The month that stunned investors with Donald Trump’s US election victory was a record-breaker in markets. The prospect of big tax cuts and fiscal spending from the incoming administration has stirred the market’s animal spirits, driving Wall Street into record territory, while bond prices have been hit hard by expectations of higher inflation. Here is how November played out in numbers: 13 — The dollar index — […]
It’s one thing reaching an age when your friends and contemporaries start dying and you begin to wonder when it will be your turn. It’s quite another to find yourself pronounced the world’s oldest person. In May, that honour fell to Emma Morano, an Italian woman born in 1899, when the former holder of the title passed away. On May 12, Susannah Mushatt Jones, born in Alabama […]
Gold has suffered its worst month since mid-2013, as the election of Donald Trump, the rising dollar and increased expectations of a US rate rise combined to send prices down 8.1 per cent in November. The fall to $1,173.20 per troy ounce marked the steepest monthly sell-off since June 2013, when the precious metal lost 11 per cent in the wake of the so-called taper tantrum. November’s […]
Pursglove would soon learn, however, that navigating this offshore archipelago is not easy. In any given year, trillions of dollars sit safely in the offshore financial world, effectively stateless, protected by legions of well-compensated defenders and a tangle of laws deliberately designed to impede creditors and tax collectors. Even the United States government finds it challenging: A special Internal Revenue Service division known as the “wealth squad,” […]
Saudi Arabia is boosting the firepower of its sovereign wealth fund to accelerate deal-making and lessen the country’s dependence on oil. The Public Investment Fund is receiving a 100 billion-riyal ($27 billion) transfer from official reserves, according to a statement Wednesday on the SPA official news agency, increasing its existing assets by about 17 percent. The injection will help the fund diversify investments and revenues, it said. The […]
Nestlé said it had found a process to naturally reduce sugar content by as much as 40 per cent in what the maker of Kit Kats claims is a first for the industry, as pressure to produce healthier drinks and snacks ratchets up amid an obesity epidemic. The world’s largest food and drinks company said on Wednesday that it was securing a patent for its innovation and […]
As the world’s largest importer of arms, India has long relied on foreign-built equipment to run its military. Its navy is no exception. It runs submarines designed in Russia, Germany and France, and flies planes from Russia, the U.S. and U.K. While it has long made ships at home, it is now looking to indigenous manufacturers for equipment like missiles and fighter jets. The goal to Make […]
Thou art the ruler of the minds of all people, Dispenser of India’s destiny. Thy name rouses the hearts of Punjab, Sind, Gujarat and Maratha, Of the Dravida and Odisha and Bengal; It echoes in the hills of the Vindhyas and Himalayas, mingles in the music of Jamuna and Ganges and is chanted by the waves of the Indian Sea. They pray for thy blessings and sing […]
Oil prices soared 8 per cent to $50 a barrel on Wednesday as Opec agreed to its first supply cut since prices started to plummet two years ago. The meeting is continuing as individual country allocations are hammered out, but sources said the main obstacles to the deal had been overcome. It will see the 13-member group reduce output by about 4.5 per cent, or 1.2m a […]
Oil prices soared 8.6 per cent to above $50 a barrel on Wednesday after two of Opec’s most powerful members said they were hopeful of reaching the first deal to cut supplies since prices started to plummet two years ago. Khalid al-Falih, Saudi Arabia’s energy minister, said the cartel, which controls about a third of the world’s oil production, was moving “close” to a deal, as he […]
Photo Prince Alwaleed bin Talal in Riyadh, Saudi Arabia, in 2015. In a four-page letter posted on his personal website, the prince argued that “it is high time that Saudi women started driving their cars.” Credit Fayez Nureldine/Agence France-Presse — Getty Images A prominent Saudi prince and business magnate has added his voice to the debate over women’s rights in his country, urging it to abandon its […]
Toyota wants to release a new version of its hydrogen-powered Mirai in time for the 2020 Tokyo Olympics, underscoring its commitment to fuel-cell vehicles despite joining the global market for battery-powered cars. “The 2020 Olympics could be the venue to showcase [the new Mirai] to the world,” Kiyotaka Ise, head of advanced research and development at Toyota, told the Financial Times. The world’s top selling carmaker this […]
