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  • China slaps US, EU, Singapore rubber imports with countervailing duties

    August 10, 2018 1:14 PM 2

    Mubasher: China on Friday announced that it would levy anti-dumping tariffs on imported synthetic rubber from the US, the European Union (EU) and Singapore. The introduced tariffs on halogenated butyl rubber imports, including rubber from Exxon Mobil and other US companies, would range from 23.1% to 75.5% as from 20 August, China’s Ministry of Commerce

  • UK trade deficit widens $6bn in Q2

    August 10, 2018 12:21 PM 3

    Mubasher: The UK overall trade balance deficit widened by GBP 4.7 billion ($6 billion) to GBP 8.6 billion in the second quarter of 2018, driven by a drop in goods and rising imports, official data showed on Friday. Excluding the impact of inflation, the total trade gap grew GBP 4.1 billion in the three-month period, the Office for National Statistics

  • China’s auto sales drop in July on economic slowdown

    August 10, 2018 8:01 AM 3

    Mubasher: Car sales in China dipped in July for the second month in a row, driven by weaker economic outlook and controls on the vehicle imports from the US. The number of sold passenger vehicles in the world’s largest auto market, fell to 5.4% to 1.6 million units in July, leading the sales growth for this year to a drop of 2%, the China Passenger Car Association

  • US jobless claims break 3-week rising streak

    August 9, 2018 1:44 PM 2

    Mubasher: US jobless claims fell 6,000 week-on-week to 213,000 claims in the week ended 4 August, for the first time in three weeks, remaining at the lowest level since the early 1970s, according to official data released on Thursday. Meanwhile, analysts polled by MarketWatch had expected the claims to reach 217,000. The more stable monthly average of claims

  • Global trade to slow down in Q3

    August 9, 2018 12:35 PM 2

    Mubasher: The growth of global trade in goods is set to lose momentum in the third quarter of 2018, as escalating trade disputes weigh on shipping orders and auto production and sales, the World Trade Organization (WTO) said on Thursday. The overall WTO’s quarterly outlook indicator (WTOI), a composite gauge of seven forward-looking components, fell to 100.3 in June, compared

  • Iran claims OPEC committee attempts to reallocate supply quotas

    August 9, 2018 9:13 AM 2

    Mubasher: Iran accused the Organization of Petroleum Exporting Countries’ (OPEC) Joint Ministerial Monitoring Committee (JMMC) of an improper attempt to redistribute oil production quotas among some members. The accusation came in Iranian Oil Minister Bijan Zanganeh’s letter to the UAE Energy Minister and current OPEC president Suhail Al Mazrouei, during

  • Belmond mulls asset sale to boost shareholder value

    August 9, 2018 8:16 AM 2

    Mubasher: Luxury hospitality company Belmond Ltd has signaled that it weighs up selling its assets after announcing that its board of directors commenced a comprehensive review of strategic alternatives in an effort to boost the shareholder value. The London-based firm, which owns ultraluxury hotels and the Venice Simplon-Orient-Express rail service

  • China unveils retaliatory 25% tariffs on $16bn US goods

    August 8, 2018 2:57 PM 3

    Mubasher: China on Wednesday announced a 25% tariff on a $16 billion raft of US goods, in retaliation to the recent round of US levies on Chinese products. The targeted slew of 333 goods will include US large passenger cars, motorbikes, various oil products, plastics, recyclables, as well as fibre optics, the Chinese Ministry of Commerce said. The announcement

  • Ikea launches first store in India, plans 25 by 2025

    August 8, 2018 2:12 PM 3

    Mubasher: Sweden’s Ikea Group will open its first retail store in India on Thursday morning, within broader plans to invest 105 billion rupees (INR) ($1.53 billion) in the Asian nation over the coming several years. After government restrictions kept a lid on opening stores in the country, the world’s biggest furniture retailer opens its new store, which

  • SWIFT to hold ME conference in Dubai

    August 8, 2018 1:45 PM 1

    Dubai – Mubasher: The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is planning to host its Middle East Regional Conference in Dubai, which will gather senior representatives from the region’s banking and financial industry. Scheduled to be hold from 24 to 25 September, the event is expected to attract 250 delegates to discuss the most serious