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Saudi shielded from euro zone crisis - minister
23 May 2012 at 1:20am
Saudi finance minister Ibrahim Alassaf has said the kingdom will feel only a limited impact from the euro zone debt crisis and will not cut spending, even if there is a fall in oil prices, Reuters has reported. "We are in a very comfortable fiscal position," he said, adding that he expected inflation to ease after hitting highs earlier this year. Saudi Arabia's annual inflation rate edged slightly lower to 5.3% in April from a 14-month high of 5.4% in February. The rise was mainly due to upward pressure from higher food and housing costs but inflation is far below a record high of 11.1% hit during an oil boom in July 2008. [AMEInfo.com]

Saudi to move away from sponsorship system
23 May 2012 at 1:20am
The Saudi labour ministry has said the country is to start licencing expatriate labour companies within a month, in a first move away from the sponsorship system for foreign workers, Reuters has reported. The new labour firms will replace an existing system in which companies sponsor the work visas of foreign employees. "These labour companies will have licences within a month and they will organise the process of bringing expatriates to the kingdom," said deputy labour minister Mufarrej al-Haqbani. [AMEInfo.com]
Najran Cement lures buyers amid improved sentiment
22 May 2012 at 10:21pm
The Saudi Arabian Tadawul All-Share Index rose one percent Tuesday, as oil prices climbed above $92 per barrel. Najran Cement, which was listed on May 12, was the most liquid share and posted the biggest day gain (up 4.56% at SR22.95). Najaran's Initial Public Offering (IPO) in April was oversubscribed by 306.11%. The IPO's subscription period, in which 85 million shares were floated at SR10 each, lasted from April 16 to April 28. Sabic added in line with the market index 1.06%. But market breadth showed that the new rebound is not carried by the whole market, as 95 shares advanced and 42 declined. Nama Chemicals lost the most, ending off 9.81% at SR17. [AMEInfo.com]
Batelco bucks Bahrain Bourse downtrend
22 May 2012 at 6:40am
The Bahrain All-Share Index declined 0.78% to 1,138.32, as financials weighed on the Manama-based gauge. On a year-to-date basis, the measure fell back in the red zone (off half a percentage point). Islamic financial institution Ithmaar Bank plummeted 9.38% to $0.145. Bahrain Telecommunications, known as Batelco, added 0.42% to reach BD0.48. On May 20, Batelco and Omantel signed a partnership agreement. Building on existing agreements, this partnership will allow bi-lateral Data IP Services to be sold between Bahrain and Oman, as well as providing one-stop-shop transit services to Batelco's and Omantel's carrier partners, enabling both parties to extend corporate VPN solutions between their respective markets. [AMEInfo.com]
Doha-listed shares advance across the board
22 May 2012 at 6:26am
The QE 20 Index gained 0.90% to close at 8,498.73 Tuesday. Buyers were in particular keen on adding banking shares to their portfolios. The country's largest lender by assets Qatar National Bank gained 0.75%, while Doha Bank soared by 1.60%. Barwa Real Estate closed flat at QR26.65. Earlierin the day, Barwa announced it has launched its major project "Barwa City", with an area of​2.7m square meters in Mesaimeer area in Doha. The project offers 200,000 square meters of green spaces, 128 residential buildings for tenants and investors and 6,000 residential units with the capacity to accommodate 25,000 residents. [AMEInfo.com]
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Rupee Declines to a Record Low on Concern Greece Will Leave Euro - BusinessWeek

22 May 2012 at 10:47pm 

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Rupee Declines to a Record Low on Concern Greece Will Leave Euro BusinessWeek By Jeanette Rodrigues on May 23, 2012 India's rupee dropped to a record low as investors favored the perceived safety of the dollar over emerging-market assets on concern Greece will leave Europe's currency union. Greece's former Prime Minister Lucas ... Rupee Trapped In A Vicious SpinWall Street Journal 'RBI measures not timely; Govt inaction might cause Fx market crisis'Bloomberg UTV Rupee crashes below 56 level to new low against US dollarIBNLive.com Zee News -Economic Times -Hindustan Times all 580 news articles »

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Currency exchange office opens at Rivercenter

22 May 2012 at 7:44pm  A Foreign Currency Exchange branch buying and selling more than 70 foreign currencies opened last month at Rivercenter mall downtown. The two-employee branch, the Tampa, Fla.-based company's first in Texas, operates on the street-level corridor leading to Macy's Inc. department store and is open 10 a.m. to 9 p.m. Monday through Saturday. Branches typically grow to three to five employees, said ...

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Dollar and precious metals at a glance

22 May 2012 at 1:46pm  Key currency exchange rates Tuesday, compared with late Monday in New York:

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