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  • Iran’s oil exports less impacted on US sanctions–Oil minister

    May 11, 2018 9:01 AM

    Mubasher: Iranian Oil Minister Bijan Namdar Zanganeh told the state-run television on Thursday that his country could survive without foreign investment to develop its oil sector. While Iran needs foreign investment to speed up the development of its oil industry, “we will not die,” if foreigners chose to withdraw from the country, Zanganeh said. “Trump’s

  • 21st Century Fox Q3 earnings rise, revenues dip

    May 10, 2018 4:55 PM

    Mubasher: Twenty-First Century Fox reported on Wednesday an increase in profits during the third quarter the current fiscal year, despite a more-than-expected decline in revenues. The company’s net income reached $858 million by the end of March, compared with $799 million for the same period last year. Meanwhile, the income from continuing operations

  • Trump, Kim Jong Un to meet in Singapore 12 June

    May 10, 2018 3:27 PM

    Mubasher: The President of the United States announced on Thursday that his summit with North Korean leader Kim Jong Un will be held in Singapore on 12 June. Donald Trump tweeted earlier that “The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th. We will both try to make it a very special moment for World

  • Jordan, EBRD ink EUR 2.8bn agreement

    May 10, 2018 1:48 PM

    Mubasher: Jordan signed a Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) for an infrastructure investment programme of more than EUR 2.8 billion ($3.34 billion). The target is to support economic growth and strengthen the country’s resilience, as well as the plans to upgrade existing and develop new infrastructure

  • Saudi registers $1.2bn trade surplus with GCC in 2017 – GASTAT

    May 10, 2018 12:24 PM

    Riyadh – Mubasher: Saudi Arabia has recorded a SAR 4.6 billion ($1.23 billion) trade surplus with the GCC in 2017, compared to SAR 7.56 billion ($2.02 billion) in the year before. Saudi non-oil merchandise exports to the GCC nations rose 2.9% to SAR 49.98 billion ($13.33 billion) in the previous year, from SAR 48.59 billion ($12.96 billion) in 2016, the Saudi

  • Gold gains, on geopolitical potential unrest

    May 10, 2018 10:55 AM 1

    Mubasher: Gold prices increased during Thursday’s trades, coinciding with a declining US dollar, on the back of re-emerging geopolitical potential tensions in the Middle East. By 10:36 am GMT, gold futures, for June delivery, grew 0.29% to $1,316.80 per ounce, while spot gold levelled up 0.31% to $1,316.74 per ounce. The precious metal’s rising prices

  • UK construction plunges to 6-yr low in Q1

    May 10, 2018 10:28 AM

    Mubasher: The UK’s construction sector output extended its decline in the first quarter of 2018, falling 2.7% from the fourth quarter of 2017, registering the largest fall seen since August 2012, data released on Thursday showed. The decline seen in Q1-18 was mainly driven by a 2.8% drop in repair and maintenance activities and a 2.6% fall in new work, the Office

  • Total to buy 25% of Clean Energy Fuels for $83.4m

    May 10, 2018 9:51 AM

    Mubasher: French oil and gas giant Total on Thursday has announced that it will acquire a 25% stake in the US-based Clean Energy Fuels Corp. (Clean Energy). Total agreed to purchase around 50.8 million shares in Clean Energy with an amount of $83.4 million, according to Total’s statement. "There couldn't be a better endorsement for the future of natural-gas

  • BT to trim 13,000 jobs in cost-cutting drive

    May 10, 2018 8:51 AM

    Mubasher: UK-based BT Group on Thursday has announced that it will eliminate 13,000 jobs over the next three years, within a restructuring plan in which its management and back office positions will be reduced. Along with the layoff of about 12% of its workforce, the telecommunications giant would hire about 6000 employees including network deployment

  • Oil hits multi-year highs Thursday amid US sanctions on Iran

    May 10, 2018 8:07 AM 1

    Mubahser: Oil prices surged on Thursday in reaction to the US decision of reimposing sanctions on Iran amidst the already tightening crude market. Brent crude futures reached a record high of $77.89 per barrel (pb), the highest price since November 2014, registering 0.9% higher than their last close. Similarly, Nymex future price amounted to $71.84 pb, hitting