Oil prices see record spikes after attacks on Saudi oil installations

Abu Dhabi: Oil prices saw record increases on Monday with gains of nearly 20 per cent as markets reacted to the news of attacks against two Saudi oil installations, which cut the country’s oil production by 5.7 million barrels per day (bpd). Brent Futures reached above $71 when markets opened in Asia, with West Texas […]

Kuwait Finance House to buy Bahrain’s AUB in $8.8b deal

Kuwait City: Kuwait Finance House KSCP agreed to buy Bahrain’s Ahli United Bank BSC in an all-share deal that’s valued at about $8.8 billion. The Kuwaiti lender offered 1 share for every 2.325581 shares of Ahli United, according to a statement. In January, the banks’ advisers had recommended the same swap ratio. The combined entity […]

Recession or slowdown: Why you should care about the difference

New York: The United States is on recession watch as market signals flash red. Manufacturing is straining under President Donald Trump’s trade war, business investment is slowing, and consumer confidence is showing cracks. But many economists expect that growth will weaken slightly over the next couple of years — without actually contracting — and that […]

China’s slowdown deepens, likely to cut interest rates

Beijing: The slowdown in China’s economy deepened in August, with growth in industrial production at its weakest 17-1/2 years amid spreading pain from a trade war with the United States and softening domestic demand. Retail sales and investment gauges worsened too, data released on Monday showed, reinforcing views that China is likely to cut some […]