Facebook expects up to $5b fine from US Federal Trade Commission

San Francisco: Facebook said Wednesday its profit took a hit from setting aside billions of dollars for an anticipated fine from US regulators, in a quarterly report that sent shares higher. The leading social network logged a profit of $2.4 billion — down 51 per cent from a year earlier — on revenue that climbed […]

Wall Street returns to Saudi Arabia as biggest deals entice CEOs

New York: Some of the world’s leading financiers are returning to Saudi Arabia after the kingdom yielded some of the year’s biggest merger and bond deals. The arrival of top banking executives in Riyadh comes six months after the murder of journalist Jamal Khashoggi. HSBC Holdings Plc’s Chief Executive Officer John Flint and BlackRock Inc’s […]

Saudis start year with budget surplus for first time since 2014

Riyadh: Saudi Arabia started the year with a quarterly budget surplus for the first time since the 2014 collapse in oil prices. The biggest Arab economy posted a surplus of 27.8 billion riyals (Dh27.2 billion or $7.4 billion) in the first quarter, helped by an increase in non-oil revenue as well as income from crude […]

UK’s Hammond misses budget target but deficit hits 17-year low

London: Finance minister Philip Hammond missed his target for bringing down Britain’s budget deficit in the 2018/19 financial year, data showed on Wednesday, even as the shortfall fell to its lowest in 17 years. Opening the way for a possible relaxation of Hammond’s tight grip on spending, borrowing in the 12 months to the end […]

Microsoft results could take valuation above $1tr

New York: Microsoft Corp. analysts expect strong third-quarter results from the company on Wednesday as its cloud-computing division continues to see rapid growth. It was to report third-quarter results after the market closes on Wednesday, and analysts are expecting a strong print, helped in particular by its cloud-computing division, which continues to see rapid growth. […]