Ronaldo's 2018 Proving Reports Of His Demise Were A Bit Premature           >>           England Beat Netherlands But Usual Flaws In Attack, Defence Remain           >>           Jesse Lingard's goal gives England friendly win in Netherlands           >>           Russell Westbrook and The Siren Song Of The 3           >>           Dez Bryant's Future With Cowboys In Question After Receiver Deals           >>           Analysis: From Militia Leader To House Speaker           >>           Duterte Orders Crackdown Vs Colorum Drivers, Operators           >>           Country’s Largest Police HQ Opened In Central Java           >>           Schooling Beaten By Dressel In 100-Yard Fly NCAA Clash, Finished 4th            >>           Two Rescued After 50 Hours           >>          














+673 222-0178 [Office Hour]

+673 223-6740 [Fax]


Upcoming Events

Prayer Times

The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


: 04:56AM


: 05:06AM


: 06:23AM


: 06:45AM


: 12:28PM


: 03:33PM


: 06:30PM


: 07:39PM


The Business Directory



World Business

  Home > World Business

GCC Plans Company to Facilitate Money Transfers Among Members

Photographer: Jasper Juinen/Bloomberg


 March 13th, 2018  |  09:37 AM  |   342 views



The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members, in a rare display of cooperation with isolated Qatar.


The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters on Monday following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and all member states have agreed to contribute initial capital, Al-Hashel said.


“After that the company has to go out and borrow from the Gulf market or use the capital it has generated,” he said. The countries’ central bank governors will sit on the board and a secondary office will be set up in the United Arab Emirates, he said, without saying when the company would start operating.


The company is being started even though GCC members Bahrain, Saudi Arabia and United Arab Emirates have been boycotting a fourth member, Qatar, since June. They accuse Qatar of supporting terrorism, a charge it has denied.


“It’s a way of showing there are still areas for cooperation on the economic side even if they can’t agree on the political issues,” said Jason Tuvey, a London-based economist at Capital Economics. “It does seem odd they can agree to what they claim will be a deep move when at the end of the day there is still this blockade in place that has damaged Qatar’s economy. It does feel a bit like ignoring the elephant in the room.”


The Saudi-led bloc gave the gas-rich country a list of 13 demands to resolve the crisis, including shutting down Al Jazeera television, refraining from backing Islamist groups and scaling back ties with Shiite-ruled Iran. Mediation efforts by Kuwait and the U.S. have failed.



courtesy of BLOOMBERG

by Zainab Fattah


If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at pr@brudirect.com


Related News

Sabah’s rights in BN manifesto

 2018-03-24 09:26:49

Hamelin Bay: Nearly 150 Beached Whales Die In Australia

 2018-03-24 09:32:55

World's Biggest Cryptocurrency Exchange Is Heading to Malta

 2018-03-24 11:01:49