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  • Mumtalakat assets grew 46% in 2017

    August 1, 2018 3:35 PM 3

    Mubasher: Mumtalakat Holding Company, Bahrain’s sovereign wealth fund, announced an increase in its assets by around 46.4% for 2017 to a total BHD 5.8 billion ($15.4 billion). The growth resulted from gains achieved through the consolidation of McLaren and the new line project by Aluminium Bahrain (Alba). Profits reached BHD 210.6 million last year, compared

  • India detects $468m in tax evasion over 12M

    August 1, 2018 2:37 PM 3

    Mubasher: The Indian government estimated nearly $500 million worth of evasion of its landmark Goods and Services Tax (GST), news reports said on Tuesday. Between July 2017 and June 2018, a total of 32,060,000,000 Indian rupees (INR) ($441 million) were lost through 1,205 cases, the Times of India reported, citing the country’s Minister of State for Finance

  • MENA investment activity grows in H1 on record deals – MAGNiTT

    August 1, 2018 2:28 PM 3

    Mubasher: The emerging ecosystem in the Middle East and North Africa (MENA) region registered a record number of transactions in the first six months of 2018, despite a drop in disclosed startup funding, data compiled by MAGNiTT, the largest data provider for startup information in the MENA region, showed. A total of 141 investments were executed in the first

  • Wall Street ends Tuesday in green

    July 31, 2018 9:58 PM 3

    Mubasher: The New York Stock Exchange (NYSE) ended Tuesday’s trading session on a positive note, supported by the positive financial results of major blue chip stocks, as well as a positive sentiment regarding easing trade tensions between the United States and China. The Dow Jones Industrial Average gained 0.43%, and closed at 25,415.19 points, recording

  • US employment costs hit decade high in Q2

    July 31, 2018 3:19 PM 3

    Mubasher: US employment costs gained momentum in the second quarter of 2018 from a year ago, according to official data released on Tuesday, reaching the highest level seen in nearly a decade, driven by the more rapid growth in worker salaries and benefits. The employment cost index (ECI) rose 0.6% for civilian employees in Q2-18, US Bureau of Labor

  • Uber shut self-driving truck division

    July 31, 2018 2:36 PM 3

    Mubasher: Uber said that it would shut down its autonomous trucks business, refocussing its self-driving operations on cars only. Without detailing how many employees would be affected, Uber said on Monday that it has notified workers with the decision, while the ride sharing company plans to relocate them in other relevant teams. Moreover, another part of the business

  • Saudi-GCC bilateral trade exceeds $10bn in 5M

    July 31, 2018 2:08 PM 3

    Riyadh – Mubasher: Trade exchange between Saudi Arabia and the GCC nations has surpassed SAR 37.8 billion ($10.1 billion) during the period between January and May, according to Mubasher's statistics based on the General Authority for Statistics’ (GASTAT) data. Saudi exports to the GCC amounted to SAR 13.8 billion ($3.7 billion), while its imports from the five Gulf nations

  • US June consumer spending rises 0.1%; personal income adds 0.4%

    July 31, 2018 12:51 PM 3

    Mubasher: US consumers increased their spending in June in line with the improvement in personal income, official data revealed on Tuesday. Personal consumption expenditures (PCE), a gauge for household spending on goods, increased to $57.8 billion month-on-month in June, the Bureau of Economic Analysis (BEA) said. The PCE price index, the Federal Reserve

  • OPEC July output hits highest in 2018 despite outages

    July 31, 2018 10:58 AM 1

    Mubasher: The Organization of Petroleum Exporting Countries (OPEC) has ramped up oil production in July to the highest level in 2018, as Gulf members pumped more output and Congo Republic joined the group, a recent survey found. OPEC output totalled 32.64 million barrels per day (bpd) this month, rising by 70,000 bpd from the previous month, according

  • Japan industrial production falls in June

    July 31, 2018 9:43 AM 1

    Mubasher: Japan’s industrial production fell in June from a month earlier, data released on Tuesday showed. The Asian nation registered a 2.1% decrease last month from May, when industrial output had slipped 0.2%, the Japanese Ministry of Economy, Trade, and Industry said. June’s fall in industrial output covered a wide range of products including semiconductor-making