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Saudi, Dubai lead Gulf market gains after holiday break

Sunday, 9 June 2019

Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the Muslim fasting month, with investors taking cue from gains in global markets on Friday. Major world stock indexes jumped and US Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a US interest rate cut, while there were hints of progress in Washington’s trade battles. The Saudi index jumped 0.6 percent as investors piled into key blue-chip stocks. ...

US: End of India trade preference ‘done deal’

Friday, 31 May 2019

A US decision to evict India from a key trade pact is a “done deal,” an official said Thursday, despite Washington’s desire for close relations with re-elected Prime Minister Narendra Modi. President Donald Trump’s administration said in March it was removing India from the Generalized System of Preferences, which gives favorable access to goods from developing countries. India, which had been the top beneficiary of the deal under which it exported $5.6 billion to the ...

Egypt could cut taxes for stock exchange investors

Tuesday, 28 May 2019

Egypt’s stock market and finance ministry are considering combining stamp duty and capital gains taxes charged on equities investments to limit the amount paid in stamp duties, exchange chairman Mohamed Farid said on Tuesday.He told Reuters that the proposed changes could see the government refunding some stamp duty if the amount exceeded capital gains charges payable at the end of the year.“The amendments (to tax laws) could include ... a combination of the stamp duty and capital ...

French government insists any Renault-Fiat deal must protect jobs

Tuesday, 28 May 2019

France must protect its own interests and jobs in any merger between Renault and Fiat, even though France’s stake in Renault would automatically be diluted, said French Finance Minister Bruno Le Maire. Le Maire told RTL radio on Tuesday that the French government would seek “four guarantees” on the Renault-Fiat deal, including the protection of French jobs, ensuring France was well-represented on the board of the new entity, and ensuring Renault-Fiat was a leader in the ...

Brazil ex-billionaire Batista fined $134 mln for insider trading

Tuesday, 28 May 2019

Eike Batista, once the richest man in Brazil, has been fined around $134 million for insider trading, the securities commission said Monday, as the ex-billionaire remains under house arrest pending an appeal against a 30-year jail sentence.Apart from the fine, the 62-year-old also was banned for seven years from running a publicly traded company. Batista was accused of selling shares in his oil company OGX in 2013 when he knew it would be unable to explore blocks acquired at an auction in ...

Saudi stocks to rally on MSCI inclusion, says Credit Suisse official

Sunday, 26 May 2019

Beginning June this year, Saudi Arabian stocks will be included in the MSCI Emerging Markets Index. “The MSCI first phase is widely expected to trigger around $6 billion worth of influx. And as we’ve seen with past upgrades, that inflow momentum tends to last a little beyond the actual day of inclusion itself,” Fahd Iqbal, head of Middle East research at Credit Suisse, told Al Arabiya. “We have previously expected the Saudi market to peak just ahead or on the day of ...

IMF warns US-China trade war will ‘jeopardize’ 2019 global growth

Thursday, 23 May 2019

The IMF warned Thursday that the escalating US-China trade war will “jeopardize” 2019 global growth, undermining confidence and raising prices for consumers. “Consumers in the US and China are unequivocally the losers from trade tensions,” Gita Gopinath, the International Monetary Fund’s chief economist, said in a blog post. She and her co-authors directly refuted President Donald Trump’s claim that the tariffs are paid by China and provide a windfall for the ...

Indian stocks hit record highs on Modi polls lead

Thursday, 23 May 2019

Indian stocks hit record highs Thursday as early results in the world’s biggest election showed Indian Prime Minister Narendra Modi on course for a second term. The Bombay Stock Exchange’s Sensex index hit the 40,000 mark for the first time ever while the Nifty crossed 12,000 points, also a new landmark. India’s rupee also strengthened, hitting 69.51 against the dollar from 69.67 late Wednesday, as traders welcomed trends that showed Modi’s Bharatiya Janata Party (BJP) ...

Dutch investigators bust major cryptocurrency launderer

Wednesday, 22 May 2019

Dutch investigators said Wednesday they have busted one of the biggest online money laundering services for cryptocurrencies worth hundreds of millions of euros a year. Tax and federal prosecution officers have confiscated six servers in the Netherlands and Luxembourg, taking the Bestmixer.io virtual currency mixing service offline, the Dutch tax office’s criminal branch (FIOD) said. Bestmixer.io is one of the three largest online mixing services dealing in bitcoins, bitcoin cash, and ...

Tech rally leads US stocks higher

Wednesday, 22 May 2019

Wall Street stocks gained ground Tuesday following two straight losing sessions, after the US said it would delay imposing a ban on dealings with Huawei, which gave a boost to technology shares.The tech-rich Nasdaq Composite Index led major indices lower Monday on worries about the Huawei ban, and then led the advance on Tuesday, closing at 7,785.72, a gain of 1.1 percent.The Dow Jones Industrial Average climbed 0.8 percent to finish at 25,877.33, while the broad-based S&P 500 gained 0.9 ...

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