Category Archives: Markets & Economy

Why Nobody Trusts the World’s Best Currency

by Zulfugar Agayev

It took a decade of gains for the Azeri currency to build up trust, and two devaluations to ruin it.

Teva to Cut as Many as 6,000 Jobs, Calcalist Reports

by Yaacov Benmeleh

Teva Pharmaceutical Industries Ltd. plans to cut as many as 6,000 jobs, or about 11 percent of its global workforce, the daily Israeli newspaper Calcalist reported.

Turkey to Suspend Plan to Sell $10 Billion of Seized Firms

by Ercan Ersoy

Turkey put on hold a plan to sell almost 600 companies worth about $10 billion that were seized in the aftermath of a failed military coup, according to two people with knowledge of the matter.

Only One Kind of Trader Is Doing Well Out of Egypt’s Cheap Pound

by Ahmed Feteha

Since Egypt devalued its currency, life in Cairo has gotten a lot easier if you sell stocks for a living — and a lot harder if you sell fruit.

Brexit banks set to avoid lengthy euro zone test

Reuters

FRANKFURT: Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter.

Qatar to Move $100 Billion Portfolio to Finance Ministry

By Mohammed Sergie and Dinesh Nair

Qatar Investment Authority will transfer oversight of its approximately $100 billion domestic portfolio to the country’s finance ministry as the sovereign fund undergoes its second overhaul in three years, people with knowledge of the matter said.

Global integrated oil and gas sector outlook turns positive: Moody’s

JEDDAH: Moody’s Investors Service (Moody’s) has changed its outlook on the global integrated oil and gas sector to positive from stable as higher profits from upstream operations fuel a faster recovery in earnings growth.

UK airlines must have EU base after Brexit or lose major routes – report

Brussels has warned that unless airlines like EasyJet and Ryanair move their headquarters from the UK or sell shares to European nationals, they will lose profitable European routes, reports the Guardian.

357,000 new jobs created in Turkey in 2017: Minister

Some 357,000 new jobs were created between Jan. 1 and March 20 in Turkey, said a top official, adding that the rising unemployment rate would decrease by May or June. 

China’s ZTE Corp pleads guilty in U.S. court in sanctions case

By Karen Freifeld | NEW YORK

Chinese telecom equipment maker ZTE Corp (000063.SZ) (0763.HK) on Wednesday pleaded guilty in U.S. federal court in Texas for conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran.

China’s Chery files trademark complaint against Mercedes over green car brand

By Jake Spring | BEIJING

Chinese automaker Chery Automobile Co Ltd [CHERY.UL] has filed a complaint with the country’s trademark regulator over Mercedes-Benz’s use of the “EQ” name for a line of green-energy vehicles, throwing up a potential road block for the Daimler AG (DAIGn.DE) unit in the world’s largest electric car market.

Verizon, AT&T suspend ads from Google over offensive videos

By Anjali AthavaleyJessica Toonkel and Julia Love

U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google’s YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos.

With Sears’ future in doubt, vendors begin pulling back

By Nandita Bose and Richa Naidu

Suppliers to Sears Holdings Corp told Reuters they are doubling down on defensive measures, such as reducing shipments and asking for better payment terms, to protect against the risk of nonpayment as the company warned about its finances.

If healthcare vote fails, would jeopardize ‘Trump trades’: Gundlach

By Jennifer Ablan | NEW YORK

If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put “a lot of doubt” on the “Trump trades,” which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday.

Slide in U.S. infrastructure stocks sign of ‘Trump trade’ weakness

By Chuck Mikolajczak and Caroline Valetkevitch | NEW YORK

If the swoon this week in financials was one sign of the Trump trade running out of fuel, recent weakness in transportation and infrastructure shares is another.

Exclusive: Westinghouse’s clients gear up for bankruptcy fight – sources

By Jessica DiNapoli

The U.S. utilities that are clients of Toshiba Corp’s nuclear power plant construction subsidiary, Westinghouse Electric Co LLC, have hired advisers to prepare for its potential bankruptcy, according to people familiar with the matter.

Oil bounces off November lows, but bloated U.S. stockpiles pressure market

By Henning Gloystein | SINGAPORE

Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.

Trump Tantrum looms on Wall Street if healthcare effort stalls

By Megan Davies and Rodrigo Campos | NEW YORK

The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration’s healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth.

Asia stocks rise, but gains for dollar, oil capped by jitters

By Nichola Saminather | SINGAPORE

Asian stocks, taking some cues from a steady Wall Street, edged up on Thursday while the path for the dollar, which crawled up from a four-month low, remained clouded by concerns about the prospects for U.S. President Donald Trump’s pro-growth agenda.

Saudis Bet Big On Houston As Drilling Activity Picks Up

By Tsvetana Paraskova

A Saudi logistics company has just opened a Houston office to seize the opportunity to ship increased volumes of oilfield and plant construction equipment to the Port of Houston as the Texas and U.S. drilling activity is gaining momentum.

Facebook Iconfacebook like buttonTwitter Icontwitter follow button

 

STAINLESS STEEL