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Tuesday 18.12.12
DFM index down on profit-taking by investors
UAE stock markets end almost flat due to lack of direction
Abu Dhabi: The Dubai Financial Market (DFM) index on Tuesday fell after investors booked profits following Monday’s gain of almost 1 per cent. Investors yesterday dumped shares in the heavily-traded real estate major Emaar, Air Arabia and DP World, which brought the index down by 0.1...
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Sunday 25.11.12
Four things to know about the US dollar
What
Since the re-election of US President Barack Obama, the dollar has traded in a tight range against the euro, between a high of 1.2662 and a low of 1.2876. However, there are indications that financial markets expect the US currency to appreciate in the near future, increasing speculation in the dollar.
Why?
According to Mi...
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Monday 19.11.12
DFM, ADX indexes decline
Dubai
The Dubai Financial Market (DFM) index fell a further 1.38 per cent on Monday after falling almost by 1 per cent on Sunday on profit-taking by investors and disappointment among market participants following the fiscal third quarter financial results of Drake & Scull Int.
However, the international market confidence surged on hopes the...
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Saturday 04.02.12
DFM-listed companies post results
Dubai: All but one of the companies listed on the Dubai Financial Market (DFM) filed their 2011 annual results on time, the bourse announced yesterday.
"Forty-two out of the 43 UAE public joint stock companies, listed on DFM, successfully disclosed their annual results by the end of March 2012, with the exception of Amlak Finance due to proce...
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Egypt resumes treasury bill sales after halt in January
Cairo: Egypt resumed the sales of three- month treasury bills yesterday after halting them in January to save on interest payments and after yields on other government securities declined from record highs.
The North African country will seek bids for notes valued at 2 billion Egyptian pounds (Dh1.21 billion), in addition to nine-month bills value...
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Sunday 03.07.11
Obama says cutting budget deficit requires tough decisions
Washington: President Barack Obama said cutting the federal budget deficit by trillions of dollars over the next decade is going to require "tough decisions" and cooperation between Democrats and Republicans.
In his weekly radio and internet address, the president said that negotiators should focus on tax loopholes that benefit few peopl...
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Steady GDP growth rates well-deserved
It is easy not to disagree with results of a recently published survey by Reuters with regard to growth levels of gross domestic product (GDP) in 2001 for the Gulf Cooperation Council (GCC) states.
Happily, all GCC economies except Bahrain are projected to score notable GDP growth rates.
The report puts the GDP growth rate for Bahrain at 2.7 ...
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Tuesday 24.05.11
'Best Fund Management Company Award’ won by Emirates NBD Asset Management at the Arab Achievement Awards 2011
Emirates NBD Asset Management, a wholly owned subsidiary and the Asset Management arm of Emirates NBD, a leading bank in the Middle East, announced today that it had been named the region’s “Best Fund Management Company,” at the annual Arab Achievement Awards 2011. The award ceremony was held in Abu Dhabi alongside the Ara...
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Monday 16.05.11
Saudi stocks lack close link to crude oil
Dubai: While shares of Saudi Arabian petrochemical companies have a very strong correlation to oil prices, the overall stock market's relation with crude isn't that clear-cut, even given the dependence of the kingdom's economy on oil prices, Riyadh-based investment bank Jadwa Investment said.
"Although Saudi Arabia is predominantly an oil-bas...
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Tuesday 05.04.11
UAE construction regains confidence
Dubai: The awarding of multiple construction projects, worth almost $1 billion (Dh3.67 billion), by, or to UAE-based companies in a single day is a clear signal of confidence seeping back into the region's economies, analysts said.
The first four months of this year have seen a clear up-tick in contracts being awarded in the real estate and oil an...
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Dwindling fears put gold on road to sharp plunge
Dubai: Gold prices, which rallied sharply in recent weeks on sovereign risk concerns, may be vulnerable to a sharp correction when the fear factor dies down, Deutsche Bank's global head of metals warned.
Over the past two years, investors seeking a safe haven from the global economic uncertainty shifted their investments to physical and gold...
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Tuesday 22.03.11
Oil climbs on air strikes in Libya
New York: Oil rose as allied air strikes in Libya threatened to prolong a supply disruption in Africa's third-biggest producer and on concern that escalating turmoil may curtail Middle East shipments.
Futures climbed as much as 2.3 per cent after Muammar Gaddafi vowed to repel attacks against military installations
"Prices are going to go up...
