The transaction required approval by the Overseas Investment Office […]
Russia’s rouble has cemented its position as the best-performing currency of the past three months, enjoying the benefits of a strong oil price at a time when the US appears to be tilting towards a more accommodating relationship with Vladimir Putin. A 2.3 per cent rise in the rouble’s value against the dollar on Monday was followed by a further half per cent gain during Tuesday trading. […]
Wall Street looked set to open higher on Tuesday, as investors keep a close watch of the Federal Reserve’s two-day meeting where it is widely expected to raise interest rates for the second time since the financial crisis. A hike of 25 basis points in the Fed’s target range of 0.25-0.50 percent is priced in, but investors will be examining the Fed’s statement and economic forecasts for […]
Al Faisal Holding, a Qatari conglomerate, is considering alternative debt funding options after the idea of a US dollar sukuk issue received a lukewarm response from the market, sources familiar with the situation said. The conglomerate had approached banks earlier this year to discuss arranging a potential sukuk issue of around $200 million. The issue, which would have been the company’s first international debt raising exercise, may […]
13 December 2016 UAE, Philippos Petrakakos, CEO of Natura Food Imports, owner of distribution rights of Greek water Hyas in the region declared that the UAE is considered as an important gateway for European brands into the GCC and the Middle East. Petrakakos noted that quality, health standards and trading regulations implemented by UAE authorities on international goods are regarded with the utmost respect by global companies. […]
Trading volumes across markets have soared following the US presidential election, a boon to Wall Street investment banks as money managers prepare for a new environment under the future Trump administration. Since the November election result, there have been seven days when more than $20bn of investment grade debt has traded hands — a level that had previously only been breached 18 times since data has been […]
Following Friday’s report by RCB’s Charlie McElligott which sought to answer “THE” question every investor is asking, namely “what could derail this rally“, today’s the cross-asset strategist has released a follow up analysis in which he warns that even though the bond battering continues – and is likely to continue for a while – the market is now being set up for a “massive mean-reversion” counter-trend rally […]
Sumner Redstone and his daughter Shari have scrapped plans to merge Viacom and CBS, the two media companies they control, amid disagreements about valuation and management control. The news surprised investors, who had been betting on a merger after months of discussions between America’s leading broadcast network and the owner of Paramount Pictures and MTV. Viacom shares fell as much as 8 per cent in morning trading […]
