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Middle east news

15 February 2020 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.
Global Markets brief
15 February 2020 06:05 PM Egypt’s unemployment rate hits 8% in Q4-19
Cairo – Mubasher: Egypt’s unemployment rate recorded 8% during the fourth quarter of 2019, compared to 7.8% in the third quarter, declining by 0.9% year-on-year.
Global Reports
15 February 2020 05:38 PM Egypt to complete 13 industrial complexes
Cairo – Mubasher: The Egyptian government is building 13 industrial complexes housing 4,500 factories, Egypt’s trade and industry minister Neven Gamee stated on Saturday.
Global Economy
13 February 2020 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.
Global Reports
13 February 2020 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
Global Reports
11 February 2020 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.
Global Reports
10 February 2020 05:47 PM Volvo Cars mulls merger with Geely Automobile Holdings
Mubasher: Volvo Cars currently considers a merger with Geely Automobile Holdings Limited to create a global carmaker with presence across key markets.
Global Reports
10 February 2020 05:26 PM Nissan halts production facility in Japan due to coronavirus
Nissan Motor Company will reportedly halt production at its manufacturing plant in the Japanese southwestern city of Kyushu starting from 14 February 2020
Global Reports
10 February 2020 02:28 PM L Brands in talks to sell Victoria’s Secret
Mubasher: L Brands is close to seal a deal to sell its Victoria’s Secret brand to private equity company Sycamore Partners.
Global Markets brief
9 February 2020 06:32 PM Toyota partners with Panasonic to develop car batteries
Mubasher: The Car manufacturer Toyota has partnered with Panasonic to form the joint venture (JV), ‘Prime Planet Energy & Solutions’, to manufacture car batteries.
Global Reports
9 February 2020 01:48 PM US not planning to acquire Nokia, Ericsson
The US government has denied it could buy controlling interests in Nokia and Ericsson, two of the main rivals to Huawei Technologies
Global Reports
9 February 2020 00:13 AM VW may resume operations in China late February  
Mubasher: Volkswagen (VW) has postponed restarting production at its plants in China until 17 February 2020, as the coronavirus outbreak becomes fiercer.
Global Markets brief
7 February 2020 08:13 PM Zimbabwean corn Imports hit 11-yr high amid drought, economic collapse
Mubasher: Zimbabwe’s white corn imports from South Africa hit its highest weekly level in 11 years, Bloomberg reported on Friday.
Global Markets brief
6 February 2020 10:19 PM OPEC+ may propose more output cut as coronavirus impacts demand
Mubasher: OPEC+ JTC is set to propose a cut of 600,000 bpd in output, in response to the coronavirus’ impact on global energy demand.
Oil and Energy
6 February 2020 02:18 PM Total divests interest in LNG terminal operator
Total has sold its 27.5% stake in Fosmax LNG to Elengy in a deal worth around $260 million.
Global Reports
6 February 2020 01:17 PM Total, India’s AGEL to form joint venture at $500m
Mubasher: Total is expanding its partnership with Adani Green Energy Limited (AGEL), India's largest privately-owned energy and infrastructure conglomerate.
Oil and Energy
6 February 2020 11:15 AM China to halve duties on some US imports worth $75bn
Mubasher: China announced that it will halve retaliatory tariffs imposed on hundreds of US goods worth $75 billion, CNBC reported on Thursday.
Global Markets brief
5 February 2020 09:51 PM LinkedIn’s CEO to resign in June 2020
Mubasher: Professional networking platform LinkedIn’s CEO Jeff Weiner on Wednesday announced that it will leave his position as of 1 June 2020.
Global Reports
5 February 2020 06:08 PM UK to ban diesel, gasoline cars by 2035
Mubasher: The UK government plans to bring forward the end of sales of the new diesel, petrol (gasoline), and hybrid vehicles by 2035.
Goods and Metals
5 February 2020 06:04 PM Smart parking market to exceed $9bn by 2024
The smart parking systems market achieved a revenue of $3.4 billion in 2018, according to a recent report by Research and Markets.
Global Reports
5 February 2020 05:16 PM Computational storage leader NGD raises $20m in Series C funding
NGD Systems raised $20 million in Series C funding round to speed up the production and deployment of the first NVMe CSD in the world.
Global Markets brief
4 February 2020 11:12 PM Siemens to pay $1.2bn for Iberdrola's stake in Siemens Gamesa
Mubasher: German multinational conglomerate Siemens has bought Spanish multinational electric utility company Iberdrola’s stake in Siemens Gamesa Renewable Energy (SGRE), Reuters reported on Tuesday.
Global Markets brief
4 February 2020 09:50 PM US Justice Department questions iPhone app developers
Mubasher: The US authorities are interviewing iPhone app developers as part of its investigation into Apple.
Global Reports
4 February 2020 08:11 PM Hyundai closes factories on coronavirus outbreak
Mubasher: Hyundai has shut down all of its factories in South Korea after running out of components from China due to the coronavirus outbreak.
Global Economy
4 February 2020 04:54 PM Cisco appoints new MEA vice president
Mubasher: Cisco has appointed Reem Asaad as its new vice president for the Middle East and Africa region, according to the company’s recent press release.
Global Reports