Commodity Prices

Brent Oil
66.19
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56.23
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1,211.00
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Platinum
832.00
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Silver
14.12
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Prayers

Maghrib
17:40
Thursday
15
November 2018

Fajr
Fajr
05:12
Sunrise
Sunrise
06:33
Dhuhr
Dhuhr
12:07
Asr
Asr
15:14
Maghrib
Maghrib
17:40
Isha
Isha
19:10
Markets

2,778.76 0.09%
Volume
78,038,369
Turnover
0.09%
Trades
1,457
11
Up
6
Flat
15
Down
Traded stocks 32
5,055.46 0.68%
Volume
45,827,592
Turnover
0.68%
Trades
2,005
12
Up
5
Flat
11
Down
Traded stocks 28
Most active
ADA
3.3
EIC
6.9
Al Salam Bank
1.46
BILDCO
0.48
National Marine Dredging
3
ADNH
2.9
GGICO
0.21
DXB Entertainments
0.33
FAB
14.8
Etisalat
17.1
ADIB
4.05
Emaar
4.9
UPP
0.62
FAB
14.8
Salama
0.69
ADIB
4.05

Mubasher


1 month 1 week

China FX reserves drop in September amid Sino-US trade tension

Mubasher: China’s foreign exchange (FX) reserves dropped in September, as escalating trade row with the US triggered worries over capital outflow and further drop in the yuan’s (CNY) value. China’s foreign reserves, the largest in the world, fell by $22.69 billion to $3.087 trillion last September, compared with $3.110 trillion, the People’s Bank of China (PBOC) said on Sunday. This marked the largest drop since last February. The decline in reserves came due to changes in the value of foreign currencies and asset prices, the State the State Administration of Foreign Exchange (SAFE) said in a statement, predicting that holdings...
1 month 1 week

Emirates NBD unit mulls IPO

Dubai – Mubasher: Emirates NBD on Monday announced that its 51%-owned subsidiary Network International (NI) was considering an initial public offering (IPO) of its shares. The bank further noted that talks of an IPO for NI, which is a leading payment solutions provider in the Middle East and North Africa (MENA) region, come at a time when the company and its stakeholders were pondering several strategic options. The statement conformed that no final decision has been yet made on whether or not the Network International or its shareholders will proceed with the IPO, Emirates NBD said in a statement published...
1 month 1 week

Smart Crowd finalises seed funding with $600,000 investment

Dubai – Mubaser: Smart Crowd, the real estate crowdfunding investment platform, on Monday announced the completion of its Seed funding round, with investments amounting to $600,000. During the round, the platform managed to attract major financing from Shorooq Investments, DLT firm Abaxx Technologies, 500 Startups, and individual investors, according to a statement. Smart Crowd currently operates under an Innovation Testing License (ITL) from Dubai’s Financial Services Authority (DFSA), which allows UAE residents to invest in Dubai properties, however, it plans to pursue a full licence, which would allow citizens “around the world” to invest in other parts of the world...

1 month 1 week

N.Korea ready to allow inspectors to key nuclear site

Mubasher: US Secretary of State Mike Pompeo on Monday said that North Korean leader Kim Jong Un is “ready” to allow international inspectors into a key nuclear testing site. The leader agreed to open the doors of the Punggye-ri nuclear testing site to inspectors, Secretary Pompeo told reporters following a meeting with Kim in Pyongyang on Sunday to rekindle the stalled denuclearisation talks. North Korea claimed that it demolished the site. “Chairman Kim said he's ready to allow them to come in. There's a lot of logistics that will be required to execute that,” Pompeo said. A date of the...
1 month 1 week

Beijing raises export tax rebates as US-Sino trade conflict bites

Mubasher: China would elevate export tax rebates as from November, and accelerate rebate payments to support foreign trade, the cabinet announced on Monday. The tax rebate rate for those exports currently receiving a rebate of 15% or 13% will be raised to 16%, the cabinet said after a regular meeting. For exports getting in the meantime a 9% rebate, rates would be raised to 10%, but for some exports, rebates would be increased to 13%. The rebate would be raised to 6% for exports eligible for 5% rebate, but would be raised to 10% for several shipments. As trade conflict...
1 month 1 week

Apollo Global to acquire $1bn GE Capital investment portfolio

Mubasher: US equity firm Apollo Global Management on Monday said it would buy $1 billion equity investments in energy assets from General Electric’s (GE) finance division GE Capital. The deal would cover a portfolio of around 20 investments in renewable energy, midstream energy infrastructure assets mainly in the US and contracted natural gas fired generation, the US asset manager said in a statement. Goldman Sachs, Bank of Montreal and RBC Capital Markets secured funding to Apollo for the transaction. Citigroup Global Markets, RBC Capital Markets and Goldman Sachs were financial advisers for the private equity company, as Bank of America...

