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Fajr
05:30
Wednesday
20
February 2019

Fajr
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05:30
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Markets

2,632.08 2.58%
Volume
188,325,903
Turnover
2.58%
Trades
3,953
23
Up
2
Flat
6
Down
Traded stocks 31
5,060.89 0.51%
Volume
64,869,883
Turnover
0.51%
Trades
2,494
15
Up
6
Flat
7
Down
Traded stocks 28
Most active
Emaar
4.6
Emaar Malls
1.73
ADCB
9.7
Salama
0.47
IFA
0.36
NCT&H
1.52
CBI
0.71
Waha Capital
1.38
Emaar
4.6
DIB
5.16
UNB
5.4
ADCB
9.7
AIG
0.46
Palestine Electric
1.41
PADICO Holding
1.37
Quds Bank
1.86

Gulf Today


20/02/2019

South Africa announces $1.6b bailout to keep lights on

Johannesburg: South Africa’s Finance Minister Tito Mboweni announced on Wednesday a $1.6 billion-a-year bailout for the country’s electricity utility in a bid to stave off further downgrades to Pretoria’s credit rating as he unveiled a new budget.Credit ratings agencies have warned that state power utility Eskom’s $30 billion debt crisis could spark credit rating downgrades which would embarrass President Cyril Ramaphosa as he prepares for nationwide elections on May 8.“We must prune and pluck away at the rot until there is growth,” said Mboweni, brandishing a South African bitter aloe plant in the parliament chamber in Cape Town to illustrate...
20/02/2019

DP World acquires P&O Ferries for $421m

DUBAI: DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of GBP322 million ($421m), implying a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x.P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters.P&O Ferries operates a fleet of 21 vessels on the Short Sea, North Sea and Irish Sea sectors across 11 ports, whilst P&O Ferrymasters provides supply chain solutions in 19 European locations. P&O Ferries handles over 2.5mn...
20/02/2019

UAE gross bank assets reach Dhs2.913tr

ABU DHABI: The UAE gross bank assets amounted to Dhs2.913 trillion by the end of January 2019, 1.2 per cent up from Dhs2.878 trillion by the end of December 2018, according to Central Bank of UAE statistics released recently.Gross credit increased to around Dhs1.662 trillion by the end of January, a growth of 0.3 per cent from Dhs1.656 trillion in December last year.With regards to monetary developments, Money Supply M1, which comprises currency in circulation outside Banks (Currency Issued - Cash at banks) plus Monetary Deposits, increased by 0.1 per cent to Dhs486 billion by the end of January against...

20/02/2019

Real estate lifts DFM as Gulf gains

DUBAI: Dubai’s main stock index closed at a two-and-half-month high on Wednesday after strong fourth-quarter earnings from real estate companies last week triggered six days of gains.All major Gulf bourses were driven higher by a wider stocks rally on hopes of progress in trade talks between the United States and China. Dubai’s index ended 2.6 per cent higher at 2,632 points, its highest since December 2018, led by Emaar Properties, Emaar Malls and Emaar Development, which have risen in recent sessions. The emirate’s biggest listed developer surged 6.2 per cent in its heaviest trading volume since Dec. 2017. Emaar Malls...
20/02/2019

China to boost reforms in agriculture sector

BEIJING: China will deepen reforms of its agriculture sector to promote its rural economy, the government said in its first policy statement of 2019, as it seeks to bolster growth and offset trade challenges.Beijing’s statement, released late on Tuesday, comes after the world’s second-largest economy saw its weakest growth in 28 years in 2018 and remains entangled in a trade war with Washington.“Under the complicated situation of increasing downward pressure on the economy and profound changes in the external environment, it is of special importance to do a good job in agriculture and rural areas,” the government said in the...
20/02/2019

Air France-KLM battles fuel costs with integration

PARIS: Air France-KLM pledged to eke out efficiency gains to offset higher fuel costs this year, as the Franco-Dutch airline group deepens cooperation between its two main carriers.Presenting 2018 earnings for the group he joined in September, Chief Executive Ben Smith promised better coordinated networks and fleets after overcoming KLM resistance to closer integration with Air France, in a boardroom deal struck on Tuesday.“These first achievements pave the way for our ambition to regain a leading position in Europe and worldwide,” Smith said in a company statement.Underlining the challenge, fourth-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell 20...

