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  • Ex-UK Premier Brown to join Swiss equity firm

    January 10, 2019 12:54 PM 3

    Mubasher: Former UK Prime Minister Gordon Brown will take up the role of adviser at Switzerland’s Partners Group, as part of its impact investing fund. Following the path of major politicians moving into private equity advisory Brown, who was prime minister between 2007 and 2010, would join the fund’s advisory council that includes former United Nations

  • Toyota recalls 1.7m cars worldwide over Takata airbag defect

    January 10, 2019 11:11 AM 3

    Mubasher: Toyota recalled another 1.7 million vehicles worldwide for potentially defective Takata airbag inflators within the framework of a multi-year recall campaign announced in 2016. The recall would cover vehicles from the models produced between 2010 and 2015, while the affected vehicles include 1.3 million in the US. At least 23 deaths worldwide

  • China inflation ends 2018 with slowest rate in 6M

    January 10, 2019 9:15 AM 3

    Mubasher: Chinese consumer price inflation lost steam in December 2018, in an indication to faltering demand in the middle of an economic slowdown. The consumer price index (CPI) rose 1.9% year-on-year last December, against a 2.2% gain in November, data released by the National Bureau of Statistics (NBS) on Thursday showed. The latest reading marked

  • China pledges to purchase more US goods

    January 9, 2019 4:28 PM 3

    Mubasher: China pledged to buy “a substantial amount” of agricultural, energy and manufactured goods and services from the US, the US Trade Representative’s office said on Wednesday. Both China and the US discussed “ways to achieve fairness, reciprocity and balance in trade relations,” the US Trade Representative said in a statement that provided a few details

  • Pfizer to close two factories in India

    January 9, 2019 3:53 PM 4

    Mubasher: Pfizer on Wednesday said that it would close two manufacturing factories in India, which employs around 6% of the US pharma giant’s global workforce. More than 1,700 employees would be affected after the shutdown of the two factories in the states of Tamil Nadu and Maharashtra, which make injectables like penicillin in response to faltering

  • US economic slowdown does not herald financial crisis, recession–El-Erian

    January 9, 2019 3:29 PM 4

    Mubasher: US economic growth may lose momentum, but this does not foreshadow a financial crisis in the cards, according to Allianz chief economic advisor Mohamed El-Erian. Expectations of a slower economic growth in the second half of 2019 stoked concerns about a recession by the end of this year or next. “This concept that a slowdown in the US means

  • Further Fed rate hikes could push US economy into recession

    January 9, 2019 2:52 PM 5

    Mubasher: Federal Reserve Bank of St Louis President James Bullard warned the central bank risks pushing the US economy into recession, if it raises interest rates further. “We’ve got a good level of the policy rate today,” and there is no need for further rate hikes, Bullard said in an interview with The Wall Street Journal (WSJ) on Wednesday. The Fed is “bordering

  • Saudi Arabia begins dollar-denominated bond marketing

    January 9, 2019 2:43 PM 5

    Riyadh – Mubasher: Saudi Arabia has appointed banks to manage the issue of two-tranche dollar-denominated bonds. The oil-rich kingdom began marketing the planned offering, Reuters reported, citing a document by one of the banks that lead the transaction. The GCC nation authorised the Ministry of Finance (MoF) to hire BNP Paribas, Citi, HSBC, JPMorgan

  • BP discovers 1bn oil barrels in Mexico Gulf

    January 9, 2019 1:55 PM 4

    Mubasher: BP said that it discovered 1 billion barrels of oil at an existing oilfield in the Gulf of Mexico, while it also announced two new offshore oil discoveries. The energy giant made the discovery at its Thunder Horse field off the tip of Louisiana. The UK company, which is the largest producer in the Gulf of Mexico, expects its fossil fuel output

  • Bahrain’s GMG settles $143,500 debt for Kuwait’s Osoul Investment

    January 9, 2019 12:59 PM 4

    Mubasher: Osoul Investment on Wednesday announced the settlement of some of its due debts owed by the Bahraini unlisted Gulf Monetary Group (GMG). The debt settlement amounted to about KWD 43,400 ($143,500), the company said in a statement to Boursa Kuwait. The impact of the debt collection process will be reflected in the financial results of the first