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  • Turkey’s Sarbak Metal secures $7m loan from EBRD, TSKB

    October 4, 2018 12:56 PM 2

    Mubasher: The European Bank for Reconstruction and Development (EBRD) and the Industrial Development Bank of Turkey (TSKB) would lend Turkish metal producer Sarbak EUR 6 million ($6.90 million). The funds, evenly provided by both lenders, would be used to finance the next working capital needs of Turkey’s largest manufacturer of brass intermediate products

  • US layoffs surge 44% in September

    October 4, 2018 11:58 AM 2

    Mubasher: Employers in the US announced plans in September to cut 55,285 jobs, marking the second-highest monthly total, according to a recent report on Thursday. Job cuts last September rose 44% from 38,472 in August, with a 70.9% year-on-year rise from 32,346 job cuts in the same month last year, consultancy firm Challenger, Gray and Christmas said. Around

  • ADX ends Thursday modestly higher

    October 4, 2018 11:48 AM 8

    Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) general index added 5.79 points or 0.12% to close at 5007.12 points on Thursday, buoyed by banks and telecommunication sectors. The trading volume reached 114.640 million shares, generating AED 240.021 million in turnover. The market capitalization reached AED 494.622 billion ($ 135.46 billion)

  • Kuwait’s banking sector ranks 6th in region in asset term

    October 4, 2018 9:27 AM 4

    Mubasher: The banking sector in Kuwait came in the sixth place among Arab banks in terms of asset volume, the secretary general of Union of Arab Banks (UAB) Wissam H. Fattouh said, according to Al Qabas Newspaper. Kuwait’s banking sector acquired 6% of total assets in the Arab banking segment, and 7% of deposits. Local banks in Kuwait registered an asset

  • Toyota, SoftBank to join forces to develop driverless car services

    October 4, 2018 9:15 AM 2

    Mubasher: Toyota and SoftBank have teamed up to develop car services which would include hospital shuttles, utilising self-driving technology. Toyota and SoftBank’s new venture would start with a capital of 2 billion Japanese yen (JPY) ($17.5 million), while more than half of the business would be owned by the Tokyo-headquartered headquartered firm. The new company

  • Gold settles lower as Italian budget crisis cools

    October 3, 2018 8:40 PM 7

    Mubasher: Gold prices declined on Wednesday, after reaching its highest level in two weeks a day earlier, due to the rising treasury yields in the United States, as well as a strong performance by the US dollar against major currencies. Demand on the precious calmed today, as investors are calmer regarding the Italian budget crisis with deficit expected

  • Honda acquires stake in GM autonomous vehicle unit, invests $2bn

    October 3, 2018 3:09 PM 2

    Mubasher: Honda would buy a minority stake in General Motors’ (GM) driverless vehicle subsidiary Cruise and would invest $2 billion. The Japanese auto manufacturer would pay $750 million upfront for a 5.7% stake in Cruise, while it would invest another $2 billion over the next 12 years, the car giants announced on Wednesday. Honda, GM and its Cruise

  • Kuwait SMEs Fund, Huawei ink MoU

    October 3, 2018 2:19 PM 6

    Mubasher: Kuwait National Fund for Small and Medium Enterprise Development (SMEs) has signed a memorandum of understanding (MoU) with Huawei on Wednesday, Kuwait News Agency reported, according to the National Fund for SMEs. This MoU aims at encouraging and developing SMEs in Kuwait as part of the GCC country’s 2035 Vision, as well as enhancing companies’

  • US service sector growth picks up steam in September

    October 3, 2018 2:18 PM 5

    Mubasher: The US service sector saw a month-on-month increase in its growth rate activity in September for the 104th consecutive month, report showed on Wednesday. The non-manufacturing index (NMI) climbed to 61.6% last September from 58.5% in August, marking a faster growth rate for the sector, the Institute for Supply Management (ISM) said. This marked

  • Technology to boost world trade by 34% in 15 yrs

    October 3, 2018 1:49 PM 2

    Mubasher: Technology would expand global trade volume by a range from 1.8% to 2% per annum until 2030, World Trade Organization (WTO) Director General Roberto Azevedo predicted. Breakthroughs like blockchain, the technology underlying crypto-currencies, artificial intelligence (AI), the internet of things (IoT), three-dimensional (3D) printing and driverless