Tuesday, October 28, 2008

Bathroom cabinet vanity

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'This is evident as we have an ambitious budget for next year and 2010, which we hope will help achieve the Bahrain Economic 2030 vision laid out by the Economic Development Board (EDB).
'We have strong fiscal measures to ensure that our economy is well built not just to survive, but to compete.
'The US dollar, which we have bargained on during the past years, has not let us down, despite calls to stop our currency attachment to it.
'We are monitoring the market and from here we are announcing an open channel with MPs, to keep them alerted in any case of emergency.'
He said that the budget would be submitted to parliament for revision within the next few days, after getting the Cabinet's seal of approval on Sunday.
The overall projected government revenues are estimated at around BD3.733 billion, based on a benchmark oil price of $60 (BD22.68) per barrel, while expenditure is expected to be around BD4.162bn.
Shaikh Ahmed said that there were no major Bahraini investments in the markets affected by the global crisis.
'The negative effect we have seen is reasonable compared to other markets and this shows the strength of our market,' he said



Brokers stormed off the floor of the stock exchange for the third consecutive trading session, urging the government to intervene to stop the price declines.
The trend on the Kuwait market was mirrored on other Gulf markets amid the continuing global financial crisis.
The Central Bank of Kuwait said that the government will submit a draft law to parliament to guarantee deposits at all the country's banks.
Kuwait is estimated to have invested more than $260 billion overseas, mainly in the US and Europe.
Meanwhile, Kuwait sought to restore confidence in its banking system yesterday by offering to pump cash into troubled Gulf Bank which has been hit by losses from derivative deals.
A group of investors meanwhile protested in Kuwait City's financial district against the government's handling of the global financial crisis and urged the cabinet to resign.
Figures released yesterday showed inflation in July remained above 11 per cent for Kuwait, ratcheting up pressure on the government to do more to soften the impact of the global crisis on ordinary citizens and small investors.
Kuwait's central bank stepped in to save the fifth-largest lender Gulf Bank, appointing a supervisor for its treasury business after the lender was hit by losses from currency derivative trades



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