Company Name : Assiut Islamic Trading ISIN Code : EGS50091C015 Reuters Code : AITG.CA Content : Regarding to the announcement published on the trading screens on 26/01/2012 regarding the financial statements of the company for the financial year ended 31/12/2011, a release from the company regarding the financial statements.
Company Name : Mena Touristic & Real Estate Investment ISIN Code : EGS65441C015 Reuters Code : MENA.CA Content : The Board of Directors' meeting minutes held on 18/01/2012 (after certification).
Company Name : East Delta Flour Mills ISIN Code : EGS30351C018 Reuters Code : EDFM.CA Content : The company sent its Disclosure Form for the BoD & the shareholders' structure for the period ended 31/12/2011, according to article 18 of the Listing Rules. Worth mentioning that all information included in this form is according to company's responsibility.
Company Name : United Arab Shipping ISIN Code : EGS47021C018 Reuters Code : UASG.CA Content : The board of directors' meeting minutes held on 30/01/2012 (after certification).
Company Name : Assiut Islamic Trading ISIN Code : EGS50091C015 Reuters Code : AITG.CA Content : Regarding to the announcement published on the trading screens on 26/01/2012 regarding the financial statements of the company for the financial year ended 31/12/2011, a release from the company regarding the financial statements.
Company Name : Mena Touristic & Real Estate Investment ISIN Code : EGS65441C015 Reuters Code : MENA.CA Content : The Board of Directors' meeting minutes held on 18/01/2012 (after certification).
EGX 30 index closed at 4584.39points, recording a decrease of 2.22 %loss, EGX 20 index closed at 5008.78points recording 1.59% loss, and EGX70 index closed at 445.84points recording 3.48% loss while....(More...)
EGX 30 index closed at 4584.39points, recording a decrease of 2.22 %loss, EGX 20 index closed at 5008.78points recording 1.59% loss, and EGX70 index closed at 445.84points recording 3.48% loss while EGX 100 index closed at 733.33points, recording 2.86 % loss on Thursday,2, January,2012.
The total value traded recorded LE (592,855) million while the total volume traded reached LE (172,049) million securities executed over (35,487) transactions. Total Market Cap (LE) 340,017billion
(Canal Shipping Agencies) (9.91) % gains and closed at LE (6.21) followed by (Golden Pyramids Plaza) which records (9.88) % gains and closed at $ (1.78).
On the other hand, (Belton Financial Holding) records (9.21) % loss and closed at LE (12.42) followed by (Guezira Hotels & Tourism) recording (8.11) % loss and closed at $ (16.78).
The Egyptians controlled (76.04) % of the value traded during the day. Non-Arab foreign investor's accounted for (15.01) %, while Arab investor's captured (8.94) %, after excluding deals. The institutions accounted for (30.90) % of the value traded, while the remaining (69.09) % were for the individuals. (Less...)
Company Name : Alexandria Cement ISIN Code : EGS3H051C012 Reuters Code : ALEX.CA Content : Disclosure Form from the company concerning the Board Member & the structure of shareholders for the period ended in 31/12/2011, according to Article 18 of the Listing Rules.
Company Name : United Arab Shipping ISIN Code : EGS47021C018 Reuters Code : UASG.CA Content : The board of directors' meeting minutes held on 30/01/2012 (after certification).
Company Name : East Delta Flour Mills ISIN Code : EGS30351C018 Reuters Code : EDFM.CA Content : The company sent its Disclosure Form for the BoD & the shareholders' structure for the period ended 31/12/2011, according to article 18 of the Listing Rules. Worth mentioning that all information included in this form is according to company's responsibility.
Insider Trading Executions: Trading Session 01/02/2012 Company Name: Suez Canal Company for Technology Settling Position: Board Member Type of Transaction: Buy Volume: 11,450
(KUNA) -- The Swiss federal customs administration (FCA) said on Thursday that the strong Swiss franc and the gloomy outlook for the global economy left their mark on Swiss foreign trade as well.....(More...)
(KUNA) -- The Swiss federal customs administration (FCA) said on Thursday that the strong Swiss franc and the gloomy outlook for the global economy left their mark on Swiss foreign trade as well. Although exports rose by at total of two percent in 2011 most sectors experienced a decline in export activity. At the same time, Swiss exporters were forced to make significant price concessions. While demand from Asia flourished, it stagnated in Europe. Imports remained flat. The difference between exports and imports pushed Switzerland's trade surplus to a new record high, said the FCA in its annual report. Exports picked up by a nominal 2.1 percent to USD 216 billion in 2011. Therefore, they remained almost USD 9.83 billion below their record level of 2008. In terms of quarterly performance, the pace of growth weakened from one quarter to the next, and even fell slightly into the red in the third quarter. However, growth did manage to pickup again in the final quarter. Aside from the global economic slowdown, the main drag on exports was the strong Swiss franc. Exporters therefore had to make price concessions, and quite significant ones in some cases. Prices dropped by 5.5 percent overall, the biggest fall ever registered. Excluding price developments in the Pharmaceutical industry, the decline was 3.6 percent. According to the foreign trade statistics of the Swiss federal customs administration (FCA) Sector performance was split into three categories. Thanks to phenomenal growth of 19 percent, the Watch industry was well out in front. The three runners-up posted "only" moderate growth, while the other six industrial sectors (i.e. the majority) posted a drop in sales. However, the sector results were badly hit by falling prices, especially in the Machine and electronic industry. In the Machine and electronic industry, the modest plus was attributable to higher sales of metalworking and textile machines. Sales were down in most other segments, such as prime movers and machines for the paper and graphic arts industry. The sector with the highest sales, the Chemical industrysuffered from a decline in exports in all segments except for immunological products (plus four percent). Aside from medicines and active pharmaceutical ingredients, sales also fell sharply in the pigments segment. Exports of precision instruments (medical instruments and equipment: minus five percent) and the Plastics and the Clothing industry were down between three percent and four percent on the previous year. The exports of the Textile industry were seventh percent lower, while those of the Paper and graphic arts industry were down by an eighth. Aside from a decline in Africa (minus five percent) and a slight drop in the EU (minus one percent), exports to all regions increased. Shipments to Asia rose by 10 percent, while sales to Australia were 6 per cent higher. Exports to North America increased by two percent. In terms of individual countries, shipments to Ireland were up by a third, while those to the United Arab Emirates grew by a quarter. Demand from both China and Hong Kong increased by 20 percent. Exports to India, Taiwan and Russia rose between 13 percent and 15 percent. Sales to Belgium were 10 per cent higher, while those to Singapore and Australia were up eight percent in both cases. More goods were also exported to Germany, Switzerland's most important export market, with an increase of six percent. Exports to the United States were up two per cent, while those to Italy and Japan stagnated. Exports to Brazil were four percent lower, and those to France were down five percent. Exports to the Czech Republic, Spain, the United Kingdom and the Netherlands fell between eight percent and 11 percent. Shipments to Portugal and Greece shrank by a seventh. (Less...)
(KUNA) -- Japanese Finance Minister Jun Azumi on Thursday stepped up his warnings over the yen's strength in the currency market, saying the government is ready to take decisive measures to weaken....(More...)
(KUNA) -- Japanese Finance Minister Jun Azumi on Thursday stepped up his warnings over the yen's strength in the currency market, saying the government is ready to take decisive measures to weaken the yen. "Speculative moves are increasing and we cannot overlook them," Azumi told reporters. "We will take decisive steps if deemed necessary," he added. His remarks came as the Japanese currency hit a three-month high against the dollar at the lower JPY 76 level on Thursday. The dollar has been under selling pressure since the US Federal Reserve suggested last week that it will keep interest rates exceptionally low until 2014. At 5:30 p.m. (0830 GMT), the dollar traded at JPY 76.12-14 compared with JPY 76.14-24 in New York and JPY 76.18-20 in Tokyo at 5 p.m. Wednesday. The yen's strength hurts Japan's export-led recovery from the March 11 earthquake and tsunami, as it worsens export profitability and affects earnings for exporters by making Japanese products more expensive overseas. It would also lead to the hollowing out of the Japanese industry, given that domestic manufacturers may increasingly shift their production overseas in pursuit of cheaper costs. The government and the Bank of Japan intervened in currency markets to stem the yen's rise on Oct. 31 after the Japanese currency hit a post-war high of JPY 75.31. Tokyo spent a total of JPY 9.09 trillion (USD 119 billion) between Oct. 28 and Nov. 28, the biggest intervention on a monthly basis (Less...)
(KUNA) -- Syrian exports have not suffered a setback despite international sanctions imposed on the Arab country, Director of Syrian Exports Development Fund Ihab Ismander stressed Thursday.In a....(More...)
(KUNA) -- Syrian exports have not suffered a setback despite international sanctions imposed on the Arab country, Director of Syrian Exports Development Fund Ihab Ismander stressed Thursday. In a press statement, the Syrian official said that Syrian exports have not declined, pointing out that there was a contract recently signed to import clothing from Saudi Arabia. He also noted that there were serious discussions to start a Syrian-Iranian company to support exportation of commodities between the two countries. This company would start its operations by the end of the first quarter of 2012 when the two parties meet to set up an implantation plan. Ismander described this joint project as a "positive step" since Iran is a consumer country and geographically closer to Syria. (Less...)
Trading value for Thursday 02 February 2012 reached USD 4.90 million. 624,214 shares were traded through 81 transactions. During the session 12 instrument(s) were traded, the prices of 5....(More...)
Trading value for Thursday 02 February 2012 reached USD 4.90 million. 624,214 shares were traded through 81 transactions.
During the session 12 instrument(s) were traded, the prices of 5 instrument(s) rose, the prices of 4 instrument(s) decreased, while the prices of 3 instrument(s) remained unchanged.
The Stock Capitalization of the listed companies increased by 0.07% to reach USD 10,292 million, against USD 10,285 million for the previous session. (Less...)
Trading value for Thursday 02/02/2012 reached JD(5.4) million. (8.4) million shares were traded through (4,131).The shares price index closed at (1945.00) point, a decrease of (0.31%).The shares of....(More...)
Trading value for Thursday 02/02/2012 reached JD(5.4) million. (8.4) million shares were traded through (4,131).
The shares price index closed at (1945.00) point, a decrease of (0.31%).
The shares of (135) companies were traded, the shares prices of (39) companies rose, and the shares prices of (63) declined.
At the sector level, the Financial index decreased by 0.57%, the Industrial index increased by 0.10%, and the Services index decreased by 0.04%.
As for sub sector indices, the Printing and Packaging, Media, Diversified Financial Services, Tobacco and Cigarettes, Educational Services, Technology and Communication, Chemical Industries, Mining and Extraction Industries, Utilities and Energy, Electrical Industries sectors increased by 3.59%, 0.93%, 0.74%, 0.74%, 0.72%, 0.54%, 0.48%, 0.20%, 0.19%, 0.01% respectively. While the Hotels and Tourism, Textiles, Leathers and Clothings, Transportation, Commercial Services, Real Estate, Banks, Pharmaceutical and Medical Industries, Health Care Services, Engineering and Construction, Food and Beverages, Insurance sectors decreased by 1.30%, 1.20%, 1.18%, 0.85%, 0.76%, 0.72%, 0.31%, 0.27%, 0.14%, 0.13%, 0.02% respectively.
The top five gainers were, the First Jordan Investment Company Plc by (5.88%), Siniora Food Industries by (5.00%), National Portfolio Securities by (4.88%), Union Advanced Industries by (4.65%), and Al-januob Filters Manufacturing by (4.55%).
The top five losers were, General Lightweight Concrete Industries by (6.25%), Comprehensive Multiple Transportations Co. by (5.26%), South Electronics by (5.26%), Comprehensive Multiple Project Company by (5.00%), and Darkom Investment by (4.92%). (Less...)
Gold prices firmed on Thursday, retreating from earlier eight-week highs above $1,750 an ounce as the dollar strengthened and equity markets eased, but firmly underpinned by strong investment....(More...)
Gold prices firmed on Thursday, retreating from earlier eight-week highs above $1,750 an ounce as the dollar strengthened and equity markets eased, but firmly underpinned by strong investment appetite for the precious metal. Spot gold was up 0.1 per cent at $1,745.24 an ounce at 1025 GMT, while US gold futures for February delivery eased 50 cents an ounce to $1,749. Spot prices earlier peaked at $1,753.20, their highest since Dec. 8. Gold has risen nearly 12 per cent this year, extending a correction from December's lows after the Federal Reserve pledged to hold US interest rates at rock bottom for an extended period, keeping the dollar under pressure and the opportunity cost of holding non-interest bearing bullion low. "We have a new short-term uptrend," said Andrey Kryuchenkov, an analyst at VTB Capital. "There is enough investor appetite, as it seems many who fear missing the next leg up in gold are ready to move in. "I reckon most markets will take a breather today ahead of non-farm payrolls tomorrow, but it seems gold could well push to $1,760," he added. "Small-scale buying is yet supportive." An early rise in stock markets and the euro ran out of steam on Thursday, with the single currency easing against the dollar as investors awaited a debt swap deal between heavily-indebted Greece and its private creditors. Worries over the euro zone debt crisis drove gold sharply higher for much of last year even as they weighed on the euro. Towards the end of the year, however, the metal behaved more like a commodity, falling in line with equities as risk appetite retreated and suffering from strength in the dollar. Underlying confidence in gold's ability to push higher in a low interest rate environment has allowed it to rise this year even in times when other assets are under pressure. "While gold's 20-day rolling correlation with risk has jumped back into positive territory, the level continues to hover near the lower end of the range," said UBS in a note. "Gold appears in the process of convincing investors that its stint as a hybrid between a safe haven and a risk asset is coming to an end. The next test would be if we get any negative surprises out of Europe." "While downward pressure on EUR/USD would weigh on gold, the yellow metal's ability to hold up better than other assets would be another signal that it is recovering its safe-haven characteristics," it added."The performance of gold priced in euros should also offer clues." Euro-priced gold was up 0.4 per cent at 1,329.80 euros an ounce, and is up more than 10 per cent this year. Crisis mode The chief executive of Newcrest Mining, the world's No.3 gold producer, said he expects gold to trade between $1,500 and $2,500 an ounce in the next five years and retain its safe haven status for as long as the world's financial system remains in crisis mode. On the physical markets, demand in the world's biggest gold consumer, India, edged higher as strength in the rupee made the precious metal cheaper for local buyers. Wedding season is underway in India, and will last until May. The biggest global producer of gold, China, said its production of the metal rose to a record 360.95 tonnes last year. Its domestic demand far outstripped that figure, however. Among other precious metals, silver was down 0.4 per cent at $33.55 an ounce. Spot platinum was up 0.1 per cent at $1,613.74 an ounce, while spot palladium was down 0.4 per cent at $691.50 an ounce. Platinum has outperformed gold so far this year, rising nearly 16 per cent since end December. As well as benefiting from rising appetite for commodities, the metal has taken support from expectations that South African production could be disrupted this year by mine stoppages. Price-positive news also filtered through from the demand side of the market. Most platinum and palladium is consumed by the car industry for use in catalytic converters. "Platinum and palladium benefited yesterday from better than expected vehicle sales figures in the United States," said Commerzbank in a note. "On an annualised and seasonally adjusted basis 14.13 million vehicles were sold in January, almost 12 per cent more than in the previous year." – Reuters (Less...)
The European Union may be prepared to lend Egypt up to 500 million euros (US$660 million) to help it finance a budget deficit provided it successfully concludes a financial assistance agreement with....(More...)
The European Union may be prepared to lend Egypt up to 500 million euros (US$660 million) to help it finance a budget deficit provided it successfully concludes a financial assistance agreement with the IMF, an EU official said on Wednesday. Egypt said in mid-January it had formally asked the International Monetary Fund (IMF) for a US$3.2 billion aid package to fill a budget gap widened by a year of political and economic turmoil. "It is new money for budget support that is linked to an IMF agreement," Gerhard Krause, head of the EU's economic cooperation section in Cairo, told Reuters in a telephone conversation. Egypt said last week it would ask the World Bank for a US$500 million loan, with a commitment from the bank to provide another two billion dollars in two tranches over the coming two years. Meanwhile, the government is pursuing another US$500 million loan from the African Development Bank. Source: Reuters (Less...)
The Egyptian government will offer 40,000 plots of land worth a total of USD3bn for sale to Egyptians living abroad, provided that the purchases are paid for in USD transferred from outside the....(More...)
The Egyptian government will offer 40,000 plots of land worth a total of USD3bn for sale to Egyptians living abroad, provided that the purchases are paid for in USD transferred from outside the country, the minister of housing said. The land will be offered starting on 1 March. The government said it will begin by selling 8,625 lots in 7 satellite cities around major urban centers for USD150–USD500 per sqm. (Bloomberg) (Less...)
Dubai Islamic Bank (DIB UH, Underweight, TP AED2): The bank’s net income rose 25% to cAED1.0bn in 2011 from AED806m a year earlier. It has proposed a DPS of 15% based on its 2011 results. (Reuters)
Emaar Properties (EMAAR UH, Neutral, TP AED3.2): Detectives in India filed a case against the company, which said it is currently reviewing the case and is confident that it will be cleared of....(More...)
Emaar Properties (EMAAR UH, Neutral, TP AED3.2): Detectives in India filed a case against the company, which said it is currently reviewing the case and is confident that it will be cleared of charges. The company added that this has no adverse implications for its business. The Central Bureau of Investigation has accused the company of committing financial irregularities to the tune of cINR1.4bn (cUSD28m) by selling plots at grossly undervalued prices in its c358-acre JV Emaar Hills Township Project in Hyderabad. (Bloomberg) (Less...)
Union Properties (UPP UH, Not Rated): The Company said its net loss widened 2.6% to cAED1.6bn in 2011 from cAED1.5bn in 2010 due to increased provisions. (Bloomberg)
Dubai Holding (Not Listed): Dubai-based Jumeirah Group, a luxury hotel operator and subsidiary of Dubai Holding, said the average occupancy level at its hotels and resorts in Dubai reached 90% during the recent festive season between 20 December 2011 and 10 January 2012. (Zawya Dow Jones)
Kuwait posted a preliminary budget surplus of cKWD13.2bn (USD47.4bn) in 9M11/12 (fiscal year ends on 31 March). Revenue came in at cKWD21.4bn, of which cKWD20.3bn came from oil, while spending amounted to cKWD8.3bn, according to the Ministry of Finance. It is worth noting that, by law, 10% of the country’s revenue is saved in the Reserve Fund for Future Generations. (Bloomberg)
SIDPEC (SKPC EY, Neutral, TP EGP13.6): As per the company’s 2012 budget, its CAPEX is expected to amount to EGP857m (USD143m), revenue is forecast to stand at EGP2, 225m, and net income is anticipated at EGP770m.
El Sewedy Electric (SWDY EY, Overweight, TP EGP31): The Company said in an e-mailed statement yesterday that some of its employees in Tenth of Ramadan City staged a sit-in on 31 January to demand....(More...)
El Sewedy Electric (SWDY EY, Overweight, TP EGP31): The Company said in an e-mailed statement yesterday that some of its employees in Tenth of Ramadan City staged a sit-in on 31 January to demand higher wages and benefits. The company noted that it already approved a pay raise at the beginning of the year and that the issue is nonnegotiable. Management does not believe the sit-in will have any major impact on the company’s operations. (Less...)
The Holding Company for Petrochemicals announced that it had signed the final contract for the implementation of an industrial project for the production of ethylene and polyethylene with a Japanese company worth US$604 million. Source: Al Mal
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) will hold today its first meeting for 2012 to study interest rates. In November 2011, MPC had raised overnight interest rate by 1% from 8.25% to 9.25%. It also upped overnight lending rate from 9.75% to 10.75%.
Arab Pharmaceuticals (ADCI.CA) reported a drop of 23.1% in its net income for 1H FY11/12 which reached LE3.64 million compared to LE4.73 million in the same period last year.
Arab Investment and Development Co. (AIND.CA) said that it is studying to abandon the deal of buying 20% of Beltone Financial Holding (BTFH.CA). The company said in a filing sent to the Egyptian Exchange (EGX) that several problems are hindering the acquisition. Meanwhile, Mr. Alaa Sabaa, chairman of Beltone Financial announced that he has decided to end all talks to sell his stake.
The board of Paints & Chemical Industries - PACIN (PACH.CA) approved the standalone financial statements for 1H FY11/12 reporting net earnings of LE9.17 million down from LE10.53 million in 1H FY10/11.
Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”) announces that its subsidiary in the Democratic People’s Republic of Korea (“DPRK”) CHEO Technology JV, operating under the....(More...)
Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”) announces that its subsidiary in the Democratic People’s Republic of Korea (“DPRK”) CHEO Technology JV, operating under the brand name “koryolink”, has surpassed its one million subscriber mark. Naguib Sawiris, Chairman of OTMT, witnessing this landmark in Pyongyang commented: “This is a historic moment. One million Korean citizens in DPRK are able to communicate with each other anytime anywhere using their mobile phones. We are very pleased and proud of this achievement, and look forward to building upon it to reach new heights and continue to develop the telecom industry of DPRK.” (Less...)
Fibria Celulose SA (FIBR3), the world’s largest pulp producer, reported a loss for a second straight quarter after prices for the paper-making material declined amid waning demand in Europe.The....(More...)
Fibria Celulose SA (FIBR3), the world’s largest pulp producer, reported a loss for a second straight quarter after prices for the paper-making material declined amid waning demand in Europe. The fourth-quarter net loss was 358 million reais ($206.4 million), compared with net income of 162 million reais a year earlier, Sao Paulo-based Fibria said today in a statement to Brazil’s securities regulator. That was more than the 202.7 million-real average loss estimated by seven analysts surveyed by Bloomberg (FIBR3). Demand from European paper makers, which buy almost half of Fibrias’s pulp, is slowing as the region’s debt crisis crimps growth. Pulp prices will likely continue to fall in coming months,Banco Bradesco SA (BBDC4)’s Raphael Biderman said. A recovery in prices “seems even more unlikely in light of the European debt crisis,” Biderman, an analyst at the Osasco, Brazil-based bank, wrote in a report before earnings were released. Net sales dropped 11 percent from a year earlier to 1.4 billion reais. Fibria was formed in 2009, when Votorantim Celulose & Papel SA bailed out Aracruz Celulose SA after the bigger rival posted more than $2 billion of losses stemming from wrong-way currency bets. Fibria has since raised about $2.6 billion in asset sales in a bid to reduce debt. Banks allowed Fibria to exceed covenants on 2.5 billion reais of loans without paying a waiver fee or higher rates after the Brazilian real’s 17 percent decline in the third quarter boosted foreign obligations in local-currency terms. Dividend payments were limited to the mandatory minimum of 25 percent of profits until July 2012 as part of the accord with banks, Fibria said Dec. 20. The company booked a financial loss of 142 million reais after the Brazilian currency gained 0.7 percent in the quarter, compared with a financial gain of 35 million reais in the year- earlier period. Under Brazilian accounting rules, a reduction in foreign debt stemming from a currency rally is booked as a gain. Fibria (FIBR3) rose 0.4 percent in Sao Paulo trading today to close at 14.31 reais. Earnings were announced after markets closed. Fibria reported a per-share loss of 80 centavos for the quarter, compared with a gain of 30 centavos a year earlier. (Less...)
(Source: Bloomberg)European stocks pared gains after earnings from Royal Dutch Shell Plc and Unilever missed analyst estimates. Spanish bonds fell after the nation sold debt, while copper....(More...)
(Source: Bloomberg) European stocks pared gains after earnings from Royal Dutch Shell Plc and Unilever missed analyst estimates. Spanish bonds fell after the nation sold debt, while copper declined. The Stoxx Europe 600 Index declined 0.1 percent at 10:26 a.m. inLondon, after earlier rising as much as 0.4 percent. Shares of Xstrata Plc jumped 9 percent as the miner said Glencore International Plc offered to buy the shares it didn’t already own. Standard & Poor’s 500 Index futures fell 0.1 percent. Copper lost 0.6 percent. The yield on the Spanish 10- year bond rose eight basis points. Shell, Europe’s biggest oil company, said net income fell in the fourth quarter, Unilever reported revenue growth that missed estimates andDeutsche Bank (DBK) AG said earnings dropped 76 percent in the last three months of 2011. Spain sold 4.56 billion euros ($6 billion) of bonds, exceeding the maximum target. U.S. initial jobless claims probably declined to 371,000 in the week ended Jan. 28, from 377,000 in the prior period, a report today may show. The S&P 500 rose 0.9 percent yesterday. “Clearly after a strong move yesterday, it is normal to have some consolidation,” said Urs Eilinger, who helps oversee $3 billion of assets as chief investment officer at Infidar Investment Advisory Ltd. in Zurich. “It looks like the market is pretty resilient and this rally can continue for a couple of weeks. At least for the next couple of weeks, the U.S. economy will surprise positively.” Consumer Goods The Stoxx 600 climbed to a six-month high yesterday. Shell declined 1.7 percent today in London trading. Deutsche Bank slid 1.8 percent as Germany’s largest bank said earnings dropped 76 percent in the fourth quarter. Unilever, the world’s second- biggest consumer-goodsmaker, sank 3.4 percent in London. Glencore advanced 4.8 percent. Joining the two natural resources companies would combine the world’s largest listed commodity trader with a producer of coal, copper and nickel from Africa to Asia. S&P 500 futures erased an earlier gain of as much as 0.4 percent. Tomorrow’s monthly payrolls data is forecast to show employment grew by 145,000 last month after rising 200,000 in December, according to a Bloomberg survey of economists. MasterCard Inc., Kellogg Co. and Dow Chemical Co. are among U.S. companies scheduled to report quarterly results today. Facebook Inc., the social-networking website that began about eight years ago in a Harvard University dorm, filed to raise $5 billion in an initial public offering in what would be the largest Internet IPO on record. The company, which now boasts more than 800 million users, didn’t specify the number or price of shares it will offer. Spain sold bonds maturing in 2015, 2016 and 2017. The maximum target the Treasury set for the sale today was 4.5 billion euros. Copper dropped to $8,391.75 a metric ton as aluminum retreated 0.5 percent to $2,254 a ton on the London Metal Exchange. The S&P GSCI gauge of 24 commodities fell 0.5 percent. (Less...)
A slew of earnings releases did little to lift stocks in Dubai, frustrating hopes of firmer signs of recovery in the emirate's economy.The Dubai Financial Market General Index fell 0.7 per cent to....(More...)
A slew of earnings releases did little to lift stocks in Dubai, frustrating hopes of firmer signs of recovery in the emirate's economy. The Dubai Financial Market General Index fell 0.7 per cent to 1,443.33, while the Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,471.15. Dubai's banks and property companies saw sharp falls in early trading after the release of earnings. Union Properties' losses for 2011 widened 2.5 per cent to Dh1.56 billion, even though sales nearly doubled. The bank recently agreed a Dh2.7bn debt rescheduling and a Dh1.1bn transfer of property assets to Emirates NBD, its largest shareholder. The developer's shares fell 6.9 per cent to 29.3 fils each, the company's largest intraday fall in a year. Dubai Islamic Bank reported full-year profits of Dh1bn, an increase of 25.2 per cent and in line with analysts' estimates. The bank's shares fell 1.8 per cent to Dh2.15 each. Mashreq reported profits of Dh820m for 2011, a 2.1 per cent increase on a year earlier. However, the bank's loan book contracted sharply during the year, with net loans and advances falling 8.5 per cent to Dh37.7bn. The bank's shares, which are rarely traded, fell 9.9 per cent to Dh91.45 each. Aramex's share were unchanged after reporting a 4 per cent increase in fourth-quarter profit to Dh211.5m. Asian markets rose following improved manufacturing data from the US and the UK, with the Nikkei 225 gaining 0.7 per cent to 8,876.82 and the Hang Seng Index up 1.6 per cent at 20,669.41. Oil prices increased, with Brent crude futures climbing 85 cents to $111.43 per barrel. (Less...)
"Replaces acting chief executive Nasser bin Obood"24/7UAE telecoms operator Etisalat named Saleh Al Abdooli as chief executive of its domestic operations on Wednesday, also appointing a new CEO for....(More...)
"Replaces acting chief executive Nasser bin Obood" 24/7 UAE telecoms operator Etisalat named Saleh Al Abdooli as chief executive of its domestic operations on Wednesday, also appointing a new CEO for Egyptian unit Etisalat Misr in the latest management reshuffle at the former state telecoms monopoly. Abdooli was CEO of Etisalat Misr, but now takes the reins in the UAE - replacing acting CEO Nasser bin Obood - where rival du has built up an estimated 45 percent share of mobile subscribers since launching services in 2007. Saeed Al Hamli is now chief of Etisalat Misr, in which Etisalat owns a 66 per cent stake. Etisalat is active in 18 countries across Asia, Africa and the Middle East, but its home market provided three-quarters of revenue in the third quarter. Earlier this month, Etisalat appointed Jamal al Jarwan as the its new chief regional officer for Asia and analysts expect the operator will also appoint heads for Africa and the Middle East. Last August, Ahmad Julfar became group chief executive while in December Daniel Ritz appointed chief strategy officer and Serkan Okandan group chief financial officer. Matthew Willsher joined as chief marketing officer last year. (Less...)
"Funds required to meet debt maturities this year"24/7DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), will need to raise more than $900 million (Dh3.3....(More...)
"Funds required to meet debt maturities this year" 24/7 DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), will need to raise more than $900 million (Dh3.3 billion) to meet its debt maturities this year, Standard & Poor’s Ratings Services said in a statement on Wednesday. “Due to significant delays in planned disposals, we believe DIFCI will likely require over $900 million of new debt to meet its debt maturities in 2012. We believe, however, that the government will likely support the company to ensure it meets its debt obligations on time and in full,” S&P said. “We could revise the outlook to stable if the company is able to raise new debt to repay the sukuk and to refinance existing bank loans at reasonable cost, and if it makes good progress in the disposal of noncore assets,” it added. S&P also raised its view of the likelihood that the Dubai government would provide timely and sufficient extraordinary support to Dubai-based DIFC Investments to "very high" from "high". But it lowered its assessment of DIFC Investments’ stand-alone credit profile to ‘ccc-‘ from ‘ccc+’ due to further delays in asset disposals and a reassessment of the likely magnitude and timing of disposal proceeds. The negative outlook, according to S&P, reflects assessment of the high refinancing risk due to significant delays in DIFC Investments' noncore asset disposal programme, and the need to raise significant new debt to meet existing debt maturities at a time of uncertainty among banks and capital markets globally. Standard & Poor's on Wednesday affirmed its ‘B+’ long-term and ‘B’ short-term corporate credit ratings on Dubai-based real estate and financial investments group, DIFC Investments. The outlook remains negative. Other factors weighing on the ratings include weak cash flow from noncore investments, high execution risk in its noncore asset disposal program, and high refinancing risk. The heavily oversupplied Dubai office market outside the free zone, combined with competition from other regional financial centers, led to rent and fee reductions in 2011, though higher occupancy rates partly compensated for this. DIFC Investment’s credit strengths include the strong market position of DIFC and the relatively stable cash flows that it provides DIFCI as its main infrastructure provider. (Less...)
"Dubai and Northern Emirates sales rise 19.35% in 2011"24/7Japanese luxury automaker Infiniti on Wednesday said it sold 4,569 vehicles in the Middle East last year, an increase of 5.17 per cent in....(More...)
"Dubai and Northern Emirates sales rise 19.35% in 2011" 24/7 Japanese luxury automaker Infiniti on Wednesday said it sold 4,569 vehicles in the Middle East last year, an increase of 5.17 per cent in growth sales driven by sedan sales. A press statement said that M37/56 sedans sales jumped 175.88 per cent, becoming the fastest growing luxury model in its segment. Likewise, sales of the G37 convertible rose 54.55 per cent. Leading the region was Azerbaijan, which posted an extremely large 2011 sales growth of 131.67 per cent over 2010, followed by Bahrain at 81.06 per cent, Kuwait at 76.48 per cent, and Oman at 29.43 per cent. Dubai and the Northern Emirates posted positive growth of 19.35 per cent, while Lebanon showed growth of 15.38 per cent. Following on the success of the M37/56 and G37 convertible, the EX 35 premium compact-crossover SUV surged with 26.67 per cent better sales, while the G37 sedan’s numbers were also up 19.26 per cent. The all new, redesigned luxury SUV QX56 also used its opulent styling and powerful 400 horse-power V8 engine to post a strong gain of 12.30 per cent. FX35/50 remained Infiniti’s best-selling model with an impressive 1,699 units sold across the region in 2011. “We’re extremely happy that we’ve been able to deliver such good numbers in what was a difficult year, due to the Earthquake in Japan in March 2011. It shows that Infiniti is delivering exactly the type of luxury experience and inspired driving performance that our customers want,” said Jurgen Schmitz, General Manager, Infiniti Business Unit in the Middle East. “We’ve been present in the GCC for eight years now, and everything is falling into place to massively increase our market and build towards Infiniti’s Mid-term Plan target to grow to 10 per cent of the global market share among luxury brand segments by 2016. The launch of the all-new JX crossover SUV in 2012 is a bold next step in this direction,” Schmitz added. (Less...)
Company Name : Ismailia Misr Poultry ISIN Code : EGS02021C011 Reuters Code : ISMA.CA Content : Release from Ismailia Misr Poultry related to commercial profit taxes that is imposed on the company on the period from 1979 till 1990.
Company Name : Orascom Telecom Media And Technology Holding ISIN Code : EGS693V1C014 Reuters Code : OTMT.CA Content : Release from Orascom Telecom Media And Technology Holding stating that the number of Korialink has reached one million.
Company Name : Beltone Financial HoldingISIN Code : EGS691G1C015Reuters Code : BTFH.CAContent: Beltone Financial Holding sent a release referring to what was published yesterday concerning the....(More...)
Company Name : Beltone Financial Holding ISIN Code : EGS691G1C015 Reuters Code : BTFH.CA Content: Beltone Financial Holding sent a release referring to what was published yesterday concerning the negotiations to sell Mr. Alaa Sabaa?- Company's Chairman- stake to El Arabia for Investment & Development. The Release stated that Mr. Alaa Sabaa has reached an agreement with Beltone, to end talks about selling his stake amounting to 20% in Beltone.
Adding that Beltone will continue its mutual cooperation with El Arabia for Investment & Development to achieve both company?s and shareholders? interests. (Less...)
According to the letter received from MCDR on 01/02/2012 including its approval to list the increase of treasury bonds - Jan 2015 (issued 17 /01/2012), prior to reopening the subscription in this....(More...)
According to the letter received from MCDR on 01/02/2012 including its approval to list the increase of treasury bonds - Jan 2015 (issued 17 /01/2012), prior to reopening the subscription in this bond issue with an additional LE 1 billion (distributed over 1 million bonds at a par value of LE 1000) to reach LE 3 billion, with a fixed rate of 16.15% annually to be paid twice per year in 17/07 & 17/01. EGX announces that the above-mentioned increase has been available for trading effective Thursday 02/02/2012 trading session. (Less...)
Company Name : Egyptian Transport (EGYTRANS) ISIN Code : EGS42051C010 Reuters Code : ETRS.CA Content : Release from the company concerning a contract with Hitachi transport System LTD., Japan Co. amounting 10 Million L.E.
According to the letter received from MCDR on 01/02/2012 including its approval to list the increase of treasury bonds - Jan 2017 (issued 17 /01/2012), prior to reopening the subscription on this....(More...)
According to the letter received from MCDR on 01/02/2012 including its approval to list the increase of treasury bonds - Jan 2017 (issued 17 /01/2012), prior to reopening the subscription on this bond issue with an additional LE 1 billion (distributed over 1 million bonds at a par value of LE 1000) to reach LE 2.5 billion, with a fixed rate of 16.35% annually to be paid twice per year in 17/07 & 17/01. EGX announces that the above-mentioned increase are available for trading effective Thursday 02/02/2012 trading session. (Less...)
Company Name : Orascom Telecom Media And Technology HoldingISIN Code : EGS693V1C014Reuters Code : OTMT.CAContent : Responding to EGX Inquiries, regarding what was published in a newspaper dated....(More...)
Company Name : Orascom Telecom Media And Technology Holding ISIN Code : EGS693V1C014 Reuters Code : OTMT.CA Content : Responding to EGX Inquiries, regarding what was published in a newspaper dated 01/02/2012 on the acquisition of Orascom Telecom Ventures (a subsidiary of Orascom Telecom Media And Technology Holding) on 51% of Dare & Deal co. in a deal with a net worth LE 20 million, a clarification was sent from the company regarding this topic. (Less...)
PalmCompany Name : Palm Hills Development Company ISIN Code : EGS655L1C012 Reuters Code : PHDC.CA Content : The Board of Directors' meeting minutes held on 01/02/2012 (before certification).
Company Name : Canal Shipping Agencies ISIN Code : EGS44031C010 Reuters Code : CSAG.CA Content : EGX decided to resume trading on the company effective 02/02/2012 trading session, as the company complied with Listing Committee's decisions held on 01/02/2012.
New power, water, and energy projects valued at $180 billion are planned in the Middle East, as the UAE forges ahead with 20 projects worth $34.2 billion, said the organizers of an upcoming energy....(More...)
New power, water, and energy projects valued at $180 billion are planned in the Middle East, as the UAE forges ahead with 20 projects worth $34.2 billion, said the organizers of an upcoming energy event in Dubai. Featuring more than 1,000 exhibitors, Middle East Electricity will take place from February 7 to 9 at the Dubai International Convention & Exhibition Centre. “According to the World Energy Council, the GCC will require 100 GW of additional power over the next 10 years to meet growing demand. The power sector will require US$50 billion worth of investments in new power generating capacity and $20 billion in desalination,” said Anita Mathews, Middle East Electricity exhibition director. “In response, new contractor awards in the power, water and renewable energy sectors are being announced every month in the Middle East, as seen in December last year, when six new contractor awards were announced in Kuwait, Qatar and Iraq, valued at $1.5 billion, while in January this year, five new contractor awards worth $130 million were announced in UAE, Kuwait, and Oman.” “This too is reflected in exhibitor space occupied at Middle East Electricity 2012, which has exceeded last year’s occupied space by 15 per cent. We have also seen growth in exhibitor numbers and expect more than 15,000 unique visitors to attend the three-day event,” she added. Spearheaded by the $20 billion Nuclear Power Plant in Abu Dhabi, which began construction late in 2011, the UAE will be one of the most active markets in the power, water and energy sectors over the next two years, at a time when power demand across all GCC countries is expected to grow 8 to10 per cent annually. Saudi Arabia holds the lion’s share of investment value in the region, due to the $100 billion King Abdullah City of Atomic and Renewable Energy, which begins construction in 2013. The Kingdom also has a further 15 projects worth nearly $9 billion currently underway, or due to begin in 2012. Qatar recently announced plans to build at least eight power and water facilities worth $4.8 billion in the next three years, including the $3 billion Qatar Facility D power project, which is slated to have construction started on in 2012. Meanwhile, Bahrain has four projects currently ongoing worth $4.2 billion; Kuwait has 17 projects valued at $4 billion, while Oman has put aside $2.9 billion for 13 new power, water and energy projects which will begin construction in 2012. Elsewhere in the Middle East, Jordan has nine projects predominantly in the water sector worth $6.1 billion set to begin construction in 2012, while Morocco looks to make the most of its natural abundance of wind resources, earmarking $3.8 billion worth of renewable energy projects over the next two years. At the same time, Egypt and Iraq continue to move forward with power infrastructure plans as both countries commit $5.3 billion each to new projects over the next two years. Organised by Informa Exhibitions, Middle East Electricity is under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai. A new feature for the 37th edition of the event is the Middle East Electricity Awards, established to recognise outstanding achievements of individuals, departments, teams or organisations that have contributed to the growth and development of the energy industry in the Middle East. Other highlights of the event include the free-to-attend technical seminars, where a selection of exhibitors will present latest innovations and products to visitors on the over the three days on the show floor. Middle East Electricity 2012 is the partner event to Power + Water Middle East in Abu Dhabi and Africa Electricity in Johannesburg. – Trade Arabia News Service (Less...)
Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”) announces that it signed an extension to the management contract of the Lebanese mobile telecommunications operator “Alfa” with....(More...)
Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”) announces that it signed an extension to the management contract of the Lebanese mobile telecommunications operator “Alfa” with the Republic of Lebanon for one year commencing on February 1st, 2012. The terms of the new contract stipulate that OTMT receives a monthly management fee of USD 600 Thousand in addition to 1.1% of total revenues payable against completing a certain set of objectives as per agreed upon deadlines. The Republic of Lebanon is fully responsible for all expenditures related to the smooth running of the Mobile Business during the contract period. The renewal of the contract will allow OTMT to complete its plans for the future development of mobile phone services in Lebanon, the most important of which is the deployment of the third generation "3G" services, the expansion of Alfa’s network coverage to new areas, and the promotion of spreading telecommunication services all over the country. The mobile network assets of Alfa were transferred to the Republic of Lebanon with effect on August 31st, 2002 following the termination of the build, operate and transfer contract under which Alfa was constructed. (Less...)
(Reuters) - Egypt's benchmark share index tumbled 4.6 percent in early trade on Thursday after soccer stadium violence the night before left 74 people dead. Trading on a number of stocks was temporarily suspended after their share prices fell by the maximum 5 percent, including Orascom Telecom, Palm Hills and Ezz Steel.
(Reuters) - Egypt's benchmark share index tumbled 4.6 percent in early trade on Thursday after soccer stadium violence the night before left 74 people dead. Trading on a number of stocks was temporarily suspended after their share prices fell by the maximum 5 percent, including Orascom Telecom, Palm Hills and Ezz Steel.
(Reuters) - Gazprom Neft, the oil arm of Russian gas giant Gazprom, expects to increase its crude production by around 4 percent to 59 million tonnes in 2012, the company chief executive officer Alexander Dyukov said on Thursday. Overall oil production in Russia, the world's top crude producer, is expected to edge up 1 percent to 516 million tonnes this year.
Newcrest Mining, the world's No 3 gold producer, expects gold to retain its status as a safe harbour and trade as high as $2,500 an ounce as long as concern surrounds the world's financial....(More...)
Newcrest Mining, the world's No 3 gold producer, expects gold to retain its status as a safe harbour and trade as high as $2,500 an ounce as long as concern surrounds the world's financial system. Chief executive Greg Robinson told a business lunch on Thursday gold will remain a hedge against a global financial breakdown, citing risks such as the US dollar, the global currency, facing devaluation, European economies in poor shape and persisting political tensions. He pegged bullion to trade between $1,500 and $2,500 an ounce in the years ahead. "For all investors, gold is an insurance against a breakdown in the international financial system," Robinson said. Gold prices are trading around $1,747 an ounce, close to two-month highs following a surge in January amid concerns about the euro zone debt crisis. Robinson said he expected the gap between soaring gold prices and gold miners' share prices to close with gold miners' share price rising rather than through gold prices falling. Newcrest share have dropped close to 10 percent since mid-November. Spot gold over the same period is down less than 3 percent. Newcrest expects to produce 2.43 million to 2.55 million ounces of gold in the 2011/12 financial year from its mines in Australia, Papua New Guinea and Indonesia. - Reuters (Less...)
Union Properties, Dubai's struggling real estate developer, on Thursday said its full-year net loss widened as property values continue to drop in the emirate. The company, which recently transferred....(More...)
Union Properties, Dubai's struggling real estate developer, on Thursday said its full-year net loss widened as property values continue to drop in the emirate. The company, which recently transferred a major portion of its assets to a local bank, said 2011 net loss widened to 1.57 billion dirhams ($426.90 million) from 1.53 billion dirhams a year-ago. Union Properties made a fourth-quarter net loss of 68 million dirhams, compared with 779 million dirhams loss a year-ago, according to Reuters calculations based on nine-month earnings. The company recorded a loss of 1.5 billion dirhams in the nine-month period ending in September. Revenue for the full year increased to 4.9 billion dirhams compared with 2.9 billion dirhams in the same period in 2010, the company said in a statement to the Dubai bourse. Fourth quarter figures were not provided. Like many real estate firms in Dubai, Union Properties has been hit by the slump in the emirate's property sector which has seen prices fall by more than half and large numbers of projects cancelled or put on hold. The developer reached a 3.8 billion dirham's debt deal earlier this month with major shareholder Emirates NBD, where the company would transfer assets worth 1.1 billion dirham's to the bank. Union Properties' third-quarter net loss more than doubled as it booked additional provisions amid a sharp drop in asset valuations. In June, the company said it would repay 2 billion dirham's in 2011 and was in the process of renegotiating terms on its other obligations to extend the tenor. - Reuters (Less...)
Japan's ailing electronics giant, Sony Corp, warned investors on Thursday it was heading for a worse-than-expected $2.9 billion annual loss.The company, overtaken by more innovative rivals such as....(More...)
Japan's ailing electronics giant, Sony Corp, warned investors on Thursday it was heading for a worse-than-expected $2.9 billion annual loss. The company, overtaken by more innovative rivals such as Apple and Samsung over the past decade, gave the forecast in its third-quarter results, surprising a market that had been expecting a full-year loss of barely half that amount. Sony said it expected to make a loss of 220 billion yen ($2.9 billion) for the year to March, its fourth straight year of red ink, including a hefty $1.2 billion operating loss for the third quarter and a steep slide in sales at its troubled TV unit. "It won't be easy for Sony to regain its lost ground under new leadership, as its overall competitiveness has sharply weakened," said Kim Young-Chan, analyst at Shinhan Investment Corp in Seoul. "It's got structural problems that will take years to fix. "It's not just Sony but Japanese IT firms have similar problems. They are failing to innovate and produce industry-leading products in almost every major area from TVs to displays, tablets and smartphones." The market had been expecting a net loss of 132.8 billion yen ($1.7 billion) for the full year to March, according to Thomson Reuters I/B/E/S data. Sony kept its annual LCD TV sales forecast unchanged at 20 million on Thursday, but cut its forecasts for digital camera and PlayStation 3 hardware sales. The company is installing Kazuo Hirai, a company veteran, as the new CEO to stop the rot in its troubled TV business and to rekindle the innovative spirit that had made it a king of the global consumer electronics industry in the 1980s and into 1990s. Hirai, who revived Sony's PlayStation gaming business, was named on Wednesday to take over from Howard Stringer effective April 1. - Reuters (Less...)
SINGAPORE (AP) -- Oil prices hovered below $98 a barrel Thursday in Asia amid mixed signs about the strength of U.S. crude demand.Benchmark crude for March delivery was up 1 cent at $97.62 a barrel....(More...)
SINGAPORE (AP) -- Oil prices hovered below $98 a barrel Thursday in Asia amid mixed signs about the strength of U.S. crude demand. Benchmark crude for March delivery was up 1 cent at $97.62 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to settle at $97.61 on Wednesday. Brent crude rose 30 cents to $111.86 a barrel on the ICE Futures Exchange in London. A jump of U.S. crude inventories last week by 4 million barrels suggested oil consumption is sluggish. However, factories raised output in January by the most in seven months, the Institute for Supply Management said Wednesday while the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain. Oil prices have hovered near $100 for the last few months amid mixed economic signs from the U.S., Europe and Asia. Some analysts expect crude to begin to rise as the global economy may grow more this year than previously expected. "The crude oil price has become stuck in a remarkably extended period of narrow sideways trading," Barclays Capital said in a report. "However, the market is now likely to start to position for an upside break based on a greater degree of relaxation about macroeconomic prospects." In other energy trading, heating oil rose 1.8 cents to $3.06 per gallon and gasoline futures were steady at $2.89 per gallon. Natural gas gained 1.3 cents to $2.40 per 1,000 cubic feet. (Less...)
NEW YORK (AP) -- Facebook is friending Wall Street: The Internet social network is going public in a stock offering that could value it at up to $100 billion, eight years after its computer-hacking....(More...)
NEW YORK (AP) -- Facebook is friending Wall Street: The Internet social network is going public in a stock offering that could value it at up to $100 billion, eight years after its computer-hacking CEO Mark Zuckerberg started the service at Harvard. The much-anticipated status update means anyone with some cash will be able to own part of a Silicon Valley icon that quickly transformed from dorm-room startup to cultural touchstone. If its initial public offering of stock makes enough friends among investors, Facebook will probably make its stock market debut in three or four months as one of the world's most valuable companies. Facebook, which is based in Menlo Park, Calif., hopes to list its stock under the ticker symbol, "FB," on the New York Stock Exchange or Nasdaq Stock Market. In its regulatory filing Wednesday with the Securities and Exchange Commission, Facebook Inc. indicated it hopes to raise $5 billion by selling a small percentage of its shares to the public in its IPO. That would be the most for an Internet IPO, easily surpassing the $1.9 billion raised by Google Inc. in 2004. The final amount will likely change as Facebook's bankers gauge the investor demand. Joining corporate America's elite would give Facebook financial clout as it tries to make its service even more pervasive and expand its global audience of 845 million users. It also could help Facebook fend off an intensifying challenge from Google, which is looking to solidify its status as the Internet's most powerful company with a rival social network called Plus. The intrigue surrounding Facebook's IPO has increased in recent months and not just because the company has become a common conduit for everyone from doting grandmas to sassy teenagers to share information about their lives. Zuckerberg, 27, has emerged as the latest in a lineage of Silicon Valley prodigies who are alternately hailed for pushing the world in new directions and reviled for overstepping their bounds. In Zuckerberg's case, a lawsuit alleging that he stole the idea for Facebook from some Harvard classmates became the grist for a book and a movie that won three Academy Awards last year. Following the model of Google co-founders Larry Page and Sergey Brin, Zuckerberg set up two classes of stock that will ensure he retains control as the sometimes-conflicting demands of Wall Street exert new pressures on the company. He will have the final say on how nearly 57 percent of Facebook's stock votes, according to the filing. Even before the IPO was filed, Zuckerberg was shaping up as his generation's Bill Gates - a geek who parlayed his love of computers into fame and fortune. Forbes magazine estimated Zuckerberg's wealth at $17.5 billion in its most recent survey of the richest people in the U.S. A more precise measurement of Zuckerberg's fortune will be available once the IPO is priced and provides a concrete benchmark for determining the value of his nearly 534 million Facebook shares The IPO will also mint hundreds of Facebook employee as millionaires because they have accumulated stock at lower prices than what the shares are liked to be valued at on the open market. Facebook employed 3,200 people at the end of 2011. Depending on how long regulators take to review Facebook's IPO documents, the company could be making its stock market debut around the time that Zuckerberg celebrates his 28th birthday in May. When most companies go public, they let Wall Street investment banks handle everything. That means the stock being sold is reserved for big institutional investors, shutting out the average investor. Despite speculation that Facebook would try something different, it appears the IPO will be a traditional one. The IPO filing casts a spotlight on some of Facebook's inner workings for the first time. Among other things, the documents reveal the amount of Facebook's revenue, its major shareholders, its growth opportunities and its concerns about its biggest competitive threats. The documents show, as expected, that Facebook is thriving. The company earned $668 million on revenue of $3.7 billion last year, according to the filing. Both figures nearly doubled from 2010. "The company is a lot more profitable than we thought," said Kathleen Smith, principal of IPO investment advisory firm Renaissance Capital. Although she considered Facebook's numbers "very impressive," she said Facebook needs to talk more about where it sees its growth coming from. "What new areas of business is it expecting to pursue beyond display ads?" What's not in the documents, yet, is Facebook's market value. That figure could hit $100 billion, based on Facebook's private valuations and the expectation that it will continue to grow at a rapid pace. Facebook also did not say what percentage of its shares it plans to sell. Facebook heads a class of Internet startups that have been going public during the past year to some disappointing results. Among them: Daily deals company Groupon Inc., Internet radio service Pandora Media Inc. and Zynga Inc., which has built a profitable business by creating games people can play on Facebook. Facebook stands apart, though. As it rapidly expands, people from Silicon Valley to Brazil to India use it to keep up with news from friends and long-lost acquaintances, play mindless games tending virtual cities and farms and share big news or minute details about their days. Politicians, celebrities and businesses use Facebook to connect with fans and the general public. It's becoming more difficult to tell whether going to Facebook is a pastime or an addiction. In the U.S., Facebook visitors spend an average of seven hours per month on the website, more than double the average of three hours per month in 2008, according to the research firm comScore Inc. More than half of Facebook users log on to the site on any given day. Using software developed by outside parties - call it the Facebook economy - they share television shows they are watching, songs they are playing and photos of what they are wearing or eating. Facebook says 250 million photos alone are posted on its site each day. To make money, Facebook sells the promise of highly targeted advertisements based on the information its users share, including interests, hobbies, private thoughts and relationships. Though most of its revenue comes from ads, Facebook also takes a cut from the money that apps make through its site. For every dollar that "FarmVille" maker Zynga gets for the virtual cows and crops it sells, for example, Facebook gets 30 cents. Last year, Facebook got about $3.2 billion in advertising revenue, which accounted for 85 percent of its total. The rest came from what it calls "payments and other fees," namely the app payments. Zynga alone accounted for 12 percent of Facebook's revenue in 2011. Research firm eMarketer had expected higher ad revenue - $3.8 billion - and higher overall revenue of $4.27 billion. Analyst Debra Aho Williamson offered one reason that Facebook's revenue is lower than she expected: its focus on the user experience. The company, she said, has been "very deliberate" about how it displays ads. There are no splashy banners plastered across users' home pages and no intrusive video ads popping up left and right. "Advertisers possibly want more," she said. "They want more proof that advertising works." For all of Facebook's success, the company has had its troubles. It has gone through a series of privacy missteps over the years as it has pushed users to disclose more and more information about themselves. Most recently, the company settled with the U.S. Federal Trade Commission over allegations that it exposed details about people's private lives without getting legally required consent. And the legal fights over Facebook's origins have been embarrassing and sometimes distracting, though Zuckerberg has consistently denied allegations that have depicted him as ruthless. Zuckerberg has made it clear he isn't especially keen on leading a public company. He has said many times that he prefers to focus on developing Facebook's products and growing the site's user base, rather than trying to hit quarterly earnings targets in an effort to keep investors happy. In a letter included in Wednesday's filing, Zuckerberg paints a rosy, idealistic picture of Facebook. "Facebook aspires to build the services that give people the power to share and help them once again transform many of our core institutions and industries," he wrote. Zuckerberg also pledged to stay true to Facebook's scrappy roots even on the road to becoming a multinational corporation. "The word `hacker' has an unfairly negative connotation from being portrayed in the media as people who break into computers," he wrote. "In reality, hacking just means building something quickly or testing the boundaries of what can be done." Lately, Zuckerberg has matured into the role, said Scott Kessler, a Standard & Poor's equity analyst who follows Internet stocks. "Clearly he is a very smart and shrewd person," he said. Zuckerberg has surrounded himself with other savvy executives, who are often more experienced. They include Chief Operating Officer Sheryl Sandberg, who helped build Google's advertising business before Facebook lured her in 2008. Facebook's finance chief is David Ebersman, a former executive at biotech firm Genentech. Amid the buoyant optimism about Facebook's prospects as a public company, some analysts see troubling parallels to the dot-com boom of the late 1990s, which turned into a devastating bust in the early 2000s. The biggest fear is that some investors will become so enamored with Facebook's brand and brawn that they will try to buy the Facebook shares the day the company goes public with little financial analysis or recognition of the risks. "It's a one-day circus," said John Fitzgibbon, founder of IPOscoop.com. The IPOs of Zynga and LinkedIn showed that success isn't guaranteed even for profitable companies with huge followings. Zynga's stock is currently trading just slightly above its IPO price. LinkedIn closed at $72.37 Wednesday, far below the $122.70 record that it hit on its first trading day. Morgan Stanley is the lead banker for the IPO. The other banks involved are JPMorgan, Goldman Sachs, BofA Merrill Lynch, Barclays and Allen & Co. (Less...)
TOKYO (AP) -- Battered by weak TV sales, a strong yen and production disruptions from flooding in Thailand, Sony Corp. on Thursday reported a net loss of 159 billion yen ($2.1 billion) for the....(More...)
TOKYO (AP) -- Battered by weak TV sales, a strong yen and production disruptions from flooding in Thailand, Sony Corp. on Thursday reported a net loss of 159 billion yen ($2.1 billion) for the October-December quarter and projected it would lose even more money for the full fiscal year than it had expected three months ago. The Japanese electronics and entertainment company, which a day earlier announced that Kazuo Hirai will replace Howard Stringer as CEO and president effective April 1, said it predicts a net loss of 220 billion yen for the year through March, up from an earlier forecast of 90 billion yen. That would be fourth straight year of red ink for Sony, despite massive cost cuts and restructuring efforts in recent years. Hirai, 51, leads the company's core consumer products business. He will be taking the helm at Sony as it struggles to regain its once-powerful stature and creative flair that made it a dominant force in the global electronics industry in the 1980s and early 1990s. Hirai, currently executive deputy president, was widely expected to succeed the Welsh-born Stringer, one of the few foreigners to lead a major Japanese company. He will retain his post as chairman of the board. A key priority for Hirai will be turning around Sony's struggling TV business - battered by competition from South Korea's Samsung Electronics Inc. and others. Hirai, who also led Sony's gaming division earlier in his career, also must guide Sony as it faces increasingly intense competition in the gaming sector from Apple Inc.'s iPod and iPhone and Nintendo Inc.'s DS handheld. Hirai, who in 2009 was named as part of a new management team made up of younger executives, laid out some objectives in a statement released Wednesday evening. "The path we must take is clear: to drive the growth of our core electronics businesses - primarily digital imaging, smart mobile and game; to turn around the television business; and to accelerate the innovation that enables us to create new business domains," he said. Sony, which makes about 70 percent of its sales outside Japan, has also been hurt by the strong yen, which erodes overseas earnings. Sony's regional production network was hit by widespread flooding late last year in Thailand, where two of its factories had to be shut down and are still not operating, according to Satsuki Shinnaka, a company spokeswoman. The company has shifted production to other facilities to make up for the shortfall. (Less...)
SINGAPORE (AP) -- Asian stocks extended a global rally Thursday amid investor optimism that the U.S. economy may grow more than previously expected this year.Benchmark oil stayed below $98 per barrel....(More...)
SINGAPORE (AP) -- Asian stocks extended a global rally Thursday amid investor optimism that the U.S. economy may grow more than previously expected this year. Benchmark oil stayed below $98 per barrel while the dollar was lower against the euro but steady against the yen. Tokyo's Nikkei 225 rose 0.7 percent to 8,875.21 while Hong Kong's Hang Seng gained 1.5 percent to 20,629.68 and Seoul's Kospi added 1.1 percent to 1,980.90. Signs of an improving U.S. economy have helped bolster trader sentiment. Factories raised output in January by the most in seven months, according to the Institute for Supply Management's manufacturing index on Wednesday. And the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain. Investors have also been cheered by growing optimism that contagion from a likely Greek debt default can be contained. Global equities are advancing "on hopes of the global economy gaining a solid footing and the banking sector continued to rally on the belief that Europe will avoid a catastrophe," IG Markets in Melbourne said in a report. On Wednesday, the Dow Jones industrial average closed up 0.7 percent at 12,716.46. The S&P added 0.9 percent to 1,324.09 while the Nasdaq composite index rose 1.2 percent to close at 2,848.27. European stock indexes also rose Wednesday. France's CAC-40 gained 2.1 percent while Britain's FTSE 100 rose 1.9 percent and Germany's DAX jumped 2.4 percent. China's benchmark Shanghai Composite Index climbed 0.4 percent to 2,276.22 on Thursday amid signs manufacturing improved in January for a second straight month. Shares in Singapore, Australia, Taiwan, New Zealand, Thailand and India all gained ground. "After stepping into a soft patch in the fourth quarter, Asian economic growth is gradually picking up," said Frederic Neumann, co-head of Asian economics at HSBC in Hong Kong. "This rebound is led by the region's giants: China, India, and Japan." Early Thursday, the Tokyo Stock Exchange suspended trading in 241 securities, including Sony Corp. and Hitachi Ltd., due to a glitch in its electronic trading system. Trading in the suspended securities resumed near midday. Benchmark oil for March delivery fell 16 cents to $97.45 per barrel Thursday in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to settle at $97.61 on Wednesday. In currencies, the euro rose to $1.3165 from $1.3158 late Wednesday in New York. The dollar was little changed at 76.14 yen. (Less...)
DETROIT (AP) -- 2012 is already looking like a winner for automakers -- just one month into the year.U.S. sales of new cars and trucks rose 11 percent to 913,287 in January. New models, low interest....(More...)
