Wednesday 25 May 2016

Drop in US jobless claims boosts hopes of economic rebound

The number of Americans filing for unemployment aid fell from a 14-month high last week, the latest sign that the economy was regaining speed after stumbling in the first quarter. Another report on Thursday showed factory activity in the mid-Atlantic region contracted further in


Saudi sends request for proposals for dollar bond

The Kingdom of Saudi Arabia has sent banks a request for proposals for a potential US dollar bond, according to several sources. The sovereign is expected to issue in the international capital markets sometime this year to fund a burgeoning fiscal deficit. Earlier this month, Sau


IMF to extend Iraq $5.4bn loan

Iraq has reached a $5.4 billion standby agreement (SBA) with the International Monetary Fund that could unlock $15 billion more in international assistance over the next three years, Finance Minister Hoshiyar Zebari said. The loan will have an annual interest rate of 1.5 percent,


Saudi to sell domestic bonds on Monday

The Saudi Arabian government plans to sell five-, seven- and 10-year, fixed-rate riyal bonds next week to finance its budget deficit, a banker aware of the transaction said on Thursday. The five-year bonds will be offered at 58-63 basis points over US Treasuries, the seven-year b


UAE Exchange offers 150 Emiratis jobs chance

UAE Exchange, a leading global remittance, foreign exchange and payment solutions brand, has offered 150 UAE nationals job opportunties through the just-concluded Careers UAE 2016 event. Participating for the 9th time in Careers UAE, the company reiterated its commitment towards


IMF backs Saudi economic plan, fiscal policy

The International Monetary Fund backed Saudi Arabia's sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices. Late last month, Deputy Crown Prince Mohammed bin Sa


Tunisia proposes $2bn investment fund with Qatar

Tunisia has proposed to set up a $2 billion joint fund with Qatar for investment in Tunisia, with equal contributions from both countries, a report said. Tunisian President Beji Caid Essebsi yesterday discussed plans to boost trade, investment and economic cooperation between Tun


KHCB ‘fastest growing bank’

Khaleeji Commercial Bank (KHCB), a Bahraini Islamic bank, has been awarded “the fastest growing bank in Bahrain” accolade by UAE-based CPI Financial Banker Middle East and Africa, reported the Gulf Daily News, our sister publication. To read further, please v


AFS, Al Masraf sign payment processing deal

Bahrain-based Arab Financial Services (AFS), a regional payment processor, will give UAE-based Al Masraf access to a state-of-the-art payment processing platform enabling the launch of credit and debit card services, reported the Gulf Daily News, our sister publication.


World Bank approves up to $5bn loan to Tunisia

The World Bank has approved a five-year plan to lend Tunisia up to $5 billion to support economic reforms aimed at reviving growth and creating jobs, the bank said on Wednesday. The North African country is struggling with lower tourism revenue after Islamist militant attacks las

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