Part 2 of a reprint of Oliver Clarke's life story captured in the Desmond Allen Interviews and published in the Sunday Observer in 2005. Allen, the founding editor of the Jamaica Observer and award-winning journalist, was at The Gleaner when Clarke arrived in…
According to NCB officials, the raid was conducted in Patan on April 26 at Sai Kutir Bungalows security office area. Patan police said the accused has been identified as Amit Patel and the total value of seized drugs has been estimated at Rs 3 lakh.
Go for an insurance cover without sub-limits or co-pay. If you are in your 40s and are buying a floater policy for the family, go for a plan with the ‘sum insured restore’ feature
(Bloomberg) -- Saudi Arabian stocks dropped the most in almost eight weeks after the kingdom’s finance minister said “painful” measures -- including deep spending cuts -- were needed to respond to the coronavirus crisis and crash in oil prices.The Tadawul All Share Index closed down 7.4%, the most since March 9. Oil giant Saudi Aramco retreated 5.2% to 30 riyals per share, while major lenders including Al Rajhi Bank, National Commercial Bank and Saudi British Bank plunged at least 6.7%.The world’s biggest oil exporter hasn’t witnessed “a crisis of this severity” in decades, Mohammed Al-Jadaan said in an interview with Saudi television station Al-Arabiya on Saturday, adding that government spending will have to be cut “very deeply.” His comments were a sharp change in tone from more reassuring remarks he gave about the economy one week before.Al-Jadaan “is the voice of the Saudi government and leadership,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. Investors “took it as a warning of much higher spending cuts to come than the original 20%-30% expected earlier in the crisis.”On Friday, the government’s outlook was cut to negative from stable by Moody’s Investors Service, citing “increased downside risks to Saudi Arabia’s fiscal strength.” The rating was kept at A1, the fifth-highest, and one level above that of Fitch Ratings.The collapse in crude prices and the government’s drawdown of foreign reserves is putting more pressure on the Saudi riyal. Still, prices for 12-month dollar-riyal forward contracts are well short of their all-time high reached in 2016.A currency devaluation would be too costly for Saudi Arabia and the better option is to adapt to the oil shock through fiscal changes, according to Goldman Sachs Group Inc.Read more: Goldman Says Saudi Fiscal Adjustment Preferable to a DevaluationRead more comments on Saudi Arabia and Middle Eastern markets:Yasin, from Al Dhabi Capital in Abu DhabiSaudi Arabia’s Al-Jadaan “was a voice that brought back people to the reality that post-corona and the lower oil prices are here to stay for a while.”“Investors also read that this is a signal that other Gulf governments will have to take a similar stance and therefore we saw negative reflection spreads to U.A.E. markets.”“The question to many is: will the other economic activities recover substantially to help offset some of the drop in oil revenues in 2020, or will it stay muted in H2/2020 and therefore keep the pressure on spending this year and next at least?”Jameel Ahmad, a markets analyst at FXTMThe Saudi minister issues a “reality check,” which is providing “a hangover risk for Middle East/Gulf stocks into the new trading week.”While the comments “were a blunt and honest assessment on the crisis that everyone, everywhere is facing, investors can digest this as an indication that some Middle East, Gulf authorities will not entertain providing the same patterns of fiscal support that the U.S. or even Japan has provided as an example.”The warning by Saudi Arabia that there could be reduced scope for support “highlights a possibility that the region’s markets might start to lag behind developed peers.”Hasnain Malik, the head of equity strategy at Tellimer in Dubai“The change in tone from the Finance Minister is stark”“While his comments do not highlight any new risks in Saudi, they are a reminder to some of those in the equity market who mistake a turn in oil prices, from a very low level, with a fix for all of the kingdom’s challenges.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MUMBAI, INDIA / ACCESSWIRE / May 22, 2020 / The car insurance policy works basis on "use it or lose it" system. One buys car insurance and pays a yearly premium towards the plan. Here are the key things that are important to know before buying an online car…
Submit your documents digitally — through chatbots, apps or WhatsApp/SMS; we tell you how
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
[Nyasa Times] Malawi Electoral Commission (MEC) is inviting sealed bids from eligible bidders for supply and delivery of COVID-19 personal protective materials ahead of the July 2 fresh presidential election.
How to buy motor insurance using the Flipkart appThe Insurance industry of India has witnessed significant growth in the past few decades. With the introduction of new products and plans, it has not only helped consumers by providing financial protection but …
A new car buyer has a plethora of options available in terms of insurance; choosing the apt one is quite a task
THE Ministry of Labour and Social Security is advising National Insurance Scheme (NIS) pensioners that all pension vouchers with payable dates in May 2020 may be cashed as of Monday, May 4, 2020, at post offices.National Commercial Bank (NCB) will only cash p…
A new class of layered cathodes, Li[NixCoyB1−x−y]O2 (NCB), is proposed. NCB cathodes have a highly oriented microstructure in which the primary particle widths can be controlled by varying the boron fraction in the composition. The unique microstructural conf…
National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products and services to cooperatives, their members and socially responsible organizations nationwide is pleased to welcome three new members to its board of…
Saudi Arabian stocks rose sharply on Sunday buoyed by jump in oil prices and positive corporate earnings, while Dubai was up on news about potential financial support from Abu Dhabi. U.S. crude prices jumped 7% on Friday and Brent crude settled 4.4% up at…
Chief executive officer and managing director of NCB Insurance Company Limited Vernon James was elected president of the Insurance Association of Jamaica (IAJ) at their annual general meeting recently and immediately expressed excitement at the opportunities …
A new class of layered cathodes, Li[NixCoyB1−x−y]O2 (NCB), is proposed. NCB cathodes have a highly oriented microstructure in which the primary particle widths can be controlled by varying the boron fraction in the composition. The unique microstructural conf…
Egypt's stock market fell on Thursday in response to the country's slower growth rate and poor quarterly profit reported by investment bank EFG Hermes
Amidst lockdown conditions, special team manages to nab them near Vizag
Coronavirus Health Insurance Policy and Plans: Several life insurers, general insurers and specialised health insurers have reported of being flooded with customer queries with anxious customers trying to know the extent of coverage being offered by their ins…
KOF earnings call for the period ending March 31, 2020.