Monday 29 December 2014

Gulf stocks soar on big Saudi spending plan

Gulf stock markets rose on Sunday despite oil's weakness as Saudi Arabia's plan to maintain government spending at a high level boosted investor confidence. The Saudi government released a 2015 state budget last Thursday that provides for a 0.6 per cent increase in spendi


Kuwaiti bank's chief resigns due to ill health

The chairman of Kuwait's Al Ahli Bank has resigned due to ill health and been replaced by the lender's deputy chairman, it said on Sunday. Ahmed Yousef Behbehani stepped down with effect from December 24, with deputy chairman Talal Mohamed Reda Yousef Behbehani appointed


Bisco Misr bid deadline extended until Jan 11

Egypt's financial regulator has extended until January 11 the bidding period for Bisco Misr , the subject of a takeover battle pitting Kellogg , the world's largest breakfast cereal maker, against UAE-based Abraaj Asset Management. Kellogg raised its bid for the Egyptian


Saudi’s high-spending budget ‘vital for growth’

Saudi Arabia’s budget for the 2015 fiscal is another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy, a report said. For the first time since 2011, a fiscal deficit is projected, based on revenues of SR715 b


Oman's Al Anwar announces stock buy-back plan

Al Anwar Holdings, one of the major investment holding companies in Oman, said its stocks surged after the company's board decided to explore a potential buy-back of up to 10 per cent of its shares at a price of up to 0.223 rial per share. Al Anwar, which mainly focuses on th


Gulf markets may consolidate with oil back below $60

Gulf stock markets may consolidate on Sunday, with positive news on Saudi Arabia's budget now largely factored in and the Brent oil price back below $60 a barrel. Markets rose on Thursday after Riyadh released a 2015 state budget that maintains spending at high levels, reassu


GCC family businesses eyeing IPOs to raise funds

As the Gulf's initial public offering (IPO) and private equity markets rebound, aided by improved confidence in the regional economy, companies '“ including family businesses '“ are increasingly looking at IPOs or private equity as routes to raise finance, an expert has


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

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