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Global's default raises concerns
- Middle East: Saturday, January 10 - 2009 at 09:18
After Kuwait-based investment bank Global Investment House has announced its default on most of its $3bn in debt obligations, concerns were raised in the region, fearing other Arab Gulf financial firms may follow as the world financial crisis spreads to the region, agencies have reported. Ratings for Bahrain's two biggest commercial banks were also downgraded while the collapse in oil prices added to the concern.
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Medilyn Manibo, Assistant News EditorSaturday, January 10 - 2009 at 09:18 UAE local time (GMT+4)
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This article was updated on Sun Jan 11 2009.
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