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11:59 UAE, Saudi rise, Egypt slips in Nation Brands – Report

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  • Euro zone’s employment hits 17-yr high in November

    November 23, 2017 11:54 AM

    Mubasher: Employment in the euro zone soared in November, registering its highest level in 17 years, according to the data of Purchasing Managers’ Index, IHS Markit Flash Eurozone PMI. Eurozone PMI Composite Output Index hit 57.5 points in November, compared to 56 points in October, registering its highest increase since 79 months, the data added

  • Tesla to trial world’s largest battery storage facility

    November 23, 2017 11:02 AM

    Mubasher: Electric car maker Tesla Inc is to trial world's largest lithium ion battery facility in South Australia by December 2017. In July, Tesla announced that it would build the facility within 100 days. “Battery storage is the future of our national energy market, and the eyes of the world will be following our leadership in this space,” according

  • Eurozone economic activity hits 7-yr high in November

    November 23, 2017 10:29 AM

    Mubasher: The Eurozone’s economic activity rose in the manufacturing and services segments in November from a month earlier, data released by IHS Markit for the Purchasing Managers’ Index (PMI) on Thursday showed. Eurozone activity rose to 57.5 points in November 2017, its highest level in seven years or since April 2017, compared to 56 points in the month

  • UAE’s firm begins building a $90m naval base in Somalia

    November 22, 2017 3:53 PM

    Mubasher: Divers Marine Contracting announced on Wednesday the beginning of constructing UAE’s new naval base in Somali, after winning a contract of $90 million in April, Arabian Business reported, citing company managing director Abdulla Darwish as saying. He added that the base facilities, which are adjacent to the regional port of Berbera, are expected

  • Singapore to introduce self-driving buses in 5 yrs

    November 22, 2017 1:23 PM

    Mubasher: Singapore’s ministry of transport announced on Wednesday that it hoped to deploy autonomous buses on public roads in three different districts of the city-state from 2022 to provide better connectivity, as reported by Reuters. Singapore aims at encouraging more residents to increase their usage of shared vehicles and public transportation

  • Samsung to create new AI unit

    November 22, 2017 1:14 PM

    Mubasher: Samsung Electronics Company said on Wednesday that it would create an artificial intelligence (AI) research center. The tech giant will look forward to and strengthen an executive role to look for new business areas for all its three major business groups. The structural changes are a quick response to market changes, according to the company’s

  • Thomas Cook FY 2017 pretax profit hikes 20%

    November 22, 2017 11:47 AM

    Mubasher: Thomas Cook Group on Wednesday announced that its pretax profit rose 20%.in the fiscal year 2017. The company’s finance charges jumped to GBP41 million ($54.3 million) due to costs of itsbond refinancing in December 2016, which increased the pretax profit to GBP46 million by the end of September 2017. The company’s revenue went up 9% on a like-for-like

  • US home sales rise 2% in October

    November 21, 2017 8:37 PM

    Mubasher: Data showed a rise in US home sales by more than expected in October as the effects of the recent hurricanes began to ease. However, a chronic shortage of houses which is pushing prices beyond the reach of some first-time buyers remains an obstacle, as Reuters reported on Tuesday. The American National Association of Realtors said on Tuesday

  • China’s Tencent is now worth more than Facebook

    November 21, 2017 2:40 PM

    Mubasher: A Chinese social network, online gaming, and technology company is now worth more than Facebook, after the shares of Tencent closed 2.4% higher in the Stock Exchange of Hong Kong on Tuesday. The social media giant is valued at around $522 billion, while Facebook is currently worth a little over $519 billion, as reported by CNN. Tencent, the developer

  • Westinghouse to bid for Saudi nuclear stations

    November 21, 2017 1:57 PM

    Riyadh - Mubasher: Westinghouse is in talks with other American companies to form a consortium to bid in tender for two nuclear power reactors in Saudi Arabia, industry sources told Reuters on Tuesday. Last month, Saudi Arabia recently requested information from reactor builders around the world in a first step towards opening a formal tender. The deal would