Morocco news

44 minutes ago Oil drops on record US crude output, weak demand fears

Oil prices fell on Thursday as US crude output rapidly approached an unprecedented 12 million barrels per day, amid concerns about weakening demand.

The contracts are still under discussion

1 hour ago Eastern Co considers new contracts with int'l firms

Cairo — Mubasher: Eastern Co, Egypt’s monopoly cigarette maker, on Thursday has announced that it is considering new manufacturing contracts with international companies. The contracts are still under discussion and any further details will be …

16 January 11:29 PM Oil goes up at Wednesday's settlement

Mubasher: Oil futures settled higher on Wednesday due to the decline in the US inventories.

16 January 10:34 PM Gold settles up on Wednesday

Mubasher: Gold went up at Wednesday’s settlement, backed by the negative developments in respect of Brexit.

Goods and Metals

16 January 07:27 PM Goldman Sachs swings to profit in Q4

Goldman Sachs posted a year-on-year profit in the fourth quarter of 2018, while its investment banking and investing and lending revenues came better than expected.

Global Markets brief

16 January 06:34 PM US crude inventories drop as oil prices rise

US crude oil stockpiles fell by 2.7 million to 437.1 million barrels in the week ended 11 January.

16 January 06:19 PM US builder sentiment recovers in January

US home builder morale improved in January on a gradual decline in mortgage rates in recent weeks, data showed on Wednesday.

16 January 05:59 PM Bank of America profit surges in Q4 on higher rates

Bank of America on Wednesday reported a year-on-year 208% surge in its net income during the fourth quarter of 2018, while its revenue climbed 11%.

Global Markets brief

16 January 05:34 PM Dubai Frame attracts 1m visitors in a year

The 150-metre structure offers views of Dubai’s old and modern city

Global Markets brief

16 January 05:31 PM Etihad Airways launches world’s 1st flight run by UAE plants

Sustainable fuel for the flight was produced from oil in Salicornia plants

16 January 05:18 PM Fiserv to acquire First Data for $22bn

US financial technology provider Fiserv on Wednesday announced that it would purchase payment processor First Data in an all-stock $22 billion deal.

Global Markets brief

16 January 04:58 PM Platinum may become new ‘Dark Horse’ among metals – PIMCO

Platinum is expected to be the dark horse among major metals in the coming period due to its low price

16 January 04:44 PM US import prices fall in December on lower fuel costs

The costs of the US import dropped in December 2018, helped mainly by lower fuel prices, data showed on Wednesday.

16 January 04:11 PM Turkey C.bank keeps policy rate on hold as inflation slows

Turkey's central bank left its benchmark interest rate unchanged on Wednesday, mollifying investor worries that it could relax policy after inflation retreated.

16 January 03:30 PM No-deal Brexit could be ‘fatal’ – German automakers

German car manufacturers on Wednesday warned of dire consequences, if the UK crashed out of the European Union without an accord.

16 January 02:51 PM GCC sovereign outlook seen stable despite several challenges – Moody’s

16 January 01:53 PM European 2018 car sales ticks up, extends 5th yearly growth

The European car market grew slightly in 2018, despite contractions in the last four months owing to a new emission test, data showed on Wednesday.

Global Markets brief

16 January 12:56 PM Updated UK inflation inches down to 2.1% in December

The UK’s consumer price index (CPI), the country’s headline inflation indicator, edged down to 2.1% year-on-year in December 2018, from 2.3% in November.

16 January 12:48 PM UK output price inflation retreats to 2.5% in December

The UK producer price Index for the goods leaving factories went down to 2.5% in the year to December 2018, from 3%.

16 January 12:28 PM Gold rises as dollar weakens on failed Brexit vote

Gold edged up on an expected pause in interest rate hikes and a weaker dollar after rejecting Brexit deal.

16 January 12:01 PM Oil stable Wednesday as OPEC-led curbs fan tighter market hopes

Oil steadied on Wednesday as hopes that supply cuts could tighten market fundamentals wiped out signs of a slowdown in global economy.

16 January 11:01 AM UAE’s sukuk issues may hit AED 29.4bn in 2019–S&P

The US-based ratings agency, S&P Global expected that the UAE may issue sukuk at a value of AED 29.4 billion ($8 billion)

Global Markets brief

16 January 01:40 AM UK parliament overwhelmingly rejects May’s Brexit plan

The UK parliament rejected a proposed Brexit deal, triggering opposition’s calls for a no-confidence vote Prime Minister Theresa May

15 January 07:48 PM Netflix raises prices on subscription plans

Netflix raised prices for all of its subscription plans by 13% to 18%, its largest hike since launching its streaming service 12 years ago.

15 January 07:01 PM VW, Ford tie up on trucks, weigh EV deals

Volkswagen and Ford on Tuesday said that they would team up on commercial vans and pickups, while exploring shared development of electric and autonomous vehicles