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Middle East & Africa


Saudi firms tighten controls in wake of Mobily scandal RIYADH/DUBAI: When Saudi Cable Co said last month it was delaying the release of its 2014 earnings statement, because it was still compiling information required by an external auditor, it was a sign of growing regulatory pressure on companies in the kingdom.Regulators are signalling they want corporate managements to tighten governance and strengthen internal controls as the $500 billion Saudi stock market prepares to open up to direct foreign investment in the next few months.The process has become more urgent since an accounting scandal erupted at telecommunications firm Mobily, which in February revised its 2014 earnings to a loss of $243 million from the $58.6 million profit previously claimed.The Mobily affair, and the probe into it launched by the Capital Market Authority (CMA), have prompted many company managements, board members and even major shareholders to become more conscious of risk, executives and analysts say."What happened has set the alarm bills ...

South African financial markets closed on April 3, April 6 JOHANNESBURG: South African financial markets are closed for Easter on Friday, April 3 and Monday, April 6. Trading in Johannesburg will resume on Tuesday, April 7.Copyright Reuters, 2015 ...
Saudi stock falls after border guards attacked from Yemen DUBAI: Saudi Arabia's stock index gave up early gains and fell on Thursday after the state-run Saudi Press Agency said one border guard had been killed and ten injured in an attack from Yemen.The incident, in which border guards came under fire from a mountainous area in Yemen, was the first of its kind on Saudi Arabia's soil since the kingdom assembled a military coalition last month to fight Yemen's Houthi rebels.The main Saudi index, ...
Nigerian markets extend rally after Buhari's election victory LAGOS: Nigerian stocks leapt to an 18-week high on Thursday while the 5-year bond yield fell as investors snapped up assets in Africa's biggest economy after a peaceful presidential vote won by the opposition leader.Muhammadu Buhari's election victory marks the first time in Africa's most populous nation where a sitting government has been removed from power through the ballot box.Analysts said investors were hopeful that the scandals that undermined incumbent Goodluck Jonathan's popularity, including billions ...
Volatile oil leaves Gulf mixed; Egyptians rush to buy Edita DUBAI: Most Gulf markets rose alongside oil on Thursday but fresh weakness in the commodity late in the day dampened sentiment in Saudi Arabia. Egyptian investors dumped most stocks in order to buy newly listed food maker Edita .Brent oil rallied late on Wednesday and held near $57 per barrel early on Thursday, but then dropped 3 percent as investors appeared to be taking the view that nuclear talks with Iran would be successful, allowing ...
Nigeria's main share index rises to 18-week high after presidential polls LAGOS: Nigeria's main stock index surged almost 3 percent to an 18-week high on Thursday, with investors snapping up shares after a peaceful presidential election in Africa's biggest economy won by opposition leader Muhammadu Buhari.The index which has risen for 10 straight sessions, has erased all its losses so far this year, as relief that the elections avoided the violence of previous polls.Copyright Reuters, 2015 ...
Dubai stock jumps after crossing chart barrier DUBAI: `Dubai's stock index jumped in its heaviest trading this year on Thursday after rising above a minor technical barrier, supported by a rally in oil prices.The benchmark climbed 2.4 percent to 3,615 points, rising above technical resistance at its late March high of 3,538 points. The break triggered a minor bullish right triangle pointing up to the 3,800-point area.Emaar Properties, Dubai's largest listed property developer, surged 6.3 percent and the second-biggest stock in the ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln