RABAT: Africa’s economy will grow by less than previously expected in 2008 as the global financial crisis hits demand for commodities and Africans working abroad send less money back home, the head of the African Development Bank (AfDB) said yesterday. As it prepares to host a meeting this week of African finance ministers and central bank heads to discuss the crisis, the AfDB’s President Donald Kaberuka said the bank had lowered its forecast for Africa’s economic performance.
Saudi regulator fines Dar Al-Arkan
RIYADH: The Saudi bourse regulator said yesterday it has imposed a SR100,000 ($26,667) fine on Dar Al-Arkan , the Kingdom’s largest developer by market value, for violating disclosure regulations. Dar Al-Arkan was fined because information on second-quarter earnings leaked to parties “that are not bound to keep information secret” before it informed the Capital Market Authority on July 20, the CMA said in a statement. The company’s stock rose 1.1 percent on July 19 and by 4.7 percent on July 20 which coincided with the announcement of a 45 percent rise in second-quarter earnings.
