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  • Saudi Arabia grants Bahrain $25bn as part of GCC Development Programme

    October 11, 2018 11:14 AM 6

    Mubasher: The Bahraini government has signed a $25 million cooperation agreements with the Saudi Fund for Development (SFD) as part of the GCC Development Programme. The first deal entailed constructing new roads which will be extended to Al Lawzi Housing at a value of $14.4 million. The second contract will include raising the financing for establishing

  • Aramco, Bapco to implement 112km oil pipeline

    October 11, 2018 9:17 AM

    Mubasher: State-owned Saudi Aramco and Bahrain Petroleum (Bapco) have announced commissioning a 112km oil pipeline in an effort to meet the Bahraini state-run firm’s burgeoning energy demand. The AB-4 pipeline, which is a joint venture between the two state-owned oil firms, will transport oil from Abqaiq Plants facility to Bapco’s refinery. Set to meet supply

  • Arabnet Kuwait 2018 final day features Money forum

    October 10, 2018 1:57 PM 2

    Mubasher: The final conference day of Arabnet Kuwait 2018 on Wednesday, 10 October, has featured the Money forum that is sponsored by Kuwait Finance House (KFH), according to a recent statement. The third edition of Arabnet Kuwait, which kicked off on 8 October, hosted more than 1000 government leaders, digital practitioners, and entrepreneurs from across

  • Volvo to use Nvidia AI platform for upcoming semi-autonomous cars

    October 10, 2018 1:48 PM 1

    Mubasher: US tech giant Nvidia on Wednesday said that Sweden’s auto giant Volvo would start utilising its artificial intelligence (AI) computer to equip its next-generation vehicles with low-level autonomous features. Using Nvidia’s Drive AGX Xavier, Volvo would begin in early 2020s producing the new vehicles which would be equipped with the highly integrated

  • UK construction recovers in 3M; output dips in August

    October 10, 2018 9:27 AM 2

    Mubasher: The UK’s construction sector output recovered from weak start this year, expanding over the three months ended August, data released on Wednesday showed. UK construction activity saw a growth of 2.8% in the period between June and August driven by upturn in repair and maintenance activities, along with a 2.9% rise in new work flows, the Office

  • UK economy grows 0.7% in 3M; flatlines in August

    October 10, 2018 9:16 AM 2

    Mubasher: The UK gross domestic product (GDP) grew 0.7% over the three-month period ended August, unchanged from the previous period ended May, the UK’s Office for National Statistics (ONS) said on Wednesday. “The economy continued to rebound strongly after a weak spring, with retail, food and drink production and housebuilding all performing particularly

  • GFH intends to raise AUM to $15bn – Al Rayes

    October 10, 2018 7:57 AM 2

    Mubasher: GFH Financial Group is planning to increase its assets under management (AUM) to $15 billion from $6.5 billion, the CEO of GFH Hisham Al Rayes said. Al Rayes confirmed GFH’s intention to invest in high-liquidity assets in the US where the Bahraini financial group has current investments estimated at $600 million, CNBC Arabia reported. The step of raising

  • Trump repeats threats of more tariffs against China

    October 9, 2018 7:46 PM 4

    Mubasher: The President of the United States reiterated on Tuesday his threat to impose more tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates against the recent protective measurements announced by his administration. Donald Trump told Reports in the White House that China is not ready to reach a deal on trade, and when asked

  • Turkey private sector agrees to slash prices 10%

    October 9, 2018 4:14 PM 2

    Mubasher: Turkish private sector agreed on an across-the-board price cut on sold goods by at least 10%, Finance Minister Albayrak said on Tuesday, as he called on firms to join a national cause to rein in inflation. The voluntary discount would be mirrored in all the goods that account for the inflation basket, and prices would be lowered by at least

  • Tencent to invest $180m in Brazilian digital payment firm Nubank

    October 9, 2018 1:58 PM 2

    Mubasher: China’s social media company Tencent purchased an unannounced minority stake in the Brazilian financial technology firm Nu Pagamentos (Nubank) for $180 million. Tencent’s investment in Nubank would be through a $90 million capital injection, while the Chinese gaming company would pay another $90 million to purchase partial stakes from existing