DETROIT (AP) -- 2012 is already looking like a winner for automakers -- just one month into the year. U.S. sales of new cars and trucks rose 11 percent to 913,287 in January. New models, low interest rates and better loan availability helped buyers overcome lingering worries about the economy and pushed the sales pace to its highest level since the Cash for Clunkers program in August 2009. Chrysler had its best January in four years. Toyota and Honda were back in the game, getting boosts from important new vehicles. Volkswagen, which wants to aggressively expand in the U.S., reported big increases. The only loser among the major automakers was General Motors Co., whose sales fell 6 percent from a strong January last year. "For the first time in several years, we are starting the year off with a warm and fuzzy feeling," said Jesse Toprak, vice president of industry trends for TrueCar.com, January's sales pace was even faster than December's, a relief for the industry after a bumpy 2011. Sales started at a healthy pace last year but plummeted after the Japanese earthquake in March caused car shortages and didn't recover until the final four months of 2011. If sales stay at the same pace as this January, they would reach 14.2 million, up from 12.8 million in 2011, according to Autodata Corp. While that's below the 2000 peak of 17.3 million, it's better than the 10.4 million trough in 2009. One reason car sales are improving is that buyers need to replace aging vehicles. The average age of a vehicle in the U.S. is a record 10.8 years, nearly two years older than a decade ago. Coverage of the glitzy Detroit auto show at the start of the month may have piqued buyers' interest. Unseasonably warm weather may also have drawn some to dealerships, but Ford's U.S. sales chief Ken Czubay said the weather effect was probably a wash. Frigid temperatures can also boost sales because older cars may not start during a cold snap, he said. Chrysler's January sales jumped 44 percent, led by surge in demand for its revamped 200 and 300 sedans. Chrysler sold 7,007 of the 200s last month, more than eight times the number a year earlier. Sales of the 300 almost quadrupled. Chrysler also reported its first full-year net income since 1997, helped by its revamped lineup. Toyota Motor Corp.'s sales rose 7.5 percent on strong demand for the new Camry, which went on sale in October. Camry sales rose 56 percent in January and the sedan remained America's best-selling car, a distinction it has held for nearly 15 years. Sales of the Prius hybrid rose 9 percent. Toyota's U.S. sales chief Bob Carter said earthquake-related inventory problems are still affecting the company's small SUVs, like the RAV4 and Highlander. But Toyota and Honda Motor Co. are getting closer to a full recovery from the problems. David Whiston, auto equity analyst for Morningstar, said inventories should be back to normal by this summer, when sales should be robust. Honda sales were up 9 percent on the strength of the new Civic small car. "It's gratifying to see how many Civics we can sell when we actually have Civics to sell," American Honda sales chief John Mandel said. GM car sales rose 13 percent thanks to the new Chevrolet Sonic subcompact. But demand for its trucks and crossovers fell. One problem: GM is no longer making the HHR crossover, which contributed more than 7,300 sales last January. GM also compared unfavorably to last January because its 2011 sales were inflated by rebates and other deals. TrueCar estimated that GM's incentives fell 16 percent to $3,095 per vehicle this January. GM's sales will likely be down in February, too, because of the incentives it offered last year, warned Don Johnson, GM's vice president of U.S. sales. GM could see slow sales through the first half of the year, until new models go on sale this summer, Whiston said. The company will offer two Cadillacs, a Chevrolet Malibu and the Spark mini-car. Sales of the Chevrolet Volt electric car totaled 603. That was less than half the number sold in December and sales fell short of its rival, the Nissan Leaf. Johnson said sales were affected by government hearings into Volt battery fires and GM's announcement that it will retrofit existing Volts so they are less prone to fires after a severe crash. The company expects sales to pick up now that GM is producing a Volt that's eligible to drive in California's high-occupancy vehicle lanes. Ford Motor Co.'s sales rose 7 percent. Demand for the Ford Focus small car rose 60 percent, while sales of the Escape small SUV rose 24 percent. Ford is replacing the Escape with a new version later this year, and sales have been strong as dealers offer big discounts to clear out the old models. Whiston said buyers will have plenty of options this year as Toyota and Honda recover and automakers launch major new products like the Dodge Dart and new versions of the Honda Accord and Ford Fusion. "It will be a great time to be a consumer going into 2012," Whiston said. But he cautions that buyers shouldn't expect big price breaks, since there are so many new products and companies are closely guarding their profits. Buyers paid an average of $31,312 for a new car in January, including an average incentive of $2,206, according to Edmunds.com. Five years ago, buyers were getting about the same amount in incentives, but the average vehicle price was $27,966. Other companies reporting sales Wednesday: - Volkswagen of America reported a 48 percent rise in U.S. sales, led by the Jetta and Passat sedans. - Nissan Motor Co.'s sales were up 10 percent with big jumps for the new Quest minivan and the Altima sedan. - Hyundai Motor Co.'s sales rose nearly 15 percent thanks to the new Veloster small car. (Less...)
(QNA) - Qatar General Insurance and Reinsurance Company discloses the financial statements for the year ended December 31, 2011. The financials revealed a net profit of QR 170.1 million in 2011....(More...)
(QNA) - Qatar General Insurance and Reinsurance Company discloses the financial statements for the year ended December 31, 2011. The financials revealed a net profit of QR 170.1 million in 2011 versus QR 119.5 million in 2010 and the Earnings per Share (EPS) amounted to QR 3.80 in 2011 compared to QR 2.67 in 2010. The Board recommended distribution of Cash Dividends of %13 From the share par value, QR1.3 for each share. The Board of Directors has also decided to submit a proposal to ordinary General Assembly, to ratify a proposal for distribution of bonus shares to its shareholders at 12% of the present capital. Qatar General Insurance and Reinsurance Company is a Qatari National Company that has served the insurance and reinsurance needs of individuals and businesses since 1979. QGIRC has set a clear and fundamental purpose to its business since its establishment by tailor our coverage and services, deliver innovative efficient ways to prevent or reduce losses and to effectively manage them when they occur. (Less...)
(Reuters) - Here are factors that mayaffect Middle East stock markets on Thursday. Reuters has notverified the press reports and does not vouch for theiraccuracy. ....(More...)
(Reuters) - Here are factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL * France sees possible U.N. deal on Syria next week * IAEA, Iran to meet again after "good" talks * Brent crude up as China, Iran outweigh US stockbuild * Euro, stocks firm on easing global concerns
UAE * Dubai Mashreq Q4 net falls; fee, interest income down
* Etisalat invites bids for African towers - sources
* Etisalat names Saleh Al Abdooli as CEO for UAE * Tabreed's Q4 net profit more than doubles * Etihad to get $169 mln lease finance * Waha Capital Q4 net falls 46 pct
EGYPT * More than 70 dead in soccer disaster * Egypt to sell land to citizens abroad to get cash * Egypt's "war on democracy" threatens U.S.-ties
KUWAIT * Kuwait opposition to press for change in election * Wataniya Airways reshuffles board
BAHRAIN * Bahrainis seek reconciliation as clashes worsen (Less...)
(Reuters) - British gas prices are likely to become more volatile and prone to spikes over the next few years after the UK has moved from self-sufficiency to increasing dependence on imports of....(More...)
(Reuters) - British gas prices are likely to become more volatile and prone to spikes over the next few years after the UK has moved from self-sufficiency to increasing dependence on imports of liquefied natural gas (LNG) from Qatar. The latest UK government data show Qatari LNG imports were equivalent to 52 percent of the gas consumed over the first nine months of 2011, up from 11 percent for 2009 as a whole. Qatar also accounted for 85 percent of UK LNG supplies between January and November last year, with Nigeria a weak second at just 5 percent. Britain's gas market is exposed to diversions of Qatari ships to countries that pay more, to shipping restrictions or unplanned outages on production facilities. "If Qatari LNG supply to Britain was cut off, UK gas prices would spike to oil-indexed levels to attract imports and possibly even higher to attract LNG from elsewhere," one UK gas trader at a utility said. An event considered routine in other markets - the news leak last summer of Qatar's LNG autumn maintenance schedule for its LNG trains - had the power to push UK winter gas prices up 3 percent in a day. British gas prices also soared in March last year when Japan, also a big LNG importer, was hit with the Fukushima nuclear crisis and started replacing nuclear capacity with additional gas imports. By December, Japan's imports from Qatar were double year-ago levels. The potential for a sustained increase in Japan's need for more gas could divert LNG shipments destined for Europe and push up British gas prices again later this year. "In my view the UK gas market has not priced that risk in, which is very apparent from the winter 2012 gas price onwards," said a European gas trader at a UK trading house. UK gas for winter 2012 is currently trading at 68.25 pence per therm, which is higher than the front-month price but around 11 percent below levels in March following Fukushima. Traders say those winter prices could rise again as Japan competes for more supply. "It depends on the Japanese nukes, and if these are not back in large numbers by winter 2012, we (Britain) may well need discretionary Russian volumes as LNG flows will likely be even less than this winter," the European gas trader said. Even more drastic, Britain is vulnerable to a crisis in the Middle East, such as the potential for Iran to carry out a threat to shut the Strait of Hormuz. Virtually all of Qatar's LNG vessels need to pass through Hormuz and the Suez Canal to reach Britain. "Qatar's proximity to less stable nations and its reliance on delivering cargoes via the Strait of Hormuz and Suez Canal are of particular concern when considering the recent tensions with Iran," said Paul Akass, European gas trader at Dutch utility Essent. "My guess is, if real disruptions occurred, the initial reaction would be prices rising to all-time highs." The British government has acknowledged that Britain receives a lot of its gas from Qatar and that a potential closure of the Strait of Hormuz would threaten economic growth. Such an event would have much less impact on other European countries such as Germany, which receive most of their gas supplies from Russia via pipeline. LONG-TERM POTENTIAL Over the past two years, Qatar has proved a reliable trading partner, and the UK has become a vital market for Qatar to maintain its ranking as the world's largest LNG exporter. "I think Qatar wants to have a solid relationship with the UK to hold its position as the number one LNG supplier," the UK gas trader said. "However, I think any swing gas (spare LNG shipments) would go elsewhere unless we are willing to pay for it." The UK gas hub has become a balancing point between supply and demand for the global gas market, helping set spot prices. Plentiful gas supplies in recent years have kept spot prices cheaper than most contracted prices for Russian pipeline gas, which are linked to oil prices. British officials express little concern about the dependence on Qatar. "In 2011 we imported LNG from eight countries, and the infrastructure exists to continue to import large volumes, should we need to," Energy Minister Charles Hendry said in a speech last week. Current alternative LNG suppliers such as Trinidad, Nigeria and Yemen, however, are also not tied into long-term delivery contracts to Britain and could ship to where prices are highest. British month-ahead gas currently costs around 57 pence per therm, while Asian customers pay around 95 pence per therm (or $15 per mmBtu) for LNG, leaving suppliers with a hefty premium on Asian deliveries. Years from now, Britain's reliance on Qatar and spot gas prices could prove an advantage due to the potential for a global boom in shale gas and plans by companies in the United States and Australia to export LNG, starting as early as 2015. (Less...)
(Reuters) - Royal Dutch Shell said it was targeting aggressive growth in the coming years, with the startup of big new projects and higher investments in exploration set to drive a 50 percent rise in....(More...)
(Reuters) - Royal Dutch Shell said it was targeting aggressive growth in the coming years, with the startup of big new projects and higher investments in exploration set to drive a 50 percent rise in cashflow and a 25 percent rise in oil and gas production.
The bullish outlook came as Europe's largest oil company by market capitalization unveiled weaker-than-forecast fourth quarter profits, after dismal industry-wide refining margins sent the crude processing division into a loss.
The company also announced a weaker rise in its dividend than some analysts expected, adding just 1 cent to its first quarter dividend for 2012, to $0.43 per share.
Hague-based Shell said it was eyeing a return to strong production growth in the coming years, after nearly a decade. Apart from a 5 percent rise in 2010, the group's production has fallen every year since 2002.
"Oil & gas production should average some 4 million boe/d (barrels of oil equivalent per day) in 2017-18," the company said in a statement.
Production averaged 3.215 million boe/d in 2011, a 3 percent drop on 2010.
However, a big rise in crude prices outweighed this drop, and weak refining profits. Net profits for 2011 were $24.69 billion, up 37 percent on the year.
The company said its fourth quarter current cost of supply (CCS) net income was $6.46 billion, helped by one-off gains from the sale of assets. Excluding one-offs, the result rose 18 percent to $4.85 billion, shy of an average forecast of $5.17 billion from a Reuters poll of nine analysts.
Brent crude prices averaged $109 per barrel last quarter, up from $88 a year before.
CCS earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under U.S. accounting rules. (Less...)
(Reuters) - Brent crude rose above $112 a barrel on Thursday, extending gains for a third day on persistent worries over supply from Iran, while upbeat global manufacturing data also boosted appetite....(More...)
(Reuters) - Brent crude rose above $112 a barrel on Thursday, extending gains for a third day on persistent worries over supply from Iran, while upbeat global manufacturing data also boosted appetite for riskier assets.
Factory activity rose in the United States, China and Germany -- the world's three manufacturing superpowers -- in January, raising hopes the global economy will not be dragged down by the euro zone debt crisis and pushing up Asian shares as well as the euro.
ICE Brent crude for March rose 74 cents to $112.30 a barrel by 0743 GMT and U.S. crude was at $97.80, up 19 cents.
"We've got a bullish bias and the Chinese PMI data was supportive of that," said Jonathan Barratt, chief executive of Barratt's Bulletin.
"The world was expecting a bigger fallout in China and India from the euro zone crisis. It's still a big concern, but the market wants to focus on the good story."
Asian shares were up and the euro rose against the greenback on easing concerns over global growth. A weaker greenback makes dollar-denominated oil more affordable for holders of other currencies. Yet even as China defied expectations its factory output would contract in January and German output improved for the first time in four months, data released on Wednesday showed new signs of the threats from Europe's troubles.
New export orders fell in China, and manufacturing in France and several other European nations contracted. Investors are now eyeing employment data due from the United States for clues to the country's economic health.
IRAN SUPPLY WORRIES
U.S. lawmakers are considering a bid to force President Barack Obama's administration to blacklist Iran's President Mahmoud Ahmadinejad and the country's supreme leader, Ayatollah Ali Khamenei, in an effort to thwart Tehran's nuclear capabilities.
The fresh penalties would build on a new oil embargo by Europe and sanctions by the United States that seek to shut Iran's main clearinghouse for oil revenues, the Iranian central bank.
"It is a stalemate that will continue to squeeze Iran," Barratt said. "It's against everyone's interest to have a conflict as they don't want to see crude at $140-$150."
The U.S. sanctions have put top crude buyers in Asia in a quandary. South Korea and Japan, heavily dependent on imports, will seek clarification from Washington on how much oil they can buy from Iran under the new law.
U.S. crude prices came under pressure on Wednesday after crude inventories jumped more than 4 million barrels last week, against an expected build of 2.4 million barrels. Gasoline demand fell to an 11-year low. "The data confirmed expectations that abundant supplies and the abnormally warm winter have had a negative impact on demand," ANZ analysts led by Mark Pervan wrote in a note.
A steep 1.5-million-barrel increase at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchange's oil futures contract, contributed to a jump in Brent's premium against West Texas Intermediate crude, analysts said.
The WTI/Brent spread CL-LCO1=R was at $14.50 on Thursday, after rising to its highest since Nov. 15 in the previous session. (Less...)
(Reuters) - U.S. stocks extended January's rally on Wednesday after upbeat global manufacturing data boosted sentiment and as Greece neared a long-delayed deal with private creditors.The recent run....(More...)
(Reuters) - U.S. stocks extended January's rally on Wednesday after upbeat global manufacturing data boosted sentiment and as Greece neared a long-delayed deal with private creditors.
The recent run of better-than-expected economic data around the world, though still not suggesting a booming expansion, has helped lift equity markets as investors move away from a worst-case scenario for the global economy.
An index of the U.S. manufacturing sector rose in January to its highest level since June, an industry group said, while China's factory sector expanded slightly, confounding expectations for a contraction. Germany recorded its first rise in manufacturing output in four months.
"The numbers aren't horrible, the trend continues that the news is OK," said Brian Battle, vice president of trading at Performance Trust Capital Partners in Chicago. "I think we're going to grind higher."
Optimism spurred gains in industrials, financials and basic materials, which rose between 1.1 percent and 1.7 percent. Caterpillar Inc, a company heavily exposed to global industry, rose 1.3 percent to $110.52 and was the biggest boost to the Dow industrials.
Trading volume was higher than it has been in recent days. Volume of the NYSE, Amex, and Nasdaq was 7.80 billion compared to its 20-day moving average of 6.97 billion. The wider participation comes after four down days when market movements were minimal and volume generally light.
Stocks also got a boost after Greek Finance Minister Evangelos Venizelos said talks between Athens and its private creditors were "one formal step away" from a deal needed to avoid a messy default. Such a deal would be a significant step in removing one of the biggest worries for investors.
U.S. and European banks rallied on the news. Bank of America Corp gained 3.2 percent to $7.36 and Citigroup rose 2.9 percent to $31.60.
The Dow Jones industrial average gained 83.55 points, or 0.66 percent, to 12,716.46. The Standard & Poor's 500 Index rose 11.67 points, or 0.89 percent, to 1,324.08. The Nasdaq Composite Index climbed 34.43 points, or 1.22 percent, to 2,848.27. After the S&P 500 rose 4.4 percent last month, some strategists see the benchmark approaching a short-term top. The index could be "near the upper end of a trading band," with a top around 1,350, according to John Manley, chief equity strategist at Wells Fargo Funds Management in New York.
"I'd rather own stocks than not, but on a year horizon," he said, indicating equities could pull back in the near term.
Homebuilder shares advanced after U.S. data showed construction spending surged in December to its highest level in more than 1-1/2 years. An index of housing stocks rose 1.8 percent. Shares in PulteGroup Inc, the second largest U.S. homebuilder, rose 5.1 percent to $7.83.
Amazon.com Inc slid 7.7 percent to $179.46 a day after the online retailer warned of a possible first-quarter loss and posted a steep drop in fourth-quarter profit.
According to Thomson Reuters data, with 228 companies having
reported results, 61 percent have beaten expectations - below the 70 percent beat rate of recent quarters.
Whirlpool Corp surged 13.5 percent to $61.64 after giving an optimistic full-year outlook.
U.S. Treasuries prices fell on Wednesday as European risk assets improved, dampening demand for the safe-haven bonds, and as buying ebbed following a day of large month-end purchases.
Depressed Treasury yields, which point to caution on the part of investors, have been a reason for some to distrust a gain in stocks predicated on signs of an improving economy. Facebook was expected to submit paperwork to regulators for a $5 billion initial public offering and selected Morgan Stanley and four other bookrunners to handle the IPO, sources told IFR, a unit of Thomson Reuters. (Less...)
(Reuters) - Here are factors that mayaffect Middle East stock markets on Thursday. Reuters has notverified the press reports and does not vouch for theiraccuracy. ....(More...)
(Reuters) - Here are factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL * France sees possible U.N. deal on Syria next week * IAEA, Iran to meet again after "good" talks * Brent crude up as China, Iran outweigh US stockbuild * Euro, stocks firm on easing global concerns
UAE * Dubai Mashreq Q4 net falls; fee, interest income down
* Etisalat invites bids for African towers - sources
* Etisalat names Saleh Al Abdooli as CEO for UAE * Tabreed's Q4 net profit more than doubles * Etihad to get $169 mln lease finance * Waha Capital Q4 net falls 46 pct
EGYPT * More than 70 dead in soccer disaster * Egypt to sell land to citizens abroad to get cash * Egypt's "war on democracy" threatens U.S.-ties
KUWAIT * Kuwait opposition to press for change in election * Wataniya Airways reshuffles board
BAHRAIN * Bahrainis seek reconciliation as clashes worsen (Less...)
Egyptian finance minister Momtaz El-Saeed has announced the country is to receive an urgent aid package worth $1.15bn from the European Union and World Bank, Ahram has reported. The European Union is....(More...)
Egyptian finance minister Momtaz El-Saeed has announced the country is to receive an urgent aid package worth $1.15bn from the European Union and World Bank, Ahram has reported. The European Union is to supply $650m, while the World Bank is providing Egypt with $500m, the ministry said. The World Bank has also pledged to help Egypt with $2bn in funding over two years. An IMF delegation is expected to return to Cairo in the coming weeks to finalise an agreement on a controversial $3.2bn loan facility. (Less...)
