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04:12 PM Lufthansa plans for compulsory job cuts
Lufthansa has given its workers a notice for compulsory job cuts after incurring EUR 1.7 billion operating losses in a single quarter.
The OSPs to Northwestern Europe declined by $2.5
03:58 PM Saudi Aramco sets crude selling prices for September
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has set the official selling prices (OSPs) for its Arab light crude oil for September delivery, according to Reuters. The Saudi company has decreased the OSPs of Arab light crude oil …
12:50 PM Bank of England keeps interest rates unchanged, expects longer recovery
Mubasher: The Bank of England (BoE) maintained interest rates steady, but warned that the economy could take longer to recover from the coronavirus (COVID-19) crisis.
The total Sukuk issuance retreated by 12% in H1-20
12:44 PM Sukuk issuance to decrease 5% in 2020 - Moody's
Mubasher: Sukuk issuance will contract by 5% to around $170 billion in 2020 due to the coronavirus (COVID-19) pandemic, which is set to be limited by the financing needs in the GCC countries due to low oil prices, according to Moody's Investors …
10:01 AM US, China to review trade deal mid-August
The senior US and Chinese officials will come together on 15 August via videoconference to review the first phase of the bilateral trade deal.
09:58 AM Thomson Reuters reports lower quarterly earnings   
Thomson Reuters Corp on Wednesday said it saw slightly lower revenue and an 18% slump in operating profit during the second quarter of 2020.
The price of 24-karat gold amounted to EGP 1,046 per gram
5 August 04:05 PM Egypt's gold prices rise to all-time high
Cairo – Mubasher: Gold prices continued its rising trend in the Egyptian market, reaching an all-time high on Wednesday, according to the gold division at the Federation of Egyptian Chambers of Commerce (FEDCOC). The price of 24-karat gold …
The Sukuk aims to reinforce the bank's capital
5 August 03:50 PM Khaleeji Commercial Bank finalises $159m Sukuk issuance
Dubai - Mubasher: Khaleeji Commercial Bank has closed $159 million Sukuk issuance fully covered by GFH Financial Group as the sole subscriber, according to a press release on Wednesday. Issued following the approval of regulatory authorities and …
5 August 02:02 PM Beirut explosion causes $3-5bn damages – Governor
Mubasher: The massive blast that shook the Lebanese capital on Tuesday caused between $3 billion and $5 billion worth of damage.
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4 August 04:55 PM Bahrain Kuwait Insurance’s profits up 11% in H1
Mubasher: Bahrain Kuwait Insurance Company gained KWD 2.301 million (approx. $6.06 million) in net profits during the first six months of 2020, 11% higher than KWD 2.073 million ($5.45 million) in the same period a year earlier. The annual rise in …
4 August 02:49 PM Nestlé reports 9.5% drop in H1 sales
Nestlé said its total sales fell 9.5% in the first six months of 2020 to stand at CHF 41.2 billion.
4 August 02:12 PM BP reports $16.8bn quarterly losses, slashes dividends
Energy giant BP on Tuesday reported losses of $16.8 billion for the second quarter (Q2) of 2020.
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4 August 12:42 PM Kuwaiti investor plans to buy A.S. Roma
Mubasher: Kuwaiti businessman Fahad Al Baker announced that he has submitted an offer to acquire A.S. Roma, a football club in Italy. “I can now confirm that we have submitted an offer to Mr. Pallotta for the acquisition of A.S. Roma,” the …
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4 August 09:34 AM Saudi customs relaxes restrictions for GCC trucks
Riyadh – Mubasher: Saudi Customs has eased the precautionary measurements imposed on trucks arriving from GCC countries, allowing those carrying goods for the kingdom to enter via land ports. However, truck drivers will be checked for COVID-19 …
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3 August 01:56 PM Average Dubai crude oil price rises to $43.278 pb in July
Dubai – Mubasher: The average Dubai crude price, as quoted by price-reporting agency S&P Global Platts, marked its highest since February after rising by 2.487% in July 2020, Reuters reported on Monday citing sources in the oil industry as …
The FDI inflow to the Arab region could shrink by more than 21% in 2020
3 August 12:09 PM Saudi Arabia is most attractive GCC destination for FDI in Q1
Riyadh – Mubasher: The number of new foreign direct investment (FDI) projects launched by GCC states to other countries went down by 8% in the first quarter (Q1) of 2020 to stand at 70 projects valued at $4.9 billion. The projects’ investment cost …
Forbes launched the list last year
3 August 11:02 AM Fashion sector represents 42% of Forbes’ Women Behind Middle Eastern Brands 2020 list
Mubasher: This year’s Women Behind Middle Eastern Brands 2020 featured female trailblazers who managed to sustain their successful brands and push the boundaries despite the COVID-19 pandemic. The list, launched initially last year by Forbes, …
The transaction will significantly strengthen the lender’s financial position
3 August 09:31 AM Khaleeji Commercial Bank issues $159m Sukuk
Dubai - Mubasher: Khaleeji Commercial Bank has successfully issued Sukuk worth $159 million, subject to approvals from regulatory authorities and the extraordinary general meeting (EGM). Shareholders supported the bank to issue Additional Tier 1 …
2 August 06:02 PM Siemens Healthineers to acquire Varian for $16.4bn
Mubasher: German health group Siemens Healthineers signed a deal to acquire the US Varian Medical Systems Inc in an all-cash transaction worth $16.4 billion.
30 July 04:31 PM TikTok to offer creators $2bn in next three years
TikTok is planning to give its creators over $2 billion in the next three years.
The new plane is the last one of this model
30 July 11:25 AM EgyptAir receives eighth Airbus A320neo plane
Cairo – Mubasher: EgyptAir has received its eighth Airbus A320neo family plane at the Cairo International Airport, coming from the Airbus factory in Toulouse in France, the chairman of EgyptAir Holding Company, Mohamed Roshdy Zakaria, announced. …
29 July 05:57 PM GE posts wider than expected loss in Q2
General Electric Co (GE) lost less than expected cash in the second quarter (Q2) of the year.
29 July 05:55 PM Investors value TikTok at $50bn for takeover
TikTok has been valued at around $50 billion by some investors planning to control the social media application.
The net profit reached KWD 1.47 million in H1-20
29 July 09:52 AM Inovest H1 profits rise 13%
Mubasher: Inovest registered a 13% increase in net profit during the first half (H1) of 2020 to KWD 1.47 million, as shown by the company's financial results. Earnings per share amounted to 4.93 fils, compared with 4.38 fils in H1-19, according to …
28 July 04:25 PM Ex-Renault boss named as Jaguar Land Rover next CEO
Jaguar Land Rover (JLR) has named Renault's ousted boss, Thierry Bollore, as its next CEO.