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A Pakistani court indicted Pervez Musharraf in the 2007 assassination of former Prime Minister Benazir Bhutto, escalating legal challenges to the ex-military dictator since he ended his self-exile in March. A judge read out charges that Musharraf was complicit in Bhutto’s killing as he failed to provide adequate security at a political rally she was attending, state-run Pakistan Television reported, citing court proceedings. Six other people were […]

(Reuters) – In his full-throated cry of support for the Egyptian authorities, Saudi King Abdullah on Friday described street protests by the Muslim Brotherhood as representing “terrorism and sedition”. That stark view of a crisis that has killed hundreds in the past week shows why the world’s top oil exporter will continue to back Egypt’s crackdown on the Brotherhood even while its Western allies try to convince […]

(Reuters) – A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said Monday that a “straightforward application of the plain words” of the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) allowed the interpretation sought by the government. The law has a […]

Airports in the Gulf Cooperation Council (GCC) experience local disruptions – such as those that stem from fog – which, annually, affect over 200 flights and 30,000 passengers in the United Arab Emirates (UAE) alone. In addition, according to Oxford Economics, disruptions from the 2010 spread of Icelandic volcanic ash over European airspace had a $253 million net impact on the aviation sector in the Middle East […]

Arcapita Bank B.S.C. announced the sale of 3PD Holding, Inc, a leading last-mile logistics company in the United States and Canada, for $365 million. 3PD was acquired by XPO Logistics Inc. (NYSE: XPO), one of the fastest growing transportation logistics companies serving North America. Arcapita acquired a majority stake in 3PD in 2006 as a growth asset that offered significant opportunity due to the fragmented and growing […]

A.P. Moeller-Maersk, owner of the world’s biggest shipping line, said concern that emerging markets are losing their growth momentum is overdone. “The underlying story is very good,” Maersk Chief Executive Officer Nils Smedegaard Andersen said in an interview on Aug. 16. “Our expectation remains that the U.S. will be the key driver of growth, but we’re also relatively optimistic on emerging markets. There is growth potential, even […]

(Reuters) – General Motors  and German chemicals firm BASF  reopened facilities in Egypt on Sunday while Electrolux (ELUXb.ST) said it would partly resume operations on Monday. Electrolux, the world’s second-biggest home appliances maker with nearly 7,000 employees in Egypt, suspended production in Egypt on Wednesday due to the unstable security situation. The Swedish company, with around 10 production facilities on the outskirts of Cairo, said it was […]

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(Reuters) – India’s currency cartwheeled to historic lows on Monday while markets in Indonesia took a spill, evidence of how rising U.S. yields are making it harder for emerging nations to fund their current account deficits. The turbulence heightened investor caution ahead of Wednesday’s minutes of the Federal Reserve’s last policy meeting, with many fearing they might only add to the confusion about when it might scale […]

RIYADH – Healthcare spending in Saudi Arabia is expected to grow by 10.3 percent this year to SR98 billion over 2012’s SR88.9 billion. The Saudi government has announced that major projects involving healthcare, along with other key sectors such as education, will get additional funding and strong governmental focus in the coming months. At the same time, the Kingdom’s IT expenditure is projected to increase by around […]

Saudi bank deposits posted a new record of SR1.36 trillion by the end of first quarter of 2013. The expansion in credit portfolios was facilitated by this enormous depositary base. Demand deposits remain the main beneficiary given the globally suppressed interest rate environment, according to a report by the National Commercial Bank (NCB). NCB’s customer deposits, the largest in the market, reached SR276.7 billion in March 2013 […]

A small number of well-established insurers are reaping the benefits of the fast-growing insurance markets in the Gulf Cooperation Council (GCC) region, Standard & Poor’s Ratings Services said in a review. Meanwhile, inflated valuations and a reluctance to relinquish control are preventing smaller insurers from consolidating. In trying to avoid reporting losses, we believe revenue-starved insurers could distort market pricing for all. Insurance in the GCC region continues […]

By Parag Deulgaonkar Emirates 24/7 A post on a social networking site by an ‘unknown’ developer launching a new project in Downtown Dubai has led to over 40 real estate brokerage firms scrambling to get details. And that’s not just it. A few brokers claim in their response to the post that they even have investors ready to buy the project off plan. Though the developer name is […]

