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  • PayPal to acquire Swedish startup iZettle for $2.2bn

    May 18, 2018 9:08 AM 2

    Mubasher: PayPal Holdings on Thursday announced that it would buy Swedish financial technology company iZette AB for $2.2 billion, marking the largest acquisition in the history of the US company. In the middle of a rising online payment competition, the deal would expand the US digital payment giant’s in-store presence with 11 markets across Europe

  • Philly Fed industrial index jumps 34 pts in May

    May 17, 2018 1:19 PM

    Mubasher: The Philadelphia Fed manufacturing index rose to 34.4 points in May 2018, above economists' expectations, compared to 23.3 points a month earlier, the regional district of the central bank said on Thursday. Current new orders increased 22 points to 40.6, while shipments indices improved this month by 2 points to 23.9, the central bank's data showed

  • US unemployment claims rise 111,000 in week

    May 17, 2018 12:51 PM

    Mubasher: US unemployment claims increased 11,000 week-on-week to 222,000 claims in the week ended 12 May, data by the Labour Department showed on Thursday. This marks the lowest level for the average since 13 December 1969, when it registered 210,750. Meanwhile, the advance seasonally adjusted insured unemployment rate for the week ended 5 May decreased

  • Bahrain to invest $250m in Al Sahel Resort

    May 17, 2018 12:40 PM

    Mubasher: Al Sahel Resort is set to develop a new five-star property on the southwest coast of Bahrain at a total investment of $250 million, said chief executive of Bahrain Economic Development Board Khalid Al Rumaihi. Al Sahel Resort Company is a 70:30 joint venture between Mumtalakat Holding Company (Mumtalakat) and Sama Dubai. Scheduled to be completed

  • Total withdraws from $1bn Iran deal after US sanctions re-imposed

    May 17, 2018 8:51 AM

    Mubasher: France’s Total has said it would withdraw from a $1-billion gas deal with Iran after the US re-imposed sanctions on the country. The energy giant would have to unwind all of its operations of South Pars 11 project by 4 November, unless it is granted a project waiver by the US, that is backed by the European and French authorities, the company

  • Oil hits 3.5-yr high early Thursday on tight supply

    May 17, 2018 7:57 AM

    Mubasher: Oil prices on Thursday maintained a firm level, moving towards a three-and-a-half-year high amid a tightening market and a stronger demand on the back of an unexpected decline in US crude inventories in the previous day. Global benchmark Brent crudes traded at $79.36 per barrel (pb) on Wednesday, $0.8 higher than their last trading session

  • US could sanction Venezuela on election results –Analyst

    May 16, 2018 12:45 PM 2

    Mubasher: The US may target Venezuela's oil industry after the country's upcoming snap presidential election, amidst an already tightening market, oil experts warned. The International Energy Agency (IEA) on Wednesday warned that Venezuelan crude could suffer direct sanctions after the presidential vote, which is widely anticipated to be rigged

  • Cisco to launch venture fund for early-stage startups –WSJ

    May 16, 2018 11:55 AM 2

    Mubasher: Cisco Systems Inc. is reportedly launching a new and independent venture fund for early-stage startups. The venture fund will be independent of the mother company, sources told the Wall Street Journal (WSJ). "The Silicon Valley company, which historically has invested from its cash reserves, plans to be the anchor limited-partner investor in the new venture

  • Japanese economy shrinks in Q1 marking 1st since 2015

    May 16, 2018 10:36 AM 2

    Mubasher: The Japanese economy shrunk in the period between January and March 2018 on the back of weak private consumption and business investment, marking the first contraction since the fourth quarter of 2015 and halting the country's longest growth streak in 28 years, government data indicated. The Japanese economy shrank at an annualised rate of 0.6% in the first

  • EA, EU inflation drop in April

    May 16, 2018 9:17 AM 8

    Mubasher: The Euro area’s (EA) annual inflation rate growth recorded 1.2% in April 2018, falling from 1.3% a month earlier, data released by the European Union’s (EU) statistical office Eurostat showed on Wednesday. Meanwhile, inflation rate for the EA slowed down last month, down from 1.9% in the comparative period of 2017. The highest contribution