Thursday 10 July 2014
 
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slump

Yansab profit drops 31pc on plant shutdown

Saudi Arabia's Yanbu National Petrochemical Co (Yansab) posted a 31 per cent slump in fourth-quarter net profit on Monday, citing a shutdown at its plant for the decline. The firm made a net profit of 442.2 million riyals ($11

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Al Khodari Q2 net profit slumps 43pc

Saudi construction firm Abdullah A M Al-Khodari Sons Co posted a 42.9 per cent slump in second-quarter net profit on Sunday, citing higher costs including from the kingdom's reforms to the labour market. The company made a net

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Oil slumps on global growth concerns

Oil fell sharply on Tuesday as concerns about slowing global economic growth, Europe's ongoing debt crisis and weak outlooks from corporations reporting earnings pressured oil and equities markets. Chemical company DuPont cuts

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Global manufacturing slumps over EU crisis

The downturn in the euro zone's private sector is becoming entrenched and Chinese factories are finding the going tough, business surveys showed yesterday, painting a darker outlook for the world economy. US manufacturing grew in June at i

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Emirates NBD Q1 net profit down 55pc

Emirates NBD, a leading bank in the region, said its net profit for the first quarter in 2012 was down 55 per cent to Dh641 million ($174.5 million) compared to the same period last year. The bank had made a profit of Dh1.413 bil

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Gulf 'better prepared for new crisis'

Meeting early this month, Gulf finance ministers insisted their economies could cope comfortably with the looming global slump. During the world's last economic crisis, their optimism proved mistaken -- but this time, they are on firmer gr

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Credit Suisse cuts DSI, Arabtec target

Credit Suisse cut its price target on Dubai's Drake & Scull International (DSI) and Arabtec citing lower margin estimates and a slump in contract awards for the companies. Property prices in Dubai have been under pressure since late 2

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Provisions, lending hit Saudi bank Q2 earnings

HSBC's Saudi affiliate SABB bank missed forecasts and two other banks in the kingdom reported sharp falls due to high provisions to counter exposure to troubled Saudi firms and a slowdown in lending. The second quarter results for SABB

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Euro slumps to four-year low

The euro fell broadly on Monday, hitting its lowest in more than four years against the dollar with investors increasingly nervous about more slides in the currency after a clear break below a chart support point. Market players said the e

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Dubai bourse slumps to two-month low

Dubai's index on Tuesday slumped to a two-month low, with dominant retail investors cashing in yesterday's fleeting gains as longer-term investors stay away until indebted Dubai World reaches agreement with bank creditors. The inde

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