Economy



Bruised and grumbling, foreign banks bend to US rules

LONDON: Financiers may grumble that the US is acting like an imperial power in punishing foreign banks for dealings far beyond US territory, but in the end they are more likely to bow to Washington th




Libya investment fund names new chief

TRIPOLI: The Libyan Investment Authority (LIA), the sovereign wealth fund of the North African oil producer, has appointed a new chief after his predecessor stepped down over a controversial political






US deficit to dip below $60 billion

WASHINGTON: The US White House said the federal budget deficit will fall to $583 billion this year, the smallest deficit of President Barack Obama’s tenure and the first to dip below $600 billion sinc



MENA needs subsidy reform for sustainable development

Global spending on energy subsidies totaled $492 billion in 2011.




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