Home The Buzz Morning briefing: 21 May 2013

Morning briefing: 21 May 2013

by Executive Staff

Economics and Policy

Bank Audi has sounded the alarm over a substantial rise in Lebanon’s public debt and budget deficit at the beginning of the year, warning against policies that could further weaken the country's financial stability.

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Elsewhere in Lebanon, the state energy company has promised that increased power rationing will end "very soon."

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Syria’s pharmaceutical industry once catered to 90 percent of the population’s needs, but a shortage of foreign currency has brought production to a near halt, a pro-regime daily reported Monday.

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Kuwait's bourse extended sharp year-to-date gains in heavy trading Monday, while profit-taking weighed on bourses in the UAE and other markets were mixed.

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Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the previous year as activity picked up across all sectors, its statistics office said on Sunday.
 
 
 
Companies and Business

Saudi Aramco has invited bids for the construction of a 2,400 megawatt (MW) power plant in Jizan, near a 400,000 barrel-per-day oil refinery which it is currently building.

More from Reuters

 

Abu Dhabi private equity firm Gulf Capital is close to signing a $359.38 million Islamic loan for its company Gulf Marine Services, some of which will be paid out to investors as dividends.

More from Reuters

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