1 month 1 week

Starbucks names Hyatt chief accountant new CFO

Mubasher: Starbucks on Monday said that it appointed Patrick Grismer as its new CFO replacing Scott Maw. Grismer, the current CFO of Hyatt Hotels, would join Starbucks from 12 November, after Maw retires on 30 November, the coffee giant said in a statement. CFO Maw, who served the coffeemaker since February, would remain a senior consultant through March 2019 to secure smooth transition, the company said. Grismer has took several financial and strategy positions at companies, including KFC and Pizza Hut chain owner Yum Brands and The Walt Disney. The announcement came two weeks after the coffee chain stated in...
1 month 1 week

UK service sector recruitment hits 25-yr trough on Brexit uncertainty

Mubasher: Service providers in the UK renounced attempts to hire new employees as business sentiment plunged ahead of the country’s incoming departure from the European Union (EU), according to the British Chambers of Commerce (BCC). The proportion of service companies seeking to recruit dipped to the lowest level seen in a quarter of a century, while it became so difficult for companies to hire new workers, the BCC said in its quarterly economic survey. In another indication that the UK is about to post its slowest annual growth since the financial crisis, export sales and orders hit their lowest levels...
1 month 1 week

Al Baraka Turk issues $40m sukuk

Mubasher: Al Baraka Banking Group – Turkey (Al Baraka Turk), has issued leasing certificates, sukuk, at a total value of 250 million Turkish Lira ($40.6 million). Al Baraka Turk, which is listed on Nasdaq Dubai and Bahrain Bourse (BHB), has issued the sukuk through Bereket Varlık Kiralama Şirketi, according to a recent statement. The target amount of this sukuk issue was 200 million Turkish Lira, but due to the high demand on the certificates that exceeded 1.68 times, the issue was closed at 250 million Turkish Lira. The sukuk has a maturity date of 98 days, the statement added.

1 month 1 week

ADX ends Monday up 0.26%

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index gained 0.26% or 13.13 points to close at 5,003.38 on Monday, supported by the banks and energy sectors. The banks sector rose 0.54% after the First Abu Dhabi Bank (FAB) scored a 1.09% increase. A total of 36.25 million shares were traded through 1,105 transactions, with a total value of AED 125.32 million. The energy sector gained 0.14%, boosted by TAQA’s 0.88% rise. On the other hand, the telecom sector fell 0.48%, making it the board’s top falling sector on Monday, followed by the real estate sector’s 0.38%...
1 month 1 week

ADIB’s AED 1bn rights issue subscription to close on 9 October

Mubasher: The subscription period for Abu Dhabi Islamic Bank’s (ADIB) AED 1 billion rights issue will close on 9 October, according to an official statement. The allocation of ADIB’s new shares will be announced a week later form the closing date. “Rights holders who are ADIB customers can subscribe for new shares through the bank’s internet banking portal and the mobile banking smartphone application, while all rights holders can subscribe by visiting one of the 46 participating ADIB branches or visit a branch of any bank that offers the UAE Funds Transfer System,” the statement said. The UAE bank clarified...
1 month 1 week

French CNES becomes 1st foreign space agency opens in Abu Dhabi

Abu Dhabi – Mubasher: The French Embassy in the UAE has opened a representative office for the French space agency Centre National d’Etudes Spatiale (CNES). Following this step, the CNES became the first foreign space agency opening a representative office in Abu Dhabi, the UAE, Emirates News Agency (WAM) reported. The opening took place on Sunday during with the attendance of CNES president Jean-Yves Le Gall and director general of the UAE Space Agency Mohammed Al Ahbabi at the "Residence de France" in Abu Dhabi. “It is a major milestone in our space cooperation and a clear sign of the...