Friday 29 April 2016
 
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Saudi Arabia central bank net foreign assets fall $6bn

Saudi Arabia's central bank, which serves as the kingdom's sovereign wealth fund, reported a fall of $6 billion in net foreign assets in March as low oil prices took their toll. Net foreign assets held by the central bank dropped by 1.0 per cent from the previous month to

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US economy stalls in first quarter

US economic growth braked sharply to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labour market. Gross domestic product increased at a 0.5 per cent annual ra

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Visa opens first Innovation Centre in Asia

Global payments technology company Visa has opened its Singapore innovation centre, the first in a  network of new regional innovation centres that Visa is launching globally.   The new 7,000-sq-ft Singapore facility will serve as a destination

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Union National Q1 net profit drops 27pc

Union National Bank (UNB), 50 per cent owned by the Abu Dhabi government, posted a 27 per cent drop in first quarter net profit on Thursday. The fifth largest lender in the emirate by assets reported a net profit attributable to equity holders of the bank of Dh447 million ($121.7

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Citi drops out of $1.5bn financing of Americana sale

Citigroup has dropped out of the group of banks providing a $1.5 billion bridge loan to Gulf-based Adeptio for its proposed purchase of a majority stake in Kuwait Food Company (Americana), three sources aware of the matter said. The US bank failed to secure internal approval to p

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Dubai Investments Q1 net profit rises 5.5pc

Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market, has reported net profit of Dh297.5 million ($80.97 million) for the first quarter of 2016, a 5.5 per cent increase compared to Dh282 million for the same period last year. Tot

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Bank ABC net profit for Q1 down 21pc to $41m

Bank ABC (Arab Banking Corporation) today announced that its consolidated group net profit, attributable to the shareholders of the parent, for the first quarter of the year 2016 was $41 million, 21 per cent lower compared to a profit of $52 million reported for the same period last year.

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RSA Bahrain shifts to new office in Seef

RSA, a leading provider of insurance services in the region, has shifted its Bahrain office to a new location in Al Seef District, a business hub that hosts most of RSA’s customers and partners. The insurer inaugurated the new premises today in the presence of partners and

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Top conference to discuss 'Saudi Vision 2030'

Global economic experts and banking executives will join senior leaders from Saudi Arabia to discuss the impact and opportunities the “Saudi Vision 2030” will generate at the Euromoney Saudi Arabia Conference in May. With international interest in Saudi Arabia’s

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ADCB Q1 net profit drops 18.2pc

Abu Dhabi Commercial Bank on Wednesday posted a 18.2 per cent fall in first-quarter net profit, as income from its core business dipped and provisions increased. The third largest bank by assets in the United Arab Emirates made a net profit attributable to shareholders of Dh1.02

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