Saudi Arabia has admiited that it owes billions of dollars to private firms and foreign workers after oil revenues collapsed, the kingdom’s new finance minister said. The arrears have left tens of thousands of foreign workers, chiefly in the construction sector, struggling for months while they await back pay. Source Saudi Arabia
GEFIRA provides in-depth and comprehensive analysis of and valuable insight into current events that investors, financial planners and politicians need to know to anticipate the world of tomorrow; it is intended for professional and non-professional readers.
The Gefira bulletin is available in ENGLISH, GERMAN and SPANISH.
Up to 30 Egyptian police officers have been killed in a shoot-out during a raid on a suspected hideout of fighters in the country’s Western desert, security sources say. Source Al Jazeera
Ericsson underperformed already low expectations as it reported a decline in third-quarter sales and big loss as the Swedish telecoms equipment maker continues to struggle. Sales in the third quarter fell by 6 per cent to SKr47.8bn, in line with analyst forecasts, but Ericsson announced an operating loss of SKr4.8bn, well ahead of average estimates of a loss of SKr3.5bn. Source Financial Times
President Recep Tayyip Erdoğan highlighted the importance of the use of national currencies in trade, noting that it will have positive repercussions for the economy. Speaking at the Developing-8 (D-8) Organization for Economic Cooperation Summit in Istanbul, Erdoğan said that switching to national currencies will revolutionize trade relations. Source: Daily Sabah