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Friday 11.03.11
Emerging-market stocks on the rise
Singapore: Emerging-market stocks rose, with the benchmark index set to gain the most in two weeks, as industrial companies gained after Japan's nuclear crisis eased.
The MSCI Emerging Markets Index added 0.9 per cent to 1,108.27 at 4:53pm in Singapore, the most since March 4. South Korea's Kospi index gained 1.1 per cent after billionaire investo...
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Monday 07.03.11
Obama says cutting budget deficit requires tough decisions
Washington: President Barack Obama said cutting the federal budget deficit by trillions of dollars over the next decade is going to require "tough decisions" and cooperation between Democrats and Republicans.
In his weekly radio and internet address, the president said that negotiators should focus on tax loopholes that benefit few peopl...
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Sunday 29.08.10
Investors face treacherous month
New York: Beaten-up investors go into September, historically a weak month for stocks, facing key reports on jobs, manufacturing and services. If those disappoint, the S&P 500 could breach technical support levels, pushing stocks yet lower.
The S&P 500 index has fallen nearly 13 per cent since April as investors fret about the chance of a ...
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UAE gears up for Asian markets
Dubai: The petrochemical industry of the UAE is currently undergoing a massive refinery expansion programme to compete in Asian markets with Saudi Arabia and Qatar, according to the latest UAE Petrochemicals Report released by London-based market researcher Companiesandmarkets.com.
The availability of naphtha in the UAE will be boosted by the refi...
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Tuesday 15.06.10
Gulf debt wall closes in
The Gulf region faces a worrying ‘debt wall’ of $28 billion that is due to mature in the next two years, the majority of which is held by Dubai and Abu Dhabi-based entities.
The maturing debt amount is of particular concern to vulnerable corporate issuers who are likely to face tough credit conditions until 2012, according to Moody&rsq...
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Saturday 20.02.10
Fed?s Bernanke to Assure Congress Higher Rates Not Imminent
Feb. 20 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will probably assure Congress that the central bank is mindful of the lack of job growth in the U.S. and an increase in the benchmark interest rate isn’t imminent after the Fed’s decision to raise the cost of direct loans to banks.
The Fed chief will deliver his semi-annua...
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Wednesday 09.12.09
US hedge fund DE Shaw sees chance in Gulf region
DE Shaw, the world''s fourth largest hedge fund, is opening in Dubai to tap public and private opportunities in the world''s largest oil exporting region and ease Gulf Arab investors moves into overseas markets.
"We wanted to be here because the region is home to many investors with deep regional knowledge and global reach," Trey Beck, a...
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Tuesday 24.11.09
UAE economy could expand 5% in 2010
The UAE is poised to make a strong comeback from the nearly flat growth it experienced last year and growth next year will be more sustainable compared to the boom of 2008, according latest projections.
“We are seeing a fundamentally strong recovery taking shape in the Gulf region with the UAE and Saudi Arabia leading the trend. We estimate ...
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Experts urge fresh thinking on dollar peg
Dubai: The Gulf should consider independent monetary policy as economies recover, said Standard Chartered economist Marios Maratheftis.
"We were in a position of strength in 2008 to change the currency policy. Then the crisis came. Now we have the opportunity again as economies recover," he said.
UAE Central Bank Governor Sultan Bin Nas...
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Wednesday 28.10.09
Gulf recovery outlook favourable
Dubai: The Gulf economies are poised to recover faster than many of their global counterparts from the financial crisis.
However, they should be vigilant against potential asset bubbles in the future, said Masoud Ahmad, Director of the Middle East and Central Asia Department of the International Monetary Fund.
Delivering a keynote address at t...
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Dubai''s GDP rises 0.3% in first quarter despite global downturn
Dubai: Dubai''s GDP rose in the first quarter of the year despite the global financial downturn, according to newly released figures by the Dubai Statistical Centre.
GDP in constant prices rose 0.3 per cent in the first quarter of 2009 compared with the first quarter of 2008. In the first quarter last year it was Dh68.21 million. It rose to Dh68.3...
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Wednesday 30.09.09
IMF Cuts Forecast for Global Financial Losses to $3.4 Trillion
The International Monetary Fund cut its projection for global writedowns on loans and investments by 15 percent to $3.4 trillion, citing improvements in credit markets and initial signs of economic growth.
The tally, released in a semiannual report today, was based on a new methodology after criticism of an April estimate of about $4 trillion. Ban...