• Mountain Dew branded ride unveiled at IMG Worlds of Adventure. • PepsiCo announced as preferred beverages partner for the world’s largest indoor theme park in Dubai. UAE, Dubai – November 30, 2016: PepsiCo has unveiled the official grand entrance marquee of the Mountain Dew-sponsored “Predator” ride, at the newly opened IMG Worlds of Adventure. The global food and beverage company has also announced that it will […]
Dubai – UAE (Nov. 29, 2016) HE Minister of Transport and Communications Jassim Saif Ahmed Al Sulaiti, Chairman of Qatar Ports Management Company (Mwani Qatar) and Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman of Qatar Navigation (Milaha), today witnessed the signing of an agreement between Mwani Qatar and Milaha to establish a new company, QTerminals, to manage Hamad Port. As per the agreement, the new company […]
Privacy is the pull, but that’s hardly the only draw to a private island. There’s something about the prospect of having a world within the world to yourself – and the people you choose to have along with you there – that takes you back to the intense childhood fun of creating a secret hideaway. A den, a clubhouse, a place that feels like it belongs outside […]
Tullett Prebon will formally separate the 1,500 voice brokers it is buying from ICAP on January 1, setting what were once two long-time rivals in the over-the-counter markets on radically different paths. Last Thursday Tullett received approval for the deal from German regulators, the final significant hurdle of more than 30 regulatory permissions it needed, according to three people familiar with the process. The sign-off was important as […]
Tuesday 15:15 GMT Overview The dollar and Treasury yields are steadying, but US equities are edging lower, as stronger-than expected US GDP data raise concerns that the Federal Reserve may quicken the pace of interest rate rises. The firmer buck is adding to pressure on commodity prices, with gold selling off and oil prices sliding on scepticism over an Opec deal to curb output. Hot topic It […]
Graphene is currently one of the most extensively studied materials in the world, both on a scientific and industrial level. The world’s first two-dimensional material, this single layer of carbon atoms arranged in a hexagonal lattice has a series of unique and outstanding properties. As well as being the thinnest, strongest and lightest known material, graphene is flexible, impermeable and extremely electrically and thermally conductive. All properties […]
Migrant workers categorize crayons at a toy factory in Dongguan, Guangdong province March 9, 2010. South China’s export stronghold Guangdong is experiencing labour shortages that could result in higher wages, but they are not as severe as reported by the media, provincial Communist Party boss Wang Yang said (Reuters/Joe Tan). Global trade and the supply chains that support it are undergoing a period of profound change. Supply […]
Higher than normal water temperatures have caused the largest die-off of corals ever recorded on the Great Barrier Reef, scientists said on Tuesday. Two-thirds of the corals living in shallow waters in a 700km swath of reef in the northern region have been killed by a massive coral bleaching event over the past eight to nine months, according to the Australian Research Council of Excellence for Coral […]
Chief executive of mega Italian retailer Yoox Net-A-Porter has revealed most online purchases come from mobile phones. Speaking at the 2016 Arabian Business Digital Forum in the Armani Hotel Dubai, Federico Marchetti said customers are buying more and more through their mobile phone. “We are lucky and I think we were good in starting to develop mobile in 2006. When we had our 5 year plan, because […]
Switzerland has a world-beating position in cross-border investing: its finance industry last year managed SFr6.6tn of assets on behalf of institutions, companies and the rich. So Swiss bankers have a keen interest in the technological revolution sweeping global finance, which has profound implications for the way markets operate. That includes some of the more fantastic ideas about handing the management of clients’ assets entirely to computers — […]
Saudi Arabia has set a high bar for any oil supply deal ahead of Wednesday’s Opec meeting in Vienna, as it attempts to put pressure on regional rivals Iran and Iraq to accept a larger share of output cuts. The oil production cartel is trying to reach an agreement to curb supplies for the first time since the financial crisis and put an end to a two-year […]
Monday 12:00 GMT. Overview Stock markets in Europe are slipping back, led by losses for embattled Italian financials, on concern about potential contagion spreading from the sector into the eurozone financial system after Italy’s reform referendum. Meanwhile the dollar is cooling after its sustained run higher, with the index tracking the world’s reserve currency against six of its rivals down 0.1 per cent, although it is holding […]
