The Eurozone economy contracted as initially estimated in the fourth quarter, with the economic setback reflecting widespread weakness in spending, investment and foreign demand amid fiscal squeeze and debt woes.
Gross domestic product suffered a 0.3 percent reduction in the fourth quarter from a quarter ago, second estimates from Eurostat confirmed Tuesday. The first contraction since the second quarter of 2009, limited the annual growth to 0.7 percent.
In the third quarter, GDP grew 0.1 percent sequentially and advanced 1.3 percent from a year ago.
That said, European Economic Affairs Commissioner Olli Rehn said he sees signs of stabilization in the region.
Samba proposes $2.13bn bonus share issue
Saudi Arabia's Samba Financial Group said on Tuesday its board had proposed increasing the bank's capital by SR8 billion ($2.13 billion) through issuing bonus shares to help support future growth.
Dubai house prices may plunge 10pc in 2015
Dubai house prices is likely to fall by up to 10 per cent in 2015 after rising almost 60 per cent during the last two years, according to property consultants Jones Lang Lasalle (JLL).
Etisalat completes sale of operations to Maroc Telecom
The Etisalat Group today announced that it has completed the sale of its French-speaking West African Operations to Maroc Telecom. The announcement comes as part of the acquisition of a 53-percent sh
NBQ reports Dh383.74 million net profit
National Bank of Um Al Qaiwain (NBQ) on Tuesday reported a net profit of Dh383.74 million, up 4 per cent compared to Dh368 million on 2013.
The bank’s operating income for 2014 was up 25 per