A report by the UN Economic and Social Commission for Western Asia has said layoffs, slumping tourism, falling construction activity and declining remittances from Lebanese expatriates have marred....(More...)
A report by the UN Economic and Social Commission for Western Asia has said layoffs, slumping tourism, falling construction activity and declining remittances from Lebanese expatriates have marred the performance of the economy of Lebanon in 2011, The Daily Star has reported. "[This was] a result of the halving of outward investments and a substantial drop in portfolio investments in the country," the report said. At the same time, remittances sent home by Lebanese expatriates shrank significantly, the report said. "After peaking at $7.5bn in 2009, remittances inflows to Lebanon declined to $5.1bn in 2010," it said. (Less...)
Company Name: Egyptian treasury bonds 2014 issued in August 2011 Maturity Date: 02/02/2012 Pay date: 02/02/2012 Coupon Number: 1 Currency: LE Issue Number: 1 Corporate action type: Cash Dividends: value paid is 0.0668 LE per share
Company Name: EL-Khawmia For Cement Company Maturity Date: 30/01/2012 Pay date: 02/02/2012 Coupon Number: 31 Currency: LE Issue Number: 1 Corporate action type: Cash Dividends : value paid is 1.5 LE per share
Khaleej Times Mashreq, a leading UAE financial services group, announced on Wednesday a net profit of Dh820 million for 2011 on an operating income of Dh3.9 billion. The banking group’s total....(More...)
Khaleej Times
Mashreq, a leading UAE financial services group, announced on Wednesday a net profit of Dh820 million for 2011 on an operating income of Dh3.9 billion.
The banking group’s total assets showed a moderate decline of 6.6 per cent to Dh79.2 billion compared to Dh84.8 billion at the end of 2010, due to the bank’s balance sheet management strategy, the company said in a statement.
“The bank continued to maintain high liquidity. The liquid assets of Dh24.9 billion led to a healthy liquid to total asset ratio of 31 per cent as of December 31, 2011,” the statement said.
Abdul Aziz Al Ghurair, chief executive officer of Mashreq, said the 2011 annual financial results reflected the company’s policy of balancing prudence with profitability. “Although 2011 was a challenging year for the region, we continue to maintain high levels of capitalization and liquidity and remain fully committed to the markets across the GCC.”
In the first 10 months of 2011, net profit of banks operating in the UAE grew 11.3 per cent to Dh24.98 billion, reflecting a rebound in lending activities.
The governor of the Central Bank of the UAE Sultan bin Nasser Al Suwaidi has said the UAE banks have enough liquidity to meet the local market’s demands. In 2010, banks in the UAE increased their net profits by 10.4 per cent to Dh17.6 billion from Dh15.9 billion in 2009. The consolidated assets of local banks grew six per cent to Dh1.293 trillion in 2010 from Dh1.216 trillion in 2009.
Mashreq said in addition to specific provisions, the bank maintains a healthy general provision (collective impairment allowance), which at year-end stood at two per cent of net loans and advances.
The bank said as a result of proactive risk management, loans and advances dropped 8.5 per cent to Dh37.7 billion from Dh41.2 billion at the end of 2010. “Given the elevated level of liquidity, Mashreq could afford to rationalise its liability structure by shedding some high-cost deposits, leading to an 11.4 per cent reduction from December 2010 to Dh45.4 billion. However, the bank continues to maintain a robust loan-to-deposit ratio of 83 per cent as at December 2011,” said Al Ghurair
“Our single minded goal is to deliver sustainable financial results while adapting to rapidly changing market conditions by focusing on customer centricity across our businesses. Meeting and exceeding the needs of our customers is the corner stone of our business philosophy,” he said.
The group’s total income for 2011 of Dh3.9 billion represents an 11.7 per cent drop relative to 2010. Net interest income and income from Islamic products net of distribution to depositors for the year 2011 reported at Dh1.9 billion was down 15.1 per cent while net fee, commission and other income at Dh1.9 billion was down eight per cent.
The bank’s general and administrative expenses for the full year 2011 remained stable at Dh1.8 billion, showing a slight increase of 1.7 per cent.
Provisions for loans and advances continued to drop by 32 per cent to Dh1.2 billion from Dh1.8 billion in 2010, while the efficiency ratio increased modestly to reach 46.3 per cent.
“The bank continued to maintain a very healthy capital adequacy ratio which stood at 22.6 per cent as of December 2011, while the Tier 1 ratio went up to 16.2 per cent for the same period,” the statement said. (Less...)
Gulf Daily News Alba was one of two companies in Bahrain amongst 50 in the entire Middle East to receive the prestigious CIO 50 Awards by CPI Dubai. The awards ceremony was held at the Address Hotel,....(More...)
Gulf Daily News Alba was one of two companies in Bahrain amongst 50 in the entire Middle East to receive the prestigious CIO 50 Awards by CPI Dubai.
The awards ceremony was held at the Address Hotel, Dubai Marina.
The award was presented to Alba's information technology manager Esam Hadi for demonstrating excellence in leading his department to achieve measurable impact to business by using innovative information technology through collaboration with internal and external partners.
The CIO 50 Awards are given to the top 50 organisations in the Middle East to honour their leadership and people for using information technology in innovative ways to deliver business value.
They are singled out for utilising technology in creating competitive advantage, optimising business processes, enabling growth and improving customer relationship.
"It is a huge privilege for the entire company when a member of its management team is recognised at a regional forum and presented with a prestigious award such as the CIO 50 Award," Alba chief executive Laurent Schmitt said.
"Esam and his team in the IT department have consistently provided new and innovative pathways in improving service levels, automating processes and contributing towards enriching the efficiency levels of our operations.
"I congratulate them upon winning this award and wish them success on many more accolades in the years to come," he added.
One of the major achievements of the IT department in recent years was to enable Alba to be the first company in the entire GCC to activate SAP approval services through BlackBerry.
It made possible for Alba employees who have subscribed to BlackBerry to access a range of services on their mobile devices when they are outside the company premises. (Less...)
Oman Daily Observer Oman Oil Marketing Company (omanoil) ended 2011 with over 1 billion litres in fuel sales and ten new filling stations to make up a total of 132 to date, earning its position as....(More...)
Oman Daily Observer Oman Oil Marketing Company (omanoil) ended 2011 with over 1 billion litres in fuel sales and ten new filling stations to make up a total of 132 to date, earning its position as the fastest growing retail network in the Sultanate.
Oman’s visionary fuels and lubricants marketing company is set to revel in the New Year 2012 with a resolute retail network expansion of five new strategically located filling stations designed to augment the nation’s infrastructure development blueprint, the first of which is already operational in Saqsuq, Barka.
"We invest in strategic locations across Oman to reinforce the nation’s long-term development ambitions and raise industry standards in the fuels retail business," said Hussain bin Jama al Ishaqi, omanoil Retail General Manager. “The country’s infrastructure of highways and residential areas is catering to a growing population and has inspired our expansion plan to reach our customers across the Sultanate, providing consistently excellent re-fuelling and shopping experiences at all our filling stations as loyal friends on the road to motorists and local communities.”
Al Ishaqi added, "The framework of our retail network expansion strategy allows us to redefine the one-stop-shop concept, while introducing best-in-class customer service.”
Providing superior customer service at the highest international standard, omanoil not only offers a filling station but an altogether convenience-shopping experience with 74 ahlain stores, 14 car wash facilities, ATM machines and Quick Service Restaurants that include some of the world’s most recognized names such as Burger King, Dunkin’ Donuts and Baskin Robbins. (Less...)
Al Watan SHUAA Capital has again been awarded 'Best Asset Manager in the United Arab Emirates' in 2011. This is the second consecutive year that EMEA Finance magazine has recognized SHUAA Capital's....(More...)
Al Watan SHUAA Capital has again been awarded 'Best Asset Manager in the United Arab Emirates' in 2011. This is the second consecutive year that EMEA Finance magazine has recognized SHUAA Capital's excellence in asset management. This was mentioned in a press release on Wednesday. "We are very pleased to receive this award for the second year running. It underscores our consistency in delivering performance for clients and our position as the premier Asset Management house in the United Arab Emirates," said Nadi Bargouti, Head of Asset Management of SHUAA Capital. He added, "SHUAA continues to honor the distinction of holding the longest regional track record for equity funds in the Middle East. SHUAA Asset Management has built on its success in 2010 and solidified its position as the best performing Asset Manager in 2011. We will continue to anchor our consistent performance in our rigorous investment process going forward and will work hard on retaining the title of Best Asset Manager in the UAE." The SHUAA Emirates Gateway Fund was the top-performing UAE fund in 2011. The SHUAA Qatar Gateway Fund was the best-performing Qatar fund in 2011 (and 2010). The SHUAA Arab Gateway Fund was the second-best-performing MENA fund in 2011 (best in 2010). All Discretionary Portfolios ended 2011 in positive territory and outperformed their benchmarks. Besides generating superior performance across its fund and discretionary portfolios, SHUAA Capital also grew its assets under management by over 25 percent - in sharp contrast to its peer group - during the year 2011. (Less...)
Arab News Emirates NBD, a leading bank in the region, forecasts a 3.8 percent growth in Saudi GDP in 2012, backed by public sector spending, even as the global economy continues to lose momentum.....(More...)
Arab News Emirates NBD, a leading bank in the region, forecasts a 3.8 percent growth in Saudi GDP in 2012, backed by public sector spending, even as the global economy continues to lose momentum. With the oil sector remaining the main source of revenue for the Kingdom, the price of oil is forecast to remain at above $100 per barrel.
"Overall our view of the Saudi market is positive," said Gary Dugan, chief investment officer at Emirates NBD Private Banking. "Population demographics should have a positive effect on the economy, benefiting the telecoms sector in particular, whilst the Saudi banking sector benefits from the fact that the balance sheets of its banks are mostly domestically-driven."
On the equities front, the bank foresees the outlook for Saudi petrochemicals, banking and telecoms sectors to have the greatest impact on market performance, given their dominance in Tadawul. The food and retail sector should also benefit from the trickledown effect of increased government spending and consolidation in certain segments of the industry.
If and when adopted, foreign ownership in the equity market should provide a big boost to the region's markets, he added, given that the Tadawul Index is the largest and most liquid stock market in the region, which may also act as a catalyst for investors to enter other regional markets. (Less...)
Gulf Daily News Nasdaq OMX Group's quarterly profit declined due to expenses, but when stripping out the one-time charges, the Nasdaq stock market parent beat analysts' expectations. Nasdaq earned....(More...)
Gulf Daily News Nasdaq OMX Group's quarterly profit declined due to expenses, but when stripping out the one-time charges, the Nasdaq stock market parent beat analysts' expectations.
Nasdaq earned $82 million, or 45 cents per diluted share, in the fourth quarter, down from $137m, or 69 cents per share, a year ago. Excluding one-time items, it earned 63 cents a share, compared to 55 cents in the year prior quarter.
Revenue rose six per cent to $422m.
Analysts expected the New York-based company to earn 61 cents per share, excluding items, on $417.16m in revenue.
"Investments in new initiatives, contributions from acquisitions and capital deployment decisions contributed to our success despite the backdrop of a difficult macro-economic environment," chief executive Bob Greifeld said.
Nasdaq, which runs US and Nordic markets, said stock trading revenue was up 2pc from a year earlier, while derivatives trading and clearing revenues slipped 1pc due to a loss in market share. Market data revenues were up 10pc due to demand.
Total market share of US equity options was 27.2pc compared to 31.4pc in the fourth quarter of 2010.
In the past year Nasdaq and IntercontinentalExchange's bid for NYSE Euronext was rejected by the US Department of Justice.
Meanwhile, EU antitrust regulators stopped the merger of Deutsche Boerse and NYSE Euronext, saying the combined group would have a stranglehold of the listed European futures market and thwart new entrants. (Less...)
Khaleej Times Ras Al-Khaimah has generated AED400 million from the tourist sector in 2011, tourism officials said on Wednesday. "Ras Al-Khaimah TIDA was established in May 2011 and by the end of....(More...)
Khaleej Times
Ras Al-Khaimah has generated AED400 million from the tourist sector in 2011, tourism officials said on Wednesday.
"Ras Al-Khaimah TIDA was established in May 2011 and by the end of 2011, we have exceeded our target of welcoming 800,000 visitors to the rising emirate of Ras Al-Khaimah. This has been achieved due to the joint cooperation of our travel partners both within Ras Al-Khaimah and beyond, and is testimony to Ras Al-Khaimah's viability and attractiveness as a tourist and tourism investment destination," said Victor Louis, chief operating officer of Ras Al-Khaimah Tourism Investment and Development Authority (Ras Al-Khaimah TIDA).
Visitors to the emirate in 2011 totaled 835,200, exceeding the target of 800,000, which generated AED400 million ($108 million) revenue. Foreign visitors were mainly from Russia, the UK, Italy, Austria, Switzerland and Germany.
About hotel occupancies, he said, overall Ras Al-Khaimah hotels including beach resorts and city hotels performed very well in 2011, showing impressive growth in all key areas with 8.62 percent for beach resorts and 1.92 percent for city hotels. Revenue per Available Room (RevPar) improved by 24.50 percent for beach resorts and 10.24 percent for city hotels, resulting in an increased revenue of hotels to almost AED400 million ($108 million), which marks a rise of 37.61 percent compared to 2010.
"The Ras Al-Khaimah TIDA has rebranded the emirate as a premier affordable luxury destination for leisure, adventure and business travel offering a diverse landscape, rich heritage and a temperate climate. In addition to a robust marketing and promotional program implemented across the UAE and the GCC, special attention has also been given to specific European markets from which charter flights direct to Ras Al-Khaimah have been launched, and marketing and promotional campaigns initiated.
"With new attractions, hotels and resorts including the 349-room Waldorf Astoria Ras Al-Khaimah luxury brand property, and the 640-room resort Bab Al-Bahr, both scheduled to open in Q4 2012, as well as continuing the charter flights from European destinations, our goal of welcoming 1.2 million visitors by 2013 and reaching the hotel room inventory of 10,000 rooms by 2016 is on track and will be achieved in the rising emirate of Ras Al-Khaimah," Louis added. (Less...)
Reuters Etihad Airways will receive up to $169 million in financing from state investment fund Mubadala and National Bank of Abu Dhabi to help the airline to lease spare engine parts.The facility....(More...)
Reuters
Etihad Airways will receive up to $169 million in financing from state investment fund Mubadala and National Bank of Abu Dhabi to help the airline to lease spare engine parts.
The facility will be arranged by Sanad Aero Solutions, a unit of Mubadala and Abu Dhabi National Leasing (ADNL), the lease finance arm of NBAD, the two companies said in a statement on Wednesday.
ADNL has provided Sanad with a fully underwritten long-term lease facility for purchase and leaseback of five GE90 and six Rolls Royce Trent 500 engines, a company statement said. (Less...)
Gulf Times The IMF has urged Qatar Central Bank and local banks to ensure overall credit quality in the country does not weaken, particularly in real estate, in view of the prevailing excess supply....(More...)
Gulf Times The IMF has urged Qatar Central Bank and local banks to ensure overall credit quality in the country does not weaken, particularly in real estate, in view of the prevailing excess supply and the precarious global economic outlook.
“Credit is already expanding in Qatar at a fast clip, driven by the public sector, and real estate. Continued growth in the non-hydrocarbon sector and implementation of infrastructure-related projects will provide additional demand for credit,” IMF said in its latest country report, while noting the resilience of Qatar’s banking system.
The IMF mission head for Qatar Prasad Ananthakrishnan said the QCB and local banks should “continue to watch real estate credit” from a risk management perspective.
“The Qatari authorities can consider collecting and disseminating comprehensive data on real estate. The Credit Bureau or the Risk Management Department can do that,” Prasad told Gulf Times yesterday.
There is further scope to strengthen the supervision of real estate sector loans and improve the transparency of the real estate market, IMF said.
Although prudential regulation for lending to real estate exists, given the existing excess capacity in the market, the IMF is of the view that banks might be building up excessive risks in this sector, particularly in private real estate, which may materialise if the global economic and financial conditions worsen.
“The absence of comprehensive and timely data on the real estate market precludes banks from exercising proper risk assessment, and the central bank from conducting risk-based supervision.
“QCB had informed us that it collects data at the municipality level, and is in the process of constructing a real estate price index, which will be ready for dissemination after three years,” The report suggested that collating and disseminating comprehensive price and volume data on Qatar’s real estate market segments would help banks assess risks better and also enable the QCB to take informed preemptive regulatory measures to preserve financial stability.
The IMF experts have also encouraged Qatari authorities to develop a corporate governance code for real estate developers that would contribute to the prevention of excessive risk-taking in the sector.
“Improving economic statistics is a key issue, which has been duly recognised by the Qatar Statistics Authority led by its President Sheikh Hamad bin Jabor bin Jassim al-Thani,” Prasad pointed out.
He also lauded the QCB’s initiative to publish its balance of payments data in the IMF’s International Financial Statistics from this year.
“With data availability underpinning good policy-making, more progress is needed for timely compilation and dissemination of key statistics,” which will require co-ordinated efforts of QCB, QSA, and the Ministry of Economy and Finance, he added.
On Qatar’s economic prospects, the IMF said Qatar is using its fiscal space – generated from an increase in hydrocarbon production and high prices – to implement a large public spending programme to maintain strong growth in the non-hydrocarbon sector in the medium term and improve living standards.
Real GDP growth is projected to accelerate to 19% in 2011 from 17% in 2010. The average headline consumer price inflation remained contained at 2% in 2011. Overall fiscal balance remained in a surplus of 2.7% of GDP in 2010-11.
The current account balance is projected to record a surplus of 28% of GDP, the IMF said. (Less...)
Oman Daily Observer The Al Roya Economic Award distribution ceremony was held on 24 January 2012 under the auspices of Dr Rasheed bin al Safi al Huraibi, Chairman of the Tender Board, and in the....(More...)
Oman Daily Observer The Al Roya Economic Award distribution ceremony was held on 24 January 2012 under the auspices of Dr Rasheed bin al Safi al Huraibi, Chairman of the Tender Board, and in the presence of a number of Royal Family members, members of the Majlis Ash’shura, and government and private sector dignitaries.
During the ceremony, Abdul Kader Askalan, Chief Executive Officer of Oman Arab Bank, was honoured as the “Best Economic Personality” in the Banks Category. Askalan is deemed a distinguished corporate personality due to his active role in the economic and banking sector. His acute economic foresight is the fruit of his long banking experience acquired in several countries including Jordan, Yemen, the UAE and Oman.
Abdul Kader Askalan, who started his career as an accountant, currently manages $2.2 billion dollars worth of bank assets.
In 1973, he supervised the Arab Bank Branch in Oman before it became known as Oman Arab Bank (OAB) in 1984.
Today, OAB operates through 59 offices and branches located throughout the Sultanate. It is Oman’s leading bank in the finance of construction, development and infrastructure projects.
The Al Roya Economic Award is the first of its kind in the economic sector. It recognizes contributions by individuals and corporate organizations that driven forward Oman’s economic development. (Less...)
Gulf Times The Qatar Exchange yesterday closed almost flat despite relatively higher selling pressure from domestic institutions.Although local retail investors and foreign institutions....(More...)
Gulf Times
The Qatar Exchange yesterday closed almost flat despite relatively higher selling pressure from domestic institutions.
Although local retail investors and foreign institutions considerably pared their exposure, the 20-stock benchmark rose by a marginal 0.03% to 8,570.41 points.
The market is however down 2.31% year-to-date.
Losers outnumbered gainers. Masraf Al Rayan, Industries Qatar (IQ) and Nakilat were among the gainers; whereas Commercialbank (Cb), Qatar Islamic Bank (QIB), QNB, Barwa and Mawashi bucked the trend.
The indices of industry and services rose 1.02% and 0.14%; while the indices of banks and insurance fell 0.24% each.
Market capitalisation was up 0.18% or QR79mn to QR443.44bn with mid, micro and large cap equities gaining 0.21%, 0.18% and 0.12% respectively. Small caps lost 0.23%.
A total of 2.52mn stocks of QNB (0.51mn), QIB (0.18mn), Cb (0.41mn), Doha Bank (0.23mn), Masraf Al Rayan (0.74mn), IQ (0.24mn), Qatar Telecom (0.10mn) and Qatar Electricity and Water (0.11mn) were traded in the special market.
