Saudi market jumps 4 percent to make up for yesterday’s losses

Monday, 15 October 2018

Saudi’s stock market closed higher by 4.14 percent at the end of Monday’s exchanges, in a strong rebound after losses it faced on Sunday. The stock market main indicator raised with about 300 points, to exceed 7567 points level; amid active exchanges that exceeded about SAR 6.3 billion. With this increase the stock market would have made up for yesterday’s loses and even passed it ascendingly by about extra 50 points. The decline was limited to only one stock in the Saudi ...

Report: Abraaj’s stake in $1 bln healthcare fund to be split among other investors

Monday, 8 October 2018

AlixPartners, the interim manager of Abraaj’s $1 billion healthcare fund, has decided to redistribute the troubled private equity firm’s stake in the fund to its other investors, sources familiar with the matter said.The move reflects a desire by some of the fund’s other investors to sever ties with Dubai-based Abraaj ahead of TPG taking over the management of the fund, said the sources.However, it has prompted local banks whose loans to Abraaj were secured against the stake in ...

UAE plans initial coin offerings to boost capital markets

Monday, 8 October 2018

The United Arab Emirates plans to introduce initial coin offerings (ICOs) next year to provide companies with a fresh way to raise money, the head of the securities regulator said on Monday.In ICOs, companies issue cryptocurrency tokens to investors, in much the same way as they issue shares in an initial public offer of equity.“The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan we should have regulations on the ...

Dubai: London court extends injunction against Djibouti in DP World dispute

Monday, 24 September 2018

Dubai’s government said a London court had extended an injunction prohibiting a Djibouti state-owned company from interfering in the management of a port terminal seized from DP World. The government of Djibouti seized the Doraleh Container Terminal from DP World in February over a dispute dating back to at least 2012. Dubai government-controlled DP World, which operated the terminal under a concession, has called the seizure illegal. Dubai’s government said the High Court in ...

Abu Dhabi Financial Group offers revised bid for Abraaj’s Middle East funds

Saturday, 15 September 2018

Abu Dhabi Financial Group (ADFG) has submitted a revised bid to acquire the management rights for the Middle East funds of stricken Dubai-based Abraaj, according to a document seen by Reuters. The Abu Dhabi-based alternative investment firm is among more than a dozen bidders seeking to buy the bulk of Abraaj’s private equity funds. But in a letter to investors in Abraaj Funds, ADFG said that the bid is unlikely to materialize given the “convolution” of the situation. To ...

Indian govt fails to provide evidence for Mallya extradition, UK court hears

Wednesday, 12 September 2018

The Indian government has failed to provide any substantial evidence to justify extraditing tycoon Vijay Mallya from Britain to face fraud charges, his lawyer told a London court on Wednesday.India wants to extradite 62-year-old Indian businessman from Britain to face criminal action relating to loans taken out by his defunct Kingfisher Airlines and Indian authorities want to recover about $1.4 billion they say Kingfisher owes.In her closing submission, Mallya’s lawyer Clare Montgomery ...

Stocks rise as US, Mexico announce preliminary trade deal

Tuesday, 28 August 2018

Stocks posted solid gains on Monday after the White House said it reached a preliminary agreement with Mexico on replacing NAFTA. The Nasdaq composite index topped 8,000 for the first time. The trade deal is far from final and few details were made public during trading hours Monday, but investors were encouraged that the countries are working toward a resolution. The US still needs to reach an understanding with Canada, the third party in the accord and the second-largest trading partner for ...

Russian ruble at lowest since 2016 on US sanctions fears

Thursday, 23 August 2018

The Russian ruble has fallen to its lowest level against the dollar since April 2016 amid fears of new economic sanctions by the United States. In Thursday morning trading in Moscow, the ruble had fallen by around 2 percent to trade at nearly 69 to the dollar. The latest drop in the value of the Russian currency came amid talk that the U.S. was readying further sanctions. On Tuesday, the U.S. slapped sanctions on two Russian shipping companies over alleged oil trading with North Korea. It could ...

US stocks mark longest ‘bull market’ ever after mixed session

Thursday, 23 August 2018

US stocks graduated into the longest-ever “bull market” Wednesday after a mixed session as investors weighed optimism over trade talks with uncertainty generated by US political turmoil.At the closing bell, the S&P 500 was down less than 0.1 percent at 2,861.87, marking a more than nine-year stretch during which Wall Street avoided a drop of 20 percent from its peak during the stretch.The Dow Jones Industrial Average fell 0.3 percent to 25,734.89, while the tech-rich Nasdaq ...

Turkey’s lira weakens 3 percent against dollar

Saturday, 18 August 2018

Turkey’s battered lira weakened 3 percent on Friday after a Turkish court rejected an American pastor’s appeal for release, drawing a stiff rebuke from President Donald Trump, who said the United States would not take the detention “sitting down”. The case of Andrew Brunson, an evangelical Christian missionary from North Carolina who has lived in Turkey for two decades, has become a flashpoint between Washington and Ankara and accelerated a widening currency crisis. The ...

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