Thursday 24 April 2014

Robust growth across GCC forecast

Economic growth remains robust across the Gulf Cooperation Council (GCC) states with Qatar’s economy being predicted to grow by 6 per cent, EY’s latest Rapid-Growth Markets (RGM) Forecast said. The report said Saudi Arabia is expected to grow by 4.3 per cent and the U


Bahrain banks told to replace old cheques

The Central Bank of Bahrain (CBB) has directed retail banks to expedite replacing their customers’ old design cheques with new cheques which contain new standards and specifications. The directive is in line with the cheque clearing process which is done via the Bahrain Che


Investcorp to acquire US-based Totes Isotoner

Bahrain-based alternative investment fund Investcorp said on Tuesday it had agreed to acquire US-based accessories brand Totes Isotoner Corp in partnership with private equity firm Freeman Spogli & Co. No terms were disclosed for the purchase from MidOcean Partners and Bruckm


Bahrain Bourse cuts subscription fee for firms

Bahrain Bourse yesterday (April 21) issued a resolution amending the annual subscription fees for companies under suspension. As per the new resolution issued by Bahrain Bourse chairman Yusuf Humood, listed Bahraini public shareholding companies suspended from trading for a perio


Roadmap ‘ready for sukuk standardisation’

Bahrain-based international standard-setting body, International Islamic Financial Market (IIFM) has announced it now has a roadmap on standardisation of "sukuk al ijara" structure on a priority basis. The announcement follows an industry consultative meeting titled suk


BBK Q1 profit up 7pc; tops $37m

BBK has reported a 7.1 per cent growth in net profit at BD14 million ($37.13 million) for the three months ended March 31, when compared with BD13.1 million for the same period last year. The earnings per share reported for the period were 14 fils per share, as against 13 fils pe


Kuwait stock exchange moves towards IPO

Kuwait's stock exchange took a step towards an initial public offer of its shares on Monday after the state's financial regulator said it had established the bourse as a company with a capital of 60 million dinars ($213 million). The country has been considering an IPO of


Dubai surges on Emaar, Arabtec dividend speculation

Dubai's bourse posted its highest daily gain since late January on Monday as investors scooped up shares of real estate and construction companies on hopes for increased dividend payouts. The Dubai benchmark rose 2.9 percent to 4,984 points, its highest level since August 200


ADIB Q1 net profit up 20pc on higher lending

Abu Dhabi Islamic Bank , the largest sharia-compliant lender in the emirate, met analysts' expectations as it posted a 20.4 percent rise in first-quarter net profit on Monday, with higher lending cited for the increase. The lender, which said earlier this month it was buying


Kuwait cbank warns against rising govt spending

Kuwait's rising public spending and dependence on oil revenues are preventing sustainable economic development, the country's central bank governor said, echoing warnings from the International Monetary Fund. Mohammad al-Hashel, who rarely comments on policy issues, said

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