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Goldman Says #Saudi Peg ‘Here to Stay,’ Though at Cost to Economy - Bloomberg

Goldman Says Saudi Peg ‘Here to Stay,’ Though at Cost to Economy - Bloomberg Saudi Arabia is sacrificing non-oil economic growth with fiscal policies designed to ensure its currency peg’s stability during a period of low crude prices, according to Goldman Sachs Group Inc.“Maintaining the riyal peg at current levels remains a key policy priority for the Saudi authorities,” Farouk Soussa, a London-based analyst at Goldman, said in a report to clients. “In a low oil price environment, however, this...
Tags: Travel, London, Saudi Arabia, Goldman, Goldman Sachs Group Inc, Rupert Neil Bumfrey, Economy Bloomberg, Soussa, Farouk Soussa, Goldman Says Saudi Peg ` Here, Economy Bloomberg Saudi Arabia, U S Federal Reserve Although


#UAE News: New Stimulus Measures Planned to Bolster Virus-Hit Economy - Bloomberg

UAE News: New Stimulus Measures Planned to Bolster Virus-Hit Economy - Bloomberg:The United Arab Emirates will deliver a three-stage “flexible package” of measures to bolster the economy, including steps to support the labor market and encourage investment, state-run WAM reported on Wednesday.Economy Minister Abdullah bin Touq Al-Marri said the proposals would provide “studied” stimulus packages. The UAE’s central bank had provided more than 256 billion dirhams ($70 billion) of stimulus by March...
Tags: Travel, Saudi Arabia, Wam, Egypt, United Arab Emirates, Uae, Rupert Neil Bumfrey, IHS Markit, Economy Bloomberg, Abdullah bin Touq Al Marri


#Saudi Bank Merger Points to Trouble at Heart of the Economy - Bloomberg

Saudi Bank Merger Points to Trouble at Heart of the Economy - Bloomberg: The financial industry was supposed to be the linchpin of “Vision 2030,” Crown Prince Mohammed bin Salman’s masterplan to wean the economy off oil.   Photographer: Simon Dawson/Bloomberg When Saudi Arabia last saw a merger of two of its biggest banks, the oil price was recovering from a dramatic slump, the kingdom was in the midst of a deep recession and its debt exceeded the size of the economy.That was in 1...
Tags: Travel, Saudi Arabia, Samba, Mohammed bin Salman, Rupert Neil Bumfrey, Simon Dawson, Samba Financial Group, Economy Bloomberg, Saudi Bank Merger Points, Bloomberg When Saudi Arabia, United Saudi Bank


#Oman, Middle Eastern News: Budget Cuts and the Economy - Bloomberg

Oman, Middle Eastern News: Budget Cuts and the Economy - Bloomberg:Oman’s government is devising new policies to ensure financial stability since spending cuts taken so far to offset the impact of the coronavirus pandemic will only bring temporary relief, a Finance Ministry official said.A decline in oil revenue will raise the projected deficit by the end of the year in spite of savings of 500 million rials ($1.3 billion) from lower expenditure, Khalid Al Busaidi, a financial policy official at ...
Tags: Travel, Oman, Finance Ministry, Ona, Khalid Al Busaidi, Rupert Neil Bumfrey, Economy Bloomberg, Oman News Agency


#Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg

Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg:Dubai is in talks to raise funds to shore up its finances as the deadly coronavirus shuts down much of the economy, according to people familiar with the matter.The emirate’s Department of Finance is holding discussions with banks about a potential bond sale or loan, the people said, asking not to be identified because the information is private. Talks are at an early stage and no final decision has been made, they said...
Tags: Travel, Dubai, Department of Finance, Rupert Neil Bumfrey, Economy Bloomberg, Dubai Said


Oil Slips as Service Slowdown Adds to Warning Signs on Economy - Bloomberg

Oil Slips as Service Slowdown Adds to Warning Signs on Economy - Bloomberg:Oil prices headed lower for a second straight day as service-sector orders fed worries about the economy and traders anticipated another report of booming U.S. crude supplies.Futures in New York fell as much as 1.7 percent on Tuesday, in a volatile session that ricocheted between gains and losses. A gauge of demand for American service industries dropped to a one-year low in January, following up on Monday data that showe...
Tags: Travel, New York, Saudi Arabia, Russia, Venezuela, Rupert Neil Bumfrey, Economy Bloomberg


Qatar Minister Says Neighbors' Embargo Is Boon for Economy - Bloomberg

Qatar Minister Says Neighbors' Embargo Is Boon for Economy - Bloomberg:The 15-month embargo of Qatar by Saudi Arabia and three other Arab nations has been a “blessing” for the gas-rich nation’s economy, its economy minister said.Since the boycott began, Qatari exports have risen 19 percent, while its global trade climbed 16 percent, Sheikh Ahmed Bin Jassim Bin Mohammed Al Thani told Bloomberg in a TV interview in Berlin. Economic growth this year is forecast to be the fastest in the Gulf, at aro...
Tags: Travel, Saudi Arabia, Berlin, Qatar, Bloomberg, World Bank, Gulf, Rupert Neil Bumfrey, Economy Bloomberg, Ahmed Bin Jassim Bin Mohammed Al Thani


The Trucker's Nightmare That Could Flatten Europe's Economy - Bloomberg

Bloomberg The Trucker's Nightmare That Could Flatten Europe's Economy Bloomberg ... could lop 470 billion euros ($530 billion) of gross domestic product growth from the European economy over the next 10 years, based on a relatively conservative assumption of costs, according to research published by Germany's Bertelsmann Foundation.
Tags: Europe, Germany, Bloomberg, Economy Bloomberg