Saturday, 20 August 2011
Saudi cbank sees moderate price pressures in Q3 || Reuters
Saudi Arabia's central bank expects inflationary pressures in the biggest Arab economy to continue at a moderate pace in the third-quarter of this year, it said on Saturday.
Consumer prices in the world's top oil exporter are expected to climb further this year due to surging global food prices and following a government announcement earlier this year that it plans to spend more than $130 billion on social projects.
"Data shows... the possibility of continuation of inflation pressures within moderate levels during the third-quarter of 2011," SAMA said on its website.
Consumer prices in the world's top oil exporter are expected to climb further this year due to surging global food prices and following a government announcement earlier this year that it plans to spend more than $130 billion on social projects.
"Data shows... the possibility of continuation of inflation pressures within moderate levels during the third-quarter of 2011," SAMA said on its website.
Saudi Stocks Fall Most in Two Weeks on Global Recovery Concern
Saudi Arabian shares fell the most in two weeks after reports signaled the global economic recovery is faltering, damping investors' appetite for riskier assets and as oil declined.
Saudi Basic Industries Corp., or Sabic, the world's biggest petrochemicals maker, and Al Rajhi Bank, the kingdom's largest publicly traded lender, sank more than 2 percent. The 147- company Tadawul All Share Index lost 2.6 percent, the sharpest decline since Aug. 6, to 5,931.29, at the 3:30 p.m. close in Riyadh, extending this month's slump to 7.2 percent. All 15 industry groups retreated.
The Standard & Poor's 500 Index of U.S. stocks tumbled 5.9 percent and the Stoxx Europe 600 Index lost 6.3 percent over the previous two days, the Saudi weekend. Reports showed jobless claims rose in the world's largest economy and Philadelphia-area manufacturing shrank by the most since 2009, while investors speculated that European banks lack sufficient capital.
Saudi Basic Industries Corp., or Sabic, the world's biggest petrochemicals maker, and Al Rajhi Bank, the kingdom's largest publicly traded lender, sank more than 2 percent. The 147- company Tadawul All Share Index lost 2.6 percent, the sharpest decline since Aug. 6, to 5,931.29, at the 3:30 p.m. close in Riyadh, extending this month's slump to 7.2 percent. All 15 industry groups retreated.
The Standard & Poor's 500 Index of U.S. stocks tumbled 5.9 percent and the Stoxx Europe 600 Index lost 6.3 percent over the previous two days, the Saudi weekend. Reports showed jobless claims rose in the world's largest economy and Philadelphia-area manufacturing shrank by the most since 2009, while investors speculated that European banks lack sufficient capital.
GCC corporate earnings dip 7% to $12.8bn in Q2 - Arab News
GCC corporate earnings reached $12.8 billion, a decrease of seven percent in the second quarter of 2011 as compared to the same period last year, according to a report by Kuwait Financial Centre (Markaz).
The total earnings reached $12.8 billion were less than the profits posted during the previous quarter (Q1, 2011) by 7 percent. In H1,2011, the GCC corporate earnings had grown to $26.5 billion, an upswing of 5 percent compared to $25.3 billion H1, 2010.
Citing the possible reasons behind the decline, Markaz report suggested that the corporate earnings declined due to weak performance by the telecom sector in the region. However, it added, banks and commodity companies continued to perform strongly. "The region's continued dominance as a petrochemical hub, global recovery, and spikes in commodity prices supported the performance of companies across the region," the report said.
The total earnings reached $12.8 billion were less than the profits posted during the previous quarter (Q1, 2011) by 7 percent. In H1,2011, the GCC corporate earnings had grown to $26.5 billion, an upswing of 5 percent compared to $25.3 billion H1, 2010.
Citing the possible reasons behind the decline, Markaz report suggested that the corporate earnings declined due to weak performance by the telecom sector in the region. However, it added, banks and commodity companies continued to perform strongly. "The region's continued dominance as a petrochemical hub, global recovery, and spikes in commodity prices supported the performance of companies across the region," the report said.
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