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Opinion: An overlooked element of the financial crisis: To err is human - Dotemirates
1 week 1 day

Opinion: An overlooked element of the financial crisis: To err is human

The 10-year anniversary this week of the failure of Lehman Brothers has prompted an outpouring of articles and op-eds on what went wrong, what might have happened if the Federal Reserve had decided to rescue Lehman, and what has changed in the interim to make the financial system safer. This was party time. And those who should have been actively reining in fraudulent lending chose to look the other way. A vast chasm still exists among the views of what caused the 2008 financial crisis, from a “devastating failure of the free market,” to inadequate regulation of bank and non-bank...


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1 hour 43 minute

Al Maryah Central mall to open in August 2019

Abu Dhabi – Mubasher: Gulf Capital’s real estate arm, Gulf Related, has announced that its Al Maryah Central mall in Abu Dhabi has received building completion certificate and that the major project will be opened in August 2019. The finalisation of the mall allows the delivery of its units to tenants to prepare for the inauguration. “Al Maryah Central has now moved into the pre-opening phase. This important certification now enables our tenants to start the fit-out of their stores, ensuring we are ready to open to the public next August,” Gulf Related’s managing director Daniel Parry commented. Situated on...
1 hour 46 minute

DFM rises 24 pts on blue chips Thursday

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index gained 23.7 points, or 0.86%, to close at 2,764.38 points on Thursday due to portfolios’ demand on blue chips. The insurance sector added 2.02%, as Salama surged 4.03% to AED 0.62 and Aman rose 2.26% to AED 0.634. The banks sector increased by 1.23% after Dubai Islamic Bank (DIB) went up 1.54% to AED 5.27 and the real estate sector added 1.04%, as Arabtec Holding soared 7.9% to AED 1.9, while Damac Properties and Emaar Properties gained 1.52% and 1.06%, respectively. The consumer staples sector added 1.01%, as DXB Entertainments...
1 hour 57 minute

Qatar Airways posts $69m annual loss

Qatar Airways posts $69m annual loss Reuters Wednesday 19 September 2018 Qatar Airways reported on Tuesday a QAR252m ($69m) loss for the financial year ending March 31, citing a regional political dispute that has seen it banned from four Arab countries. Saudi Arabia, the UAE, Egypt, and Bahrain have banned Qatar Airways since June 2017 as part of a dispute they have with the government of Qatar. “This turbulent year has inevitably had an impact on our financial results,” Qatar Airways CEO Akbar al-Baker said in a statement. The airline, which restated its year-earlier profit to QAR2.8bn, said it carried...

2 hour 7 minute

Wetherspoon, McDonald's and TGI Fridays workers to strike

A co-ordinated day of strike action is planned by workers at some JD Wetherspoon, McDonald's and TGI Fridays outlets over pay.A rally is planned for 4 October in London, the Bakers, Food and Allied Workers Union (BFAWU) said.The workers want to obtain a pay deal of £10 an hour.JD Wetherspoon said it had increased pay for workers, while McDonald's said the action was not widespread. TGI Fridays had no immediate comment.The strike is part of an international day of action by fast-food workers, a BFAWU spokesperson said. The union spokesperson confirmed a report in the Guardian that workers at two...
2 hour 8 minute

OECD: Global economic growth is stalling — trade, a strong dollar and wages are to blame

The global growth expansion may have peaked as trade uncertainty and stalled wages tighten their grip on confidence, the Organization for Economic Cooperation and Development said Thursday. The OECD projected global growth to plateau at 3.7% in both 2018 and 2019, the group said in its latest interim outlook released Thursday. That’s slower than the outlook issued in May and marks a return to a rate of growth just below that seen prior to the financial crisis 10 years ago. “Confidence has weakened, trade and investment growth have proven slower than anticipated and wage growth has remained modest across most...
2 hour 12 minute

OECD trims Canada and global economic outlook amid trade disputes, emerging market woes

Global economic growth has peaked in the face of rising trade frictions and emerging market turbulence, the OECD said on Thursday, as it trimmed its earlier outlook. The world economy is on course for growth of 3.7 per cent this year and next year, up from 3.6 per cent last year, said the Organisation for Economic Co-operation & Development (OECD). In its previous economic outlook in May, the Paris-based policy forum had forecast growth of 3.8 per cent this year and 3.9 per cent in 2019, but it said in an update on Thursday that growth had peaked since those...