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Top cenbanks act to avoid liquidity crunchTop central banks around the world said on Wednesday that they would take steps to prevent a credit crunch among Europe's banks which are struggling to cope with the euro zone's debt crisis. The US Federal Reserve, the European Cen More… |
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Islamic securities 'set for solid growth'Despite the recent credit crunch, an increase in commodity prices and global economic slowdown, the Islamic securities markets is poised for solid growth, said a top banker on the sidelines of a major Islamic finance summit in Bahrain. More… |
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Bahrain jobs lost due to crunchTwelve per cent of skilled workers in Bahrain have lost their jobs as a result of the global credit crunch, according to a Gulf-wide study. Pay rises have also been affected by the downturn but the region remains in a healthier state than More… |
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Credit crunch will lead to oil shock says expertThe global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says. Matt Simmons, found More… |
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UAE 'must inject $30bn into banks'The United Arab Emirates needs to move quickly to inject about 110 billion dirhams ($29.95 billion) in deposits to banks to restore lending or face the brunt of a severe global downturn, a bank has warned. UAE gross domestic product is set More… |
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India says spending may jump to counter global slumpIndia said government spending may have to jump later this year to shield the economy from a global slump and stem job losses, as the government tried to woo voters ahead of a general election. Acting Finance Minister Pranab Mukherjee char More… |
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Credit crunch puts brakes on GCC car salesThe global credit crisis will make 2009 a challenging year for car sales in the Gulf region, according to top carmakers in the region. Land Rover, Mercedes-Benz of Daimler and General Motors are among those who have noticed a slowdown in t More… |
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Tech sector 'may be next in restructuring wave'Technology companies may be the next group swept up in a restructuring wave that began on Wall Street. Purchases of computer hardware, software and services have already been affected by the global credit crisis that has slowed lending, an More… |
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ABC financial crisis losses top $974mBahrain-based Arab Banking Corporation (ABC) has made a further $234 million provision against the effects of the credit crunch in the third quarter of the year. This takes the provisions against the crisis to $974 million for the fir More… |
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Top European banks suffer, stimulus steps plannedProfits evaporated at top European banks on Monday and authorities worldwide pressed on with schemes to bolster financial sectors and weakening economies by increasing spending and cutting interest rates. French bank Societe Generale repor More… |
