US consumer spending rose in July as households stepped up automobile purchases, offering further evidence of strength in the economy that keeps the door open to a Federal Reserve interest rate hike this year.
Pressure on Saudi Arabia's state finances is mounting as oil prices fall but the latest official figures suggest the world's top crude exporter still has at least several years before it faces a budget crunch.
Brent oil sa
After slashing spending by $180 billion to deal with one of the worst industry downturns in decades, oil companies are still bleeding cash and slipping further into debt to maintain dividends to shareholders.
Depressed crude price
The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday.
The UAE does not regu
Government ministers in Bahrain have been ordered to outline unnecessary administrative expenses, as part of plans to reduce public spending.
The move, directed by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Kha
Kuwait's parliament on Wednesday approved a state budget for the current fiscal year that envisages a budget deficit of KD8.18 billion ($27 billion) - nearly half total spending - because of low oil prices.
The budget for the
Iran is likely to abolish subsidised fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests.
The government is trying to cu
The consumer spending in the UAE has increased to $168 billion in 2013 from $150.4 billion in 2012, a regional retail expert said quoting the National Bureau of Statistics, UAE.
The spending in the US rose to $10,972 billion in 20
Bahrain’s MPs have been accused of adding to the kingdom’s delicate financial position by insisting on increased spending in previous years.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa made the comment as he
Bahrain is set to benefit from a spending bonanza over the Formula One weekend with an estimated $1 billion flooding the economy.
In an exclusive interview with the Gulf Daily News (GDN), our sister publication, Bahrain I