Gold rose as lower European shares boosted demand for assets perceived as safe, but the metal looked set to post its third straight weekly loss, weighed down by a strong dollar.
Spot gold was up 0.3 per cent to $1,185.70 an ounce
Gulf countries could lose at least half their oil revenues or around $350 billion a year as crude prices plunge, according to senior analysts.
The GCC states, which pump about 17.5 million barrels per day, are
Brent crude oil fell on Monday to a five-year low below $68 before recovering most of the losses as investors looked for a price floor after Opec's decision last week not to cut production.
US crude and Brent have fallen for f
BMI Bank, a subsidiary of Al Salam Bank – Bahrain, has posted a loss after provisions of BD5.7 million($15 million) for the first nine months of the year as compared to a net profit of BD88,000 during the same period last year.
Brent slipped below $86 and is headed for its fourth weekly loss in a row, despite climbing by almost a dollar earlier, as investors see no respite in a four-month rout sparked by ample supply and slowing demand from Europe to China.
BlackBerry reported it has narrowed its loss in the latest quarter, and expressed optimism that its major restructuring and new business-friendly devices would help fuel a turnaround.
Releasing fiscal second-quarter results, chief
Egypt's Orascom Telecom Media and Technology Holding said its profit fell 22.7 per cent in the second quarter to 351.68 million Egyptian pounds ($49.19 million).
The results came in a statement published in Egyptian newspapers. -
Oil prices were heading for their third straight weekly loss on Friday as worries about supply disruptions in the Middle East and North Africa eased, although Brent stayed comfortably above $108 a barrel.
UAE shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.
Royal Jordanian Airlines will receive a cash injection of 100 million dinars ($141 million) this year, which will help the carrier recover from operational losses on its Middle Eastern routes, an executive said on Monday.