China pledges to open finance sector for more foreign ownership
China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country, according to a Financial Times report. “The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance,”Guangyao Zhu, vice-minister of finance […]
Trump wants Saudi Aramco to list on New York stock exchange
President Donald Trump personally lobbied Saudi King Salman to list the Saudi Arabian Oil Co. on the New York Stock Exchange during a phone call between the world leaders on Saturday, according to a readout provided by the White House. The call, which came as the president flew from Honolulu to Tokyo, followed the president […]
Donald Trump net worth drops further in New York property market according to Forbes rating
Donald Trump, president of the United States of America and former property developer, may be experiencing low returns in his property business since he became the president of America. This is even as Forbes magazine’s in its latest estimate cuts Trump’s net worth by $600m in the New York property market. This has sent the […]
Banking against the new age of nuclear terror
A Q&A with former Energy Secretary Ernest Moniz on Iran, North Korea and a new uranium “bank” to keep peaceful energy programs peaceful. Arguably, nuclear weapons are now a greater threat to the U.S. and the world than at any time since the end of the Cold War. Actually, it’s not even arguable: North Korea is […]
Financial rules have made economy stronger, changes should be ‘modest’, says Fed Chair
Reforms put in place after the 2007 to 2009 crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest, Janet Yellen, Federal Reserve Chair said Friday in her fullest defense yet of the rules put in place after the Great Recession. “The balance of research suggests that the […]
Trump worths $2bn to Twitter, analyst says
Without Donald Trump, Twitter could lose almost a fifth of its value. That’s the conclusion of Monness Crespi Hardt & Co analyst James Cakmak, who said that the social media company would see as much as $2bn in market value wiped out if @realDonaldTrump quit tweeting. It’s not that the president’s defection would touch off a […]
Why is the US dollar falling?
The US dollar, long a symbol of American economic might, has fallen steadily this year. The value of the dollar index, which tracks the dollar against six major global currencies, has fallen about 10% since January. It pushed lower on Friday, even as demand for other safe-haven assets – typically a category that includes the […]
Dubai investment bank, Shuaa, to shine as Gulf markets stay quiet
Stock markets in the Gulf may be quiet on Sunday as investors are reluctant to invest aggressively but Dubai investment bank, Shuaa Capital, may shine after it reported strong quarterly results. Tensions between the United States and North Korea have continued to escalate, driving investors to safe-haven buying of gold and the yen. On Friday, […]
US productivity rises 0.9% in Q2 as labour costs softened
U.S. worker productivity rose more than expected in the second quarter amid an increase in hours, but the trend remained weak, suggesting that robust economic growth could remain elusive, CNBC reports. The Labor Department said on Wednesday nonfarm productivity, which measures hourly output per worker, increased at a 0.9 percent annualized rate in the April-June […]
Toyota’s game plan features robots, M&A, self-driving cars
Toyota Motor Corp. agreed to buy a stake in Mazda Motor Corp. and jointly build a $1.6 billion plant in the U.S. Asia’s largest automaker will also invest more in areas like self-driving cars to stay relevant in an industry upended by technological changes. As new rivals emerge and cars become autonomous and connected, Toyota will […]