U.S. stocks retreated this week, with the Standard & Poor’s 500 Index having its biggest decline since December, amid weaker-than-estimated housing data and reports showing manufacturing contracted in Europe and China.
Stocks rose on March 23 as a jump in oil prices lifted energy shares. The rally failed to help the industry avoid posting the worst performance for the week among the S&P 500’s 10 groups, falling 3 percent as Baker Hughes Inc. (BHI) slumped 11 percent. The Dow Jones Transportation Average lost 2.5 percent, the most since Nov. 25, as FedEx Corp. tumbled amid a disappointing earnings forecast. Apple Inc. (AAPL) advanced 1.8 percent after announcing its first dividend in 17 years.
Qatar calls for creating Common Islamic Market
Speaking on behalf of all Arab countries, Qatar’s Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of the 30th COMCEC meeting i
SAMA’s net foreign assets reach SR2.753 trillion
Saudi Arabia’s bank lending growth to the private sector accelerated to 15.7 percent year-on-year in October, the fastest rate since May 2013, from 13.2 percent in the previous month, data from Saudi
Zain Saudi proposes capital reduction
Zain Saudi has proposed a capital reduction to shareholders to eliminate all accumulated losses up to Sept. 30, the company said in a statement on the Kingdom’s bourse.