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22 October 05:01 PM Goldman Sachs fined $350m in Hong Kong over 1MDB scandal
Mubasher: Hong Kong's market regulator fined Goldman Sachs's Asian business $350 million for its role in raising billions of dollars for 1MDB.
22 October 04:43 PM Microsoft partners with Alaska Airlines, SkyNRG to cut CO2 emissions
Microsoft has entered into a partnership to buy sustainable aviation fuel (SAF) from SkyNRG for Alaska Airlines.
22 October 02:24 PM Southwest sees biggest-ever quarterly loss on coronavirus
Southwest Airlines Co lost more than $1 billion during the third quarter (Q3) of 2020, its biggest loss ever.
21 October 04:03 PM PayPal to launch cryptocurrency service for customers
PayPal Holdings Inc will launch a new service allowing its customers to buy, sell, and hold bitcoin and other cryptocurrencies.
The listing marks Investcorp’s third public share sale in Saudi Arabia over the last four years.
21 October 12:30 PM Investcorp successfully lists BinDawood Holding on Tadawul
Riyadh – Mubasher: Investcorp has successfully listed its portfolio company BinDawood Holding on the Saudi Stock Exchange (Tadawul). This milestone marks Investcorp’s third public share sale in Saudi Arabia over the last four years, following the …
20 October 02:16 PM Intel to sell NAND business to S.Korean chipmaker for $9bn
Mubasher: Intel Corp has reached an agreement to sell its NAND memory chip business to South Korea’s SK Hynix Inc for $9 billion.
20 October 12:41 PM NASA selects Nokia to build moon’s first 4G mobile network
NASA has chosen Nokia to build the first-ever 4G mobile network on Earth’s natural satellite.
19 October 04:36 PM Alibaba takes over hypermarket operator Sun Art in $3.6bn deal
Mubasher: Alibaba Group Holdings has acquired a controlling stake in the Chinese hypermarket operator Sun Art Retail Group Ltd in a $3.6 billion deal.
19 October 03:14 PM Ant Group receives approval for listing on Hong Kong bourse
Ant Group has obtained the approval of the China Securities Regulatory Commission (CSRC) for listing on the Hong Kong bourse.
Oman is expected to dive into a 10% contraction in 2020.
19 October 03:05 PM Economic output in GCC countries expected to fall 6% this year, IMF says
Mubasher: The International Monetary Fund (IMF) became more optimistic about economic growth prospects for Gulf states, but is urging governments to retain social spending as a resurgence in coronavirus cases clouds the region’s outlook, Bloomberg …
The final Forbes list is composed of 750 multinational and large corporations headquartered in 45 countries.
19 October 01:15 PM Saudi Aramco ranked 1st regionally in Forbes "World's Best Employers" list; 26th globally
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has secured the first spot regionally and the 26th spot globally on Forbes’ fourth-annual list of the World’s Best Employers for 2020. Forbes said it partnered with market research …
CWB offers Patent and Trademark servics
19 October 11:16 AM UAE's Gulf Capital acquires majority stake in CWB Group
UAE - Mubasher: The UAE-based Gulf Capital, an alternative asset management company, has acquired the majority stake in CWB Group, a leading intellectual property services provider in MENA. Since its establishment in 2006, CWB offers Patent and …
Faisal Islamic Bank of Egypt
19 October 10:59 AM Ithmaar Bank's holding in Faisal Islamic Bank stands at 14%
Cairo – Mubasher: Faisal Islamic Bank of Egypt said that the Central Bank of Egypt (CBE) approved the acquisition of the shares of Faysal Investment Bank of Bahrain by Ithmaar Bank. With this transaction, Ithmaar Bank’s holding in Faisal Islamic …
Zedny was founded in 2018
18 October 11:25 AM Online platforms for professional development - Interview with Zedny
By: Moslem Ali Cairo - Mubasher: With technological advancements and growing digital infrastructure, the digital education industry is growing in the Middle East. Remote learning, in particular, has gained increased importance with the recent new …
14 October 05:10 PM Facebook to use AI for renewable energy storage
Facebook and Carnegie Mellon University are planning to utilise artificial intelligence (AI) in finding electrocatalysts.
14 October 04:06 PM UK’s electric vehicle startup Arrival raises $118m investment from BlackRock
Mubasher: The UK-based electric-vehicle startup Arrival Ltd. has raised $118 million from investment giant BlackRock, the Wall Street Journal reported on Wednesday.
14 October 03:37 PM Bank of America earnings drop on higher provisions
Bank of America Corp saw a 15.8% decline in quarterly profit, hit by higher provisions for credit losses.
Google will provide loans worth $3 million to underserved small businesses
14 October 03:03 PM Google launches initiative to boost economic recovery in MENA
Mubasher: Google has launched ‘Grow Stronger with Google’ programme to help 1 million job-seekers and local businesses in the MENA region grow their businesses by the end of 2021. The tech giant will work with Egypt’s Ministry of Youth and Sports, …
13 October 05:26 PM China’s imports, exports jump in September as demand recovers
Mubasher: China’s imports soared by 13.2% in September, recording their fastest pace this year, compared to a drop of 2.1% in August.
13 October 05:08 PM OPEC lowers 2021 world oil demand forecast amid COVID-19
OPEC has cut its 2021 world oil demand growth forecast by 0.08 million barrels per day (bpd).
13 October 02:13 PM Johnson & Johnson's coronavirus vaccine trials paused
Johnson & Johnson had temporarily paused its COVID-19 vaccine candidate clinical trials due to an unexplained illness in a study participant.
The VC firm will focus on seed to Series A investments
12 October 03:41 PM New $60m VC fund to invest in tech startups across MENA
Mubasher: Bahrain-based Plus Venture Capital (+VC) has been established with a $60 million debut fund to invest in 120 tech startups in MENA amid the growth of tech businesses in the region due to the coronavirus (COVID-19) outbreak. With offices …
This year saw one of the largest gas demand shocks on record
12 October 02:25 PM MENA sees 29% higher planned gas investments despite demand shock
Mubasher: The MENA region’s committed gas investments remained steady in 2020 compared to last year, despite the severe drop in global demand, a report released by the Arab Petroleum Investments Corporation (APICORP) showed on Monday. In the …
Saudi Arabia is the largest country weight in the Index
12 October 11:47 AM Refinitiv, Arab Federation of Exchanges roll out low-carbon index in MENA
Mubasher: Refinitiv and the Arab Federation of Exchanges (AFE) on Monday announced the launch of the Refinitiv AFE Low Carbon Select Index in the MENA region. The new index, a benchmark of environmental, social, and governance (ESG) indices, …
7 October 05:28 PM Global billionaire wealth jumps to record $10.2trn during COVID-19 crisis
Mubasher: The aggregate wealth of billionaires grew by 27.5% to $10.2 trillion during the coronavirus crisis between 7 April and 31 July.