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  • Qatar to participate in 2018 Arab Summit

    February 20, 2018 10:59 AM 11

    Mubasher: Qatar will take part in the upcoming Arab Summit regardless of its venue, Doha's foreign minister Mohammed bin Abdulrahman Al-Thani said. Qatar will not exit the GCC, Al Thani added during his speech at the Consultative Assembly. Any dialogue with the siege countries will not be at the expense of Qatar's sovereignty, the foreign minister stressed

  • German economic confidence cools less than expected in February

    February 20, 2018 10:47 AM 10

    Mubasher: Germany’s economic sentiment declined month-on-month in February, but remained above analysts’ forecasts, signaling a continued optimism among investors in the largest European economy. ZEW research institute’s economic sentiment index fell to 17.8 points this month, compared with 20.4 points in January, remaining below the long-term average

  • Sony to develop AI ride-hailing system in Japan

    February 20, 2018 10:21 AM 10

    Mubasher: Japan’s electronics giant Sony on Tuesday announced partnership plans with several taxi firms to build and develop a new artificial-intelligence-based (AI) ride-hailing service in Japan. The tech giant will cooperate with six transportation companies, who together own 10,000 vehicles to establish the service in Tokyo in the spring, Sony stated

  • German producer prices beat forecasts in January

    February 20, 2018 9:25 AM 11

    Mubasher: Germany’s producer prices grew more than expected in January, driven by sharp rises in electricity sector. Producer Price Index (PPI) rose markedly by 0.5% last month, compared with a 0.2% increase in December, data by the Federal Statistics Office (Destatis) showed on Tuesday. On an annual basis, the largest European economy’s producer prices

  • HSBC earnings grow more than expected in 2017

    February 20, 2018 9:07 AM 11

    Mubasher: London-based giant financial group HSBC on Tuesday reported a profit surge during 2017, beating analysts’ forecasts. The bank’s adjusted profits before tax reached $20.99 billion last year, up 10.9% from profits of $19.67 billion in 2016. Meanwhile, unadjusted profits surged 141.4% to $17.17 billion in 2017. Full-year revenues also rose to $51.5 billion

  • JP Morgan head’s paycheck tops counterparts for 2nd straight year

    February 19, 2018 4:36 PM 13

    Mubasher: JP Morgan’s chairman Jamie Dimon maintained his rank on top of Wall Street banks’ highest-paid chief executive officers’ (CEOs) list for the second consecutive year in 2017. However, Dimon’s salary grew 5.4% only to $29.5 million, posting the smallest annual raise among the top five bank CEOs. Morgan Stanley's CEO James Gorman came in the second

  • Alibaba, Tencent go neck-and-neck in China retail acquisitions

    February 19, 2018 3:39 PM 11

    Mubasher: China’s top tech companies Alibaba and its rival Tencent Holdings are competing fiercely in the retail market, forcing merchants and consumers to choose sides and combine under one of their umbrellas. Combined Alibaba and Tencent have invested over $10 billion on retail deals since the beginning of 2017, battling to win over consumers and store

  • Venezuela to launch pre-sale of “petro” cryptocurrency

    February 19, 2018 2:48 PM 12

    Mubasher: Venezuela’s government on Monday announced it would issue a pre-sale of a commodity-backed new digital currency called “Petro”. Venezuelan President Nicolas Maduro claimed that about 100 million petro tokens worth $6 billion would be issued, hoping that the digital currency could get around US and European sanctions. “Petro” would be backed

  • Emirates extends shirt sponsorship deal with Arsenal until 2024

    February 19, 2018 1:52 PM 12

    Mubasher: Emirates on Monday has signed a five-year extension to its long-running shirt partnership with Arsenal Football Club (Arsenal FC). Dubai airline's deal with the Premier League club will be extended until the end of 2023/2024 season, according to the club’s website. "Our shirt partnership is the longest running in the Premier League and one of the longest

  • China warns Trump against tariffs over steel, aluminum exports

    February 19, 2018 12:16 PM 11

    Mubasher: China’s government warned US President Donald Trump against imposing tariffs over steel and aluminum exports. This move comes after US commerce secretary Wilbur Ross signalled potential restrictions on foreign metal suppliers including China. “If the US’ final decision affects China's interests, we will take necessary measures to defend our rights