Monday 30 May 2016

Egypt eyes 9.8pc budget deficit for 2016-2017

The Egyptian government is targeting a budget deficit of 9.8 per cent for 2016-2017 and 9 per cent for the following year, the planning minister said in a news conference on Saturday. Ashraf Al Araby also said his government is targeting less than 4.5 per cent growth in the secon


UAE signs double taxation deal with Kosovo

The UAE government has signed key agreements on avoidance of double taxation and protection and promotion of investment with the Republic of Kosovo.   The signing ceremony took place in the capital Pristina during an official visit of the UAE delegation headed by Younis Haji


Symantec says Swift heist linked to Philippines attack, Sony hack

Hackers who stole $81 million from Bangladesh's central bank have been linked to an attack on a bank in the Philippines, in addition to the 2014 hack on Sony Pictures, cybersecurity company Symantec Corp said in a blog post on Thursday. Symantec did not name the Philippines b


Bahrain to focus on five core sectors for growth

Bahrain's Economic Development Board (EDB) has identified five core sectors where it expects both growth and investments, EDB chief executive Khalid Al Rumaihi has said. The sectors include financial services, manufacturing, logistics, tourism and leisure, and information, co


IDB fund invests in Avivo healthcare group

Avivo Group, one of the largest healthcare networks in the GCC with 32 healthcare facilities, has announced a partnership with IDB Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors. The fund has completed a significant investment


GFH plans to list Khaleeji Commercial in Dubai

GFH Financial Group (GFH) has announced plans to list its Khaleeji Commercial Bank (KHCB) at the Dubai Financial Market (DFM) to unlock its market potential. The listing is subject to obtaining regulatory approvals in Bahrain, said GFH Group CEO Hisham Alrayes said during a prese


Ecuador cyber thieves 'moved cash to HK, Dubai firms'

Cyber thieves who stole $12 million from an Ecuadorian bank in 2015 routed the funds through 23 companies registered in Hong Kong, some of them with no clear business activity, according to previously unreported court filings and judicial rulings. The remaining $3 million was routed to


UAE e-Dirham revenue tops Dh2bn in Q1

The UAE's Ministry of Finance (MoF) has announced that the federal government revenue collected through e-Dirham reached more than Dh2 billion in Q1 2016, up 4.2 per cent from Dh1.92 billion in Q1 2015. The number of service transactions done through e-Dirham during the first


US new homes sales hit 8-year high

New US single-family home sales recorded their biggest gain in 24 years in April, touching a more than eight-year high as purchases increased broadly, a sign of growing confidence in the economy's prospects. Tuesday's report from the Commerce Department, which also showed


DP World launches $1.2bn sukuk issue to cover tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed. The issue, structured to be compliant with rules allowing investors in the US to participate, will price at 237.5 basis points over midswaps, accor

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