Deutsche Bank AG agreed to hand over documents related to a probe into the operations of its Dubai-based wealth management division after being taken to court by the emirate’s financial free zone regulator. The Dubai Financial Services Authority began proceedings against the Frankfurt-based lender at the Dubai International Financial Centre Courts on Oct. 31 in an attempt to force the bank to comply with its investigation. Deutsche […]
Janet Yellen, fresh from taking the helm of the Federal Reserve, made it clear on Tuesday she would not make any abrupt changes to U.S. monetary policy, saying the central bank was on track to keep reducing its stimulus even though the labor market recovery was far from complete. In her first public comments since becoming Fed chief earlier this month, Yellen said the central bank must […]
JP Morgan has cut its correspondent banking relationship with Emirates NBD, Dubai’s largest bank, as part of a global review of its business, sources familiar with the matter said. In a memo to staff last year, the U.S. bank said it would scale back its relationships with foreign banks in order to comply with regulatory pressure to tighten risk controls. As part of this process, the bank […]
Gold rose to a two-week high, set for the longest rally since October, as U.S. jobs data missed estimates and Chinese buyers returned after the Lunar New Year break. Silver headed for the longest winning run since August. Bullion for immediate delivery rose as much as 0.7 percent to $1,276.03 an ounce, the highest level since Jan. 27 and surpassing its 100-day moving average of $1,267.43, before […]
Emerging Asia will become the world’s primary weak spot in 2014, but we have reached the beginning of the end of this crisis, according to Saxo Bank’s investment outlook for the first quarter of 2014 Global overview Having maintained world growth at acceptable levels throughout the current crisis, emerging Asia will become the world’s primary weak spot in 2014. Investment in that region has reached a staggering […]
Dubai’s biggest equities brokerage plans to expand into Germany by July to tap growing investor appetite for UAE equities, its chief executive officer said. Mena Corp Financial Services, which traded the most shares on the Dubai Financial Market among the 48 brokerages tracked by the exchange last year, plans to open a representative office in Frankfurt in the second half, Fathi Ben Grira, group chief executive, said […]
Asian shares regained a measure of stability on Friday, stepping further away from five-month lows after a strong rally on Wall Street and hopeful signs the upcoming U.S. payroll report could put some global growth concerns to rest. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent, a day after the index posted its biggest gains in over two months. The index bounced 2.2 […]
Gold held steady on Thursday as global equities remained volatile amid lower risk appetite and concerns over economic growth, and as investors waited for cues from U.S. jobs data. A mixed bag of U.S. data added to pressure from the emerging markets turmoil on equity markets, underpinning safe-haven assets such as gold and the yen. “Even when stocks have rallied over the past few trading sessions, we […]
Investment bankers in Europe are off to the leanest start to a year in a decade as dwindling income from deal-making and trading presses firms to reduce costs. Revenue from arranging mergers, loans and stock and bond offerings for clients in Europe, the Middle East and Africa fell 22 percent to $1.58 billion last month from the year-earlier period, according to data compiled by New York-based research […]
Asian shares skidded on Tuesday while the dollar struggled to keep its footing, after disappointing data cast doubt on the strength of the U.S. economy and gave investors little reason to hope for stability in emerging markets after their recent rout. MSCI’s broadest index of Asia-Pacific shares outside Japan fell about 1.4 percent, touching its lowest level since early September at one point. The gloom was likely […]
Commodities moved lower during the course of the week as the diverging outlook between emerging and developed economies continued to raise uncertainty about the demand outlook for commodities. The weakness was primarily driven by losses in both metal sectors with industrial metals being hurt by weak China manufacturing data together with a slowdown in activity ahead of the Lunar New Year shutdown in several Asian markets. Precious […]
Dubai Financial Market (DFM) , the emirate’s main stock exchange, has issued rules allowing the lending and borrowing of securities, part of efforts to make the market more flexible ahead of an influx of foreign funds. Lending and borrowing of securities is expected to begin in the first quarter of this year, if investors are ready, DFM said in a statement seen on Friday. Securities lending and […]
