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Oil prices volatile after Saudi Arabia cuts ties with Iran
January 5th, 2016
Oil prices went on a roller-coaster ride Monday after Saudi Arabia and some of its allies severed diplomatic ties with Iran. The rising tension in the Middle East sent crude prices spiking by nearly 3% in early trade before ...
Saudi Arabia: Could This Spark a Stock Market Crash in 2016?
January 4th, 2016
Saudi Arabia’s Budget Woes Could Trigger Economic Collapse in 2016 The collapse of oil prices to below $37.00 per barrel, compared to $56.00 last January, has sunk Saudi Arabia’s accounts and hurt its budget expectations. According to the 2015 ...
Oil surges on Saudi Arabia, Iran tensions
January 4th, 2016
Oil prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations. Saudi Arabia, ...
Saudi Arabia reveals cuts plan to shrink $98bn budget deficit
December 29th, 2015
Sparked by plunging oil prices, the 2016 budget marks biggest shakeup in years and includes politically sensitive reforms Saudi Arabia has announced plans to cut government spending and reform its finances after plunging oil prices resulted in a record annual ...
Saudi Arabia Set to Announce 2016 Budget Amid Oil Plunge
December 28th, 2015
Budget is 1st under King Salman, may see capital spending cut Kingdom may post a budget deficit of 20% of GDP this year Saudi Arabia, seeking to cope with the lowest oil prices in more than a decade, may ...
Deloitte, KPMG, PwC and four others empanelled for RBI Information Systems Audit
December 28th, 2015
Deloitte, KPMG, PwC and four others have been empanelled by the Reserve Bank of India for conducting audit of information systems of the central bank. The other agencies are AAA Technologies, Auditime, Digital Age Strategies and Mahindra SSG. “With ...
Investigation announced in respect of Grant Thornton’s audits of Globo plc
December 21st, 2015
The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into Grant Thornton UK LLP’s audits of the consolidated financial statements of Globo Plc for the years ended 31 December 2013 and 31 December 2014. 1. ...
Saudi Arabia’s government is looking at smart, alternate revenue sources
December 21st, 2015
Saudi Arabia’s foreign reserves are a confidence booster but undoubtedly the government is looking at smart, alternate revenue sources that will not erode the country’s competitive advantage, say economists. Saudi Arabia has the financial depth to continue spending on ...
ACCA: Accountants and Auditors need specific “Whistleblowing” protection
December 21st, 2015
ACCA welcomes the provisional EU inter-institutional agreement on the protection of trade secrets, but remains concerned about the scope for divergence in implementation by Member States. ACCA believes that the main goal of the directive on common rules for ...
Saudi Arabia Spends Billions to Get Asia Hooked on Its Crude Oil
December 17th, 2015
At the heart of Korea’s Onsan Refinery lies a street called “A.I. Naimi Road,” an homage to Saudi Arabia’s oil minister. The reason: state-owned Saudi Arabian Oil Co. holds a 65 percent stake in the complex. Taking a controlling ...
