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Bahrain news

Oil revenues dropped 18% YoY
53 minutes ago Lower oil prices, higher public spending boost Kuwait’s budget deficit – NBK
Mubasher: Kuwait’s budget deficit reached KWD 800 million during the first 10 months of the fiscal year 2019/2020 which accounts for 2% of the country’s GDP in 2019. After the mandatory transfers to the Future Generations Fund, the deficit …
21 February 07:32 PM Chinese solar industry may rebound in 2020
​​​​​​​Mubasher: The China Photovoltaic Industry Association (CPIA) expects the country’s new installations to reach a range between 35 and 45 gigawatts in 2020.
The services sector rose by 1.43%
21 February 05:48 PM Commercial banks boost Bahrain Bourse in week
Mubasher: The Bahrain Bourse’s general index added 6.01 points, or 0.36%, to reach 1,668.58 points in a week, pushed up by the commercial banking sector. The services sector rose by 1.43%, while the industrial and investment sectors went down by …
Brent crude futures decreased by $0.64
21 February 04:42 PM Kuwait crude oil price grows by 56 cents on Thursday
Mubasher: The price of Kuwait’s crude oil rose by $0.56 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $59.04 pb on Thursday, against $58.48 pb on Wednesday, according to the Kuwait News Agency. Brent …
Total assets increased to BHD 992.9 million
20 February 07:48 PM Batelco’s profit rises 3% YoY in 2019
Mubasher: Bahrain Telecommunication Company (Batelco) has posted a 3% year-on-year profit increase during the fiscal year 2019. The company’s net profit attributed to shareholders rose to BHD 51.6 million ($136.9 million) last year, compared to …
20 February 05:28 PM Global LNG demand forecast to double by 2024 – Shell
Mubasher: Global demand for liquefied natural gas (LNG) is forecast to double to 700 million tonnes by 2040.
20 February 05:09 PM Moody’s: Global investment banks spend $72bn annually to face fintechs
Mubasher: Global investment banks allocate $72 billion annually to develop their information technology (IT), including retail infrastructure and applications, to face threats by fintech companies.
20 February 04:57 PM Coronavirus adds pressures on Asia Pacific’s economy - Moody's
Mubasher: The outbreak of coronavirus contributes to slowing down the economic growth in Asia Pacific as it affected trade, tourism, and supply chains, Moody's referred.
20 February 04:55 PM Morgan Stanley to acquire E-Trade Financial Corporation for $13bn
Mubasher: American multinational investment bank Morgan Stanley has announced that it will acquire discount brokerage E-Trade Financial Corporation in a consideration of $13 billion.
19 February 09:27 PM UK citizens may not completely abandon cash – GlobalData
Mubasher: Cash use In the UK is rapidly declining, as more consumers adopt new means of payment such as contactless cards and mobile payments.
19 February 05:04 PM General Motors to lay off 1,500 employees in Thailand
Mubasher: General Motors is set to lay off around 1,500 employees in Thailand in June 2020, Reuters reported on Wednesday.
Group Photo at the TRIGEM Charlotte Boiling Facility
19 February 03:26 PM DMCC opens TRIGEM’s fully certified Belgian diamond facility
UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has attended the inauguration of the TRIGEM’s fully certified Belgian diamond facility ‘Charlotte Boiling’ with a capacity of more than 1.4 million carats of diamonds per month. Located in …
Global prices remained unchanged on Tuesday
19 February 11:41 AM Kuwait’s oil dips 77 cents on Tuesday – KPC
Mubasher: Kuwait’s crude oil price slid by 77 cents on Tuesday, 18 February, to settle at $57.18 per barrel (pb) as compared to $57.95 pb last Monday, according to official prices released by Kuwait Petroleum Corporation (KPC). Global prices …
A 2% higher return on investment (ROI) is expected
19 February 11:18 AM GFH to hold 6.3% stake in Dubai’s Marshal; CEO remains
Mubasher: Bahraini GFH Financial Group will hold a 6.3% stake in its newly-acquired investment, Marshal Equipment and Trading, a leading pan-MENA FinTech company, while the group’s investors will hold up to 63.7%.     Marshal’s existing owner will …
18 February 11:01 PM Dell seals $2bn deal to sell $2bn cybersecurity unit
Mubasher: Dell Technologies has entered into an agreement with a consortium to acquire Dell’s cybersecurity unit RSA for $2.075 billion.
The deal is GFH’s second most significant technology investment
18 February 02:34 PM GFH acquires 70% stake in Fintech leader Marshal
Mubasher: Bahrain’s GFH Financial Group acquired a 70%-stake in Marshal Equipment and Trading, a leading fintech company in the MENA region.  The deal was facilitated through GFH's investment arm, GFH Capital, according to a press release on …
18 February 02:34 PM Renault launches new website dedicated to road safety
Renault Group is creating an online website to raise awareness of road safety, in cooperation with Renault Foundation and the Association Prévention Routière.
Global prices increased on Monday
18 February 12:07 PM Kuwait oil up 70 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil rose by 70 cents on Monday, 17 February, to reach $57.95 per barrel (pb) from $57.25 pb last Friday, according to official prices released by Kuwait Petroleum Corporation (KPC).   Meanwhile, Global prices …
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18 February 10:20 AM Saudi oil exports down 10.75% in 2019
Riyadh – Mubasher: Saudi Arabia’s oil exports decreased by 10.75% last year, as shown by the Joint Organisations Data Initiative (JODI) figures. Total exports, including crude oil and petroleum products, declined by 366.59 million barrels per day …
Revenues slipped by 17.6% YoY in 10M-19/20
18 February 09:52 AM Kuwaiti oil revenues drop to KWD 13bn in 10M
Mubasher: Kuwait’s oil revenues amounted to KWD 13.07 billion ($42.97 billion) in the first 10 months of fiscal year 2019/2020, down by 17.64% year-on-year (YoY) from KWD 15.87 billion ($52.17 billion) Oil revenues in Kuwait accounted for 94.2% of …
17 February 05:13 PM GM to withdraw from Australia, New Zealand, Thailand
Mubasher: General Motors announced that it would shut down its sales, design, and engineering operations in Australia and New Zealand by 2021.
17 February 04:33 PM New Zealand lowers growth forecasts due to coronavirus epidemic
Economic growth in New Zealand is expected to slow to around 2% to 2.5% in 2020, as a result of the coronavirus outbreak impact.
The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
Operating income rose by 49% annually in Q4-19
17 February 10:55 AM Inovest logs 49% lower profit in 2019; dividends proposed
Mubasher: Inovest on Monday reported a consolidated net profit attributed to the shareholders worth $7.15 million for fiscal year 2019, 49% lower than $14 million in 2018. Earnings per share (EPS) totalled 2.52 cents by 2019 year-end, down from …
16 February 03:24 PM US mulls halting GE engine deliveries to China's new aircraft
Mubasher: The US government is mulling a proposal to stop exporting jet engines co-manufactured by General Electric Co to China.