Sunday 28 December 2014

Kuwait November inflation edges up to 3.1pc

The inflation in Opec member Kuwait edged up to 3.1 per cent year-on-year in November, according to official data. The prices of food and beverages, which account for over 18 per cent of the basket, rose 3.3 per cent year-on-year and 0.4 per cent month-on-month, reported the Kuwa


Iraqi cabinet approves $103bn budget for 2015

Iraq's cabinet has approved a draft 2015 budget worth 123 trillion dinars ($103 billion) at the free market rate) which was made possible by better ties between Baghdad and the autonomous Kurdish region, but was constrained by plunging oil prices. The budget, which envisions


Basel urges standardised capital model for banks

The Basel global banking supervisory body has proposed introducing a standardised model to calculate a minimum level of capital banks would need to keep in reserve. The so-called capital floor 'will be based on revised standardised approaches for credit, market and operationa


QNB wins investor relations in Qatar award

Qatar National Bank (QNB) won the ‘Best Company for Investor Relations in Qatar' award at the Middle East Investor Relations Society 2014 Annual Conference held at the DIFC Conference Centre in Dubai, according to a report. The award, in collaboration with Thomson Reute


Saudi minister says no need for sovereign wealth fund

Saudi Arabia's Finance Minister said there was no need for the kingdom to create a sovereign wealth fund to manage its oil wealth, rebuffing suggestions by prominent officials and businessmen. At present, the surplus petrodollars of the world's top oil exporter are mostly


Saudi to discuss deficit financing with central bank

Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said. Responding to the plunge of oil prices, t


Saudis to spend heavily in 2015 budget, shrug off oil plunge

Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. Financial markets had fe


Alinma Bank proposes first share dividend in 6 years

The board of Saudi Arabia's Alinma Bank recommended a dividend of 0.5 riyal per share for 2014, a bank official said on Thursday. Earlier, Alinma said in a statement to the Saudi stock exchange that the dividend would be SR5. But a bank official, contacted by telephone, subse


DFM seals deal with Egyptian Clearing Company

Dubai Financial Market (DFM) has signed an agreement with Misr for Central Clearing, Depository and Registry (MCDR) to promote dual listing and share knowledge. This will pave the way for listed companies on DFM and the Egyptian Exchange to fully utilise the enormous and favourab


Adib in tie-up to promote financial education

Abu Dhabi Islamic Bank (Adib), a top-tier Islamic financial services institution, has signed a partnership agreement with the UAE’s Ministry of Social Affairs to promote financial education. Adib will support the "Tejuri" initiative, which is being implemented by

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