Merrill Lynch & Co., the 99-year-old firm known for its “thundering herd” of brokers pitching stocks to Main Street, may cease to exist as a legal entity more than four years after being acquired by Bank of America Corp. While Bank of America will keep the Merrill Lynch brand for its retail brokerage and investment bank, the Charlotte, North Carolina-based company plans to dissolve the subsidiary as […]

(Reuters) – By canceling a military exercise with Egypt but not cutting off U.S. aid, President Barack Obama sought on Thursday to show his displeasure at the Egyptian army’s violent crackdown on protesters – without totally alienating the generals. Obama announced the move a day after at least 623 people were killed, according to Egypt’s Health Ministry, as troops and police used force against protesters seeking the […]

Gold traders are the most bullish in five months on signs that demand for coins and jewelry increased during a plunge in prices that prompted billionaire investor John Paulson to cut his holding for the first time since 2011. Thirteen analysts surveyed by Bloomberg expect prices to rise next week, four were bearish and five neutral, the highest proportion of bulls since March 8. Consumer buying of […]

(Reuters) – Qatar’s central bank has sent a draft circular on new Basel III capital rules to conventional and Islamic banks that includes requirements for issuance of instruments such as hybrid bonds, it said on Thursday. “This is a consultative circular. The final version is slated to be completed once a QIS (quantitative impact study) is undertaken for national banks,” the central bank said in a written […]

(Reuters) – The Dubai-based investment firm that bought English soccer club Leeds United in December after lengthy negotiations sold more than half of its 100 percent holding less than six months later, financial statements show. GFH Capital, a subsidiary of Bahraini Gulf Finance House, offloaded a 10 percent stake to Bahrain-based International Investment Bank earlier this year and its second quarter financial statement showed it had now […]

By Dinesh Nair (Reuters) – A unit of Libya’s sovereign wealth fund is in talks to buy a 35-percent stake in state-owned Tunisie Telecom from a conglomerate owned by Dubai’s ruler, three sources aware of the matter said. Dubai Holding’s arm, Emirates International Telecommunications LLC (EIT), is trying to reduce debt and is set to take a huge hit on the stake it bought for $2.25 billion […]

By David Kirkpatrick CAIRO — Gathering Thursday morning around a mosque used as a morgue for hundreds killed the day before, many Islamists waited confidently for a surge of sympathetic support from the broader public. But it failed to materialize. With their leaders jailed or silent, Islamists reeled in shock at the worst mass killing in Egypt’s modern history. By Thursday night, health officials had counted 638 […]

The domestic banking system in Saudi Arabia relative to many of the global peers, developed or developing, had maintained its inherent strengths that emanate from greater reliance on core banking activities, lower non-performing loans (NPLs) ratio, little recourse to wholesale funding and ample liquidity. During the last two years, Saudi banks have returned to a higher growth trajectory after a lackluster performance in 2009 that saw total […]

The commodities sector looks set for a relatively benign near-term future according to Saxo Bank, the multi-asset trading and investment specialist. Gold and silver should see a mild recovery over the next quarter and oil looks set to remain at current levels, struggling to push past previous highs. Any expectation that WTI crude will re-establish its historical premium over Brent looks improbable. Saxo Bank believes that changing […]

Small businesses are more prone to be attacked by cyber attacks, according to a  study. Many small businesses b server from inside their own networks, without much awareness about how to secure them properly. Their primary concerned is the daily running of their business, which makes insecure servers a prime target for cyber attacks. A recent case is a good example of how these attacks work. On […]

Global investors have become significantly more confident in the outlook for growth, according to the BofA Merrill Lynch Fund Manager Survey for August. A net 72 percent of respondents now expect the world’s economy to pick up over the next 12 months – the survey’s strongest reading on this measure in nearly four years and a striking rise from July’s net 52 percent. Investors remain concerned over […]

(Reuters) – Saudi Telecom’s (STC) Indonesian unit has picked Moelis & Co to advise it on negotiations with lenders as the operator steps up efforts to restructure a $1.2 billion Islamic loan, two sources familiar with the matter said. STC backed the loan for Axis Telekom, its Indonesian arm, in 2011. But Axis’s poor performance has put the company in breach of some of the terms, four […]

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