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Tuesday 01.09.09
EIS Asset Management candidates achieve 100% pass rate in CFA exams
EIS Asset Management (EIS AM) congratulates Haroon Ahmad and Taghrid Hassan on passing Level 3, which is the final stage, of obtaining the Chartered Financial Analyst (CFA) designation. As part of the same sitting Serkan Altay also successfully completed Level 2, and is only one stage away from becoming a charter holder.
&n...
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Saturday 29.08.09
Asset classes and time horizons
How long is a piece of string? When you know the answer to that question you will be well positioned to answer this one: how long is a short-term investment? Which, in turn, helps you with the related question: how long is a medium or long-term investment?
Many a layman will think that professional fund managers, brokers, traders, financia...
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Wednesday 26.08.09
Emirates Sukuk Fund No1 Limited wins awards for ?best new entrant in the Sukuk market?
EIS Asset Management (EIS AM), a division of Emirates NBD, registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority, won the award for the “best new entrant in the Sukuk market” at the recently held London Sukuk Summit.
The London Sukuk Summit is an annual event, initiated i...
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Tuesday 18.08.09
Gold hits low as risk aversion aids dollar
London: Gold slipped to its lowest since late July in Europe Monday as the dollar firmed against a basket of currencies and as a 2 per cent decline in crude prices dented the precious metal''s appeal as an inflation hedge.
Silver tumbled more than 3 per cent after hitting a two-month high on Friday, meanwhile, as a slide in global equity markets p...
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UAE, China officials discuss cooperation
Beijing: The business delegation accompanying General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Monday held a series of talks with senior officials in the Chinese business sector.
Khaldoon Khalifa Al Mubarak, chairman of the Abu Dhabi Executive Affairs Authority (EAA) met w...
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Wednesday 12.08.09
GCC vulnerable to price rises
Dubai: The Gulf countries remain ''highly vulnerable'' to commodity price volatility on international markets as they remain heavily dependent on imports, analysts say.
"The GCC countries are indeed highly vulnerable to global soft commodity price volatility since they import almost all of their foodstuff needs. When the dollar - to which the regi...
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UAE inflation rate might ease further
Frankfurt: The inflation rate in the UAE may turn negative in the second half of the year, pulled down by housing and food prices, according to Deutsche Bank AG.
"Headline inflation has declined sharply year-to-date and looks set to slip into negative territory," Caroline Grady, a London-based economist for the bank, wrote in a note to clients ...
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Tuesday 04.08.09
Oil tops $71 on China stocks data and US rebound hopes
London: Oil rose to a one-month high to top $71 (Dh260) a barrel on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.
US crude added $1.80 to $71.25 a barrel by 1128 GMT, having hit an intra-day high of $71.30, the highest since July 1 according to Reuters charts. Brent crud...
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Monday 03.08.09
U.A.E. Central Bank to Buy Dubai Bonds, Barclays Capital Says
The central bank of the United Arab Emirates probably will be among the biggest buyers of more bonds being sold by the Dubai government, Barclays Capital said.
The central bank may subscribe alongside a few Dubai-based banks, Barclays Capital economist Alia Moubayed said in e-mailed comments. Central Bank Governor Sultan bin Nasser al-Suwaidi said...
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Thursday 30.07.09
Working towards rational exuberance - Article by Deon Vernooy in "The National"
Working towards rational exuberance - Article by Deon Vernooy in "The National"
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090622/BUSINESS/706229944...
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Wednesday 29.07.09
Are Reagan?s dark days of inflation returning? - Article by Sean Daykin in "The National"
Are Reagan’s dark days of inflation returning? - Article by Sean Daykin in "The National"
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090729/BUSINESS/707299940/1137...
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Monday 13.07.09
Rebuilding something better - Barack Obama, President of the United States
Nearly six months ago, my administration took office amid the most severe economic downturn since the Great Depression. At the time, we were losing, on average, 700,000 jobs a month. And many feared that our financial ...
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Oil prices slip below $59 on economic outlook
London: Oil prices slipped more than $1 to below $59 a barrel on Monday, hitting their lowest in almost two months on concerns over the state of the global economy.
The market dropped 11 per cent last week in their biggest weekly decline since late January as investors raised the possibility of another economic dip before any recovery, whi...
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Wednesday 10.06.09
Oil continues to make the world go round
Recently, the McKinsey Global Institute disseminated a forecast of energy demand through 2020 based on different scenarios involving four variables: gross domestic product, light vehicle fuel efficiency standards, electric vehicle sales and energy productivity.
