business / Finance
Qantas to cut costs by $1.5bnDESPITE an 88 per cent profit plunge, Qantas shares jump almost 5% after announcing it would cut costs by $1.5 billion over the next three years.
The Australian Wednesday, August 19, 2009Bahrain Central Bank Sukuk oversubscribedThe Central Bank of Bahrain has announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 300%. Subscriptions worth BD15m were received for the BD5m issue, which carries a maturity of 182 days, CBB has said. The expected return on the issue, which begins on 20 August 2009 and matures on 18 February 2010, is 1.05%. [AMEInfo.com]
AME Wednesday, August 19, 2009DED inks Mashreq dealThe Dubai Department of Economic Development (DED) has signed an agreement with Mashreq Bank to facilitate the electronic payment of trade licence fees. As per the agreement, Mashreq Bank will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week, in addition to electronic systems services to facilitate the review of banking settlement. [AMEInfo.com]
AME Wednesday, August 19, 2009Kuwait bourse closes 0.11% lowerThe Kuwait Stock Exchange (KSE) Price Index lost insignificantly, closing at 7,891.2 points as oil prices stopped advancing over the level of $70 per barrel (as yet). Kuwait is heavily dependent on the 'black gold' as 95% of its national budget is based on oil revenues. Soor Fuel Marketing rebounded after last week's slump and posted the second largest gain (up 7.4%), closing at KD0.290. According to Kuwait's Global Investment House the correlation between the perfomance of GCC stock markets and the price of oil is higher than between the GCC exchanges and the performance of US security markets. [AMEInfo.com]
AME Wednesday, August 19, 2009Banks lift Bahrain bourseThe Bahrain All Share index added 0.39%, closing at 1,507.74 points. Islamic investment bank Gulf Finance House, which belongs to the conglomerate of the influential Bahraini family Al-Janahi, posted the biggest gain, ending at $0.665. Ahli United Bank followed with a plus of 0.93%, finishing at BD0.54. National Bank of Bahrain joined the upswing by closing 0.87% higher at BD0.58. [AMEInfo.com]
AME Wednesday, August 19, 2009Stable Value Funds Could Carry Considerable RiskIn today?s unpredictable market environment, even the ?safest? investments such as stable value funds carry considerable risks for plan sponsors and participants.
Watson Wyatt Wednesday, August 19, 2009Companies Should Rethink Risk-Taking Strategies in Executive PayMany elements of corporate executive pay programs believed to cause excessive risk taking actually encourage executives to reduce risk, according to experts at Watson Wyatt, a leading global consulting firm.
Watson Wyatt Wednesday, August 19, 2009More Employers Planning to Reverse Pay CutsWith the prospect of improved business results increasing, the number of employers planning to reverse salary cuts and freezes jumped sharply.
Watson Wyatt Wednesday, August 19, 2009Saudi insurers plummet 7.63%The Saudi Tadawul market could not sustain its recovery mode from yesterday and lost 2.37%, closing at 5,623.06 points. The Tadawul insurance sector index (off 7.63%) weighed on the market in particular as it has been constantly outperforming the main index since the start of 2009 and investors cash in profits ahead of the Holy month of Ramadan. SABB Takaful and AXA Insurance were both down by 9.8%, closing at SR54.75 and Sr26.60, respectively. Banque Saudi Fransi (up 1.54% at SR39.60) and Saudi Hollandi Bank (0.30% higher at SR33.60) bucked the negative momentum. The Tasi Index declined by 3.68% during the last six trading sessions. [AMEInfo.com]
AME Wednesday, August 19, 2009Australian Tax - Knowing Whether You Have a Small Business Gives Tax SavingsUnder the Australian tax law, there are some nice tax savings if you can call yourself a small business. People generally know the $2 million test, but it's more complex than just that. A recent Australian Taxation Office ruling gives an example.
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