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  • Batelco profits plunge 91% in FY17; dividends proposed

    February 22, 2018 1:36 PM 2

    Mubasher: Bahrain Telecommunications (Batelco) incurred a net loss of BHD 21.7 million in the fourth quarter of 2017 against a net profit worth BHD 5.2 million in the same quarter a year ago, according to a recent statement. During fiscal year 2017, Batelco registered a drop of 91% in net consolidated profits to BHD 3.5 million from BHD 37.6 million

  • New Zealand, Denmark rank highest in Corruption Perceptions Index 2017

    February 22, 2018 1:33 PM 2

    Mubasher: The Corruption Perceptions Index of 2017 has shown that New Zealand and Denmark ranked the highest, scoring 89 points and 88 points, respectively. The US did not make it to the top 10. The index also showed some disturbing information, as in the last six years many countries have still made little to no progress. The index, which ranks 180 countries

  • Australia’s Qantas marks record turnaround in 6M

    February 22, 2018 11:51 AM 2

    Mubasher: Australia’s national airline Qantas Airways on Thursday reported record profits in the six months ended December 2017. The national flag carrier logged AUD 976 million ($761.48 million) in underlying profits for the period, up 14.6% from figures reported in the same period of 2016. Underlying profit is the measure most closely watched by analysts

  • Fed bears out optimism about higher growth

    February 22, 2018 10:32 AM 2

    Mubasher: The US Federal Reserve expects higher growth rates than it previously forecast, which could allow for higher interest rates, according to BBC World News. However, some policymakers are sceptical regarding any boost whether in inflation or wages, calling for a more-patient attitude when estimating any potential rises in the rates. At the Fed’s

  • Bahrain Kuwaiti Insurance proposes dividends, bonus

    February 22, 2018 10:07 AM 2

    Mubasher: The board members of Bahrain Kuwaiti Insurance recommended distributing cash dividends and bonus shares for fiscal year 2017. Bahrain Kuwaiti Insurance proposed 25% and 100% of paid-up capital as a cash dividend and a bonus share, respectively. The insurance company, listed on both Boursa Kuwait and Bahrain Bourse (BHB), will pay 25 fils per share

  • Host Hotels to acquire 3 hotels in US for $1bn

    February 22, 2018 9:49 AM 2

    Mubasher: Host Hotels and Resorts has approved buying three Hyatt-managed hotels in the US with a total cost of $1 billion. The three hotels are Andaz Maui with 301 rooms in Hawaii, 668-room Grand Hyatt San Francisco and 454-room Hyatt Regency Coconut Point in Florida, the global hospitality company said. The contract comes with a $25 million deposit

  • Barclays incurs GBP 1.9bn losses in 2017

    February 22, 2018 7:57 AM 2

    Mubasher: Barclays suffered losses during 2017, due to the US tax reform programme, whereas it achieved pretax profits. The bank’s losses reached GBP 1.9 billion in 2017, against GBP 1.6 billion during 2016, according to a report released on Thursday. The bank’s net operating profits amounted to GBP 18.7 billion during 2017, compared to GBP 19.1 billion

  • Kuwait’s crude oil down 62 cents on Wednesday – KPC

    February 22, 2018 7:23 AM 2

    Mubasher: The price of Kuwait’s crude oil dropped 62 cents to settle at $60.8 per barrel (pb) on Wednesday compared to $61.42 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices decreased before announcing the U.S. inventories of which initial estimation showed an increase in the stock

  • US business activity marks 27 month-high in February

    February 21, 2018 3:57 PM 7

    Mubasher: US business activity rose in February, recording its highest level in 27 months, on the back of both the manufacturing and the services sectors, data by IHS Markit showed on Wednesday. The headline composite output purchasing managers index (PMI) rose to 55.9 points in February from 53.8 a month earlier. The manufacturing PMI activity rose to 55.9 points

  • GBP falls on disappointing data

    February 21, 2018 2:14 PM 10

    Mubasher: Sterling declined against major currencies on Wednesday after lower-than-expected economic data in the United Kingdom. The British unemployment rate rose to 4.4%, with extra 46,000 unemployed people during the three-month period ended December 2017, despite the expectations of stabilising at the same levels, according to the UK Statistics Authority