Not surprisingly, gross domestic product (GDP) has a significant effect especially in t...
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Tuesday 09.06.09
Dubai?s Property Market Is Stabilizing, Standard Chartered Says
Dubai’s property market, which was hurt more than others by the global financial crisis, is beginning to stabilize as mortgages become easier to obtain, according to Standard Chartered Plc.
“The end of the freefall is encouraging,” Philippe Dauba- Pantanacce, a Dubai-based senior economist at Standard Chartered, said in a report ...
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Saturday 23.05.09
Rise in risk appetite batters greenback Currencies
The US dollar started the week on a strong note, but rapidly lost ground, hitting lows against a whole host of currencies. This trend stemmed from a rise in risk appetite among investors, as well as rising equities.
Next week, we can expect a flurry of US economic releases including the Conference Board''s consumer confidence index, the Na...
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Thursday 21.05.09
Aldar Properties Raises $1.25 Billion From Bond Sale
May 21 (Bloomberg) -- Aldar Properties PJSC, the Abu Dhabi- based developer of Ferrari-branded theme parks, sold $1.25 billion of bonds, the first real-estate company in the United Arab Emirates to issue debt since August.
The five-year notes were priced at face value to yield 8.75 percent, Bloomberg data show. The debt was issued through Atlantic...
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Saturday 16.05.09
Dubai will probably help Nakheel with $3.52b bond repayment
Dead Sea, Jordan: Dubai''s government will probably help property developer Nakheel PJSC repay a $3.52 billion (Dh12.9 billion) Islamic bond due this year as it qualifies for assistance under a $10 billion support programme.
"There is a criterion that has to be met, and if that happens we will support any government-related entity," Nass...
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Investment purchasing power peaks in crisis
Dead Sea, Jordan: The purchasing power of investment money is at its highest ever and there are tremendous opportunities across the world, said the executive chairman of Dubai Group, Soud Ba''alawy.
Ba''alawy was speaking at a discussion about the role of the Middle East in the world economic order after the international financial crises, at the ...
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Sunday 10.05.09
Middle Eastern, North African economies coping well with global crisis: IMF
Dubai: The International Monetary Fund (IMF) said that economic growth in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region is projected to decline from 5.7 per cent in 2008 to 2.6 per cent in 2009.
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Releasing the IMF''s ''May 2009 Economic Outlook for the Middle East and Central Asia''...
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Saturday 02.05.09
Emirates NBD launches Sukuk fund
DUBAI, February 3rd, 2009 -Emirates NBD has launched a fund to take advantage of the high yields currently available in Islamic bonds following the steep price declines in Q4 2008 caused by the wider turmoil in global financial markets.
The Emirates Sukuk Fund No 1. Limited (the "Fund"), which will be managed by Emirates Investment Serv...
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Thursday 30.04.09
Nakheel debt may be restructured
Dubai: Dubai World, the government-owned investment group, may be forced to restructure a $3.5 billion bond issued by property unit Nakheel, driving a review of the emirate''s companies by Standard & Poor''s.
Nakheel''s sukuk bond due in December has slumped to 83 cents on the dollar, raising the yield to 52 per cent, on concern the company ma...
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Monday 27.04.09
Moves to enhance liquidity in banks ''have been fruitful''
Abu Dhabi: A slew of measures taken by the UAE Central Bank and the Ministry of Finance to improve liquidity in the banking system and to restore market confidence have been successful and the focus for the rest of 2009 and 2010 would essentially be on liquidity and assets quality, a senior official of the UAE Central Bank said on Monday.
"Th...
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Saturday 25.04.09
G-7 Says ?Weak? Global Economic Recovery Should Begin This Year
Finance chiefs from the Group of Seven predicted a “weak” economic recovery will start to take hold in coming months as evidence mounts that the worst of the recession is over.
“Economic activity should begin to recover later this year amid a continued weak outlook, and downside risks persist,” the G-7 finance ministers and...
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Wednesday 22.04.09
Diversify Your Investments Even If It Hurts: Jane Bryant Quinn
April 22 (Bloomberg) -- Everything you thought you knew about diversification is wrong. So is everything you thought you knew about portfolio risk. It took the meltdown of September and October 2008 to flesh out the story, but the plot outlines have been in place since the 2000 tech-stock bust.
The measure of stock-market risk typically ...
