Iran supreme leader urges currency boost amid months-long rial plunge

Sunday, 9 December 2018

Iran’s Supreme Leader Ayatollah Ali Khamenei has “ordered” the central bank to boost the value of rial, the bank’s governor said on Saturday, after a months-long plunge in the currency due to a faltering economy and US sanctions. The state news agency IRNA quoted Governor Abdolnaser Hemmati as saying Ayatollah Khamenei “ordered the bank at a recent meeting to increasingly strengthen the national currency and called for the observance of the independence of the ...

Renewed jitters over trade send US stocks, bond yields lower

Wednesday, 5 December 2018

Stocks slumped on Wall Street Tuesday as traders worried that the US and China made less progress than originally thought on defusing their dispute over trade. Bond prices surged, sending yields sharply lower as investors turned to lower-risk assets.The Dow Jones Industrial Average fell nearly 800 points and the yield on the benchmark 10-year Treasury note declined to its lowest level in three months.The wave of selling erased the market’s gains from a day earlier, when stocks rallied ...

Wall Street rises on gains in retailers as Cyber Monday begins

Monday, 26 November 2018

US stocks gained on Monday, helped by shares of retailers on expectations of blockbuster sales on the largest online shopping day of the year, and as technology shares rose after taking a beating last week.Shoppers who missed out on deals on Black Friday are expected to flock to online sites on Cyber Monday. The shopping day is expected to rake in $7.8 billion in sales, according to Adobe Analytics, which tracks about 80 percent of all online transactions from the top 100 US retailers. ...

Goldman Sachs sued by Abu Dhabi fund over 1MDB scandal

Thursday, 22 November 2018

An Abu Dhabi sovereign wealth fund sued Goldman Sachs on Wednesday for allegedly conspiring against the Middle Eastern fund to further a criminal scheme by Malaysia's scandal-plagued 1MDB. The suit, filed in a New York court on behalf of Abu Dhabi's International Petroleum Investment Company, names Goldman Sachs as well as former Goldman officials who were charged by the US Justice Department in indictments unsealed earlier this month. "This action seeks redress for a massive global ...

Wall Street sells off again as retail, energy struggle

Wednesday, 21 November 2018

US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl’s sank after weak earnings and forecasts, fueling worries about economic growth.The Nasdaq closed at its lowest level in more than seven months while the S&P 500 and Dow ended at their lowest since late October, a day after Apple, internet and other technology shares dropped, further shaking confidence in a group of stocks that has propelled the long bull ...

European stocks rise at open; pound recovers

Friday, 16 November 2018

European stock markets firmed at the open Friday, while the pound steadied versus the euro and rose against the dollar a day after Britain’s currency was hammered by Brexit fears. London’s benchmark FTSE 100 index gained 0.5 percent to 7,071.59 points. The index had finished slightly higher Thursday, as a sliding pound boosted share prices of multinationals. Meanwhile in the eurozone Friday, Frankfurt’s DAX 30 added 0.1 percent to 11,425.80 points at the open and the Paris CAC ...

Apple, Goldman Sachs send Wall St tumbling

Tuesday, 13 November 2018

Wall Street’s major indexes tumbled on Monday as shares of Apple Inc and Goldman Sachs Group Inc dragged down the technology and financial sectors. With Monday’s losses, all three indexes erased the gains from their brief rally after the US congressional elections on November 6. Apple shares fell 5.0 percent after several suppliers to the company, including Lumentum Holdings Inc, whose components power the iPhone’s Face ID technology, cut their forecasts. Apple’s ...

Wall St surges on relief after midterms; tech, healthcare rally

Wednesday, 7 November 2018

US stocks surged on Wednesday as investors piled into technology and healthcare sectors after midterm elections led to a divided Congress and fueled bets that tighter regulations in these sectors would be harder to push through. Democrats won control of the House of Representatives on Tuesday, while President Donald Trump’s Republicans expanded their majority in the Senate as expected, pointing to a political gridlock in Washington. The S&P technology sector rose 2.4 percent, while ...

US stocks rise as midterm vote gets underway

Tuesday, 6 November 2018

Wall Street stocks were modestly higher early Tuesday as the United States headed to the polls for congressional elections seen as a referendum on Donald Trump's presidency.About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 25,526.12.The broad-based S&P 500 gained 0.4 percent to 2,748.58, while the tech-rich Nasdaq Composite Index jumped 0.8 percent to 7,363.92.Polls are showing that Tuesday's election is most likely to yield a Democratic win in the House ...

Softbank Saudi success story: Beyond Information Revolution

Tuesday, 6 November 2018

Softbank’s announcement of quarterly operating profits that almost doubled to $6.2 billion, highlights the Saudi contribution to the “Information Revolution” that is stimulating the global technology industry. The domestic implications of Saudi investment into technology is the acceleration of social reforms – particularly with regard to women’s empowerment, ultimately improving investment prospects. Vision Fund Despite analysts projecting $1.9 billion Softbank net ...

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