Of the 42 stocks, only 14 advanced, while 19 declined, three were unchanged and six were not traded.
Qatari individual investors continued to be bullish but with lesser vigour as their net buying fell to 0.29% from 2.07% the previous day.
A much lower 23.83% of them purchased equities compared to 40.43% on Tuesday and a much lower 23.54% sold against 38.36%.
However, non-Qatari retail investors turned marginally bullish as they were net buyers to the tune of 0.59% compared with net sellers of 4.43% the previous day.
A lower 8.71% of them were into buying against 12.05% on Tuesday and a lower 8.12% were into offloading compared to 16.48%.
Domestic institutions continued to be bullish but with lesser intensity as their net buying sunk to 3.51% from 9.41% the previous day.
A much higher 54.69% of them bought equities compared to 28.25% on Tuesday and a much higher 51.18% offloaded against 18.84%.
Foreign institutions’ bearish grip slackened as their net selling fell to 4.39% from 7.05% the previous day.
A lower 12.77% of them were into buying against 19.27% on Tuesday and a lower 17.16% of them into selling compared to 26.32%.
Total trading volumes expanded 35% to 10.43mn equities and value by 77% to QR513.04mn, while deals lost 9% to 3,998.
The banking sector’s trading volume soared 75% to 5.93mn shares and value by 81% to QR305.74mn whereas transactions shrank 19% to 1,671.
The insurance sector’s trading volume shot up 25% to 0.05mn shares and value by 29% to QR3.69mn but deals were down 4% to 69.
The services sector’s trading volume gained 18% to 3.43mn shares, value by 86% to QR133.44mn and transactions by 10% to 1,659.
However, the industrial sector’s trading volume plunged 27% to 1.01mn shares whereas value rose 52% to QR70.16mn but deals sunk 18% to 599.
Actively traded stocks (in terms of volume) were Masraf AL Rayan (3.67mn shares); Barwa (1.18mn); Cb (751,326); QNB (720,200) and Nakilat (491,548). (Less...)
Bloomberg Abu Dhabi’s stocks on Wednesday rose to the highest level in almost two months after First Gulf Bank PJSC’s dividend boosted investor confidence that bank earnings will beat estimates.....(More...)
Bloomberg Abu Dhabi’s stocks on Wednesday rose to the highest level in almost two months after First Gulf Bank PJSC’s dividend boosted investor confidence that bank earnings will beat estimates.
First Gulf Bank jumped for a sixth day. The ADX General Index gained 0.49 per cent to 2,466.06 points, the highest since December 5. The measure rose 2.2 percent in January.
The DFM General Index advanced 1.24 per cent to 1,453.53 points, the highest since September 22. Dubai Islamic Bank PJSC rallied 4.3 per cent before announcing full-year results.
First Gulf Bank gained 1.8 per cent to Dh17.45, the highest close since July 18. Dubai Islamic Bank rose the most since October 2010 to Dh2.19. The Bloomberg GCC 200 Index increased 0.2 per cent at 1:37pm in Riyadh. Saudi Arabia’s Tadawul All Share Index rose 0.4 per cent. Bahrain’s gauge fell 0.3 per cent. Oman’s MSM30 Index and Qatar’s QE Index were little changed, while Kuwait’s measure dropped 0.2 per cent. (Less...)
Arab News The Saudi stock market showed a positive march in January after falling over 3 percent in 2011. In January, the Tadawul All-Share Index (TASI) closed at 6,626.04 points, gained 208.31....(More...)
Arab News
The Saudi stock market showed a positive march in January after falling over 3 percent in 2011.
In January, the Tadawul All-Share Index (TASI) closed at 6,626.04 points, gained 208.31 points or 3.25 percent over the close of December 2011. The index surged 4.22 percent compared to the same period of the previous year (end of January 2011), according to Tadawul’s monthly report for January released on its website on Wednesday.
The highest close level for the TASI index during the month was at 6,626.04 points as on Jan. 31.
The Tadawul report said total equity market capitalization at the end of January reached SR1.30 trillion ($347.52 billion), increased by 2.55 percent over the previous month (end of December 2011).
The total market capitalization at the end of 2011 was SR1.27 trillion ($338.89 billion), decreasing by 4.12 percent as compared to the end of 2010.
The total value of shares traded for the month of January reached SR155.40 billion ($41.44 billion), rising by 31.25 percent over the previous month.
Commenting on Tadawul surge in January, Paul Gamble, head of research at Jadwa Investment, said: “The TASI maintained its upward trend during January and closed on Wednesday at an eight-month high. It was buoyed by strength in global markets, though it underperformed many owing to some disappointment with fourth quarter results and heightening regional political tensions.”
He said turnover was at its highest for over two years. “There is still a speculative element to some trading, but it appears that investors have become more comfortable with the prospects for the companies listed on the market,” Gamble said.
The Tadawul index closed Wednesday at 6,663.48 points.
The total number of shares traded reached 7.49 billion for the month of January compared to 5.20 billion shares traded during the previous month, increasing by 43.96 percent, the report said.
The total number of transactions executed during January reached 3.55 million compared to 2.87 million trades for the month of December 2011, increasing by 23.82 percent.
Jarmo T. Kotilaine, chief economist at the National Commercial Bank, told Arab News: “The Tadawul data are clearly very encouraging as they suggest that the normalization in market conditions that began toward the end of last year is continuing to gather pace. After a highly volatile year, the market has now returned to positive territory supported, even more encouragingly, by a pronounced pick-up in market volumes. This development is likely to a significant degree encouraged by increased optimism about the economy after a landmark in terms of GDP growth. “
He said this growing confidence is also reflected in a fairly consistent increase in bank credit. All considered, these trends suggest that an unusually persistent sense of malaise that depressed market performance last year is finally being shaken off. (Less...)
(KUNA) -- The Kuwait Stock Exchange index was in red in early trading Wednesday, with a drop of 14.1 points at 9:36 a.m. reaching 5,855 points, while the weighted index came to 404.64 points, a down of 0.47 points. Trades came to 792 transactions, worth KD 6.7 million, and 43 million shares changed hands so far
Company Name : El Arabia for Investment & DevelopmentISIN Code : EGS21351C019-EGS21351C027Reuters Code : AIND.CA-AINDK.CAContent: Release from the company referring to what was sent on 18/01/2012....(More...)
Company Name : El Arabia for Investment & Development ISIN Code : EGS21351C019-EGS21351C027 Reuters Code : AIND.CA-AINDK.CA Content: Release from the company referring to what was sent on 18/01/2012 concerning the agreement with Beltone Financial to buy its chairman 20% stake; the company clarified in the release that the deal is facing many problems, accordingly the company is studying whether to go further or not. (Less...)
Company Name : October Pharma ISIN Code : EGS380R1C018 Reuters Code : OCPH.CA Content : The company sent its Disclosure Form for the BoD & the shareholders' structure for the period ended 31/12/2011, according to article 18 of the Listing Rules.Worth mentioning that all information included in this form is according to company's responsibility.
Company Name : Sharkia National Food ISIN Code : EGS30291C016 Reuters Code : SNFC.CA Content : Disclosure form of Sharkia National Food according to the article 16 related to inviting the authorized party to take decisions related to capital subscription or amending company's activities according to company's liability.
Company Name : United Arab Shipping ISIN Code : EGS47021C018 Reuters Code : UASG.CA Content : Release from the company concerning what was published on 01/02/2012 about United Arab Shipping decides to withdraw from the management of scrap berth in the port, according to a statement from the company to present a memorandum to the Minister of Transport have not been resolved until now.
Company Name : Orascom Hotels And Development ISIN Code : EGS70321C012 Reuters Code : ORHD.CA Content : Responding to EGX inquiries concerning what was published on the newspapers about a OHD to establish OIB Insurance Brokers, a clarification release from the company on this topic.
Company Name : Eastern Tobacco ISIN Code : EGS37091C013 Reuters Code : EAST.CA Content : Responding to EGX inquiries to what was published on the newspapers about the seizure of LE 200 thousand of the company's representative, a clarification release sent from the company regarding this topic.
(Source: Bloomberg)Companies added 170,000 workers to their payrolls in January, according to data yesterday from Roseland, New Jersey-based ADP Employer Services.The median projections of economists....(More...)
(Source: Bloomberg) Companies added 170,000 workers to their payrolls in January, according to data yesterday from Roseland, New Jersey-based ADP Employer Services. The median projections of economists surveyed by Bloomberg News called for an advance of 182,000. Estimates of the 40 economists ranged from gains of 145,000 to 300,000. ADP’s initial figures for December showed a rise of 325,000, while the Labor Department’s data the next day showed an increase of 212,000 in private payrolls. (Less...)
"Country is second largest MENA energy investor after Saudi Arabia"24/7The UAE is expected pump nearly $76 billion into energy projects in the next five years to emerge as the second largest....(More...)
"Country is second largest MENA energy investor after Saudi Arabia" 24/7 The UAE is expected pump nearly $76 billion into energy projects in the next five years to emerge as the second largest hydrocarbon investor in the Middle East and North Africa (MENA) after Saudi Arabia.
Official figures showed MENA’s total energy capital requirements during 2012-2016 are estimated at $525 billion, unchanged from earlier forecasts despite the current political upheaval in the region.
The figures by the Dammam-based Arab Petroleum Investment Corporation (APICORP), an affiliate of the 10-nation Organization of Arab Petroleum Exporting Countries, showed Saudi Arabia remained the dominant energy investor in the region, with an estimated $141 billion during 2012-2016.
“The current macroeconomic indicators and market trends have not invalidated our September review of MENA energy investment, which is mainly project-based,” APICORP’s senior consultant Ali Aissaoui said in a new review of Arab energy investment requirements sent to Emirates 24/7.
“Neither have the ongoing political turmoil in parts of the region and the resulting negative perceptions of the overall investment climate. In this context our review of MENA energy investment for the five-year period 2012-2016 continue to points to a sustained outlook.”
The study showed capital requirements remained at around $525 billion, adding that even if still 15% to 20% lower than potential, it is the highest since the onset of the downturn caused by the 2008 global financial crisis.
A little more than two-thirds of the energy capital investment potential continues to be located in the same five countries, namely Saudi Arabia, UAE, Iran, Qatar and Algeria, none of which has faced the sort of upheaval witnessed in the countries aforementioned.
It showed Saudi Arabia tops the ranking with $141 billion and that investment has mostly been generated by the state-owned Saudi Aramco and SABIC as domestic private investors have continued to struggle to attract capital. “Taking over from Iran, the UAE has become a distant second with nearly $76 billion worth of investment,” Aissaoui said.
According to the report, tighter international sanctions, and the retreat of foreign companies, have ended up taking a toll on Iran’s energy investment, which now stands at $58 billion.
Similarly, but for completely different reasons, investment in Qatar has also been on a sharp downtrend. With the moratorium on further development of the North Field, the world’s largest gas reservoir, still in place, energy capital requirements have plummeted to $41 billion.
The same low amount is found in Algeria where investment recovery seems to be slower than progress in repairing broken governance within Sonatrach.
“Finally, it is worth highlighting the peculiar circumstances of Kuwait and Iraq, where energy investment has remained chronically below potential.”
The report said that in Kuwait the problem seems to be one of policy paralysis induced by indecisive politics.
As a result, major components of the upstream program and key downstream projects such as the giant al-Zour refinery are still to be decided.
In Iraq, there seems to be no major disagreement about the vital need to achieve the full development of the oil and gas sectors, it said.
But it stressed that for the commitment to be credible, the federal government needs to pass a long-awaited package of hydrocarbon legislation and provide durable solutions to recurring security threats and logistic complications.
“With stalled global recovery and ongoing regional political turmoil, MENA region continue to face the challenges of uncertain times. However, while lingering uncertainty hampers forecast, it does not significantly affect our assessment of energy investment for the 2012-2016 period, which points to a sustained outlook,” said Aissaoui, an Algerian.
“Driven by the oil downstream and the power sector the anticipated level of capital requirements of $525 billion, even if still lower than potential investment, is the highest since the onset of the downturn caused by the global financial crisis.”
But the report said it saw obstacles besetting investors and project sponsors, including cost uncertainty, feedstock availability and fund accessibility, with the latter becoming most serious.
“Given the structure of capital requirement highlighted in the review, internal financing should not be a problem as long as the value of OPEC basket of crudes remains above $90 a barrel,” it said.
“In contrast, external financing, which comes predominantly in the form of loans, is expected to remain relatively scarce in face of deteriorating loan supply and high cost of borrowing.”
The report said it believes governments in the region may not be able to make up for funding shortfalls as they face more pressing social demands.
“Going forward, the best option should be for policy-makers to strive to keep private investment from losing further momentum.” (Less...)
Majid Al-Moneef, Saudi governor at Opec, put forward24/7Top oil exporter Saudi Arabia has nominated a candidate for Opec's next secretary general, a Gulf Opec delegate familiar with the matter said,....(More...)
Majid Al-Moneef, Saudi governor at Opec, put forward 24/7 Top oil exporter Saudi Arabia has nominated a candidate for Opec's next secretary general, a Gulf Opec delegate familiar with the matter said, in a move that may reignite a quarrel over influence in Opec between Gulf Arab nations and Iran. The current secretary general of the Organisation of the Petroleum Exporting Countries, Abdullah al-Badri of Libya, completes his second and final three-year term at the end of 2012. Opec will seek to select a replacement, to start in 2013, at its next meeting in June. Saudi Arabia has nominated Majid Al-Moneef, Saudi's governor at Opec, for the post, the Opec delegate told Reuters. "There is a lot of support for Moneef. He's well respected and an experienced economist," the Gulf Opec delegate said. The secretary general is the 12-member organisation's lead representative on the world stage, helps formulate the group's output policy and is in charge of Opec's secretariat in Vienna. Badri's appointment starting in 2007 ended a three-year impasse over the job. Opec failed to reach a consensus on who would succeed Venezuela's Alvaro Silva. Iran, Saudi Arabia and Kuwait nominated candidates, but inter-Gulf political rivalry made it impossible to reach agreement. Badri, a former head of Libya's Opec delegation, was a compromise. "The issue of nominations will be discussed in the upcoming Opec meeting in June," the delegate said. If agreement on Moneef were achieved, he would be the first Saudi secretary general of Opec since Mohammad Saleh Joukhdar served a one-year term in 1967, the sole Saudi in the post so far. The post has tended to go to candidates from smaller Opec producers to spread influence beyond Saudi Arabia and Iran, the two largest producers in the group. So far, Iran has not nominated a candidate, the Islamic Republic's Opec governor, Mohammad Ali Khatibi, told Reuters. "There has been no official letter from Opec requesting us to nominate someone, but I'm sure when the time comes the minister will select someone," said Khatibi. "The secretary-general role is a very sensitive one, and last time it took a long time to decide. It will be hard to say what will happen this time," he added. One analyst said Saudi Arabia may feel that can win Iran's support for its candidate. "Now Saudi said they are comfortable with oil at $100 that brings them closer to Iran," said Kamel Al Harami, an oil analyst based in Kuwait. Opec at its last meeting in December agreed a target of 30 million barrels per day, based on a proposal by the secretariat. This settled a six-month-old argument within Opec after Iran, Venezuela and African countries opposed a Saudi-led proposal to boost output at Opec's June 2011 meeting to make up for a shortfall in Libyan supply. "The secretariat has had an important role in recent months in bringing members together and the production estimates provided by them are the ones being followed," said the Opec delegate. (Less...)
"Anticipation of next model already impacting market"24/7The cost of iPhone 4S in the UAE has been steadily dropping over the last few weeks as users anticipate the announcement of a successor.In the....(More...)
"Anticipation of next model already impacting market" 24/7 The cost of iPhone 4S in the UAE has been steadily dropping over the last few weeks as users anticipate the announcement of a successor. In the latest price drop, a deal on a group buying website is offering the 16GB iPhone 4S for Dh2,629, a drop of 20 per cent to the product’s price in various electronic stores across the country. Some classified advertisements are promising to sell the 16GB 4S for as low as Dh2,000 in a special deal. Apple launched the iPhone 4S last October instead of the much awaited iPhone 5 along with its revolutionary voice recognition software Siri. The 16GB device was initially being sold in the UAE in the grey market for Dh5200. Within a month the prices dropped to Dh4250. In December, both Etisalat and du officially launched the 4S in the UAE with a price tag of Dh2,749 for the 16 GB device. The UAE prices are much lower to what Apple is charging for its new models elsewhere outside the United States and Europe. In India while the 16GB iPhone is priced at Rs44.500 (Dh3,325) in Indonesia, where Apple officially launched the 4S on Friday it is priced at $850 (Dh3,121). According to Nishanth Kamath one of the reasons for the drop in prices in the UAE is due to the anticipation of the next level model. “Apple funs now want to look forward to the new model. Yes, Siri has been amazing, but I am eagerly awaiting to find out what is new in the iPhone 5.” According to Bittu S who deals with mobile phones and other electronics at Dubai based outlet, the price may not drop further. “Initially the cost was artificially high because of the non availability. yesterday the situation has changed and the price has evened out. We may not see a further drop from here on,” he said. Meanwhile, according to latest figures, 4S dominated sales in the US market since October 2011. A recent survey by Consumer Intelligence Research Partners notes that about 89 per cent of all US iPhone sales can be attributed to apple’s new smartphone. (Less...)
24/7The ocean carrier Hapag-Lloyd and Inchcape Shipping Services have joined hands to open a new shipping agency in Dubai.Hapag-Lloyd is an international liner operator, providing weekly connections....(More...)
24/7 The ocean carrier Hapag-Lloyd and Inchcape Shipping Services have joined hands to open a new shipping agency in Dubai. Hapag-Lloyd is an international liner operator, providing weekly connections to key trade lanes of Asia, Middle East, Europe, the US and the Far East. The agency will start operations from the first of next month and will be named Hapag-Lloyd Agency LLC, The Journal of Commerce said. However, said ISS will continue to handle operations from Abu Dhabi. (Less...)
"Analysts expect bullion to test $2,000/oz this year"24/7Spot gold prices rose $171 per ounce, or 10.91 per cent, during the first month of 2012, while the price of silver went up by $5.35 per ounce,....(More...)
"Analysts expect bullion to test $2,000/oz this year" 24/7 Spot gold prices rose $171 per ounce, or 10.91 per cent, during the first month of 2012, while the price of silver went up by $5.35 per ounce, or 19.2 per cent, in the same period. The yellow metal is currently trading at $1,736 an ounce while the white metal is at $33.22 per ounce. With the dollar index seeing a steady decline, the inverse correlation with precious metals is playing out its course, pushing prices up. Adding multiple variables to that simple equation is the ongoing financial negotiations and policy stalemate in Europe and the US, respectively. “Metals prices posted further gains in the past week after the US Fed decided to keep rates exceptionally low, at least through late 2014, and fears about a Greek default faded,” said Dan Smith, Head of Metals Research at Standard Chartered bank, in his latest report titled ‘Metals – The rally continues, as Greek fears fade’. “The fact that the US dollar (USD) index fell another 1.2 per cent week-on-week to its lowest level since mid-December provided additional support to gold and silver,” it said. Going forward, the bank is supportive of higher gold and silver prices in the short term. “We look for higher prices as fundamentals remain supportive and Chinese imports are strong,” it says in its short-term outlook for gold. “US speculators have increased their net longs for a second week,” it added. For silver, it maintains that “a weaker USD and surging US coin sales have helped to lift prices; still some upside [remains].” The bank, along with a host of other major international players, expects gold to handsomely breach its previous lifetime highs of around $1,920 per ounce, and reckons that it will end 2012 near $2,000 per ounce. Standard Chartered is forecasting gold at $1,975/oz in the fourth quarter of this year (period average). Morgan Stanley, on the other hand, forecasts the metal will climb to a record average $2,175 in 2013, analysts Peter Richardson and Joel Crane said in a report dated January 17, while in a January 13 report, Goldman Sachs reckoned that gold futures will advance to $1,940 an ounce in 12 months. With the current rally not attributable to speculators, analysts maintain that further upside is likely. “For both gold and silver net long positions are still well short of their previous highs (gold is down 50 per cent from its August 2011 high, while silver is down 43 per cent), which seems to support further upside moves in both markets,” said Standard Chartered’s Smith. (Less...)
