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Friday, 13 February 2015

The HSBC scandal and the Middle East: what we know so far - tks @brian_whit

The HSBC scandal and the Middle East: what we know so far:



"Switzerland, because of its secretive banking system, has long been a haven for dictators and criminals to stash their ill-gotten gains, as well as a place where the wealthy have accounts in order to avoid – or evade – paying tax in their home countries.



Over the last few days leaked files relating to some 100,000 HSBC clients and accounts in Switzerland have been causing a huge stir in Europe, mainly because of tax-dodging by some prominent figures and HSBC's apparent connivance in it. 




The leaks also revealed billions of dollars deposited with HSBC in Switzerland by clients from the Middle East, and so far these have not received much media attention. This blog post is an attempt to compile what is known so far about the thousands of accounts which have a Middle East connection."



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MIDEAST STOCKS-Second-tier stocks boost Saudi, other markets narrowly mixed | Reuters

MIDEAST STOCKS-Second-tier stocks boost Saudi, other markets narrowly mixed | Reuters:



"Second-tier stocks boosted Saudi Arabia's bourse on Thursday as oil prices rebounded from an overnight tumble, but other Gulf markets were narrowly mixed. Egypt's stock index fell but ended well off its lows.



Brent oil slid about 3 percent to below $54 a barrel on Wednesday but by the time the Saudi market closed on Thursday it had rebounded to above $56, heartening investors who have been taking the oil price as their main cue in recent months. 




The Saudi stock index ended 1.4 percent higher in moderate turnover. Construction firm Jabal Omar jumped 9.7 percent after swinging to a quarterly profit of 149.3 million riyals ($39.8 million) from a loss of 2.5 million riyals a year earlier."



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Emirates executives rebuff US airlines’ claims of $40 billion in subsidies to Gulf carriers | The National

Emirates executives rebuff US airlines’ claims of $40 billion in subsidies to Gulf carriers | The National:



"Emirates Airline’s top two executives have hit back at claims by US carriers that they receive state subsidies.



Sheikh Ahmed bin Saeed, the chairman of Emirates, and Tim Clark, the airline’s president, both described the US allegations as far off-base.



Their rebuttals came after the chief executives of America’s three biggest airlines – Delta, United and American Airlines – called on the US government to review the country’s air treaties with Gulf carriers. The three CEOs claimed that the foreign airlines have an “unfair advantage” of receiving government support."



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