British finance expert: Major foreign investments on its way to Saudi Arabia

Tuesday, 12 June 2018

Saudi Arabia has attracted the attention of many major investors and investment portfolio managers in the world after wide-scale economic reforms took place. Amid expectations that these reforms would lead to long-term economic revival and attract more foreign investments in various sectors, including the Saudi stock market.Ross Teverson, Head of Strategy, Global Emerging Markets - ‎Jupiter Fund Management, said he expects that the Saudi economy would witness a significant improvement during ...

Abu Dhabi court issues jail terms of 284 years in one of biggest fraud cases

Wednesday, 30 May 2018

The Abu Dhabi criminal court charged 28 persons from five nationalities on Wednesday, in a $174 million investment scam that is considered one of the biggest fraud and money laundering cases in the country. Al-Bayan newspaper reported that the 28 defendants were charged with scamming one of the country’s banks. The criminal court in the UAE capital, issued jail terms totaling 284 years against the defendants - who hail from Russia, the United States, India, Canada and Pakistan - who have ...

Woman to lead NYSE for the first time in 226 years

Tuesday, 22 May 2018

The New York Stock Exchange for the first time in its 226-year history will be led by a woman.Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday. Current NYSE President Thomas Farley, is leaving to head a special purpose acquisition company.The historically male-dominated financial industry has grappled with its own issues ...

New evidence of sheep welfare violations in Qatar

Saturday, 14 April 2018

The Australian Federal Agriculture Department has decided to suspend shipments of sheep to an abattoir in Qatar over new allegations of animal welfare violations, according to ABC. Last week the Nine Network broadcast video of 2,400 sheep that had died of heat stress on board an export ship bound for the Middle East. On Saturday the Department said it had received new information and vision from advocacy group Animals Australia, raising serious concerns about the abattoir's operations, the ...

Saudi Finance Minister: Aramco IPO in 2018 or 2019 depending on market

Tuesday, 10 April 2018

The hotly-awaited stock market debut of Saudi energy giant Aramco will be launched in 2018 if market conditions permit, otherwise in 2019, Saudi Arabia’s finance minister told AFP on Tuesday.“If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019,” Mohammed al-Jadaan told AFP in an interview at a French-Saudi forum in Paris, referring to the planned initial public offering (IPO) of Aramco, tipped to be the world's biggest.“We are not desperate ...

Gulf mixed early on, Emaar Properties pulls up Dubai

Wednesday, 21 February 2018

Gulf stock markets were mixed in early trade on Wednesday but a rebound by real estate blue chip Emaar Properties lifted Dubai.The Dubai index gained 0.6 percent as Emaar, which had been trading near 14-month lows because of a slumping Dubai real estate market, surged 2.8 percent to 6.20 dirhams.The stock had reached a trailing price-earnings ratio of about 7.6 times, according to Thomson Reuters data - cheap by emerging market standards. Of 12 analysts rating it, 10 have a “buy” or ...

Oil prices, technical outlook likely to support Gulf markets

Thursday, 4 January 2018

Most Gulf markets may keep a firm tone on Thursday after oil prices shot up and the three main Wall Street stock indexes hit record closes overnight.Brent crude oil futures hit $68.16 a barrel on Thursday morning, their highest level since May 2015. That is good news for the margins of many Saudi petrochemical companies and for Gulf governments which intend to use increased oil revenues to boost spending this year.ALSO READ: Oil dips away from mid-2015 highs as higher output looms ...

Telecom Egypt says internet services to be restored in days

Tuesday, 2 January 2018

Telecom Egypt, Egypt’s largest internet provider, said on Tuesday it expected its internet services to be restored “gradually” after several days of disruptions. The company said on its Facebook page its services had experienced a problem but did not give more details. Reuters was unable to immediately reach the company for comment. Users have complained that the disruption of the service lasted anywhere between four days to two weeks. Telecom Egypt is the largest fixed-line ...

Israel regulator seeks to ban bitcoin firms from stock exchange

Monday, 25 December 2017

Israel’s markets regulator will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange, he said on Monday.Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the stock exchange bylaws would need to be amended.“If we have a company that their ...

Bitcoin suffers dramatic price plunge amid hacking scare

Wednesday, 20 December 2017

Bitcoin prices plunged about 15 percent in Asian trade Wednesday before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked.The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg News.Separately, US authorities on Tuesday suspended trading in a popular ...

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