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U.S. households are still scarred by the financial crisis, new report suggests - Dotemirates
2 month 1 week

U.S. households are still scarred by the financial crisis, new report suggests

Even a decade removed from the housing bubble, with the unemployment rate at 20-year lows, the U.S. household is still scarred by the financial crisis. That’s the contention of a new report from Deutsche Bank economists Matthew Luzzetti, Brett Ryan and Justin Weidner, who talk of a household “savings glut.” The economists say there’s a large disconnect between household savings and wealth. Given the typical wealth-to-income ratio, the household savings rate should be closer to 1%. It’s remained about 6%, the economists point out. The recent revisions to the gross domestic product report showed a big upward revision to savings...


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Business News

3 minute 44 second

Incoming House transportation chief sees no ‘political peril’ to hiking gasoline taxes to pay for infrastructure

There’s no “political peril” for lawmakers who would raise the gasoline tax if they show voters it will improve roads and bridges, the incoming chairman of the House Transportation and Infrastructure Committee said in an interview. Rep. Peter DeFazio, an Oregon Democrat expected to head the committee when his party takes over the House of Representatives in January, told MarketWatch that this month’s elections showed raising gasoline taxes isn’t a political third rail, and that it’s “something we can work on” with President Donald Trump as Washington tries to fashion an infrastructure package. Infrastructure is back in the spotlight after...
7 minute 48 second

New FDI law to boost investment by 20% in 2 years

The new UAE foreign direct investment law which will allow majority ownership in companies outside free zones will boost FDI by up to 20 per cent during the next 2 years, a senior official said on Monday.Speaking at a press conference in Sharjah, Hind Al Youha, investment director, Ministry of Economy, said FDI will grow by 15 to 20 per cent next year and 2020 after the implementation of the new law.Full ownership in around a dozen sectors will not be allowed due to strategic reasons. A complete list of sectors where full or majority ownership is permitted will be...
8 minute 51 second

UAE fully complying with US curbs on Iran

The UAE is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, a UAE economy ministry official told Reuters on Monday. Washington announced on November 5 a series of sanctions targeting Iran's banks, shipping sector, national airline and 200 individuals after US President Donald Trump pulled the United States out of an international nuclear deal with Tehran. "We are implementing the sanctions," Abdullah Al Saleh, undersecretary for foreign trade and industry, said in an interview in Dubai. The UAE is enforcing the US sanction...

39 minute 43 second

Societe Generale fined $1.3 billion for violating sanctions rules

French bank Societe Generale GLE, -0.20% was fined a total of $1.34 billion for violating laws on sanctions. The fines, which will go to the Justice Department, the Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services, come after the bank was found to have executed billions of dollars in illegal and non-transparent transactions to parties in countries subject to embargoes or otherwise sanctioned by the United States, including Iran, Sudan, Cuba and Libya, the DFS and Federal Reserve said. The bank had previously announced it was to be...
42 minute 8 second

‘Something very dangerous’ is happening around the world and ‘America needs to be careful,’ warns HBO’s John Oliver

‘The world is dabbling with something very dangerous right now, and America needs to be careful. And look, I know democracy can be, often by design, frustrating. Checks and balances can be irritating and slow, and might not deliver the outcome you wanted, but removing them opens the door to something much worse.’ That’s John Oliver, momentarily dropping the comedy act during the season finale of his HBO show, “Last Week Tonight,” to offer a stark warning to his viewers. By “something very dangerous,” Oliver was referring to the rise of authoritarian leaders in countries around the globe, including the...
58 minute 14 second

Flydubai adds flight to Kazakhstan

Flydubai has announced the start of flights to Shymkent in Kazakhstan. The carrier said the twice-a-week service will be offered from December 28, 2018. Flydubai has been flying to Kazakhstan since 2014 and together with the relaunched service to Shymkent and existing flights to Almaty and Astana will operate 13 weekly flights to three points in the country."We are pleased to see the strengthening of direct air links between the UAE and Kazakhstan, which provide more opportunities for the development of tourism and trade flows," Ghaith Al Ghaith, CEO of flydubai, said.Jeyhun Efendi, senior vice-president, commercial operations and e-commerce for...