Further to the announcements made by Al Babtain Power & Telecommunication Co on 31/01/2012, in relation to its bid for the acquisition of substantially all of the assets of Petitjean SAS, a French....(More...)
Further to the announcements made by Al Babtain Power & Telecommunication Co on 31/01/2012, in relation to its bid for the acquisition of substantially all of the assets of Petitjean SAS, a French company operating since 1946 in the field of design, manufacturing, distribution, of outdoor lightning and power transmission systems (poles, high mast and luminaries) and was subject to bankruptcy proceedings since December 1st, 2011, Al Babtain is pleased to announce that it has won the bid and will acquire the entire business of Petitjean (including the name, registered trade marks and patents). Al Babtain offer amounted to Euros 7,350,000, this acquisition will be self financed and should have a 20% positive impact on sales, and a yearly increase of profits of around 2% starting from the third year, since Petitjean SAS is in need of a total restructuring during the first 2 years. Al Babtain wishes to note that Petitjean SAS' business is directly related and complementary to the business of Al Babtain and that the acquisition of Petitjean is consistent with the geographical expansion strategy of Al Babtain. By this acquisition Al Babtain will further strengthen its commercial and technical capabilities, Al Babtain will have immediate access to markets in Europe Latin America, West Africa, Australia and New Zealand, moreover Al Babtain will have access to designs, products and procedures developed by Petitjean like decorative poles, special stadium masts and huge monopoles. (Less...)
Further to the Companys announcement on 28/10/1432H corresponding to 26/09/2011G, Saudi Arabia Mining Company (Maaden) announces the beginning of commercial operation of Diammonium Phosphate (DAP)....(More...)
Further to the Companys announcement on 28/10/1432H corresponding to 26/09/2011G, Saudi Arabia Mining Company (Maaden) announces the beginning of commercial operation of Diammonium Phosphate (DAP) starting yesterday 09/03/1433H corresponding 01/02/2012G at the Maaden Phosphate Company (MPC) complex at Ras Al Khair. The entire Phosphate project is now fully in commercial operation . The plant production shall gradually increases in the coming few months , until it reaches the designed capacity of 3 million tonnes annually. Note that the financial effect will be shown in the companys 2012 first quarter financial results. MPC is a joint venture project between the Saudi Arabian Mining Company, Maaden and Saudi Basic Industries Corporation (SABIC), 70% for Maaden and 30% for SABIC. (Less...)
ACE Arabia Cooperative Insurance Company announces the receipt via the post mail Tuesday 8/3/1433H corresponding to 31/1/2012, of SAMA's final approval on the Comprehensive General Liability Insurance Policy by the virtue of agency letter no.579\Is\11621 dated 29/2/1433H corresponding to 23/1/2012.
The Board of Directors of Ace Arabia Cooperative Insurance Company, a general joint-stock company, with commercial registration number 2051043431, dated 9/8/1431H is pleased to invite shareholders to....(More...)
The Board of Directors of Ace Arabia Cooperative Insurance Company, a general joint-stock company, with commercial registration number 2051043431, dated 9/8/1431H is pleased to invite shareholders to attend the 3rd ordinary general meeting of the company that will be held at 4:00 pm on the day of Sunday, 4/4/1433H, corresponding to 26/2/2012 at companys headquarter located in Al Khobar Gate of businesses, King Faisal Street, Coastal Road, City of Al Khobar, in order to view the matters stated at the agenda, which are:
1. Approval of the sale and purchase agreements effecting the transfer and acquisition of Insurance Portfolios of ACE Arabia Insurance Company & International Insurance Company, based on SAMA letter No. 387/Is, dated 3 January 2012. 2. Approval of the valuations of Insurance Portfolios of ACE Arabia Insurance Company & International Insurance Company of an amount 43,774,750 SAR, by virtue of SAMA letter No. 387/Is, dated 3 January 2012. 3. Approval of 1/1/2009 as the effective date of purchase as set by SAMA. However, every shareholder owning (20) shares or more shall have the right to attend the ordinary general meeting referred to above. Each shareholder may appoint another shareholder to act on his behalf in attending the Ordinary General Meeting except members of board of directors and companys staff, provided that the proxies are endorsed at one of chambers of commerce and industry or commercial bank and its branches for those who maintain an account in order to represent him at the meeting with respect of attendance and vote. The original authorization should be sent to the address at place of convention of the meeting before time of convention. Shareholders attending the meeting (in person or by proxy) shall present their IDs; however convention of the ordinary general meeting should not be considered valid unless attended by shareholders representing at least half of companys capital, in accordance with Article (33) of Articles of Association of the Company. (Less...)
Reference to the previous announcement regarding the company's final offer to acquire all the assets owned by Petitjean SAS on 28/01/2012, the company would like to note that the competent court is....(More...)
Reference to the previous announcement regarding the company's final offer to acquire all the assets owned by Petitjean SAS on 28/01/2012, the company would like to note that the competent court is currently considering the offers submitted and did not issue its final decision until now, the company will keep the public informed of any developments relating to the decision of the court upon its issuance. (Less...)
Khaleej Times The Dubai International Financial Centre, or DIFC, the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas,....(More...)
Khaleej Times
The Dubai International Financial Centre, or DIFC, the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, on Tuesday hosted ‘Luxembourg & Dubai, a partnership for financial services’, in collaboration with Luxembourg for Finance, a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation that is responsible for the development of the financial sector in the Grand Duchy.
The seminar which took place in the Ritz Carlton DIFC follows the Memorandum of Understanding signed between the two parties in 2010 to promote cooperation and industry development across a wide range of areas. It explored the respective strengths of each party and the growth opportunities for the financial services sector in the GCC which is expected to drive the economic growth of the wider region.
The senior delegation of financial experts from Luxembourg was led by Luc Frieden, Minister of Finance, Grand Duchy of Luxembourg. Luxembourg is the second largest investment fund centre in the world and the Euro zone's premier hub for private banking. Frieden said: “Luxembourg is a diversified financial centre that is finely adapted to the needs of international clients, characteristics that are also true of the Dubai International Financial Centre. As complementary regional financial centres we look forward to developing ever closer ties in the years to come.”
Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: “With the new regulations, it is important that we continue supporting not only DIFC-based firms, but also those in the UAE and wider GCC, by expanding the range of financial services and products available to them, especially in the current economic environment. I’m confident of DIFC’s ability to respond swiftly to the changing and evolving regulations and look forward to developing today’s discussions into real business opportunities.”
Fernand Grulms, CEO, Luxembourg for Finance, commented: “Numerous Luxembourg companies do business with Dubai and some are interested in registering with the DIFC. These firms are attracted by a dynamic business environment and by the welcome they receive. I am confident that our two financial centres will continue to work successfully in partnership to develop both conventional and Islamic finance.”
The forum brought together senior experts from both jurisdictions, who also discussed the future of asset management, comparing the challenges that face the sector and opportunities available.
The seminar also highlighted the importance of Dubai as a gateway to the MENA and Asian regions. (Less...)
Khaleej Times Abu Dhabi’s Centurion Investment has acquired 40 per cent stake in UAE Exchange, one of the world’s largest money transfers firm.“The deal has been finalised and shares are....(More...)
Khaleej Times Abu Dhabi’s Centurion Investment has acquired 40 per cent stake in UAE Exchange, one of the world’s largest money transfers firm.
“The deal has been finalised and shares are acquired, “a spokesman for the investment firm told Khaleej Times, without disclosing the amount invested. However, a Reuters report quoting a source mentioned the deal value at $2 billion.
Speaking to this correspondent from Vietnam, a proud and humble Dr Shetty, who founded the financial services giant, said the UAE Exchange is the largest money transferring firm, with footprint in 33 countries.
Last year, it transferred funds exceeding $30 billion, about six per cent of the global market share and about 55-60 per cent in the UAE money transfer market.
The founder of the founder of the financial services firm said that the acquisition would “not change the present management structure” in any way.
However, the new partnership structure would certainly be different from what it is today. The chief executive said that Centurion Investment will own a majority of 40 per cent shares, while Abdullah Al Mazrouie and he himself will own remaining 60 per cent shares, equally. “Centurion Investment heads with pace and confidence towards acquiring shares in number of financial corporation operating in different sectors,” Saeed Mohammed bin Butti Al Qubaisi, the Chairman of Centurion, said in a press statement.
“Our strategy is to develop the performance of these companies, and to expand their activities, and ultimately place them among top companies in the UAE and the region.”
“Our objective will be to expand the activity of UAE Exchange within the country and in the region and support its growth by opening new branches, developing customer service and providing new methods to provide ultimate customer care,” chairman of Centurion Investments said.
Asked if Centurion will consider expanding the scope of the financial services company like acquisition of banking license a company official said, “The sky is the limit. We have many plans, including the acquiring of banking licenses and expanding the scope of work of the company into the financial sector.”
Responding to a question whether the UAE Exchange would offer an IPO in near future, the official said,” This is a board decision. But this will not happen in the near future. The company does not need any funding so the IPO is not an option for now.”
Dr Shetty said his company has 555 direct offices in 33 countries on five continents, which make us the only brand in the segment to own a global network of this magnitude. UAE Exchange has correspondent banking relationship with over 150 global banks.
The UAE Exchange’s chief executive called the firm “as brand ambassador for the UAE,” with widening network and termed the deal good for the company’s customers and stakeholders.
He said he would wish a banking business license in the UAE, as the exchange company qualifies for it.
The company’s prime financial product-xpress money is available in as many as 100 countries through a retail network of 100,000 outlets and branches.
In January last year, Centurion acquired Dh4 billion, 40 per cent interest in New Medical Centre, also known as NMC, to expand in overseas markets as demand for medical care surges. (Less...)
Gulf Daily News Dubai mall developer Majid Al Futtaim (MAF) Holding priced a $400 million five-year sukuk, or Islamic bond, at par with a profit rate of 5.85 per cent, a document from lead arrangers....(More...)
Gulf Daily News Dubai mall developer Majid Al Futtaim (MAF) Holding priced a $400 million five-year sukuk, or Islamic bond, at par with a profit rate of 5.85 per cent, a document from lead arrangers said yesterday.
The deal marks a rare print from a corporate issuer from the Gulf, with the majority of debt deals from the region belonging to either sovereigns or government-related entities.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered were bookrunners on the deal.
On Monday, arranging banks released pricing guidance in the range of 5.9pc to 5.95pc profit rate. (Less...)
Khaleej Times Expo Centre Sharjah has notched up extraordinary growth in 2011, successfully steering clear of regional geo-political tensions and making the most of the shift in trade balance in the....(More...)
Khaleej Times Expo Centre Sharjah has notched up extraordinary growth in 2011, successfully steering clear of regional geo-political tensions and making the most of the shift in trade balance in the wake of the eurozone debt crisis.
The exhibition wing of the Sharjah Chamber of Commerce and Industry registered a 29 per cent rise in the number of exhibitors in 2011 in comparison to the previous year, while seeing a double-digit rise in the number of visitors and exhibition space sold. The total number of exhibitors at 20 trade and consumer shows was in excess of 2,000, with visitors breaking the 600,000 mark.
“Intra-Arab trade was affected last year and the concerns raised by the eurozone crisis were serious. The success of our exhibitions showed that we successfully managed to convert the challenges into opportunities. Our optimism was so high that we even launched three new shows that managed to make an impact in their respective industries,” Expo Centre Sharjah director-general Saif Mohammed Al Midfa said.
According to UAE Ministry of Foreign Trade figures, the Arab Spring has slowed the UAE’s trade with the five countries affected by the unrest. There was a 32 per cent decline in trade in the first quarter of 2011 compared with the fourth quarter of 2010. However, the UAE’s direct trade is experiencing steady growth and expansion in new markets has helped offset this, the ministry said.
“Consistently high oil prices have helped Gulf hydrocarbon producers to stage a fast recovery from the repercussions of the 2008 global fiscal distress and the eurozone crisis,” Al Midfa added. (Less...)
Gulf Daily News UAE Exchange, one of the largest foreign exchange firms in the country, sold a 40-per cent stake to Centurion Investment in a deal said to be worth $2 billion. "Centurion has acquired....(More...)
Gulf Daily News UAE Exchange, one of the largest foreign exchange firms in the country, sold a 40-per cent stake to Centurion Investment in a deal said to be worth $2 billion.
"Centurion has acquired the stake to expand its business in the financial sector," the Abu Dhabi-based firm said. A source said the deal was valued at $2bn.
Last year, the firm bought 40pc of Abu Dhabi-based New Medical Centre for $1.39bn.
"Centurion's entry will help us fund and expand further," said UAE Exchange chief executive Sudhir Shetty. (Less...)
Gulf Times Foreign currency lending in the Gulf region jumped 170% in 2011 mainly in the government, real estate and service sectors; while foreign currency deposits grew 106%, according to Doha....(More...)
Gulf Times Foreign currency lending in the Gulf region jumped 170% in 2011 mainly in the government, real estate and service sectors; while foreign currency deposits grew 106%, according to Doha Bank.
“The increased foreign currency exposures in Qatar increases systemic risk,” Doha Bank Group CEO R Seetharaman (pictured) told the recently concluded GCC Risk Management symposium, organised by the Qatar Financial Centre Regulatory Authority.
He said restructuring risks on the loans and investment book have increased in recent years in the region, which required skills of specialised people.
In February-March 2009, Qatar government bought $1.8bn worth of local banks’ portfolio of shares listed on the Qatar Exchange. Subsequent to this, the government also bought $4.12bn of banks’ real estate investments at a sale price equivalent to the net value of property loans and investments, he highlighted.
He said public private partnerships enabled the GCC (Gulf Cooperation Council) economies to recover from the crisis.
Earlier inaugurating the symposium, Qatar Central Bank governor HE Sheikh Abdullah bin Saud al-Thani said the debt crisis crippling countries in the eurozone would have an indirect impact on the GCC financial sector.
“Counterparties and sovereign risks evaluations are lot more challenging in current times. Liquidity risk requires close monitoring due to the volatile nature of global and regional financial markets,” Seetharaman said. On the operation side, business continuity plans and risks in new distribution channels were some of the areas which required attention, he added.
Finding that light-touch regulations failed to spot risk, he said the scope of regulation should be expanded and market discipline needed to be strengthened and pro-cyclicality in regulation and accounting should be minimized.
Stressing that information gaps should be filled and central banks should strengthen their frameworks to systemic liquidity provisions, Seetharaman said the monetary policy should respond to the build up of systemic risk.
Fiscal and monetary policies should be aligned and rules for cross-border financial sector resolution were needed to create a credible global liquidity framework, he said.
“Management accountability, regulation and customer advantage and staff and management execution are the key pillars for effective risk governance framework. After the crisis, there is increased visibility of chief risk officers, involved in strategic direction, compensation and development,” he said. (Less...)
Arab News The growing success of Gulf Industry Fair (GIF) is a statement about the healthy confidence in the industrial sector in the GCC, says Jubran Abdulrahman, managing director of Hilal....(More...)
Arab News The growing success of Gulf Industry Fair (GIF) is a statement about the healthy confidence in the industrial sector in the GCC, says Jubran Abdulrahman, managing director of Hilal Conferences and Exhibition (HCE)
The Gulf Industry Fair is firmly established in the calendar for many companies as the regions premiere industrial exhibition.
The 2012 show already boast an increase in companies and agencies to be showcased at the Exhibition taking place at Bahrain International Exhibition Center from Feb. 7 to 9.
Despite the challenging global economic conditions, the Gulf’s bold industrial ambitions remain undented. Investors — both local and international — continue to demonstrate their faith in a region predicted to witness major investment over the next decade where governments, aiming to boost the non-oil contribution of their economies, are proceeding with multi-billion dollar industrial investment programs..
As investor confidence in the region remains, this renewed confidence in the Bahrain and Northern Gulf has been seen in the take-up for the GIF in 2012
High-level strategic support for the fair, continues provided by Bahrain’s National Oil & Gas Authority (Noga) in association with the Bahrain Petroleum Company (Bapco); Aluminium Bahrain (Alba), one of the world’s largest aluminum smelters; British Offset and The General Organization of Sea Ports Bahrain (GOP), Bahrain’s maritime regulator.
Supporting organizations for 2012 are Bahrain Chamber of Commerce, British Expertise, German Arab Chamber, The Gulf Aluminium Council and Machinery Trade International
Jubran Abdulrahman adds: “For this year’s show, we have developed and built upon the successful aspects of the 2011 Fair. This has resulted in the HCE creating strong sector zones.”
The result of this development is the formation in the show of an Aluminum Zone, Ports & Logistics Zone and an Energy Zone within the Gulf Industry Fair.
The Aluminum Zone is led by Alba one of the world’s leading aluminum smelters.
Leading on from the upstream Aluminum Sector, the zone features the downstream aluminum industry available not just from Bahrain.
Healthy growth forecasts for global aluminum demand is expected to lead to new business opportunities going forward.
In the zone, leading companies such as ITSS, Garmco, Balexco, Midal Cables, BRC Welmesh, Metals of Bahrain, BRAMCO, Bahrain Creative Aluminium, Amiri Industries and Turk Mechanical will feature their products.
The Aluminum Zone at Gulf Industry Fair carries with it further endorsement from the Gulf Aluminum Council.
“The Gulf Industry Fair is considered by the GAC as part of our ongoing strategy to highlight the GCC as an aluminum hub. The GCC’s importance in the aluminum sector is growing year on year with the expansion of smelters in the region aand the growing downstream sector built on this increased production,” said Mahmood Daylami , secretary-general of GAC.
“As Gulf economies are further diversified away from oil and gas, the aluminum industry is assuming ever greater importance,” said ITSS executive director Ali Najjar.
“For many years the Gulf had only two smelters [Aluminium Bahrain (Alba) and Dubai Aluminium (Dubal)]. Today, there are six, with other aluminum-related projects on the horizon. These present tremendous opportunities,” he added.
Gulf Industry Fair’s other specialist zones have lalso attracted equally strong support.
The Energy Zone, besides the support of the National Oil and Gas Authority, has drawn support from Hidd Power, Tabodin, Ahmed Al-Kuwaiti and global energy players such as Chevron and Skaugen Gulf.
The Ports and Logistics Zone is spearheaded by the General Organization of Sea Ports of Bahrain, and Bahrain Logistics Zone, Arabian Ship Repair Yard (ASRY) and Baytek Industrial Zone. (Less...)
Arab News On Jan. 18, the Saudi General Authority of Civil Aviation's (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Given....(More...)
Arab News On Jan. 18, the Saudi General Authority of Civil Aviation's (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Given the scarcity in recent years of Saudi government debt issuance, particularly Shariah-compliant instruments, Moody's believes that this transaction is credit-positive for local Islamic financial institutions (IFIs).
This sizable issuance will offer a profitability boost to local IFIs as they will have an opportunity to invest their excess cash into this profit-yielding instrument. The prohibition of riba, or usury, in Shariah (moral guidelines of Islam, in this context analogous to ethical investment principles) prevents IFIs, which make up 20 percent of the system by assets from buying interest-bearing instruments commonly used by conventional banks for liquidity management purposes.
With limited tools available, IFIs tend to maintain higher levels of very low-yielding cash and Islamic interbank placements on their balance sheet than their conventional peers, thus partly sacrificing profitability to sustain their liquidity position.
A 2.5 percent yield on SR15 billion likely represents an additional SR300 million of profit for Saudi banks and, assuming that Saudi IFIs are the prominent buyers of this sukuk, Moody's estimates that the net profit and loss impact will be around 5 percent of 2011 net income. The sukuk's benchmark status will allow it to be repo-ed or quickly sold for cash, which also improves liquidity management for IFIs.
The GACA issuance also presents Saudi banks with a much-needed benchmark with which to price long-tenor issuances in local currency, another credit positive. In the context of sustained fiscal surpluses, the Saudi government has been aggressively reducing the amount of government debt outstanding over the past decade. Indeed, there has been little new bond or sukuk issuance in recent years, with data from the Bank of International Settlements showing an average remaining maturity of 3.1 years for government debt, down from 6.0 years over a decade ago.
This GACA issuance partly reverses this trend and helps build a much-needed local yield curve, which is important as Saudi banks, along with other Gulf Cooperation Council banks, possess severe asset liability mismatches on their balance sheets given the dearth of long-term market funding opportunities. As of the end of September 2011, 91 percent of the banks' non-equity funding was funded with short-term deposits and as such, a deeper bond market would support more term funding for Saudi banks and ultimately encourage the reduction of these persistent asset liability mismatches.
