Under pressure to prevent a catastrophic breakup of their single currency, euro zone leaders yesterday agreed to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member
The euro faces a decisive week as European Union (EU) leaders, urged on anxiously by the US, seek agreement on the definitive rescue plan that has eluded them for two years.
Despite short-term market optimism about a possible deal to tackl
The European Commission is to outline within a week how states should recapitalise their banks, but a row between France and Germany over who should foot the bill threatens the pan-EU boost for lenders that investors hope for.
GCC banks are gradually expected to recover from the impact of the crisis on the back of stimulus plans initiated by the official authorities and the central banks, said a report.
"The future expectations in the banking sector is condition
His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain Crown Prince and Economic Development Board chairman, has urged the board of national airline Gulf Air to protect the rights of the employees during its restructuring.
Ras Al Khaimah Investment Authority (Rakia), the owner of Al Marjan Island project and its master developer Rakeen Development (Rakeen) said they were working on an adequate rescue plan for the La Hoya Bay project and its investors.
Funds from an emergency $10 billion rescue plan will target Dubai World, Dubai Holding and domestic firms in the emirate's sovereign wealth fund's portfolio, Dubai's finance department head said on Tuesday.
A five-man fiscal committee, hea
A government rescue plan will help Kuwait's financial sector but its total value of $5 billion may not be enough to mitigate the impact of the global crisis on the Opec member as a whole, Standard Chartered said on Tuesday.
On Thursday, Ku
A proposed economic rescue plan agreed by Kuwait's government is expected to be worth KD1.5 billion ($5.09 billion), Trade and Industry Minister Ahmad Baqr was reported as saying.
The plan would involve the sovereign fund Kuwait
Kuwait is expected to unveil new measures to shore up confidence in the economy, which may include a plan to help investment firms hit by the global crisis repay their debt.
The government is facing increasing calls to support troubled inv