Sfakianakis to join BSF
RIYADH: The chief economist of SABB bank, HSBC's Saudi affiliate, has quit and will join Calyon's Saudi affiliate Banque Saudi Fransi (BSF), two banking sources said yesterday. John Sfakianakis has been with SABB for about three years in charge of macroeconomic analysis of Saudi Arabia. The new role with Fransi involves the coverage of Saudi Arabia and the Middle East, the sources said. A SABB spokesman declined to comment. Before joining SABB, Sfakianakis worked for Samba Financial Group and the World Bank.
Oman inflation falls to 3.9%
DUBAI: Annual inflation in Oman fell for a sixth straight month to 3.9 percent in May, the lowest rate in 31 months, the Ministry of National Economy said yesterday. Inflation fell from 4.9 percent in April. The ministry did not give a breakdown of the figure. Inflationary pressures have dropped off quickly across the oil-exporting region as oil prices fell from peaks of $147 a barrel last July and the dollar strengthened, easing import costs for states like Oman that peg their currencies to the US currency.
WB to give Tanzania $100m
DAR ES SALAAM: The World Bank will give Tanzania $100 million to help improve telecoms infrastructure in government offices, increase access in rural areas and boost registration systems, bank officials said yesterday. The money is part of a total $151 million approved for Malawi, Tanzania and Mozambique to boost access to telecoms services in the three countries.
— Compiled from agencies
