DUBAI: More than 40 percent of firms in the Gulf region plan to hire new staff this year and 60 percent next year, indicating improving sentiment during the global economic downturn, a survey showed yesterday. “Our survey tells us that there is a quiet and determined confidence here in the GCC right now, about the rest of the year and into next year and beyond,” said Bassam Gazal, survey project leader at Dubai-headquartered consulting firm Mercer.
Jarir expects higher Q2 profit
RIYADH: Saudi-based bookstore and office supplies retailer Jarir Marketing Co. said yesterday it expects its profit to rise in the second quarter from the same period in 2008 despite an expected drop in its sales. Jarir made a net profit of SR67.1 million in ($17.89 million) the three months to June 30 2008, on sales of SR617.4 million.
Bank Muscat faces provisions
MANAMA: Oman’s Bank Muscat is likely to book provisions during the second quarter on its exposure to troubled Saudi groups Saad and Al-Gosaibi, an analyst said yesterday. A spokesman for Bank Muscat declined to comment. “The Bahrain subsidiary (Bank Muscat International) had exposures to Saad Group and Al-Gosaibi,” Sunil Dhall, vice-president of Gulf Baader Capital Markets, said in a note issued yesterday.
BP says global
oil use declines
LONDON: Global oil consumption fell by 420,000 barrels per day (bpd) in 2008, the biggest decline since 1982, BP said yesterday in the latest edition of its annual Statistical Review of World Energy. Fuel use continued to increase in emerging economies, notably China, which consumed an extra 260,000 bpd, but the developed world used much less. OECD consumption dropped by 1.5 million bpd, led by a 1.3 million bpd fall in the United States, the world’s biggest fuel burner.
Basel committee seeks members
ZURICH: The Basel Committee on Banking Supervision decided to broaden its membership and to invite as new members representatives from the G-20 countries that are not currently in the committee, it said yesterday. Argentina, Indonesia, Saudi Arabia, South Africa and Turkey are invited to join, it said. In addition, Hong Kong and Singapore have also been invited to become members.
IMF to lend Belarus $1 billion
WASHINGTON: The International Monetary Fund said yesterday it will lend an additional $1 billion to cash-strapped Belarus, bringing the total provided by the Washington-based institution to $3.4 billion. “This increase is justified because Belarus’ financing needs arising from the global financial crisis have increased, and because the government and the central bank are making strong efforts to solve their problems,” the IMF said.
