Market Gawk

The House was poised Saturday to pass modest changes to President Bush’s record Pentagon budget plan, but majority Democrats were likely to hold their fire on Iraq policy until Congress returns in September.

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NEW YORK (MarketWatch) — U.S. stocks plunged Friday, with credit concerns and a weak jobs report driving a sell-off that marked the Dow’s third worst day of the year and steep weekly losses for the broader market.

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DARNESTOWN, MD (MarketWatch) - Around town or rumbling down dirt roads in an attempt to get totally lost, the Grand Vitara was nothing but a lot of fun.

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NEW YORK (MarketWatch) — U.S. stocks will fall next week, continuing a broad sell-off seen on Friday, as investors stay on high-alert for more bad news linked to dodgy home loans, credit woes, and their potential impact on the broad economy, analysts said.

Original post by FeedZilla

IFA Hotels and Resorts has posted year end profits of $81.4m, a 236% increase on the previous year’s figures. The company put the improved results down to its continued international expansion and diversified investments. At the end of last year, IFA acquired 24.9% of the Thai listed residential developer Raimon Land, while this year has seen the group enter Namibia and open its first Yotel at Gatwick Airport in the UK.

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Saudi Arabia’s Tadawul All Share Index declined by more than 1.2% last week after several weeks of gradual improvement, reported the Arab News. The bourse closed the week on 7,538.9 points, down from 7,633.5 points the week before. The Tasi is currently 5% down on its position at the start of the year.

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Qatar’s United Development Company, the owner and developer of The Pearl-Qatar, has reported a net profit of $35m for H1. The profit level includes all of UDC’s operations, partnerships and investments. The firm is also involved in petrochemicals, district cooling, land reclamation, wastewater treatment solutions as well as the management and operation of marinas.

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Weyerhaeuser Co., one of the world’s largest lumber and paper producers, said Friday its second-quarter profit dropped sharply due to hefty charges and weakness in the housing construction markets.

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Arab stock markets will suffer the least among developing nations as a result of the impact of the subprime credit market losses in the US, reported Bloomberg citing EFG-Hermes Holding. Saudi Arabia and Kuwait have proved especially resistant to the global decline due to extremely low levels of western institutional investment, according to the Egypt based investment bank.

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The Dubai Financial Market has revealed that the value of shares bought by foreign investors last week reached $326.4m, comprising 31.6% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period reached $489.6m, comprising 45.6% of the total. Overall, foreign investment on the bourse declined by $163.2m.

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