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  • Turkey’s economy risks looming crisis-economists warn

    May 15, 2018 4:54 PM 1

    Mubasher: Turkey’s economy is going through a state of overheating, economists stated this week, warning that the government’s failure to act would lead the country through “slow burning crisis.” The Turkish lira hit a record low against the US dollar to 4.4527 liras on Tuesday, driven by the Turkish President Recep Erdogan’s pledge to lower the interest

  • Oil market may need Saudi, Russian to prevent $100/pb -Analyst

    May 15, 2018 4:17 PM 1

    Mubasher: The global oil market may need Saudi Arabia and Russia to step in to prevent a possible uptick in prices towards $100 per barrel (pb) after the US sanctions are re-imposed on Iran, an analyst has said on Tuesday. The loss of Iranian oil may mean that producers like Saudi Arabia from the Organization of Petroleum Exporting Countries (OPEC)

  • Gold extends losses on higher US T-Bond yields, positive data

    May 15, 2018 3:09 PM 1

    Mubasher: Gold prices plunged on Tuesday, heading for the sixth loss in seven sessions, on the back of rising rates of the benchmark 10-year Treasury notes, the positive data pertaining US retail sales, and the rising US dollar. In response, gold futures for June delivery headed towards a seven-month low, shedding 1.5% to $1,300 per ounce, while dropping

  • US retail sales grow 0.3% in April

    May 15, 2018 1:16 PM 1

    Mubasher: US retailers saw sales increase in April 2018 for the second consecutive month, indicating that the country’s economic growth regains momentum after a slower rate at the beginning of the year, official data showed on Tuesday. Retail sales jumped 0.3% month-on-month to $497.6 billion in the fourth month of the year and 4.7% year-on-year, the US Census

  • Hyundai sales surge 11.1% in April

    May 15, 2018 12:34 PM 2

    Mubasher: Hyundai Motor on Tuesday announced that its sales soared 11.1% year-on-year in April 2018, marking the highest growth in 40 months. The South Korean-based automaker has sold a total of 391,297 vehicles globally in the fourth month of the year, achieving the highest level since December 2014. Higher sales were ascribed to strong demand for new Hyundai’s

  • China’s April industrial output gains momentum; retail sales slow

    May 15, 2018 11:01 AM 2

    Mubahser: China’s business activities saw a mixed performance in April 2018, with a more rapid industrial production growth and a slower rate for investment and retail sales. Year-on-year, value-added industrial output rose 7% last month and higher than the annual increase of 6% in March, National Bureau of Statistics of China stated on Tuesday

  • Vodafone CEO Vittorio Colao to retire in 2018

    May 15, 2018 9:16 AM 2

    Mubasher: Vodafone Group on Tuesday has said that incumbent CEO Vittorio Colao will retire from his position this year. Colao will be replaced by the group’s chief financial officer (CFO) Nick Read, starting from 1 October, the UK-based telecommunications firm added. "(Colao) has been an exemplary leader and strategic visionary who has overseen a dramatic

  • Oil stabilises Tuesday on OPEC cuts, looming Iran sanctions

    May 15, 2018 8:01 AM 2

    Mubasher: Oil prices remained stable on Tuesday as extended output cut deal supported by the Organization of the Petroleum Exporting Countries (OPEC) and imminent US sanctions against Iran tightened the market. Brent crudes stood at $78.58 per barrel (pb) earlier on Tuesday, $0.14 higher than their last close when their prices moved close to a three-and-a-half

  • US opens embassy in Jerusalem; dozens killed in Gaza protests

    May 14, 2018 3:45 PM 1

    Mubasher: A US delegation on Monday inaugurated the US Embassy in Jerusalem. The inauguration comes months after the US President Donald Trump pledged to shift his country’s embassy from Tel Aviv to Jerusalem, marking a diplomatic recognition of Israel’s claim of the ancient city as a capital. “Seventy years later, the United States is taking the next step of moving

  • ECB could renew rate guidance ahead of QE end

    May 14, 2018 2:50 PM 4

    Mubasher: European Central Bank (ECB) policymaker Francois Villeroy de Galhau on Monday said that the bank would publish a new guidance on the time of its first interest-rate increases, ahead of the end date for its exceptional bond-buying programme, also known as the quantitative easing (QE) programme. De Galhau, who doubles as the Bank of France governor