Lenovo Group said on Wednesday it agreed to buy Google Inc’s Motorola handset division for $2.91 billion, in what is China’s largest-ever tech deal as Lenovo buys its way into a heavily competitive U.S. handset market dominated by Apple Inc. It is Lenovo’s second major deal on U.S. soil in a week as the Chinese electronics company angles to get a foothold in major global computing markets. […]
Gold’s biggest slump in three decades has been a boon for MKS (Switzerland) SA’s PAMP refinery near the Italian border in Castel San Pietro, whose bullion sales to China surged to a record as demand rose for coins, bars and jewelry. As prices plunged 28 percent in 2013, investors dumped a record 869.1 metric tons from gold-backed funds traded mostly in the U.S. and Europe. Much of […]
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points but said that if consumer price inflation eases as projected it does not foresee further near-term tightening. The policy decision was driven by an expectation that consumer price index (CPI) inflation will remain high, an indication that the RBI is looking to adopt a recent proposal to base its policy […]
After a scary sell-off in emerging markets in the past week, investors who specialize in the sector are looking for places to hide while also looking for opportunities to benefit. And that means finding countries that have stronger economic underpinnings and political stability, while abandoning or betting against those whose current account balances and government budgets are deeply in the red and where there is political turmoil. […]
The rupee hits 62.90 in early trade, its lowest level since November 22, as Asian stocks trading with heavy losses. The pair last trading at 62.77/78 vs Friday’s close of 62.66/67. Dealers will closely watch for RBI intervention at current levels after the RBI was suspected to have sold dollars in late session on Friday. The RBI to decide on rates on Tuesday. While the consensus still […]
Asian shares tumbled and the yen reached for seven-week highs against the dollar and euro on Monday as emerging markets remained under pressure, with the U.S. Federal Reserve poised to continue tapering stimulus and tighter credit conditions in China raising fears of a sharper economic slowdown. But U.S. stock futures suggested the selloff might abate later in the session. S&P 500 E-mini futures edged up 0.2 percent […]
The impact of Saudi Arabia’s crackdown on illegal foreign workers is spreading through its economy, moving beyond the labour-intensive construction industry to sectors as far afield as banking and telecommunications. Nearly 1 million foreign workers, out of a total of roughly 9 million, are estimated to have left Saudi Arabia between last March and November, as authorities enforce work permit rules and corporate quotas for employment of […]
Iranian President Hassan Rouhani will court global business in Davos next week after winning an easing of some economic sanctions, but any trade bonanza depends on the long-term success of nuclear diplomacy. A U.S. stranglehold on Iran’s access to the international financial system, the uncertain future of talks on its nuclear program beyond a six-month initial deal, and vested interests in the Islamic Republic suspicious of Western […]
|By Asa Fitch| Iranian traders in Dubai are guardedly hopeful that business will rebound as sanctions relief begins to go into effect next week. The European Union and U.S. are set to give Iran access to some of its oil revenues abroad and allow for freer trade in energy products providing the Islamic Republic meets the terms of a six-month agreement stipulating monitoring of nuclear facilities and […]
Saudi Arabia helped lift the market to a new five-year high on Wednesday, while other regional shares also gained. Saudi Arabia’s Etihad Etisalat (Mobily) rose 2.9 percent to 88.5 riyals and trading volumes jumped to their highest in three years after the firm beat analysts’ forecasts with an 8.6 percent rise in fourth-quarter net profit. The stock jumped to a seven-year intraday high of 90 riyals but […]
The long-term future of fields that produce about half Abu Dhabi’s oil remains unclear with only one day of a 75-year partnership with western oil companies left to run. Some of the world’s largest energy companies – ExxonMobil , Royal Dutch Shell, Total and BP – have been pumping crude from the Abu Dhabi desert for decades, taking payment in oil. From midnight on Friday, the 9.5 […]
The Bloomberg Dollar Spot Index touched a four-month high as signs of improvement in the labor market support expectations the U.S. economy will be strong enough for the Federal Reserve to end bond purchases this year. The dollar remained higher versus most major peers before government data today forecast show initial claims for unemployment benefits fell. A report tomorrow may say U.S. employers continued to add positions […]