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Saturday 18.04.09
Appetite for safe havens diminishes
Dubai: The dollar remains the world''s premier currency. It still accounts for nearly two-thirds of all foreign reserves. Moreover, the recycling of excess savings globally into US capital markets enabled US consumers to buy imported goods and real estate far beyond their means during the great economic boom, and also enabled the US governm...
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Sunday 12.04.09
UAE weathers global financial storm - FCCI
Abu Dhabi : The UAE economy navigated safely and confidently through the rough sea of the 2008 global financial crisis which rocked most of the world economies, according to a report by the UAE Federation of Chambers of Commerce and Industry (FCCI).
"The UAE economy has made economic gains in various sectors despite obstacles the glob...
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Regional markets gain 7.5% as confidence rises
Dubai: Equity indices in the Middle East and North Africa (Mena) markets rose 7.5 per cent in March, following ten consecutive months of losses, according to a new report by investment bank Rasmala.
The UAE equity markets recorded a second month of gains, up nearly 7 per cent, resulting in a slight increase for the year.
Qatar recor...
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Saturday 28.03.09
Dollar gains on safe-haven bids and euro zone turmoil
Dubai: Despite views that the world will not heave out of the disintegrating financial crisis sooner than 2010, recent forecasts say the market calamity may bottom out by the end of 2009.
Mixed events last week spurred such a shift in beliefs as equity markets coiled between highs and lows, amplified activity in winding and unwinding...
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Saturday 21.03.09
Investors calculate risk factor
Mumbai: After rising for two weeks in a row, Indian shares are expected to pause as investors gather their thoughts and take a fresh look at the risks facing the market in the near term.
While hopes the worst may be over for the ailing US banking system have injected a glimmer of optimism into global markets, there is yet no sign of a revi...
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Saudi stocks climb after global rally, oil price rise
Dubai: Saudi Arabian shares gained, led by Saudi Basic Industries Corp, the world''s largest chemicals maker, after global markets rose during the Saudi weekend and oil prices rebounded.
The country''s benchmark stock index, the Tadawul All Share Index, rose 70.5, or 1.6 per cent, to close at 4,470.70. The index has declined 6.9 per cent this year...
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Time to make an educated choice
Recession, depression, inflation, deflation - it does your head-in looking for the silver lining. Fortuitous then, is today''s pregnant mum; she should consider this year''s baby as delivered in the year of the bull. This is no bull!
The 1930s were the last time a pregnant mother could look at deflated and worthless asset prices and con...
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Sunday 15.03.09
Do not believe reports of Dubai?s demise
Dubai must feel a little like Mark Twain, these days. Upon reading his own obituary in the newspaper, Twain wrote: “The report of my death was an exaggeration.”
Dubai has had its share of obituaries as it suffers from a property bust and contagion from the global credit crisis. Headlines from Cairo to London to New York, laced with s...
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Monday 09.03.09
U.A.E. Faces $30 Billion Gap Between Loan, Deposits
The United Arab Emirates’ faces a 110 billion dirhams ($30 billion) gap between loans and stable deposits as the credit crisis prompted foreign investors to withdraw their money from the regional banks, central bank governor said.
“The current situation requires a stimulus plan for banks and the economy in view of this gap,” Sult...
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Sunday 08.03.09
Bearish spell continues unabated leaving clueless investors reeling
New York: The deep slide in US stocks last week to 12-year lows along with lowered economic expectations has sapped investor sentiment and led many on Wall Street to wonder how low equity markets can go.
US stocks are now down from their all-time peaks in October 2007 by more than 55 per cent, eclipsed only by an almost 80 per cent plunge ...
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Pressure mounts over recipients of AIG cash
New York: Where, oh where, did AIG''s bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.
The Wall Street Journal reported on Friday that about $50 billion (Dh183 billion) of more than $173 billion that the US governmen...
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Saturday 28.02.09
Middle East can benefit from crisis
Dubai: The onset of the global recession last year was a "defining moment in history", says an influential Dubai-based economist, illustrating how the economic geography of the world is shifting eastwards to the advantage of the Middle East and Asian economies.
"In the past 15 years, the bulk of world output is now produced ...
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Meltdown could last for years
Cha-Am, Thailand: Singapore''s leader has warned the global economic slump may last several more years if the US doesn''t fix its creaking banking system, a newspaper reported on Saturday.
Prime Minister Lee Hsien Loong also called on US President Barack Obama to resist pressure from the American public for protectionist policies such as t...
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Wednesday 25.02.09
Property firms first in line for bond boost
Dubai’s property companies will probably be the first to get support from the emirate’s $10bn bond sale, according to the director general of Dubai’s Department of Finance.
