Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

EDUCATION TOP STORIES

Dubai school fees reach more than $16,334 per year

Dubai-school-fees-GBO

New research shows tuition can range between $3,266 and $17,423

Sending a child to school in Dubai will continue to be a strain on household budgets. School fees will cost some parents more than $17,423 per year, according to data.

Edarabia, which regularly monitors education costs, said consumers shell out between $3,266 and $17,423 on tuition fees alone. The amount does not include other expenses, such as admission charges, transportation, school uniforms and books.

However, the majority of the students, approximately 57.5% spent less than $5,444 a year on tuition, and if they do a bit of research, they will find cheaper options in certain locations.

According to the study, Deira is the cheapest place for students, with school fees averaging nearly $3,539. Muhaisnah or Al Qusais is second on the list for the budget-conscious, followed by Al Karama, with rates in both locations averaging nearly $4,355. In Mirdif or Al Rashidiya, the rates can go up to $8,366.

Fees gets costlier for rest of Dubai. It hits more than $8,439 to $17,423 a year, with the costliest schools located in Nad Al Sheba and Springs/Meadows/Greens.

Dubai is home to at least 185 private schools with more than 273,000 students.

According to an earlier study by HSBC, parents in the country fork out an average of $99,378 to cover the cost of a child’s education in the UAE, from primary to university.

The aggregate cost, which covers tuition, educational books, transport and accommodation, is the second highest in the world.

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