DAMMAM, 10 March 2007 — Saudi United Cooperative Insurance Co. (Wala’a Insurance) announced yesterday that three banks — Banque Saudi Fransi, manager of the company’s initial public offering (IPO), Riyad Bank and Al-Rajhi Bank -- will accept applications for subscribing its shares during the 10-day IPO. Wala’a Insurance offers eight million shares in the IPO that begins on March 17.
German Retirement Age Raised to 67 Years
Agence France Presse
BERLIN — The German Parliament voted yesterday to raise the retirement age by two years from 65 to 67 in a bid to deal with Germany’s gathering demographic crisis. The draft law was passed with the support of 408 lawmakers in the Bundestag lower house of parliament, with 169 voting against. The retirement age will be phased in progressively between 2012 and 2029.
