Financial and Banking News
ARIG Reports First Loss Ever
The Bahrain-based Arab Insurance Group (ARIG) announced last week a loss of$25.6mn for 1990, compared to a record profit of $30.9mn in 1989. ARIG - ownedby the Governments of Kuwait, Libya and the UAE - said that this was the firsttime that it had recorded a loss since its inception in 1981. The group blamedthe negative results on a fall in share prices on major world stock marketsbecause of the...