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Friday July 10, 2020
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19 , Dhu al-Qaadah , 1441
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"BUSINESS"
July 9, 2020
The global economy begins a slow mend as COVID-19 eases unevenly
NEW YORK — The story of the pandemic-driven steep drop in output is by now familiar. Countries imposed strict social distancing measures to slow the spread of the virus and keep cases from overwhelming health systems.Businesses that were able to function remotely moved to working from home, while people-to-people businesses saw an unprecedented collapse of activity. GDP declined on the order of 30% to 40% at an annualized rate for ...
July 9, 2020
Post-COVID-19 green recovery must embrace sustainable aviation fuels
GENEVA — The International Air Transport Association (IATA) emphasized the aviation industry’s commitment to its emissions reduction goals and called for the International Energy Agency (IEA) to prioritize investment in sustainable aviation fuel (SAF) to help power aviation’s contribution to the post-COVID-19 recovery.IATA’s call comes on the eve of the IEA Clean Energy Transitions Summit, which will meet virtually to debate moves toward a low-carbon future. The IEA is well ...
July 9, 2020
UK stimulus plan boosts sterling; gold goes past $1,800
By Ipek Ozkardeskaya,GENEVA — Equities in Shanghai (+1.03%) extended gains for the eighth consecutive session, still surfing on the wave of optimism that more central bank and government stimulus is under way to maintain a ‘healthy’ bull market to tackle the COVID-led economic slowdown in China.Investors left aside the worries that a fastening Chinese inflation would interfere with plans of more stimulus and the anxiety over the rising US-China tensions ...
July 9, 2020
Subscription in govt’s Islamic Leasing Sukuk through Bahrain Bourse opens
MANAMA — Bahrain Bourse (BHB) announced that starting Thursday (July 9) Bahraini and non-Bahraini investors can directly subscribe through the primary market of BHB in the government Islamic Leasing (Ijarah) Sukuk (BHD125 million) that has been issued by the Central Bank of Bahrain (CBB) on behalf of the government of Bahrain by executing their orders through registered brokers at Bahrain Bourse.Thereafter, investors will be able to trade the sukuk on ...
July 8, 2020
Global sukuk market: A window of opportunity is opening
DUBAI — S&P Global Ratings believes that investors' risk aversion is subsiding, thanks among other factors to strong global liquidity. Over the past few weeks, issuers with good credit quality have approached the market, either by reopening sukuk or tapping established programs.Debut issuance remains rare. Despite this glimmer of optimism, total issuance volume for the full year 2020 will be lower than in 2019 since corporates are holding on to ...
July 8, 2020
Zain KSA bags fastest fixed Internet award
RIYADH — Globally renowned "Ookla’s SpeedTest" website known in measuring Internet speed named Zain KSA for fastest fixed Internet.The company was able to achieve this milestone for rolling out the largest 5G network and for making investments in this field, where it is considered the largest in the middle East, Europe, and Africa and the fourth largest in the world for covering 30 cities Kingdomwide.Zain KSA's CEO Sultan Bin AbdulAziz ...
July 8, 2020
FPSO awards are set to recover to seven vessels next year
OSLO — Hit by the second industry downturn in five years, global awards for floating production, storage and offloading (FPSO) vessels will likely be limited to a single unit in 2020, Rystad Energy believes, as exploration and production firms slash budgets and activity. Similar to the previous downturn, awards are set to recover next year, with seven projects likely to be sanctioned.Modec won the only contract so far awarded in ...
July 8, 2020
Sterling supported by encouraging Brexit news, mini budget
By Ipek OzkardeskayaGENEVA — US stock indices paused a five-day rally in New York, dragged lower by financial, industrial and energy shares. US treasuries and gold gained.Worries about the rising number of new COVID-19 cases, prospects of a bumpy and slow post-crisis recovery, topped by Donald Trump threatening China with more executive orders including new restrictions on imports were brought forward as the euphoria following the government-fueled rally in Shanghai ...
July 8, 2020
COVID-19 accelerates Bahrain banks' digital transformation
MANAMA — Bahrain Association of Banks (BAB) stressed that the Bahraini banking and financial institutions were able, in a short period of time, to provide many additional digital services to customers to meet the precautionary measures of social distancing imposed by the pandemic COVID-19. The association added that this would not have happened so quickly without the great investment implemented by those institutions over the past years in digitization.Dr. Waheed ...
July 8, 2020
Saudi Payments, Discover sign network alliance agreement
RIYADH — Discover and Saudi Payments signed a strategic agreement that will increase the global acceptance footprint for both organizations. The agreement will give Discover, Diners Club International, PULSE and network alliance cardholders the ability to use their card on the mada network. This includes at Point-of-Sales (POS), on e-commerce platforms and at ATMs across the Kingdom. It also allows Saudi banks to issue cards that will be accepted on ...
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