11.12.2008 - Middle Eastern markets maimed by credit crisis malaise
From Cpifinancial.net: The Gulf Bank saga reached an end with the disclosure of a larger-than-expected $1.4 billion loss on foreign exchange derivatives trading on behalf of clients, and the bank’s recapitalisation process has commenced, with sovereign wealth fund (SWF) the KIA expected to play a key role in the capital subscription process. The KIA is also mobilising to participate in a fund that will purchase up to 10 per cent of the market capitalisation and the Central Bank of Kuwait is reversing its previously relatively tight monetary policy as the focus moves from fighting inflation to stimulating the economy..... Full Article: Source