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  • H&M to acquire stake in digital payment firm Klarna

    October 8, 2018 10:11 AM 2

    Mubasher: H&M would buy a minority stake in Sweden’s Klarna, the online payment service provider’s largest partnership ever. H&M would pay about $20 million for a less than 1% stake in Klarna, the Swedish company’s spokeswoman said on Monday. Under the deal, Klarna’s digital platform would be accessed across all H&M channels, and will further integrate

  • Six Kuwaiti banks likely to record KWD 614m profits in 9M

    October 7, 2018 1:32 PM 2

    Mubasher: A total profit of KWD 613.9 million ($2 billion) is expected to be recorded by six Kuwaiti banks in the first nine months of 2018, capital market Mohamad Manea Al Ajami told Mubasher. The six banks are forecast to register an 18% increase in earnings in the nine-month period ended on 30 September 2018 compared to the same period last year when the banks

  • UAE’s Linesight runs over $10bn projects in GCC

    October 7, 2018 8:13 AM 3

    Mubasher: Linesight, is currently working on project developments across the Gulf region at a value exceeding $10 billion, according to a recent statement. The UAE company noted that it is experiencing an annual revenue growth of an average 6.6%. Celebrating a decade since opening its regional Middle Eastern office in Dubai in 2008, Linesight has been offering

  • Bahrain central bank nods to GFH property portfolio sale

    October 7, 2018 6:05 AM 2

    Mubasher: GFH Group on Sunday announced receiving “conditional approval” from the Central Bank of Bahrain (CBB) regarding the offer received in the sale of the company’s real estate portfolio. The original announcement for the portfolio sale was made in May, the firm said. The Bahrain-based financial group confirmed that the offer it had received amounts

  • Goldman Sachs warns of oil market surplus in 2019

    October 6, 2018 2:38 PM 6

    Mubasher: Global oil markets could see a modest surplus early next year, as major producers increase output, according to a recent report by Goldman Sachs. A surplus will be attributed to new spare capacity coming online, despite strong demand and uncertainty on the size of supply losses from Iran due to sanctions imposed by the United States, which

  • KSA, UAE, Kuwait agree $10bn support to Bahrain

    October 4, 2018 9:34 PM 5

    Mubasher: A financial support agreement worth $10 billion has been signed between the government of Bahrain and Saudi Arabia, the UAE, and Kuwait, The agreement will support the funding requirements of Bahrain’s fiscal balance program, a comprehensive package of reforms adopted by the government of Bahrain that will secure its long term fiscal stability

  • Oil down to worst level in 1.5M

    October 4, 2018 9:25 PM 4

    Mubasher: Oil prices fell on Thursday, as American crude recorded its worst losses in more than a month and a half. Expectations of a rise in supplies helped drive prices down, after a rally that was supported by fears of an undersupply. Crude prices gave up its best level in four years, after it was reported that Saudi Arabia and Russia agreed to raise

  • Facebook may face $1.6bn fine on Ireland data breach probe

    October 4, 2018 3:23 PM 4

    Mubasher: Ireland’s Data Protection Commission launched an investigation on Facebook on the grounds of recent data breach, which enabled hackers to access 50 million accounts. Facebook could risk a fine of more than $1.6 billion, based on its revenues last year, the Irish regulator, which is The social media giant’s lead privacy regulator for Europe

  • Qatari banking system outlook upgraded on economic resilience – Moody’s

    October 4, 2018 1:59 PM 6

    Mubasher: Moody's Investors Service has changed the outlook for the banking system in Qatar to “Stable” from “Negative”, according to the rating agency’s statement on Thursday. This upgrade for the gas-rich nation’s banking sector reflects the economic resilience and banking system to the ongoing dispute in the Middle East and North Africa (MENA) region

  • Japan faces growing risks amid waning demand, trade conflicts–IMF

    October 4, 2018 1:39 PM 5

    Mubasher: Japan faces growing risks amid global trade conflicts and concerns over Tokyo’s plans to raise sales tax, the International Monetary Fund (IMF) said on Thursday. A sharply erratic personal consumption due to the intended tax hike next year could keep a lid on growth pace, the Washington-based fund warned after its annual "Article 4" consultations