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Oil revenues dropped 18% YoY
58 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.
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 …
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.
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.
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.
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.
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.
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.
13 February 01:15 PM MWC 2020 cancelled over coronavirus worries
The Mobile World Congress (MWC) scheduled to be held in Barcelona on 24-27 February 2020 has been cancelled
15 February 11:20 PM Omani crude oil output falls 1.26% MoM in January 2020
Mubasher: Oman’s daily production of crude oil and condensates declined by 1.26% month-on-month (MoM) to 958,270 barrels in January 2020.
15 February 07:29 PM Royal Bank of Scotland plans rebranding, cutting investment-banking business
​​​​​​​Mubasher: Royal Bank of Scotland Group (RBS) has unveiled plans to change its name to NatWest Group, according to MarektWatch.com.
13 February 04:50 PM Tesla may float $2bn shares to strengthen balance sheet
Mubasher: American electric vehicle and clean energy company Tesla Inc. is planning to raise $2 billion through a public share offering.
Saudi Arabia was the top importer with 25%.
13 February 01:01 PM Egypt's furniture regional exports hit $164m in 2019
Cairo – Mubasher: Egypt has exported furniture valued at $265 million in 2019, down by 18% as compared to $324 million in 2018, Middle East News Agency (MENA) reported on Thursday. Exports to Saudi Arabia, the UAE, Oman, Iraq, and Sudan totalled …
Part of the signing ceremony
12 February 08:51 PM Egyptian gov’t signs MoU with Saudi ACWA Power
Cairo – Mubasher: Egypt’s housing and electricity ministries on Wednesday signed a memorandum of understanding (MoU) with Saudi Arabia’s ACWA Power to conduct primary and feasibility studies for water desalination plants powered by renewable …
Egypt and Somalia agreed to enhance cooperation in the petroleum industry
12 February 12:26 PM Several MoUs signed on EGYPS 2020 second day
Cairo – Mubasher: The Egyptian Petroleum Projects and Technical Consultations Company (PETROJET) will be working on petroleum and refining projects in Equatorial Guinea for the first time, as per agreements signed during day two of the Egypt …
Kuwaiti public debt declined by 4.61% MoM
12 February 12:29 AM Kuwait’s public debt hits over KWD 2bn in December 2019
Mubasher: Kuwait’s public debt instruments dropped 41.5% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). The GCC country’s debt instruments went down to KWD 2.072 billion ($6.822 billion) …
Kuwaiti M2 declined to KWD 38.129 billion
12 February 12:16 AM Kuwait’s M2 falls 1.24% YoY in December 2019
Mubasher: Kuwait’s local liquidity went down by 1.24% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). Kuwaiti money supply (M2) declined to KWD 38.129 billion ($125.534 billion) last …
11 February 06:06 PM UAE’s TIME Hotels eyes expansion into Tatarstan
TIME Hotels is currently considering investment opportunities in Tatarstan, located 800 kilometres east of Moscow at the confluence of the Volga and Kama Rivers.
Vezeeta currently operates in 50 cities in Egypt, Saudi Arabia, Jordan, and Lebanon
11 February 03:02 PM Vezeeta raises $40m in Series D funding round led by Gulf Capital
Cairo – Mubasher: Vezeeta, the leading digital healthcare startup in the Middle East and Africa, raised $40 million in a Series D funding round led by Gulf Capital, the largest alternative asset management company in the Middle East. Saudi …