Blogs

Goldman Sachs Said to Shut Principal Strategies Unit

Sep 3, 2010
Goldman Sachs Group Inc. is shutting its principal-strategies business, a group that makes bets with the firm’s own capital, to comply with new U.S. rules aimed at curbing risk, two people with knowledge of the decision said.

Recession Concerns Ease on August Jobs Data

Sep 3, 2010
Companies in the U.S. added more jobs than forecast in August, easing concern the world’s largest economy is sliding back into a recession.

KHI sells 43.7% holdings in Four Seasons Hotel Cairo

Sep 1, 2010 :Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has completed the sale of its 43.7 percent minority interest in the Four Seasons Hotel Cairo at Nile Plaza, Egypt to Arab Company for Hotel and Tourism Investments (a subsidiary of the Egyptian based Talat Moustafa Group Holding Company), the majority shareholder of the referenced hotel, for cash proceeds of $145 million.

Economic data dampen fears of new recession

Thu Sep 2, 2010
Pending sales of previously owned U.S. homes rebounded unexpectedly in July and new claims for jobless benefits fell last week, helping dampen fears the economy could face a double dip recession.

Damas compensates Saudi firm with 20 million shares

Sep 1, 2010
DUBAI: Saudi private equity firm Amwal Al-Khaleej has received 20 million shares of Damas International as part of a settlement deal with the company’s founder Abdullah Brothers and Damas Investments, revealed the Dubai-based jewelry retailer.

The shares, which were transferred on Aug. 19, were priced at 16 cents a share and a value of $3.2 million, the company said in a statement to Nasdaq Dubai on Wednesday.

Economy Avoids Recession Relapse as Data Can't Get Much Worse

Sep 2, 2010
The U.S. economy is so bad that the chance of avoiding a double dip back into recession may actually be pretty good.

Lehman, Wachovia CEOs coming before panel

Sep 1, 2010
WASHINGTON: An inquiry panel is hearing from former CEOs of two big banks that succumbed to the financial crisis, Lehman Brothers and Wachovia Corp., as it delves into the “too big too fail” predicament and potential systemwide risk from financial institutions.

Mobily wins SR50m CITC project

Sep,1, 2010
RIYADH: Etihad Etisalat (Mobily) has won a contract to execute an exploratory project for the Communications and Information Technology Commission’s (CITC) Comprehensive Service Fund.

Mobily was reportedly the only contender to have passed all evaluation criteria to win the contract.

The contract was signed in Riyadh on Sunday by Abdulrahman Al-Jaafari, governor of CITC and chief executive of the fund, and Mobily CEO Khalid Al-Kaf.

Six Saudi safest banks in Mideast

Sep 9, 2010
National Bank of Kuwait topped the list, followed by National Bank of Abu Dhabi, of the world's safest banks 2010 in the Middle East by Global Finance magazine.