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  • GFH Group recovers $22.5m in legal claims

    May 20, 2018 6:01 AM

    Dubai – Mubasher: GFH Financial Group on Sunday announced reaching an agreement involving the settlement of one of its legal claims. Under the settlement, the Bahrain-based financial group will receive a cash amount of $22.5 million. This sum, which will be reflected in the group’s financial results for the second quarter of 2018, will have a positive

  • Gold down 2.2% in week

    May 18, 2018 11:05 PM

    Mubasher: Gold prices rose on Friday, but still registered weekly losses on the back of a stronger US dollar. The precious metal received support from the concerns regarding the trade talks between the United States and China, which President Donald Trump doubted would reach an outcome. Gold came under pressure this week, as the USD reached its highest

  • US wants to increase imports to south China

    May 18, 2018 2:02 PM

    Mubasher: The United States Department of Agriculture will hold talks in China next week, according to an official statement. The undersecretary for trade and foreign agricultural affairs, Ted McKinney will lead a trade mission to Guangzhou and Shenzhen between 21 and 25 May. The delegation will include a number of agribusiness and state government leaders

  • Eurozone, EU28 trade surplus rises in March

    May 18, 2018 11:06 AM

    Mubasher: The Eurozone trade balance's was a surplus of EUR 21.2 billion ($24.98 billion) in March, an increase from EUR 20.9 billion recorded in February. As for the 28 Members of European Union (EU28), the seasonally adjusted balance showed a surplus of EUR 6.3 billion ($7.42 billion) in the third month of 2018, compared to EUR 3.4 billion surplus

  • PayPal to acquire Swedish startup iZettle for $2.2bn

    May 18, 2018 9:08 AM

    Mubasher: PayPal Holdings on Thursday announced that it would buy Swedish financial technology company iZette AB for $2.2 billion, marking the largest acquisition in the history of the US company. In the middle of a rising online payment competition, the deal would expand the US digital payment giant’s in-store presence with 11 markets across Europe

  • Philly Fed industrial index jumps 34 pts in May

    May 17, 2018 1:19 PM

    Mubasher: The Philadelphia Fed manufacturing index rose to 34.4 points in May 2018, above economists' expectations, compared to 23.3 points a month earlier, the regional district of the central bank said on Thursday. Current new orders increased 22 points to 40.6, while shipments indices improved this month by 2 points to 23.9, the central bank's data showed

  • US unemployment claims rise 111,000 in week

    May 17, 2018 12:51 PM

    Mubasher: US unemployment claims increased 11,000 week-on-week to 222,000 claims in the week ended 12 May, data by the Labour Department showed on Thursday. This marks the lowest level for the average since 13 December 1969, when it registered 210,750. Meanwhile, the advance seasonally adjusted insured unemployment rate for the week ended 5 May decreased

  • Bahrain to invest $250m in Al Sahel Resort

    May 17, 2018 12:40 PM

    Mubasher: Al Sahel Resort is set to develop a new five-star property on the southwest coast of Bahrain at a total investment of $250 million, said chief executive of Bahrain Economic Development Board Khalid Al Rumaihi. Al Sahel Resort Company is a 70:30 joint venture between Mumtalakat Holding Company (Mumtalakat) and Sama Dubai. Scheduled to be completed

  • Total withdraws from $1bn Iran deal after US sanctions re-imposed

    May 17, 2018 8:51 AM

    Mubasher: France’s Total has said it would withdraw from a $1-billion gas deal with Iran after the US re-imposed sanctions on the country. The energy giant would have to unwind all of its operations of South Pars 11 project by 4 November, unless it is granted a project waiver by the US, that is backed by the European and French authorities, the company

  • Oil hits 3.5-yr high early Thursday on tight supply

    May 17, 2018 7:57 AM

    Mubasher: Oil prices on Thursday maintained a firm level, moving towards a three-and-a-half-year high amid a tightening market and a stronger demand on the back of an unexpected decline in US crude inventories in the previous day. Global benchmark Brent crudes traded at $79.36 per barrel (pb) on Wednesday, $0.8 higher than their last trading session