Sunday 30 August 2015

Saudi plunges 5.9pc as region continues slide

Saudi Arabia's stock market plunged 5.9 per cent on Monday, leading another day of losses across the Middle East as the region reacted to sliding oil prices and a deteriorating global environment.      "Markets in the Gulf are changing their expectations an


Great fall of China sinks world stocks, dollar

World stock markets plunged on Monday, as a near 9-per cent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exit. The Dow Jones Industrial Average dropped more than 1,000 points as Wall Street opened, and the benchmark Stan


Mideast CFO optimism affected by low oil prices

The optimism and risk appetite of chief financial officers (CFOs) in the Middle East has been impacted by the continuation of low energy prices, according to Deloitte’s latest report. Deloitte, a leading provider of audit, tax, consulting, and financial advisory services, h


Banks lead H1 earnings growth in Kuwait

Kuwait’s banking sector recorded a solid growth of 13 per cent during the first half (H1) of the year, benefiting from an improving operating environment and healthy growth in credit, a report said. With such results, bank profits continue to dominate the listed corporate s


UAE Exchange revamps board, executive leadership

UAE Exchange, a leading global remittance and foreign exchange brand, has appointed Dr B R Shetty as the chairman of its board of directors.   It comes as part of its corporate restructuring exercise aimed at paving the way for accelerated global growth and enha


Takeover talks for United Finance break down

Talks for a possible takeover of Oman's United Finance by Al Omaniya Financial Services have broken down and will not progress any further, the two sides said on Monday. The board of United Finance met on Sunday to discuss the proposal but decided that Al Omaniya had not made


StanChart completes first BPO in automotive industry

Standard Chartered Bank has completed the first Bank Payment Obligation (BPO) transaction in the automotive industry for Mohammed Naser Al-Sayer and Sons Est, a leading automotive dealers in the Middle East.    The transaction has facilitated a shipment of


Great fall of China sinks world stocks, dollar tumbles

Alarm bells rang across world markets on Monday as a 9 per cent dive in Chinese shares and a sharp drop in the dollar and major commodities panicked investors. European stocks opened more than 3 per cent in the red after their Asian counterparts slumped to 3-year lows as a three


Kuwait to reschedule development projects

Kuwait is planning to reschedule its development plan citing the deficit in its budget, according to a report.   The government is also set to reconsider its developmental projects because of the deficit that resulted from the decline in the oil prices, which ha


Khaleeji Commercial signs deal with T'azur

Khaleeji Commerical Bank, a leading Islamic retail bank in Bahrain, has signed a deal with T'azur Islamic Insurance Company, as part of its commitment to provide the best services to its customers.   The agreement is aimed at providing comprehensive and thir

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