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  • Al Salam Bank Q2 profits drop to BHD 4m

    August 8, 2018 12:11 PM 1

    Mubasher: Al Salam Bank – Bahrain achieved a decline of 10.6% in profits during the second quarter of 2018 compared to the same period a year ago. Earnings declined to BHD 4.09 million in Q2-18 from BHD 4.58 million in Q2-17, according to a bourse filing on Wednesday. Al Salam Bank, which is listed on both Bahrain Bourse (BHB) and the Dubai Financial

  • Elon Musk mulls taking Tesla private

    August 8, 2018 10:24 AM 1

    Mubasher: Elon Musk, founder and CEO of Tesla, has stated that he is considering taking the company private, which may ease the company’s financial position. Posted on Twitter, Elon’s latest announcement has pushed up Tesla’s stock, supported also by reports regarding building a $2 billion 5% stake in the US company by Saudi Arabia’s sovereign wealth

  • Foreign investments boost Japan’s H1 current account surplus

    August 8, 2018 10:12 AM 1

    Mubasher: Japan’s current account surplus swelled in the first half of 2018, on the back of rising returns on foreign investments, official preliminary data revealed on Wednesday. The Asian country posted a current account surplus of 10.84 trillion Japanese yen (JPY) ($97 billion), with the margin rising 2.1% year-on-year, despite a smaller goods trade

  • Investcorp records $125m net income in FY18

    August 8, 2018 10:03 AM 1

    Mubasher: Investcorp announced that its aggregated net income registered a growth of 4% during fiscal year 2018 compared to the prior year. Net income increased to $125 million in FY18 from $120 million in FY17, according to a bourse statement on Wednesday. During the second half that ended on 30 June 2018, Investcorp reported a net profit of $70 million

  • China trade surplus narrows in July; exports surge

    August 8, 2018 9:31 AM 1

    Mubasher: China’s trade surplus shrank sharply to 176.96 billion yuan (CNY) ($25.89 billion) in July, from CNY 261.9 billion in June, amid escalating trade tension with the US, official data showed on Wednesday. China’s exports in July rose 6% year-on-year, following a 3.1% gain in June. Meanwhile, imports jumped 20.9% year-on-year last month, compared

  • Gold prices edges up on Tuesday

    August 7, 2018 9:39 PM 1

    Mubasher: Gold prices rose slightly on Tuesday, as the US dollar slipped against major currencies amidst continued trade war concerns. The yellow metal losses reached 12% since mid-April, as it failed to capitalize on global geopolitical risks as a safe haven due to a strong performance by the USD. However, the precious metal is expected to end the year at the level

  • Moody's affirms GIB ratings

    August 7, 2018 5:36 PM 1

    Mubasher: Moody's Investors Service has affirmed Gulf International Bank’s (GIB) long-term foreign currency senior unsecured debt and deposit ratings at Baa1. The provisional subordinated debt rating has been affirmed at Baa2, and the outlook on the bank's senior unsecured debt and long-term deposit ratings remains negative, according to report issued

  • Moody's downgrades four Bahraini banks

    August 7, 2018 3:57 PM 1

    Mubasher: Moody's Investors Service has downgraded to B2 from B1 the long-term local currency deposit ratings of Bank of Bahrain and Kuwait (BBK), National Bank of Bahrain (NBB), Bahrain Islamic Bank (BISB), and Khaleeji Commercial Bank (KHCB). At the same time, Moody's has downgraded to B3 from B2 the long-term foreign currency deposit ratings of BBK and NBB and long-term

  • Daimler drops Iran expansion plans as US sanctions kick in

    August 7, 2018 1:06 PM 3

    Mubasher: German car giant Daimler on Tuesday announced that it has abandoned its expansion plans for its Iran operations, after US sanctions against Tehran came into effect. Daimler has planned to establish a representative office in Tehran, after it set up a joint venture (JV) with Iranian vehicle maker and dealer Iran Khodro in early 2016, to build

  • German exports remain flat in June, trade surplus shrinks

    August 7, 2018 11:37 AM 3

    Mubasher: Germany’s exports remained unchanged in June, whereas imports accelerated, leading to a decline in trade surplus, official data showed on Tuesday. Germany’s exported goods saw a nil growth at EUR 115.5 billion ($133.92 billion) in June, almost unchanged after rising 1.7% in May, The Federal Statistics Office (Destatis) said. Meanwhile, the monthly