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Kuwait’s finance minister said Tuesday current oil prices are too high and are inflationary, Bloomberg News reported. “I think it’s high,” Finance Minister Mustafa Al-Shimali said in an interview in Isfahan, Iran, today with Bloomberg News. A reasonable oil price would be “more or less $100,” he said. Read more

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DALLAS (AP) — Dell, the computer maker, said Monday that Donald J. Carty, hired as chief financial officer a year and a half ago to help lead a turnaround, would resign in June and be succeeded by a longtime General Electric executive.

Brian T. Gladden, chief executive of Sabic Innovative Plastics, formerly called GE Plastics, will join Dell on Tuesday and succeed Mr. Carty on June 13. Read more

The Finance Bill, 2008, today received the President’s assent. Soon after, the finance ministry issued notifications to give effect to various provisions related to service tax.

The amendment regarding transaction between associated enterprises which says that service tax will have to be paid even if the consideration is not actually received comes into effect from today. Read more

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More than 1 billion kina ($A400 million) has gone missing from Papua New Guinea’s finance department over the past 10 years.

The revelation by PNG’s Auditor General came alongside a warning that accounting and reporting systems in all government departments had collapsed.

Australia - which is PNG’s largest aid donor - had six senior bureaucrats and other advisors in the country’s finance department during the time the billion kina went missing. Read more

PARIS (KUNA): The French Senate, or upper house of parliament, announced here Thursday that it is organizing two round table discussions May 14 to examine the role France can play in attracting Islamic funds and the opportunities opening up to work with Islamic funds on international finance markets. The sessions will be presided over by the Senates Finance Commission president Jean Arthuis and will include participants from a variety of financial and investment bodies. The first round table will examine “the integration of Islamic finance in the global financial system” and seek to determine the challenges for France in this area, the Senate said in a statement. According to the statement, Islamic funds are now valued at around 700 billion dollars and have a “recognized growth potential” but these funds remain centred in the Middle East and Southeast Asia, where they continue to grow. Read more

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THE corporate regulator is preparing a crackdown on the $400billion-plus property finance sector in an attempt to curb a spate of collapses in the high-risk market dominated by mum and dad investors.

The move follows the release yesterday by the Australian Securities and Investments Commission of a report into its investigation of 94 unlisted companies operating in the $8 billion property “debenture” finance industry. Read more

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The micro, small and medium enterprises (MSME) sector in the country will be increasingly looking at non-traditional sources for financing needs, a business outlook survey conducted by Confederation of Indian Industry (CII) revealed Read more

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Wellington lawyer and National Party candidate Stephen Franks says the coverage of the Electoral Finance Act is so wide it may unwittingly capture the play The Hollow Men.

Mr Franks has raised the issue of the play, being staged at Auckland’s Maidment Theatre, with the Electoral Commission, seeking an interpretation of whether it fits the Act’s definition of election advertising. Read more

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Steep dividend cuts and losses in their company’s home- and consumer-lending divisions didn’t seem to faze CIT Group’s investors, who were happy to bid up the stock on hopes for a future focused on the firm’s commercial finance business. Read more

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An international early warning system should be established to ensure that future credit squeezes are identified and dealt with before the effects become widespread, says Gordon Brown.

In a foreign policy speech in Boston, the Prime Minister urged America to join him in pushing for reform of the major international institutions including the International Monetary Fund and World Bank. Read more