20/02/2019

China’s Fosun makes bid for German fashion chain Tom Tailor

BERLIN: Chinese conglomerate Fosun International announced a takeover bid for troubled German clothing retailer Tom Tailor, further expanding its reach into Europe’s fashion sector.Shares in Tom Tailor surged 14 per cent to 2.46 euros after the company said Fosun was increasing its shareholding to 35.35 per cent by buying new shares worth 2.26 euros each. That will lift Fosun’s stake above the 30 per cent threshold that triggers a mandatory takeover offer under German law.The capital increase will raise 8.6 million euros ($9.7 million), the companies said, and an offer price of 2.26 euros per share would give Tom Tailor...
20/02/2019

Qualcomm unveils new chip to power 5G smart phones

NEW YORK: Qualcomm has introduced its second-generation of so-called modem chips to connect phones to 5G networks, speeding up the race around faster wireless data connections expected to begin rolling out later this year.Qualcomm, the world’s largest mobile chip supplier, is hoping the device will fuel the spread of 5G phones later this year and next year. While Chinese phone makers such as Xiaomi Corp last year used Qualcomm’s first-generation chip for small batches of 5G phones, the second-generation chip announced Tuesday is aimed at mass production.The move comes a day before Samsung Electronics Co Ltd , the world’s largest...
20/02/2019

Danone strikes confident note

PARIS: Food group Danone struck a confident note on prospects for 2019 after strong fourth-quarter sales, although some disappointment over margins weighed on the company’s shares.Danone Chief Executive Emmanuel Faber told analysts on Tuesday that the company’s loss-making organic fresh produce division Earthbound Farms was under “intense strategic scrutiny.”Danone, which bought US organic food group WhiteWave in 2017, delivered higher 2018 earnings and stronger-than-expected fourth quarter sales despite a consumer boycott in Morocco and weaker demand for infant formula products in China.Danone, the world’s largest yoghurt maker, also stabilised its Activia yoghurt brand in Europe in the final quarter of...

20/02/2019

Tereos gets financial reprieve until 2022

PARIS: French sugar group Tereos, which has been hit by a slump in the sugar market, said it had secured a loan that would give the co-operative a financial reprieve until 2022 as it hopes for a rebound in prices.In December, Tereos - which last season became the world’s second largest sugar maker - plunged to a first-half loss of almost 100 million euros ($113 million) and said it expected to be in the red across its full financial year for the second year running.Raw sugar futures ended 2018 at their lowest in 10 years, pressured by heavy global oversupply.The...
20/02/2019

Blackmores issues surprise profit warning

SYDNEY: Australian vitamin maker Blackmores said it would review its China business and issued a surprise profit warning, citing soft consumer demand in the mainland, sending its shares down the most since listing three decades ago.The sharp sales reversal for Blackmores, which raked in double-digit growth last year on exploding China demand, makes it Australia’s first casualty of a slowdown in the world’s No.2 economy that is also scalding businesses worldwide.Just last month, tech behemoth Apple issued a rare revenue warning citing weaker demand for its iPhones in China. Many others have followed suit since then to complain about slower...
20/02/2019

BHP Group’s H1 profit drops on rising costs

MELBOURNE: BHP Group, the world’s biggest miner, on Tuesday reported a drop in first-half 2019 profit as a decline in copper earnings and a series of output disruptions boosted costs and resulted in missed opportunities for cost savings.BHP kicked off the reporting season for global majors and was expected to post slightly weaker results due to the outages at its Australian and Chilean operations.Declining ore quality at Escondida in Chile, the world’s largest copper mine, led to higher costs as the miner had to process more ore, while falling prices also stunted copper earnings.Underlying profit from continuing operations for the...