Sunday 26 October 2014

Egypt's govt has to deliver growth to survive: minister

Egypt's government has to deliver economic growth to survive and can not let complex laws and bureaucracy discourage foreign investment, the country's investment minister said. Egyptian President Abdel Fattah Al-Sisi, whose two predecessors were toppled by protests in the


Egypt considers $1.5bn bond as it repairs economy

Egypt could tap international bond markets to raise up to $1.5 billion next year to shore up its finances and is open to agreeing an International Monetary Fund loan package if needed, Finance Minister Hany Kadry Dimian said on Thursday. The Arab world's most populous country


Bank Audi's nine-month profit up 7.1pc

Lebanese lender Bank Audi's net profit in the first nine months of the year was up 7.1 per cent at $280 million, it said on Thursday. The bank said in a statement that the increase came after the allocation of $71 million of net loan provision charges. Last yea


Bahrain signs key deals with Chinese firms

A Bahrain business delegation, on a 10-day visit to China, has signed four memoranda of understanding (MoUs) to promote stronger economic and trade ties. The MoUs were signed on the sidelines of the China Overseas Investment Fair, organised by the China Overseas Development Assoc


Kuwaiti fund to resume selling stakes in local firms

The Kuwait Investment Authority (KIA) has decided to resume selling stakes in major local companies to the public, planning to offer its stake in Kuwait Investment Co in the first half of next year, state news agency Kuna reported. The decision was made by KIA's board of dire


Kuwait Finance House Q3 profit falls 10pc

Kuwait Finance House (KFH), a leading Islamic lender, reported a 10 per cent fall in third-quarter net profit on Thursday, in line with analysts' forecasts. The net profit dropped to KD35.5 million ($122.7 million) in the three months to the end of September from KD39.3 milli


Business activity boost for China, euro zone

Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but US manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy. The improv


Bahrain banks urged to replace old ATMs

Banks in Bahrain have been urged to stop using outdated ATMs after dozens of card holders had their details stolen in a security breach earlier this month. According to Bahrain Bankers Union (BBU), several local and regional banks continue to use older cash machines that lack mod


GCC insurance industry to see 'business growth'

The rapidly developing GCC insurance and savings industry presents significant opportunities for business growth, according to finance experts. Speaking at the Nexus Group’s Annual General Meeting (AGM), Tarun Khanna, the firm’s chief executive officer, revealed how t


Lebanon plans $1 billion economic stimulus for 2015

Lebanon is planning a $1 billion economic stimulus package for 2015 to maintain growth and support an economy which has been hit by a three-year conflict in neighbouring Syria, the central bank governor said. Riad Salameh said he hoped the fresh round of stimulus, which follows $

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