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MIS will supply Tawuniya with equipment, software, maintenance, and operation

29 minutes ago MIS pens KSA 68m deal with Tawuniya

Riyadh – Mubasher: Al Moammar information systems Company (MIS) has signed a SAR 68.03 million deal with the Company for Cooperative Insurance (Tawuniya). Under the five-year deal, MIS will supply Tawuniya with equipment, software, maintenance, …

Companies Investments

The decision will become effective on 10 September

1 hour ago Saudi Ground names Fahad Cynndy new CEO

Riyadh – Mubasher: The board of directors of the Saudi Ground Services Company (SGS) has appointed Fahad Cynndy as the new CEO. The decision will become effective on Tuesday, 10 September, according to the company’s filing to the Saudi Stock …

Board of Directors

16 August 11:12 PM Oil ends higher on Friday

Mubasher: Oil future grew at Friday’s settlement, rising 0.7% for the week.

Oil and Energy

16 August 10:21 PM Gold loses $7.6 at Friday’s finish

Mubasher: Gold ends lower on Friday, gaining 1% for the week.

Goods and Metals

Crude oil was supplied to the distillation unit

16 August 09:28 PM Aramco, Petronas resume operation in Malaysian crude distillation unit

Riyadh - Mubasher: Pengerang Refining and Petrochemical (PrefChem), a joint venture between Petronas and Saudi Aramco, has reportedly started the operation of a crude distillation unit at its oil refinery in Malaysia, informed sources told Reuters …

Companies Investments

Saudi ownership of US Treasuries reached $179.6bn in June

16 August 08:47 PM Saudi tops Arab holders of US Treasuries in June

Riyadh- Mubasher: Saudi Arabia investments in the US treasury bonds rose by 9.3% year-on-year during June 2019, increasing its stake of the US treasuries for the fifth month in a row. Saudi Arabia’s holdings of the US treasury bonds grew to $179.6 …

Macroeconomics

Saudi Arabia topped Arabs with $179.6bn holdings

16 August 07:03 PM Kuwaiti ownership of US Treasuries grows in June

Mubasher: Recent data showed that Kuwait’s holdings of the US Treasury bonds increased by 7.2% month-on-month in June 2019. Kuwait’s holdings of the US debt instruments went up to $44.4 billion in June 2019 from $41.4 in May. On a yearly basis, …

Macroeconomics

The UAE ranked 2nd among Arab holders of US Treasuries

16 August 06:43 PM UAE cuts holdings of US Treasuries in June

Abu Dhabi – Mubasher: The UAE has reduced its holdings of the US Treasuries by 3.2% month-on-month to $51.5 billion in June 2019, from $53.2 billion in May, according to the US Department of the Treasury’s recent data. On a yearly basis, the Gulf …

Macroeconomics

16 August 05:40 PM OPEC downgrades oil demand outlook, predicts 2020 glut

Mubasher: The Organization of the Petroleum Exporting Countries on Friday cut its outlook for global oil demand for the rest of the year.

Global Reports

16 August 05:13 PM US consumer confidence hits 2019 low in early August

Mubasher: US consumer sentiment recorded he worst reading so far this year during the first half of August.

Global Reports

16 August 04:40 PM OPEC crude output drops in July

Mubasher: Declines mostly came from Saudi Arabia, Iran, Libya and Venezuela.

Global Reports

16 August 03:52 PM Hong Kong economy shrinks in Q2 on political turmoil

Mubasher: Hong Kong is on the brink of its first recession since a decade.

Global Reports

16 August 03:45 PM US private housing starts plunge in June

Mubasher: Privately-owned housing starts came in at a seasonally adjusted annual rate of 1.191 million starts last July.

Global Reports

16 August 02:59 PM Euro hits 2-week trough as dollar advances

Mubasher: The euro on Friday dropped against the dollar, hovering below a two-week low, Reuters reported.

Global Markets brief

16 August 02:32 PM London’s FTSE 100 opens higher after delay on ‘technical problems’

Mubasher: London Stock Exchange on Friday postponed open of Financial Times Stock Exchange 100 (FTSE 100) index and FTSe 250.

Global Reports

16 August 01:01 PM Eurozone trade surplus shrinks in June

Mubasher: Initial estimates suggested that the Eurozone trade balance posted a surplus of EUR 20.6 billion in June, down year-on-year from EUR 22.6 billion.

Global Reports

16 August 12:43 PM World’s banks announced plans to axe 48,000 jobs in 2019

Mubasher: Banks across the world have laid off more than 48,500 employees this year as the economic outlook dimmed, according to Bloomberg.

Global Reports

16 August 11:26 AM Gold to post 3rd weekly gain on trade, growth fears

Mubasher: Gold prices fell on Friday, but they were on course to record their third weekly gain in a row, as safe-haven demand remained supported.

Goods and Metals

16 August 10:24 AM Oil jumps on retreating recession worries

Mubasher: Oil futures rose on Friday, gaining support from easing worries about an economic recession in the world’s biggest crude consumer.

Global Reports

15 August 11:31 PM Oil settles lower on Thursday

Mubasher: Oil future fell at Thursday’s settlement, as US natural gas stockpiles rose.

Oil and Energy

15 August 11:09 PM Swiss-Belhotel International to expand in Vietnam

Mubasher: Swiss-Belhotel International has unveiled plans to expand in Vietnam and add at least 10 hotels and resorts to its Vietnamese portfolio.

Global Reports

15 August 10:06 PM Gold rises at Thursday’s close

Mubasher: Gold settles higher on Thursday, marking its highest level since April 2013.

Goods and Metals

15 August 07:41 PM China vows again to take measures against US levies

Mubasher: China renewed its vow to retaliate against US tariffs, which are due to be implemented in the upcoming weeks.

Global Reports

15 August 07:14 PM UPS acquires minority stake in autonomous driving startup

Mubasher: United Parcel Service is jumping into autonomous vehicle world, with its venture capital arm UPS Ventures buying a minority stake in TuSimple.

Global Reports