US Budget Deficit Widened, in November

WASHINGTON, Safar 28, 1437, December 10, 2015, SPA — The federal budget deficit widened in November, driven by higher spending in such areas as Social Security, Medicare and defense, AP reported.

The Treasury Department says the November deficit climbed to $64.6 billion, up 13.6 percent from a year ago. For the first two months of the budget year that began on Oct. 1, the deficit totals $201.1 billion, a 12.6 percent jump from a year ago.
01:47 LOCAL TIME 22:47 GMT

Only Modest Economic Growth Projected, for Next Two Years- UN Says

New York, Safar 28, 1437, December 10, 2015, SPA — The world economy will expand only modestly in the next two years after global growth plateaued at 2.4 per cent in 2015, according to a UN report published Thursday, dpa reported.

The World Economic Situation and Prospects report found that lower commodity prices, macroeconomic uncertainties, volatility in exchange rates and stagnant investment growth have led to a meager increase in 2015, which had been previously expected to reach 2.9 per cent growth.
01:10 LOCAL TIME 22:10 GMT

Real Madrid's appeal against cup expulsion rejected

Madrid, Safar 28, 1437, Dec 10, 2015, SPA — Real Madrid’s appeal against their expulsion from the
Spanish Cup was rejected by the appeals committee of the Spanish
football federation Thursday, dpa reported.

The Whites were expelled last week after they fielded Denis Cheryshev
in the 3-1 fourth round first leg win at Cadiz, despite the Russian
international being suspended for having picked up three yellow cards
in the cup last season when on loan at Villarreal.

The appeals committee said it found “no reason at all to overturn the
original decision” made by the federation.
22:30 LOCAL TIME 19:30 GMT

Analysis: How Tunisia saved its 'Arab Spring' (Al Jazeera)

On Thursday, Tunisia’s National Dialogue Quartet, which was awarded the 2015 Nobel peace prize, is expected to receive the award in Oslo. The event comes just a few days before the fifth anniversary of the Tunisian revolution that broke out when Mohamed Bouazizi, a street vendor, set himself alight in a public outcry that unleashed a…

Kingdom Holding Company signs share swap agreement with French AccorHotels

Riyadh, 28 Safar 1437 AH, December 10, 2015, SPA — Kingdom Holding Company (KHC) has signed an agreement with French AccorHotels company listed on the French financial market.
The company said, ”It was agreed under the convention, that the Kingdom Holding Company will waive the entire stock owned in Fairmont Raffles Hotels International Company, which represents 35.3% of the capital of the company in exchange for the issuance of 16.48 million shares, representing 5.8% in AccorHotels Company in favor of the Kingdom Holding Company after the capital increase, and a cash payment of SR 1.27 billion ($ 339 million) for the Kingdom Holding Company, as well as the Kingdom Holding Company’s obtaining other assets to be determined at a later date.
13:27 LOCAL TIME 10:27 GMT

Kingdom Holding Company signs share swap agreement with French AccorHotels 2 Riyadh

The company explained in a statement posted on the financial market site “Tadawul” today that any of the shares or assets will not be transferred except after the completion of the transaction, which is subject to conditions that should be met including the approval of competent foreign regulators according to the laws protecting American, European and Asian competition governing the deal, approval of the General Assembly of the company of AccorHotels to increase its capital for the issuance of new shares to Kingdom Holding Company, and the Kingdom Holding Company has the right to appoint a member at the Board of Directors of AccorHotels after the General Assembly’s approval of the member.
It is expected to complete the transaction in the second quarter of 2016, and since the completion of the transaction is suspended to the fulfillment of the conditions, the price of stocks and mutual assets will be determined only on the completion date, and that it is not possible to determine the financial impact of this transaction but by the date of completion, and the KHC will announce any developments in a timely manner.
13:27 LOCAL TIME 10:27 GMT