Details of how the first tranche of a $20bn sovereign bond package, announced by the Dubai government on Sunday, will be used were given by Nasser Bin Hassa...
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Wednesday 18.02.09
UAE''s oil surpluses can shore up banks
Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts.
The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency.
"Governmen...
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Saudi finance minister confirms new mortgage law
Saudi Arabia''s first mortgage law is expected to be implemented this year and its provisions will protect all parties involved, Finance Minister Ibrahim al-Assaf said on Tuesday.
"It should be in 2009, definitely," Assaf told Reuters in an interview. "I agree that it has taken us much longer than we had hoped at the beginning&quo...
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UAEs oil surpluses can shore up banks
Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts.
The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency.
"Government expend...
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UAE''s oil surpluses can shore up banks
Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts.
The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency.
"Government expend...
Read more
Monday 16.02.09
Dubai realigns investment arm
Dubai: Dubai Holding, the government''s investment arm, on Sunday said it will realign Dubai Group and Dubai International Capital under Dubai Holding Investment Group while merge the back-office operations of three of its real estate entities - Dubai Properties Group, Sama Dubai and Mizin.
Under the new arrangement, Soud Ba''alawy, execut...
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Thursday 05.02.09
Emirates NBD launches Sukuk fund
Emirates NBD has launched a fund to take advantage of the high yields currently available in Islamic bonds following the steep price declines in Q4 2008 caused by the wider turmoil in global financial markets.
The Emirates Sukuk Fund No 1. Limited (the "Fund"), which will be managed by Emirates Investment Services Ltd ("EIS")...
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Tuesday 03.02.09
The Emirates Sukuk Fund No. 1 Ltd
Feb. 3 (Bloomberg) -- Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, expects to raise as much as $100 million for an Islamic bond fund and aims for annualized returns of 12 percent over four years.
The Emirates Sukuk Fund No. 1 Ltd. will seek to take advantage of the high yields currently available in Islamic bonds beca...
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Saturday 24.01.09
Global stock outlook bleak
Beijing: Stocks will retreat around the world because of shrinking demand from China as growth in the third-biggest economy slows, said Nouriel Roubini, the New York University professor who predicted last year''s financial crisis.
Global equities will fall 20 per cent from current levels as China, which contributed 19.5 per cent to total ...
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Rescue package puts tough restrictions on banks
Washington: President Barack Obama signalled that he would toughen restrictions on an oversight of banks as part of a fresh plan to aid the battered industry.
Obama blasted the banks on Friday over reports that they have spent money renovating offices after having received billions of dollars from the government, and vowed they would be he...
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Monday 15.12.08
UAE stocks reverse gains, close lower
Dubai: UAE stocks closed lower on Sunday, reversing gains of Thursday, as investor sentiment continued to weaken in the light of a major slowdown expected in the local economy and a deepening worldwide recession.
The UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said Thursday that the country''s growth is poised to witness a slump...
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Sunday 14.12.08
Dubai gets $8b finance from Citi
Dubai: Citigroup Incorporated has arranged more than $8 billion (Dh29.3 billion) finance for various Dubai government entities in recent months, the global banking group said.
"This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular," said Citi''s chairman, Sir Wi...
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Saturday 13.12.08
Wall Street to hit speed bumps
New York: Wall Street''s recovery push from 11-year lows could hit major speed bumps this week as investors fret about the US automakers'' fate and the Federal Reserve holds its last scheduled policy meeting of 2008.
The market''s other big test will be the start of the quarterly reporting season for investment banks when Goldman Sachs and...
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Bailout flop puts currencies in a see-saw
Last week was marked by the failure of the bailout plan for the ''Big Three'' US automakers to pass US Senate approval, which increased the already high levels of risk-aversion in the currency markets.
The US government has indicated that it might use part of the $700 billion (Dh2,571.17 billion) bank bailout package to rescue the troubled...
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Sunday 16.11.08
G-20 Calls for Action on Growth, Overhaul of Financial Rules
Nov. 16 (Bloomberg) -- Leaders from the biggest developed and emerging nations agreed to further steps to shore up a global economy sliding into recession, and laid out regulatory proposals to prevent a recurrence of the financial crisis.
The Group of 20 yesterday urged a ``broader policy response,'' citing the potential for additional interest-ra...
