Al Rajhi News
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HSBC Holdings Plc executives apologized for opening their U.S. affiliate to a river of Mexican drug lords’ cash, and the U.S. regulator that failed to stem the flow vowed to prevent a repeat.
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HSBC Holdings Plc’s head of group compliance, David Bagley, told a Senate hearing he will step down amid charges the bank gave terrorists, drug cartels and criminals access to the U.S. financial system by failing to guard against money laundering.
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Shares in Saudi Arabia, the Arab world’s biggest stock market, rose the most in 10 weeks after U.S. equities rallied on optimism that an accord among European leaders on banks will help contain the region’s debt crisis.
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Saudi Arabia’s shares declined the most in almost a month as oil prices traded below $80 a barrel, raising investor concern that the world’s top oil exporter may reduce the size of a $500 billion government stimulus.
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Shares in Saudi Arabia, the only Gulf Arab stock market open on Saturdays, fell the most in more than a week as oil prices declined and after the U.S. Federal Reserve cut its economic forecast.
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Saudi Arabia’s shares were set for the highest close in more than two weeks after crude oil advanced on speculation banks will take steps to bolster global growth as investors await the result of Greek elections.
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Saudi Arabia’s benchmark stock index dropped to its lowest level in a week after state television reported that Prince Nayef, the kingdom’s interior minister and crown prince, had died.
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Shares rose in Saudi Arabia, OPEC’s biggest oil producer, as crude posted its first weekly jump since April and investors bet declines prompted by Europe’s debt crisis were overdone.
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Shares in Saudi Arabia, OPEC’s biggest oil producer, slumped the most in 10 months after crude fell to the lowest since October as employment reports in the U.S. and Europe signalled fuel demand may tumble.
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Al Rajhi Bank, Saudi Arabia’s biggest publicly traded lender, plans to expand into Kuwait and Jordan, Chief Executive Officer Abdullah Al Rajhi said.
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