May, 2016

• 3 May

  Brazil’s $2 billion intervention makes Real world’s worst loser

  

    Bloomberg Brazil’s real led losses among its most-traded peers as the central bank intervened to weaken the currency in a bid to slow this year’s rally and support exporters. The real dropped 1.9 percent to 3.5017 on Monday, making it the world’s worst-performing currency after Libya’s dinar. The loss came after the monetary authority sold 40,000 reverse swaps, a ...

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• 3 May

  A vote to stay in the EU isn’t a vote for Europe

  

  The biggest misconception about next month’s referendum on Britain’s membership of the European Union is that it will put the issue to rest. That’s unlikely. Whichever way the vote goes, Brexit isn’t going away. The referendum on Scottish independence is a good guide to what’s coming. Scots in 2014 voted with their heads not their hearts to stay in the ...

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• 3 May

  When sentiment conflicts with investing reality

  Barry Ritholtz It is never wise to ignore market, economic or voter sentiment. Discount it, yes. Put it into broader context, for sure. But ignore it at your peril. As too many retailers, fund managers and politicians have discovered, the public is often a good barometer of what is occurring in the broader economy. But not always: the public can ...

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• 3 May

  Nepal’s military tries its hand at investing

  

    Samridhi Pant SPECIAL TO EMIRATES BUSINESS Over the past six months, the Nepal Army (NA) has stepped up its engagement with the country’s economy. First, in December 2015, the NA declared that it will invest in a hydropower project for the first time. Then, on March 2016, the NA – in another first — got permission from the government ...

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• 3 May

  Stocks slide on lackluster growth as Yen advances

  

    BLOOMBERG Stocks slid with U.S. equity-index futures and the yen advanced with Treasuries as evidence of limp economic growth around the world permeated through global financial markets. Europe’s main stock-market index tumbled for a third day. The Japanese currency rose against all of its major counterparts except the Swiss franc. Gold advanced to a 15-month high and oil fell ...

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• 3 May

  Emirates Securities Market down by -1.56 percent

  

    ABU DHABI / EMIRATES BUSINESS The Emirates Securities Market Index has decreased by -1.56% to close at 4458.28 points. Accordingly the Market Capitalization has lost AED 11.46 billion attaining AED 723.19 billion. A total of 0.5 Billion Shares were traded with a total value of AED 0.65 billion during the trading session of 03-05-2016 through 7769 transactions. The number of companies ...

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• 3 May

  HSBC beats estimates as costs contained

  

    Bloomberg HSBC Holdings Plc reported a bigger first-quarter profit than analysts forecast, as Chief Executive Officer Stuart Gulliver guided the Asia-focussed bank through turbulent global markets while paring back costs. Pretax profit fell to $6.1 billion from $7.1 billion a year earlier, the London-based bank said on Tuesday, beating the $4.3 billion average estimate of 14 analysts compiled by ...

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• 3 May

  Summit eyes Burj for Islamic banking entry

  

    Reuters Summit Bank has received approval from Pakistan’s central bank to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale. The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit ...

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• 3 May

  Commerzbank plunges as low rates hit sales

  

    BLOOMBERG Commerzbank AG fell as much as 9.4 percent in Frankfurt, the most in almost three months, after market turmoil and a squeeze to margins hurt sales and halved first-quarter profit. Net income fell to 163 million euros ($188 million) from 338 million euros a year earlier, the Frankfurt-based company said in a statement on Tuesday. Analysts expected profit ...

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• 3 May

  ANZ Bank profit slumps, repositions for future

  

    Sydney / AFP ANZ Bank’s interim net profit slumped 22 percent on Tuesday on the back of impairment and restructuring charges, but the result was welcomed by the market as the lender repositions for a challenging future. The Australia and New Zealand Banking (ANZ) Group’s result for the six months to March 31 came in at Aus$2.73 billion (US$2.0 ...

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