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Saturday 15.11.08
Financial crisis focus of Dubai meet
Dubai: World business and political leaders began discussions on Saturday at the Leaders in Dubai Business Forum 2008, focusing on the worsening global financial crisis.
Carrying the theme of "Emerging Strategies for Tomorrow''s Challenges", the forum''s discussions were expected to concentrate on the ramifications of the credit ...
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Monday 20.10.08
US stocks mark roller-coaster week with huge climb and fall
New York: US stocks ended a roller-coaster week with the Dow Jones Industrial Average climbing 4.8 per cent after the government''s plans to buy stakes in banks spurred the biggest one-day rally since the Great Depression.
The weekly gains, the best for the Dow since 2003, came despite the steepest one-day drop since the October 1987 crash. ...
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Investors rely on patience as they wait for tide to turn
Abu Dhabi: "I lost over 50 per cent of my savings which I invested in the market," said Mohammad Ganem, a retired Palestinian who is now an investor at the Abu Dhabi Securities Exchange.
Having worked for over three decades for an oil field company, Ganem invested his own money and did not take any loans to invest. Nevertheless, ...
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European stocks end week of steep rises, deep tumbles
Zurich: European stocks climbed last week, sending the Dow Jones Stoxx 600 Index to its biggest gain since March 2007, after governments announced bank rescue packages to shore up the financial system and restore investor confidence.
Credit Suisse Group AG posted a record weekly advance and Barclays Plc climbed 6.5 per cent as European lea...
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Sunday 05.10.08
Bloody Sunday for UAE stocks
Dubai: UAE shares plunged on the first day after the markets opened following the Eid al Fitr holidays, dashing expectations of a positive opening after the US president signed the revised $700 bailout package into a law late on Friday.
The Dubai Financial Market General Index nosedived 283.35 points or 6.86 per cent to close at 3,844.27, its lowe...
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Monday 15.09.08
Bank of America buys Merrill Lynch for $50 billion
Washington/New York : Bank of America Corp said it agreed to buy Merrill Lynch & Co Inc in an all-stock deal worth $50 billion (Dh183.5 billion), snagging the world''s largest retail brokerage after one of the worst-ever weekends on Wall Street.
The deal came after tense negotiations over the fate of Lehman Brothers Holdings Inc, which triggered c...
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Tuesday 09.09.08
UAE stocks crash led by real estate firms
Dubai: The Dubai Financial Market plunged 4.64 per cent to close at 4,471.71 and the Abu Dhabi Securities Exchange slid 3.74 per cent to end at 4,149.57 on Sunday.
Real estate stocks continue to be battered in both the markets with Emaar Properties, Union Properties, Aldar Properties and Sorouh Real Estate falling substantially. Regional a...
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Wednesday 03.09.08
Shares in GCC countries fall after crude price drop
Dubai: Shares in Gulf countries retreated after crude oil fell for a fourth day and as foreign investors exited the region''s markets.
Bank Muscat SAOG, Oman''s largest lender, declined to its lowest in 11 months. Industries Qatar slid to the lowest in almost a week and Arab National Bank, Saudi Arabia''s sixth- largest publicly traded len...
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Saturday 30.08.08
Will the foreigners return?
Dubai: So how did fund managers fare during the tumultuous first half of August? Thankfully, most of them were away for the summer as the Saudi Tadawul tumbled 5.16 per cent, Abu Dhabi 8.4 per cent, Cairo 10 per cent, Dubai 7.26 per cent and Doha 5 per cent in the first few weeks of the month. Nearly a quarter of the funds tracked by Zawya ...
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Wednesday 27.08.08
If this is not bottom, we are close to it
UAE markets have fallen so far so fast that the question on virtually every investor’s lips is: have the indices now reached rock bottom? A bloodbath of this magnitude and duration has left both players and pundits groping for answers. The continuing weakness has wiped out billions of dirhams in market capitalisation. Liquidity is flying out ...
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Thursday 21.08.08
GCC oil earnings to touch $562bn
Gulf oil producers are expected to earn a record $562 billion (Dh2.06 trillion) in 2008 as crude prices are projected to remain above $100 and they are pumping at one of their highest levels, according to new data obtained by Emirates Business yesterday.
The UAE''s income will swell to an all time high of $97bn while that of Kuwait and Qatar a...
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Monday 11.08.08
Opec income hits record as oil prices soar
By Javier Blas in London, Krishna Guha in Washington and Andrew England in Abu Dhabi
Published: August 10 2008 23:30 | Last updated: August 10 2008 23:30
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Monday 04.08.08
Fed and ECB may leave interest rates unchanged
The US Federal Reserve and the European Central Bank are expected to leave interest rates unchanged when they meet this month, analysts say.
