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  • China not to weaponise yuan rate in trade war

    August 13, 2018 3:40 PM 1

    Mubasher: The People's Bank of China (PBOC) has stated that it would not use the yuan exchange rate in the so-called trade war with the US. The PBOC added that it would rather strive for the stabilisation of its currency to mitigate the uncertainty engulfing the global markets. “We will take further effective measures to carry out counter-cyclical adjustments

  • Russia dismisses Skripal case accusations baseless

    August 13, 2018 3:17 PM 1

    Mubasher: Russian foreign ministry on Monday said that allegations of Moscow’s involvement in the poisoning of a former Russian double agent, were groundless. “We see the groundless allegations of Russia’s involvement in the Salisbury incident as another attempt to paint our country as a state which approaches its international obligations in an irresponsible

  • OPEC output rises in July on Nigeria, Kuwait, UAE supplies

    August 13, 2018 2:13 PM 2

    Mubasher: Oil production from the Organization of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia, while rising output from Nigeria, Kuwait and the UAE offset the drops. OPEC production averaged 32.32 million barrels per day (bpd) in July, 40,700 higher than June, according to the group’s

  • GFH net profits grow to $72.5m in H1

    August 13, 2018 12:29 PM 2

    Mubasher: GFH Financial Group (GFH) achieved an increase of 16.7% in net profits attributable to shareholders during the first half of 2018 compared to the same period a year ago. Earnings totalled $72.5 million in H1-18 compared to $62.1 million in the same six months of 2017, according to a recent official statement. GFH, which is listed on Bahrain

  • Government Treasury issue 1717 oversubscribed by 101%

    August 13, 2018 12:05 PM 3

    Manama, Aug. 13 (BNA): The Central Bank of Bahrain (CBB) announced that this week’s BD 70 million issue of Government Treasury Bills (GTBs) has been oversubscribed by 101%. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government Bahrain. The issue date of the bills is August 15 and the maturity

  • NASA launches $1.5bn Parker Solar Probe to Sun

    August 12, 2018 10:06 AM 5

    Mubasher: The National Aeronautics and Space Administration (NASA) on Sunday announced that it has finally sent its spacecraft “Parker Solar Probe” on a mission into the sun's scorching outer atmosphere, where no probe has ever gone before. The unmanned spacecraft was launched at 07:31 am GMT, and it will go to the edges of the corona, an outer solar

  • Oil prices see worst declining streak in 3 yrs

    August 10, 2018 9:05 PM 1

    Mubasher: Oil prices rose on Friday amidst concern of a decline in supplies, but could not recover from another weekly decline. Nymex futures for September delivery rose by 1.2% to $67.63 per barrel. Meanwhile, brent crude levelled up by more than $1 to settle at the level of $72.96 a barrel. American crude is down 1.2% for the week, recording its sixth

  • Russia to tighten foreign currency purchases; rouble hits two-year low

    August 10, 2018 3:53 PM 1

    Mubasher: Russian central bank on Friday announced that it would temporarily restrict foreign currency purchases, in a bid to ease pressure on the plunging Russian rouble (RUB). The erratic rouble came as a “natural reaction by the financial market,” the central bank stated, adding that the volatility would be “temporary,” given that the revenues from dollar-denominated

  • Erdoğan urges lira purchases; US doubles metal tariffs

    August 10, 2018 3:19 PM 2

    Mubasher: Turkish President Recep Tayyip Erdoğan asked Turks on Friday to exchange gold and US dollars into Turkish lira (TRY) after the national currency stumbled more than 14%. “If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks,” Erdoğan told a crowd in the north-eastern city of Bayburt

  • US annual inflation hits 10-year high

    August 10, 2018 1:18 PM 2

    Mubasher: The US consumer price index (CPI) increased 0.2% in July for the fourth consecutive month, after rising 0.1% in June, with consumer prices hitting a 10 year-high, data released on Friday revealed. This came in line with expectations of analysts polled by Thomson Reuters. The monthly gain was mainly attributed to a rise in the cost of shelter