Expat remittances to reach SR 109 billion this year

Updated 13 July 2013
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Expat remittances to reach SR 109 billion this year

Remittances of foreign workers in the Kingdom to their home countries are predicted to climb to nearly SR 109 billion during the current year (2013), an economic expert told local media.
Remittances of expatriates exceeded SR 700 billion during the last 10 years, Fahad bin Jumaa was quoted by Al-Riyadh daily as saying.
Economic experts have expressed the need to expand e-payments instead of cash payments, penalize expatriates violating work regulations and minimize remittances made outside the banking system, the paper said.
The Ministry of Labor earlier launched the wage protection program (WPP), which has been implemented from the middle of the current year gradually and is expected to take one year to complete, the paper said.
The ministry is eager to implement the WPP and plans to coordinate with the Ministry of Finance of not awarding new contracts to those who are violating the WPP in addition to devising certain guidelines whereby the program will cover house maids during the next period, the paper said.
Saudi Arabia was ranked first among Arab countries and third globally in terms of the volume of remitted funds going to the developing countries at $ 28.4 billion, a World Bank report said.
According to Western Union, a money transfer specialist firm, the volume of remittances in the Kingdom crossed the SR 420 billion mark in four years. More than 25 percent of money remitted to the Middle Eastern and North African (MENA) countries came from the Gulf Cooperation Council (GCC) countries, the report said.


Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

Updated 17 July 2018
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Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

  • The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter
  • Nearly all of Goldman’s businesses saw double-digit growth in the second quarter

NEW YORK: Goldman Sachs’ profits jumped 44 percent in the second quarter compared with a year ago, driven by the investment bank’s core franchises: advising companies on mergers, acquisitions and other deals, and its trading business.
The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter, compared with $1.63 billion a year earlier. On a per-share basis, Goldman earned $5.98 a share, compared with $3.95 a share a year earlier, beating analysts’ forecasts of $4.65 a share.
Separately, Goldman said Chief Executive Officer Lloyd Blankfein will retire as of Oct. 1, and be replaced by David Solomon, the president and chief operating officer. Blankfein has been CEO since 2006.
Nearly all of Goldman’s businesses saw double-digit growth in the second quarter. Trading was particularly strong. Goldman’s institutional client services division, which contains the firm’s trading operations, posted net revenues of $3.57 billion in the quarter, up 17 percent from a year earlier.
Goldman’s trading performance can be fickle, driven by whether the market was volatile that quarter and whether the right sort of securities saw the right sort of movement. Like its competitor Morgan Stanley, which will report results Wednesday, Goldman has been looking to diversify its businesses, moving in recent years into consumer lending and consumer banking.
Goldman’s investment banking business also had a solid quarter, posting net revenues of $2.05 billion, which is up 18 percent from a year earlier. The firm saw both higher underwriting revenue, as well as revenue for advisory services.
The firm’s return on equity ratio, a closely watched performance gauge for banks like Goldman Sachs which measures how much money the bank earned with the money investors have lent it, was 12.8 percent in the quarter. Banks like Goldman try to keep that figure above 10 percent.
Company-wide net revenues were $9.4 billion in the quarter, also beating analysts’ expectations.
Goldman shares fell 0.8 percent to $229.25 in premarket trading.