Most economists are betting that the Federal Open Market Committee (FOMC) will keep the federal funds rate firmly anchored at two per cent amid lackluster economic growth.
Analysts say the Fed is caught ...
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Hundreds of US banks will fail as recession bites
New York: The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron''s in Sunday''s edition.
Taxpayers will pay a big price for helping bail out the rest of the financial services ind...
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Dirham undervalued 25%, says Big Mac survey
The UAE dirham, like other Gulf currencies, is undervalued against the US dollar by nearly 25 per cent, says the Big Mac Index survey, conducted by the Economist magazine.
The new data, based on the price of Big Mac burger in various countries, showed the decline of the US dollar versus major currencies, which again strengthens the case for dir...
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Tuesday 22.07.08
Islamic bonds issuance defies gloom
Islamic corporate bond issuance in the Gulf has soared in the past year in spite of the credit crisis and deteriorating global economic outlook.
Corporate bonds issued in the Gulf rose to $17bn at the end of June, compared with $14.5bn at the end of June 2007 – a 17 per cent increase, according to Trowers & Hamlins, the international law...
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Thursday 17.07.08
Political support for dollar to bar Saudi revaluation
Saudi Arabia''s monarchy is set to reject any call from the influential Shura advisory body to revalue the dollar-pegged riyal, as the economic case for reform takes second place to a political pledge to support the dollar.
Bids on Saudi riyal one-year forwards rose to their highest in more than a month after Shura Council member Waleed Arab Hache...
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EIB records 321% rise in H1 earnings
Emirates Islamic Bank has recorded 321 per cent increase in its net profits during the first half of 2008 compared to the same period last year.
The EIB said its net profit, excluding the depositors'' share, reached Dh320 million during the first six months of 2008 compared to Dh76m during the same period last year. Depositors'' share of profi...
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Credit crunch leading to polarised investments
Investors are offering the clearest signal yet that the global economic slowdown is forcing them to overhaul their asset allocation, according to Merrill Lynch''s Survey of Fund Managers for July.
The credit crunch is leading to polarised investment allocations and is taking survey readings into uncharted territory.
The survey found that net...
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Tuesday 15.07.08
Whose money is it anyway?
It''s been a challenge to keep current on the US government''s efforts to help homeowners facing foreclosure.
Between official testimony and speeches, between politicians'' promises and legislative compromises, some of the details, I''m embarrassed to say, slipped through the cracks.
For example, I missed the April announcement of an expa...
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Monday 14.07.08
Gulf countries to earn $1b surplus a day from oil
Dubai: Gulf countries are likely to earn export surplus of $1 billion (about Dh3.67 billion) a day if the oil prices remain above $135 (about Dh496) a barrel, according Global banking major Merrill Lynch.
Analysts estimate that a $10 (about Dh37) increase in the oil price could boost GCC export revenues by $55 billion (about Dh202 billion)...
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GDP growth likely to be at 7.2% for 2008
The UAE''s real GDP growth rate is projected to slow down to 7.2 per cent this year against 7.4 per cent in the previous year, says a new Merrill Lynch report.
The forecast by the world''s leading financial and advisory company is in line with the UAE''s Ministry of Economy statement last week that real GDP grew by 7.4 per cent last year.
The...
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UAE stocks end in red on local selloff
Dubai: With foreigners remaining quiet, local selling drove the market on the first day of the week when UAE shares fell for the second straight session.
Dubai shares were down 1.13 per cent, their lowest close since March 30. The benchmark closed at 5,728.63. The Abu Dhabi index dropped 1.42 per cent to 4,925.45.
"Geopolitical conce...
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Gulf remains safe haven for investments
Dubai: With oil prices above $135 a barrel, the six Gulf countries together are estimated to accumulate their current account surplus by $1 billion a day, adding up to $360 billion for 2008, according to Merrill Lynch, a global investment bank.
The bank estimates that in the short to medium term, the Gulf region will have abundant liquidit...
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Tuesday 08.07.08
Iran sees Mideast tension pushing oil price up
Tehran: Iran''s Organisation of Petroleum Exporting Countries (Opec) governor warned on Monday that heightened Middle East tension would push oil prices further up, an Iranian news agency reported.
"The increase in tension in the Middle East will prompt the oil price to experience levels higher than the ones already experienced,"...
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