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Global Economy

3 June 05:30 PM Saudi Arabia, Russia near agreement to extend oil output cut
Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month.
14 April 05:57 PM Coronavirus could lead to 3% contraction in global economy
The International Monetary Fund (IMF) expects the global economy will shrink by 3% this year due to the impacts of the new coronavirus (COVID-19).
19 March 01:09 PM No new coronavirus cases in Wuhan, first time since outbreak
The Chinese city of Wuhan, where the new coronavirus is believed to have originated, has reported zero new cases with the novel disease.
17 March 06:27 PM Volkswagen to shut down factories in Europe over COVID-19 fears
The German carmaker Volkswagen Group announced that it will suspend its operations in Italy, Portugal, Slovakia, and Spain this week due to the COVID-19 pandemic.
15 March 05:50 PM Germany aims to prevent US monopoly over future coronavirus vaccines
Germany seeks to prevent the US from monopolising any future coronavirus vaccine.
15 March 04:51 PM Nike to close stores for two weeks amid coronavirus fears
Nike will shut down all of its stores in the US, Canada, Western Europe, Australia, and New Zealand.
15 March 04:18 PM Singapore advices against travel abroad on COVID-19 fears
Arrivals from Southeast Asian countries to Singapore are now required to self-isolate for two weeks.
6 March 08:36 PM Russia refuses OPEC’s plans for further output cuts
Mubasher: Russia rejected OPEC’s proposal to further cut oil output in response to the spread of the new coronavirus (COVID-19).
5 March 06:23 PM OPEC raises crude output cuts
OPEC has extended output curbs and increased production cuts by an additional 1.5 million barrels per day (b/d) until 30 June 2020.
3 March 03:44 PM Insight Partners completes Veeam’s $5bn acquisition
Insight Partners has completed the acquisition of Veeam Software, a leader in backup solutions providing cloud data management, at a total value of $5 billion.
2 March 03:10 PM Rolls Royce sales in China near zero on coronavirus epidemic
Rolls-Royce said that its car sales have fallen close to zero in China, the brand’s second-largest market after the US.
2 March 01:51 PM Nokia names new CEO
Mubasher: The Finnish telecoms equipment maker Nokia announced the appointment of Pekka Lundmark as its new president and CEO.
1 March 05:09 PM Samsung, LG Innotek close factories after confirmed coronavirus case
Samsung Electronics and LG Innotek have shut down their factories in South Korea after discovering a coronavirus case among their workers.
26 February 03:31 PM Auto sales expected to decline amid coronavirus outbreak – Moody’s
Moody's Investors Service (Moody's) has expected that the sales of global auto manufacturers will decrease amid the increasing number of coronavirus cases.
25 February 05:28 PM Thomson Reuters appoints former Nielsen’s president as CEO
Mubasher: Thomson Reuters Corporation has named former Nielsen Holdings’ president Steve Hasker as the new CEO following Jim Smith, Reuters reported on Tuesday.
24 February 05:37 PM UK’s Behavox secures $100m investment from SoftBank Vision Fund 2
​​​​​​​Mubasher: UK’s artificial intelligence (AI) start-up Behavox announced a $100 million investment from SoftBank Vision Fund 2.
24 February 05:11 PM PepsiCo inks agreement to acquire Be & Cheery at $705m
PepsiCo has signed an agreement to acquire Be & Cheery from Haoxiangni Health Food at a total value of $705 million.
24 February 02:01 PM China warns against travel to US due to unfair treatment
The Chinese government is warning its citizens against travelling to the US due to what it sees as unfair treatment to tourists from China.
23 February 05:01 PM PepsiCo, Americana renew 25-year partnership
PepsiCo, the international food and beverage company, has renewed its 25-year partnership with Americana Group, one of the MENA’s largest restaurant operators and food manufacturers.
23 February 12:43 PM New AI solution promises automation with one click
Automation Anywhere announced the first integrated AI-driven process discovery solution for business processes.
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.
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.