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  • GM raises 2018 profit forecast, sees stronger 2019 earnings

    January 11, 2019 2:49 PM 8

    Mubasher: General Motors (GM) on Friday said that its earnings for last year are expected to exceed earlier estimates, predicting even a stronger performance for this year. Pretax profits are set to come in higher than the range from $5.80 to $6.20 previously projected in the third quarter of the past year, the US largest car manufacturer’s executives

  • Market risk, economic growth to boost gold demand – WGC

    January 11, 2019 1:05 PM 5

    Mubasher: Gold is expected to be more attractive as a hedge this year, on global financial market instability, the Federal Reserve’s possibly more neutral monetary policy and its impact on the dollar, the World Gold Council (WGC) said. Appetite for the precious metal as a hedge would grow in the new year amid market uncertainty and the expansion of protectionist

  • Xiaomi’s to invest $1.5bn in AI in 5 yrs

    January 11, 2019 11:41 AM 5

    Mubasher: Xiaomi plans to invest at least 10 billion Chinese yuan (CNY) ($1.5 billion) on artificial intelligence (AI) and smart devices in the upcoming five years. The investment came within the framework of Xiaomi’s strategy of fetching more revenue from high-value services and so-called ecosystem of connected devices known as the Internet of Things

  • UK construction activity growth hits all-time high in November

    January 11, 2019 10:32 AM 5

    Mubasher: The UK construction sector output reached an all-time high in November 2018, expanding over the three-month period ended the month, data released on Friday showed. Construction output went up 0.6% month-on-month last November, leading the total value of construction activity to reach beyond GBP 14 billion ($17.87 billion) for the first time since

  • UK economic growth slows to 6M low in 3M

    January 11, 2019 10:12 AM 5

    Mubasher: The UK gross domestic product (GDP) grew 0.3% over the three months ended November 2018, slightly slower than the three months ended October, the UK’s Office for National Statistics (ONS) said on Friday. The growth rate, which was the weakest in six months, was fuelled by expansion in the service sector, while the manufacturing production declined

  • US natural gas storage drops as prices rise

    January 10, 2019 4:06 PM 5

    Mubasher: Energy Information Administration (EIA) said on Friday that the US natural gas inventories dropped by 91 billion cubic feet (Bcf) in the week ended 4 January, totalling 2,614 Bcf. Analysts polled by S&P Global Platts expected a drop of 84 billion cubic feet, on average. Stockpiles were 204 Bcf less than last year’s figure, while they were 464 Bcf below

  • IRENA to boost global renewable energy in February summit

    January 10, 2019 3:10 PM 5

    Mubasher: Ministers and top officials from 160 countries will participate in the Ninth Assembly of the International Renewable Energy Agency (IRENA) and discuss supporting the international renewable energy industry. IRENA will kick-off in Abu Dhabi, the UAE on Friday 11 January and conclude on the 13th. Attendees of IRENA’s upcoming session are expected

  • Vodafone to axe 1,200 jobs in Spain

    January 10, 2019 2:12 PM 6

    Mubasher: Vodafone on Thursday announced its plan to slash up to 1,200 jobs in Spain as it restructures its organisation to address a drop in revenue and profit amid fierce competition in telecoms market. The telecommunications company said in a statement it would start consultations with labour representatives at the end of this month, in preparation

  • Ford to lay-off thousands in Europe in cost-cutting move

    January 10, 2019 2:07 PM 5

    Mubasher: Ford on Thursday said it was planning to lay-off thousands of workers, especially in Europe as a part of its restructure strategy, which aims at reducing labour costs. The Michigan-based vehicles maker is set to suspend manufacturing of the automatic transmissions and multivan sector in Bordeaux, France in August, it said in a statement

  • Canada to open doors for 1m immigrants in 3yrs

    January 10, 2019 1:00 PM 5

    Mubasher: The Canadian government has unveiled plans to accept over a million immigrants in the next three years. In a report sent to the parliament, the Canadian minister of immigration Ahmed Hussein, proposed a plan under which the government will accept 1,080,000 new permanent residents in the years 2019, 2020, and 2021. "Immigrants and their descendants