MIDEAST MONEY-Saudi earnings face slow recovery from two-year slump | Reuters:
"Saudi Arabian corporate earnings may finally have bottomed out after two years of falls due to low oil prices and the government austerity which followed, with the petrochemicals sector leading signs of recovery. But a sharp rebound is unlikely for companies in the Middle East's biggest economy as further austerity looms and they are competing for customers who are no longer flush with cash. Analysts say stronger oil prices recently and government borrowing have encouraged Riyadh to loosen its purse strings by enough to turn corporate profit growth positive after earnings shrank by 4.1 percent year-on-year in the fourth quarter."
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