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  • Microsoft to invest in Grab in tech-sharing alliance

    October 9, 2018 1:32 PM 4

    Mubasher: Microsoft Corporation would invest in ride-hailing company Grab within the framework of a tie-up where both companies would cooperate in technology areas including big data and artificial intelligence (AI). Grab would collaborate with the US tech giant to explore technologies including mobile face and image recognition, computer vision, to enhance

  • UAE tops GCC trade exchange with Saudi Arabia in July – GASTAT

    October 9, 2018 1:05 PM 3

    Riyadh – Mubasher: The UAE acquired about 72% of Saudi Arabia’s trade exchange with the GCC with SAR 5.26 billion ($1.4 billion) in July, Mubasher reported, citing the General Authority for Statistics’ (GASTAT) data. Trade exchange between the two GCC nations registered a SAR 2.42 billion surplus for the UAE after Saudi Arabia’s exports stood at SAR 1.42 billion

  • No-deal Brexit would cost German firms billions in tariffs

    October 9, 2018 12:26 PM 2

    Mubasher: The UK’s departure from the European Union (EU) without a trade deal would result in additional tariffs of over EUR 3 billion ($3.4 billion) per annum for German companies, according to a German lobby group. Moreover, German exports to the UK would plunge by up to 57% on what is known as “hard Brexit,” the BDI industry association, one of the largest

  • German trade surplus expands in August despite declining exports

    October 9, 2018 11:52 AM 2

    Mubasher: Germany’s adjusted trade surplus widened to EUR 18.3 billion ($21 billion) in August, from EUR 15.9 billion in July, but shrank from EUR 21.3 billion year-on-year. This came despite exports in Europe’s largest economy inched down 0.1% month-on-month to EUR 110.3 billion ($126.24 billion) last August, whereas shipments from Germany climbed 2.2% year-on-year

  • Venezuela on track to hit 1,370,000% hyperinflation

    October 9, 2018 11:10 AM 3

    Mubasher: Venezuela’s annual inflation rate would soar to 1,370,000% by the end of this year with the government failing to plug in a widening budget gap by issuing money, the International Monetary Fund (IMF) said. Such projection from the latest IMF’s World Economic Outlook (WEO) came higher than the lender’s expectation of 1,000,000% inflation for the Latin

  • Microsoft to create 1m jobs in MENA by 2022

    October 9, 2018 9:20 AM 3

    Mubasher: Microsoft Corporation expected that its large-scale data centres and other tech investments will create around 1 million jobs in the Middle East and North Africa (MENA), the company’s president for the Middle East and North Africa has said. About 55,000 jobs will be allocated for the UAE alone by the end of 2022, Samer Abu Ltaif said. The American

  • India to maintain Iran oil purchases despite US sanctions

    October 8, 2018 4:14 PM 2

    Mubasher: Indian Oil Minister Dharmendra Pradhan suggested on Monday that the nation would sustain its oil purchases from Iran, even as US sanctions against Tehran’s hydrocarbon sector take effect. India’s state-owned Indian Oil Corporation (IOC) and Mangalore Refinery and Petrochemical have already contracted 1.25 million tonnes of Iranian crude imports

  • Al Baraka Turk issues $40m sukuk

    October 8, 2018 2:10 PM 2

    Mubasher: Al Baraka Banking Group – Turkey (Al Baraka Turk), has issued leasing certificates, sukuk, at a total value of 250 million Turkish Lira ($40.6 million). Al Baraka Turk, which is listed on Nasdaq Dubai and Bahrain Bourse (BHB), has issued the sukuk through Bereket Varlık Kiralama Şirketi, according to a recent statement. The target amount of this sukuk

  • Starbucks names Hyatt chief accountant new CFO

    October 8, 2018 2:06 PM 2

    Mubasher: Starbucks on Monday said that it appointed Patrick Grismer as its new CFO replacing Scott Maw. Grismer, the current CFO of Hyatt Hotels, would join Starbucks from 12 November, after Maw retires on 30 November, the coffee giant said in a statement. CFO Maw, who served the coffeemaker since February, would remain a senior consultant through March

  • Beijing raises export tax rebates as US-Sino trade conflict bites

    October 8, 2018 1:16 PM 2

    Mubasher: China would elevate export tax rebates as from November, and accelerate rebate payments to support foreign trade, the cabinet announced on Monday. The tax rebate rate for those exports currently receiving a rebate of 15% or 13% will be raised to 16%, the cabinet said after a regular meeting. For exports getting in the meantime a 9% rebate