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  • JPMorgan’s securities business returns to China, appoints new CEO

    May 14, 2018 12:06 PM 3

    Mubasher: JPMorgan Chase on Monday announced appointing a new CEO for its operations in China, as well as plans to open a securities business there. The New York-based bank named Mark Leung, who had been working for the bank for 21 years, as its CEO for China, assigning the management of onshore and offshore activities in the country. JPMorgan also said it had submitted

  • China’s fiscal revenues, gov’t spending rise in April

    May 14, 2018 11:09 AM 1

    Mubasher: China’s government spending and fiscal revenues registered a slight increase in April, the finance ministry’s figures showed on Monday. The Asian country’s fiscal revenues jumped 11% month-on-month to CNY 1.85 trillion ($292.12 billion) in April, data showed. Meanwhile, government spending grew 8.2% year-on-year to CNY 1.47 trillion last month

  • Nissan profit climbs 12.6% in 12M

    May 14, 2018 10:22 AM 3

    Mubasher: Nissan Motor on Monday posted a 12.6% year-on-year jump in its profits during the fiscal year ended March 2018, after the one-time US tax overhaul, compensating for the sales decline in North America. The Japanese automaker’s net profits surged to JPY 746.9 billion ($6.82 billion) in the 12 month-period ended March 2018, compared to JPY 663.5 billion

  • Rosneft posts seven-fold jump in Q1 profit

    May 14, 2018 9:11 AM 2

    Mubasher: State-owned oil major Rosneft on Monday reported a seven-fold leap in its net income for the three-month period ended March 2018, while revenue grew 22%, driven by higher crude prices. The Russian oil producer generated a net income of RUB 81 billion ($1.31 billion) during Q1-18, compared to RUB 11 billion in Q1-17, but lower than RUB 100 billion

  • VW to recall 220,000 cars

    May 11, 2018 8:06 PM 1

    Mubasher: Volkswagen will nearly 220,000 Polo cars due to a problem with the rear seatbelt lock, according to a statement issued on Friday. Around 191,000 cars of the German maker cars in Span were also affected, as cited by Reuters. The decision is concerned with a technical problem where the rear left seatbelt could be unintentionally released in some rare situations

  • Outrage over McCain's dying White House comments

    May 11, 2018 8:02 PM

    Mubasher: The daughter of Senator John McCain has criticized the United States administration for comments regarding her father. When asked whether the Republican Senator will endorse the nomination of Gina Haspel to be the next CIA director, Kelly Sadler, a communications aide working for the administration of President Donald Trump reportedly said that it “doesn’t

  • Trump to change US biofuel policy

    May 11, 2018 7:53 PM 1

    Mubasher: The United States government will propose changes to the country’s biofuel policy. Changes will include expanding exports and cutting the number of waivers for small refineries, sources in the Trump administration told Reuters on Friday. It will allow exports to qualify for government-issued biofuels credits. The White House has been in negotiations

  • US Postal Service posts $1.3bn net loss in Q2

    May 11, 2018 2:35 PM 1

    Mubasher: The US Postal Service (USPS) reported on Friday a net loss of $1.34 billion in the second quarter ended March 2018, compared with a net loss of $562 million for the same period last year. USPS’ controllable loss, excluding non-recurring items and items outside of management control, totalled to $656 million in Q2-18, compared to $12 million

  • US import prices edge 0.3% higher in April

    May 11, 2018 1:51 PM 1

    Mubasher: The US import prices inched up 0.3% in April driven by the increase of fuel import price index, while exports rose also 0.6%, data released on Friday showed. The import price index increased in April, in comparison to a 0.2% decline in March recorded for the first time since July 2017, the US Bureau of Labor Statistics (BLS) reported

  • Barclays’ head fined GBP642,000, over whistleblower hunt

    May 11, 2018 12:54 PM 2

    Mubasher: Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) announced on Friday that Barclays’ CEO Jes Staley will pay a fine of GBP 642,430 ($871,263), over an attempt to expose a whistleblower. Staley failed to behave with "due skill, care and diligence" while using the bank’s internal security division to unmask the anonymous