First Saudi Chief Executives Association

First Saudi Chief Executives Association
TT

First Saudi Chief Executives Association

First Saudi Chief Executives Association

Saudi Minister of Human Resources and Social Development Engineer Ahmed al-Rajhi approved the establishment of the nation’s inaugural Chief Executives Association.

The Association, led by Mansour al-Shathri, has already convened its initial meeting to discuss various items on its agenda and outline its strategy for the upcoming phase.

The meeting discussed various topics, including an in-depth exploration of the Association’s working strategy for the forthcoming period.

Khalid al-Omar has been named the Chief Executive Officer and will be responsible for establishing the executive committee.

Shathri revealed that the newly established Association will serve as a professional corporation designed to facilitate the exchange of experience and knowledge and transfer best practices to enhance the capabilities and skills of its members.

The organization aims to foster increased communication with leaders across various sectors while contributing to the development of administration and leadership through local and international knowledge transfer.

He further stated that the Association is committed to engaging with leaders to give them opportunities to become active, effective, and influential members contributing to economic growth.

Shathri pointed out that the Association’s strategy is poised to achieve a set of objectives, including raising awareness about its field of work, transferring expertise, activating the role of CEOs in serving the Saudi business sector, launching initiatives, and establishing partnerships to secure a prestigious status for the Kingdom.

For his part, Omar clarified that the entity is the first Saudi Association specializing in gathering CEOs, noting that its primary goals include promoting positive administrative values encouraging creativity, innovation, commitment, achievement, empowerment, integrity, and openness.

The Association is also dedicated to providing professional development programs, conducting developmental studies and research on CEOs, hosting local and international executive leaders for knowledge transfer, and sharing expertise.

The newly-named CEO explained that the Association aims to be a distinguished and progressive local organization, delivering notable outcomes and adopting the best international practices in line with similar global associations.

Through its role, the Association plans to offer a range of specialized products and launch initiatives, develop partnerships with both public and private sectors, and bridge communication gaps to enhance efficiency and effectiveness.

He called on all executive leaders to join the Association, representing a core group of decision-makers in organizations and advancing development in the Kingdom through their specialized community.

Engagement is crucial for achieving strategic goals in experience exchange, inspiration from various experiences, overcoming challenges, disseminating knowledge, and creating enabling investment opportunities that positively impact the national economy.



Bank of America Forecasts Three US Rate Cuts this Year

A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
TT

Bank of America Forecasts Three US Rate Cuts this Year

A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder

Bank of America, the most conservative among Wall Street's brokerages on the size of the Federal Reserve's expected interest rate cuts this year, has raised its forecast to match most of its peers after the recent nonfarm payrolls data.

BofA Global Research said on Sunday that it now expects the central bank to lower rates by 25 basis points (bps) in each of the three remaining policy meetings this year, compared with its previous forecast of two 25-bps cuts in September and December, according to Reuters.

The change was after data on Friday showed US employment rose less than expected in August, but a drop in the jobless rate to 4.2% suggested the labor market was not falling off the cliff to warrant a half-point rate cut this month.

BofA economists concurred, saying the hurdle for a 50-bps cut in September is high “because despite evidence of a cool labor market, layoffs remain low.”

Their latest forecast is the same as that of eight other brokerages, including Morgan Stanley and UBS Global Research, though it was not immediately clear if these brokerages would, or have already, altered their forecasts.

The jobs data had little effect on investors' bets on the size of a cut at the Fed's meeting next week. Interest rate futures signal a 70% chance of a 25 bps cut, nearly the same as last week.

Barclays and Goldman Sachs retained their call of three 25-bps cuts this year, saying the jobs data did not warrant a 50-bps cut.

Before the latest jobs data, UBS Global Wealth Management, JP Morgan, Wells Fargo, Citigroup and Wells Fargo Investment Institute had expected a 50 bps cut in September.