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  • China prepares retaliatory tariffs on US $60bn imports

    August 3, 2018 1:54 PM 5

    Mubasher: China on late Friday said that it plans to impose tariffs on a list of $60 billion in US imports, should President Donald Trump proceed with its recent trade threats. Beijing would levy tariffs ranging from 5% to 25% on 5,207 sorts of US goods, if Washington implemented its threatened duties on additional $200 billion worth of Chinese imports

  • US trade deficit widens 7% in June

    August 3, 2018 1:21 PM 4

    Mubasher: US trade balance deficit expanded 7% month-on-month in June, recording the first increase in four months, while the country is heading to see the largest annual gap in a decade. The US trade deficit jumped to $46.3 billion in June from a revised 43.2 billion in May, data by the Bureau of Economic Analysis (BEA) revealed on Friday. This came a little

  • US unemployment edges down to 3.9% in July

    August 3, 2018 12:53 PM 4

    Mubasher: The US economy added 157,000 jobs in July, while employment continued to grow in the segments of professional and business services, manufacturing and health care and social assistance, an official report showed on Friday. This came below of the expectations by analysts surveyed by MarketWatch of 194,000. Unemployment rate inched down 0.1% to 3.9% in July, while

  • China refuses US demand to cease Iran crude purchases

    August 3, 2018 10:42 AM 4

    Mubasher: The US reportedly failed to convince China to cease its oil purchases from Iran, a blow to President Donald Trump’s attempt to shut down Tehran. Nevertheless, Beijing agreed not to raise Iranian crude imports, Bloomberg News reported on Friday, citing two officials familiar with the talks, as negotiations with China and other countries are ongoing

  • Facebook’s chief security officer to leave firm

    August 2, 2018 2:57 PM 3

    Mubasher: Facebook’s chief security officer Alex Stamos announced that he will leave the company later this month for a position at Stanford University. “While I have greatly enjoyed this work, the time has come for me to move on from my position as Chief Security Officer at Facebook,” he wrote in a public Facebook post. He also stated that he will be teaching

  • US natural gas storage, prices up in week

    August 2, 2018 2:37 PM 3

    Mubasher: The US Energy Information Administration (EIA) reported on Thursday that the country’s natural gas storage rose by 35 billion cubic feet (Bcf) the week ended 27 July, reaching a total of 2,308 Bcf. This came below forecast of a 45 Bcf climb, according to analysts polled by S&P Global Platts. Stockpiles were 688 Bcf lower than last year’s figure

  • Qualcomm forecasts $5bn non-mobile part sales

    August 2, 2018 2:11 PM 3

    Mubasher: US chipmaker Qualcomm Inc said on Thursday that it expects to achieve more than $1 billion from selling semiconductor chips for devices such as smart watches and connected speakers. The multinational semiconductor and telecommunications equipment company is taking pride in diversifying its revenue sources after despite its failure to acquire

  • BMW profit falls to EUR 2bn in 3M

    August 2, 2018 11:28 AM 3

    Mubasher: BMW on Thursday reported a drop in profits to EUR 2.08 billion ($2.43 billion) during the second quarter of 2018, compared to EUR 2.21 billion ($2.57 billion) in Q2-17. Profits before tax declined 6%, reaching EUR 2.87 billion in the three-month period ended June, compared to EUR 3.05 billion in the year-ago period, according to a statement

  • Volvo’s global sales rise 15% in July

    August 2, 2018 9:31 AM 3

    Mubasher: Volvo Cars on Thursday said it achieved a 15% year-on-year growth in global sales in July. The carmaker sold 50,931 cars last month, maintaining its strong sales momentum. As for the first seven months of 2018, Volvo sold 368,570 cars, registering an increase of 14.5% from the same period of 2017, it said in a statement. “The strong performance

  • Barclays turns profitable in H1-18

    August 2, 2018 9:16 AM 3

    Mubasher: Barclays PLC on Thursday reported turning a profit after posting GBP 468 million in the first six months of 2018, against suffering a loss of GBP 1.2 billion during H1-17. The British bank’s revenues amounted to GBP 10.9 billion during the six-month period ended June, according to a statement. Barclays PLC attributed the positive turn in its financials