Finally, strong economic growth and high oil revenues, along with relatively limited domestic investment opportunities, are creating an excess of liquidity in the local banking system. At SR15 billion, the sukuk's size is approximately 12 percent of the total cash and cash equivalents of the Saudi banking system and 38 percent of cash and cash equivalents of IFIs in Saudi Arabia. In Moody's view, the GACA sukuk will therefore help absorb some of this excess, helping to moderate some of this inflationary credit growth. (Less...)
Kuwait Times Gulf Investment Corporation (GIC), Gulf Bond Fund continues its impressive performance with a 5.43% return for 2011 despite global economic challenges and regional uncertainty, adding a....(More...)
Kuwait Times Gulf Investment Corporation (GIC), Gulf Bond Fund continues its impressive performance with a 5.43% return for 2011 despite global economic challenges and regional uncertainty, adding a solid seventh year to its track record.
Being the first fund dedicated to GCC bonds and Sukuks, established in March 2005, and one of the largest in the region, with a market value exceeding $ 152 million, GIC Gulf Bond Fund managed to maintain its solid performance despite recent global economic instability and regional turmoil.
Head of GCC Equities Division, Talal Zaid Al-Tawari said : ” The fund was able to beat benchmark and achieve positive performance for 4 consecutive quarters with a full year return of 5.43%, an annualized total return of 3.83% since inception, thanks to the high quality of its holdings where underlying bonds are rated A- and above along with a broad regional and sector diversification attracting the attention of many investors looking for consistently competitive performance in the GCC region.”
Al-Tawari explain that a period of historically high oil prices made GCC economies among the best global performers with impressive GDP growth numbers that are expected to continue in the next few years. Vice President – GCC Bonds and Fund Manager, Khalifa Al-Rashid said: “The recent rating downgrade of US Treasury bonds, which are now only one notch better rated than some GCC countries, combined with a still generous spread have significantly increased international appetite for regional fixed income investments.”
He added: as global economy enters another year of uncertainty and risk aversion GCC credits emerge as an ideal asset class that provides one of the best expected risk adjusted returns.
Equipped with an industry expertise built up over the last 29 years and a unique Pan-GCC ownership structure in addition to one of the largest regional buy-side research teams, GIC is ideally positioned to take advantage of booming regional fixed income markets.
GIC Gulf Bond Fund long track record in regional credit markets and its focus on both portfolio and risk management represents an excellent investment opportunity in a market still dominated by low yields and high price volatility. Established in 1983, GIC is a regional financial institution owned entirely and equally by the six GCC states. GIC strives to provide a comprehensive range of financial services that support the development of private enterprise and economic growth in the Gulf region. GIC managed to achieve a number of major projects throughout GCC Countries all with diversified activities covering different sectors via, financial, petrochemical, steel, power, communications and others. GIC successfully maintained its distinguished presence as a financially powerful establishment with rewarding returns and enhanced capital base. (Less...)
Khaleej Times Etisalat and du, under the supervision of the Telecommunications Regulatory Authority, or TRA, on Tuesday signed an memorandum of understanding on resource sharing during national....(More...)
Khaleej Times Etisalat and du, under the supervision of the Telecommunications Regulatory Authority, or TRA, on Tuesday signed an memorandum of understanding on resource sharing during national emergencies at the TRA’s headquarters in Dubai.
The MoU is a part of the adjustment process with the National Emergency Plan for the Telecommunications Sector, and aims to guarantee the sharing of resources in emergencies. (Less...)
The National National Bank of Abu Dhabi (NBAD) posted a marginal increase in full-year profit that was sweetened by a bumper dividend payout to investors. The capital's biggest bank reported net....(More...)
The National National Bank of Abu Dhabi (NBAD) posted a marginal increase in full-year profit that was sweetened by a bumper dividend payout to investors.
The capital's biggest bank reported net income of Dh3.7 billion (US$1bn), an increase of 0.6 per cent on the previous year. Analysts had hoped for profits of Dh3.85bn.
"Overall, not a particularly positive set of results in our opinion," said Raj Madha, a financial analyst at Rasmala Investment Bank.
The small increase in profit comes as many of the UAE's biggest banks report strongly improved earnings for the year and large dividend payouts.
Last week, Abu Dhabi Commercial Bank (ADCB) said it would resume dividend payments, halted since 2008, while First Gulf Bank said this week it would pay Dh1.5bn in cash to investors while doubling their holdings with an issue of bonus shares.
NBAD announced a 30 per cent cash dividend and a 30 per cent distribution of bonus shares, representing a higher payout than ADCB.
However, NBAD's performance was "disappointing when it came to loan growth", Mr Madha said. "They did have a strong third quarter, but total lending was at the bottom end of expectations."
NBAD's loan book increased 16.5 per cent during the year to Dh159.5bn, while deposits grew by 23.2 per cent to Dh151.8bn.
The bank reported a 9.7 per cent increase in operating income to Dh7.8bn for the year, but expenses also rose 17.2 per cent during the same period.
The bank's impairments, including for bad debts, increased 24.1 per cent to Dh1.4bn.
NBAD had been particularly cautious on its provisions for properties earmarked for expansion and its loan book alike, said Michael Tomalin, the bank's chief executive.
"Despite these higher provisions, net earnings have remained steady; a good achievement in a year when many of our global peers have seen sharp falls in their income."
Attention now turns to Emirates NBD, due to report on February 15. (Less...)
(Reuters) - Egypt's justice minister said on Tuesday that he sent back a letter from the U.S. ambassador that asked for an end to a travel ban on Americans being investigated for alleged illegal....(More...)
(Reuters) - Egypt's justice minister said on Tuesday that he sent back a letter from the U.S. ambassador that asked for an end to a travel ban on Americans being investigated for alleged illegal funding of pro-democracy groups. Washington said several U.S. citizens working for civil society groups were banned from leaving Egypt and took refuge at its embassy in Cairo after the non-governmental organizations were raided by the military-led Egyptian authorities. The case highlights strains between Washington and its long-standing Arab ally since the overthrow last year of Egyptian President Hosni Mubarak in a popular uprising. Justice Minister Adel Abdelhamid Abdallah said the request from Ambassador Anne Patterson was sent to his home and he returned it to the U.S. embassy because it should have been sent to the investigating judges in the case. "In it were the names of the people banned from travel and it was asking for a cancellation of this decision to be considered, as their constitutional right," he said. "I spoke to the embassy and I returned this letter and told them that this letter should be sent to the investigating judges and not to the minister of justice," he said. Abdallah said only those concerned by the travel ban or their representatives were entitled to send such a letter. Parliament speaker Mohamed Saad al-Katatni, a leading figure in Egypt's Muslim Brotherhood which now dominates the assembly's lower house, said Patterson's request was "interference by the American embassy that we do not accept". The U.S. embassy in Cairo had no comment. In a weekend call to the head of Egypt's ruling military council, Field Marshal Mohamed Hussein Tantawi, U.S. Defense Secretary Leon Panetta urged the Egyptians to lift the travel ban and expressed concern over restrictions placed on NGOs. Egypt's government says the number of NGOs violating the law on funding political activities had grown since the uprising against Mubarak. Groups including the U.S.-funded National Democratic Institute and International Republican Institute (IRI) were raided in late December by judicial police, who took documents and equipment before sealing their offices shut. Civil society groups said the military council had ordered the raids to defame and stigmatise activists, rights groups and others who were at the forefront of the anti-Mubarak revolt and are now demanding the army hand power immediately to civilians. Among those prevented from leaving Egypt was the IRI's Egypt country director Sam LaHood, who is the son of U.S. Transportation Secretary Ray LaHood. (Less...)
Orascom Construction Industries (OCI) announced today that it has submitted a formal request to the Egyptian Financial Supervisory Authority (EFSA) on 29 January, 2012 for approval to call for an....(More...)
Orascom Construction Industries (OCI) announced today that it has submitted a formal request to the Egyptian Financial Supervisory Authority (EFSA) on 29 January, 2012 for approval to call for an Extraordinary General Meeting (EGM) to obtain shareholder approval for the demerger of the company’s construction business from its fertilizer business. Based on consultations with regulatory authorities, the Company has decided to defer its transformation into a Law 95 Holding Company as announced on 5 September, 2011, in order to complete the demerger process and the listing of the demerged construction company as per their existing form, pursuant to EFSA’s and the General Authority for Investments and Free Zones’ (GAFI) approval. Upon approval of EFSA of the EGM notice, OCI shall call for an EGM and circulate all the information required for shareholders to vote on the demerger. Upon the demerger becoming effective following the approval by GAFI and EFSA, OCI will continue to be listed on the Egyptian Stock Exchange (EGX) and its Global Depository Receipts (GDRs) will continue to be listed and traded on the London Stock Exchange (LSE). The demerged company for the construction business will be listed on the EGX and its GDRs are expected to be simultaneously listed on the LSE. (Less...)
Ahli Bank (ABOB OM, Not Rated): The bank said in a statement to the Omani bourse that its board has approved the acquisition of Middle East Brokerage Company at book value. The transaction is subject to regulatory approval, the lender said without giving further details. (Bloomberg)
Global institutional pension fund assets in the 13 major markets grew by 4 per cent in 2011 to hit a new high of $28 trillion, up from $26 trillion the previous year, according to a new study by....(More...)
Global institutional pension fund assets in the 13 major markets grew by 4 per cent in 2011 to hit a new high of $28 trillion, up from $26 trillion the previous year, according to a new study by Towers Watson, a leading global professional services company. The growth is the continuation of a trend which started in 2009 when assets grew 17 per cent, and in sharp contrast to a 21 per cent fall during 2008 which took assets back to 2006 levels, said the Towers Watson report released today. Global pension fund assets have now grown at over 6 per cent on average per annum (in dollars) since 2001, when they were valued at $15 trillion. The Global Pension Assets Study reveals that, despite the growth in assets, pension fund balance sheets weakened globally during 2011, with the ratio of global assets to liabilities well down from its peak achieved in 1999. According to the study, pension assets now amount to 72 per cent of global GDP, which while lower than in 2010 (76 per cent) is substantially higher than the 61 per cent recorded in 2008. Carl Hess, global head of investment at Towers Watson, said: "In case investors needed any reminding, the last six months of 2011 have driven home the need to have investment strategies that are flexible and adaptable and which contain a broader view of risk." "This approach makes greater allowance for extreme events, which are occurring more frequently, while accommodating the softer elements of risk, such as credit and liquidity.The past few years have focused attention on the multi-facetednature of risk within our increasingly precarious financial systems." "At the same time risk management processes have evolved somewhat to factor in more qualitative measures. However, there is still someway to go before the appropriate measurement and management of risk is firmly embedded in the governance structures of most pension funds," he added. According to the report, the US, Japan and the UK remain the largest pension markets in the world, accounting for 59, 12 and 9 per cent respectively of total pension fund assets globally.- Trade Arabia News Service (Less...)
The Central Bank of Egypt (CBE) accepted EGP12bn (cUSD2.0bn) in 7-day repurchase agreements in the money market yesterday, the same amount it had offered. The commercial banks had sought repos worth cEGP12.4bn. The repos carry a fixed rate of 9.75%. (Reuters)
Egypt’s foreign currency bank deposits reached USD30bn (EGP181bn) in 2011, up 15% y-o-y versus an increase of just 1% for EGP deposits, which reached EGP681bn, as customers sought safety in the USD after Egypt’s revolution. (Bloomberg)
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egyptian families’ average annual spending rose to EGP19, 287 in 2010–11 from EGP17, 620 in the previous 2-year....(More...)
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egyptian families’ average annual spending rose to EGP19, 287 in 2010–11 from EGP17, 620 in the previous 2-year period. Egyptian families’ average annual income over the past 2 years was cEGP25,400, CAPMAS added. It also reported that c25.2% of Egyptians were officially below the poverty line in FY10/11, up from 21.6% in FY07/08 and just 16.7% in FY99/00. (Bloomberg) (Less...)
The QE Index in Doha closed even at 8.570.41 points. While market bellwether Industries Qatar advanced 1.50%, losses in the banking sector weighed on the gauge. Consumer giant Al Meera added 0.10% to....(More...)
The QE Index in Doha closed even at 8.570.41 points. While market bellwether Industries Qatar advanced 1.50%, losses in the banking sector weighed on the gauge. Consumer giant Al Meera added 0.10% to reach QR146.20. Earlier in the day Al Meera said in entered a joint venture with French retailer Casino, which rund the well-known supermarket brands Geant and Geant Easy. Both firms have signed a strategic partnership in December 2011. Al Meera and Casino said in a joint statement: "Under this agreement, the parties agree to set up a limited liability company (the "JVC") for the purpose of managing and facilitating the cooperation between the Parties in connection with the development of partnerships in retail business. The JVC will initially manage the Parties' cooperation in Tunisia, Libya, Egypt and Jordan. The JVC will be registered with the corporate name ALGE Retail Corporation LLC (SARL). The headquarters of the Company shall be in Geneva, Switzerland, Casino will hold 49% and Al Meera 51% of the Share capital of the JVC." (Less...)
Crumbling global demand restrained factory output in Asia and most of Europe in January, business surveys showed on Wednesday, putting pressure on policymakers to shore up growth and counter a....(More...)
Crumbling global demand restrained factory output in Asia and most of Europe in January, business surveys showed on Wednesday, putting pressure on policymakers to shore up growth and counter a spreading malaise. Asia's export-reliant countries, while far more resilient, remain vulnerable to the euro zone's messy sovereign debt crisis that threatens at best to tip the currency bloc into a recession and at worst to rip it apart. Meanwhile, the first rise in German manufacturing output in seven months was not enough to offset prolonged contraction in the currency union's smaller economies and suggests that the bloc will not avoid that recession. "There is an awful long way to go yet and given that the headwinds that these economies face I would be cautious about being too optimistic," said Peter Dixon at Commerzbank. "Germany continues to motor on and show a reasonable amount of dynamism and that will drag France along and maybe Italy but it is not really going to help the likes of Greece. You need much more buoyancy from domestic demand which at the moment appears to be sadly lacking." The Eurozone Manufacturing Purchasing Managers' Index (PMI), compiled by Markit, rose to 48.8 last month from 46.9, revised up from a flash reading but recording its sixth month below the 50 mark that divides growth from contraction. French manufacturing contracted again in January, as did major economies Spain and Italy, as well as Greece and Ireland. Data from Britain was decidedly more upbeat than the figures from continental Europe, showing its manufacturing sector unexpectedly grew in January. The PMI rose to 52.1 from 49.6, easily beating expectations for 50.0. The official China PMI inched up to 50.5 in January from 50.3, which was welcome news. But the new export orders fell sharply, again underscoring the troubles in Europe. "As the external demand is now fading clearly, Chinese exporters are facing increasing difficulties," China's Finance Minister Xie Xuren said in remarks on Wednesday. The HSBC Markit PMI for China told the same if slightly more negative tale, holding at 48.8 in January. "Chinese manufacturing has not yet reached a bottom. The trend so far has been consistent with our view that the current downturn will be shallower but more extended than the last downturn," said Yao Wei at Societe Generale. Comparable figures due later from the United States, the world's biggest economy, are expected to show an uptick in activity as well. Economists in a Reuters poll expect a rise to 54.5 in the Institute for Supply Management index from 53.1. Asia wavering but still relatively strong India bucked the gloomy trend, with factory activity growing at its fastest pace in eight months. Unlike most of its Asian peers, India's economy is far less exposed to export demand. The PMI reading of 57.5 in January marked almost three years of expansion in the manufacturing sector and brought some cheer to an economy hurt by monetary policy tightening and the government's policy paralysis. South Korea's manufacturing sector activity and new export orders both shrank for a sixth straight month in January, the longest losing streak in three years. And in Taiwan, faltering exports bit into factory activity which shrunk for the eight straight month. South Korean exports posted a shocking 6.6 percent drop from a year earlier in January, far worse than the 0.7 percent consensus in a Reuters poll. Its exports to the European Union tumbled 45 percent in the first 20 days compared with the same period a year earlier. Indeed, the euro zone is expected to be in recession during the first half of this year, according to a Reuters poll, but this assumes the debt crisis will not flare out of control. Fears that Greece could face a disorderly default if it does not quickly secure a debt swap deal with private creditors, or that Portugal might require a second bailout, continue to rattle investors. On Monday, most European Union states agreed to a German-led pact that will impose quasi-automatic sanctions on countries that breach EU budget deficit limits and will enshrine balanced budget rules in national law. That, however, will not solve euro zone countries' immediate borrowing troubles. – Reuters (Less...)
Kuwait Gulf Oil Co (KGOC) signed a contract with France's Technip to build gas facilities in Khafji, part of a plan to boost gas output for growing domestic needs, industry sources told Reuters on....(More...)
Kuwait Gulf Oil Co (KGOC) signed a contract with France's Technip to build gas facilities in Khafji, part of a plan to boost gas output for growing domestic needs, industry sources told Reuters on Wednesday. KGOC, a unit of Kuwait Petroleum Corp operates in the Neutral Zone shared by Kuwait and Saudi Arabia through the al-Khafji Joint Operations Co with Aramco Gulf Operations, a subsidiary of Saudi Aramco. The signing took place this week, the sources said, after the contract was awarded to the French firm on Jan. 17 to build gas and natural gas liquids (NGL) facilities in Khafji, which will carry 40 million standard cu ft per day (MMscfd) of gas via pipeline to Kuwait. The contract value was not immediately available but one source said Technip offered a highly competitive bid. Kuwait, in gas-deficit, plans to nearly quadruple its gas output to more than 4 billion cubic feet per day (cfd) by 2030, which will include 0.5 billion cfd from Dorra, which it shares with neighbouring Saudi Arabia. – Reuters (Less...)
Oil prices are comfortable around $100 a barrel and are unlikely to spike much higher for long even if Iranian oil supply is disrupted, the head of energy trading house Mercuria said.Marco Dunand,....(More...)
Oil prices are comfortable around $100 a barrel and are unlikely to spike much higher for long even if Iranian oil supply is disrupted, the head of energy trading house Mercuria said. Marco Dunand, chairman of Mercuria Energy Group, told Reuters the oil market had steadied despite turbulence in the Middle East and North Africa over the last year and tension between Iran and the West over Tehran's nuclear programme. "Despite the fact that we are encountering very uncertain times - Iran, the Mena and the tsunami - the volatility has reduced and is now lower than in 2008-09," Dunand said in an interview. "There is a risk to the upside regarding a potential conflict in the Middle East, especially in Iran, but many people think that such a conflict will not necessarily last very long and we will eventually find equilibrium, if you look a few years down the road." "The market is taking a view that although we have short-term issues, over time the market equilibrium should be somewhere around $100 a barrel. The Saudi statement about $100 a barrel becomes somewhat of an anchor," he said. Ali Al-Naimi, oil minister of Saudi Arabia, the world's top oil exporter, said last month that $100 a barrel was an ideal price. The U.S. crude oil benchmark traded just below $100 on Wednesday and has not been far from that level for months. Prices have been supported in recent weeks by worries oil supplies from the Mideast Gulf could be disrupted as the United States and European Union have tightened sanctions on Iran. The EU plans to ban Iranian oil imports from July and Tehran has threatened to retaliate by banning its oil sales to Europe before the EU embargo comes into force. Dunand said European refiners were already preparing for a partial loss of Iranian crude and were looking for alternatives: "The market is slowly preparing for the scenario of a partial loss of Iranian crude. "Part of the solution will come from the Saudis and part from other places. If Iran were to impose an embargo on Europe, all this will do is to speed the process up by a few months. "At the moment, European refineries are more likely to try to look for long-term commitments from the Saudis or other sources. I don't see the opportunity for traders to gain market share, which is mostly in the Mediterranean market," he said. He said Mercuria had no plans to trade Iranian oil. Banking risks Headquartered in Geneva, Switzerland, Mercuria is one of the top five energy traders with a turnover of around $75 billion, moving almost 120 million tonnes of oil, coal and gas a year. Dunand said funding represented a serious risk for the commodities industry as major banks were reducing exposure. "If you asked me two to three years ago if there would be a risk of a European banking crisis, I would not have put it in my 10 biggest risks," he said. "What we have noticed in the past months is that while European banks have reduced their activity in commodity trade finance, numerous banks from Asia and the Middle East are entering the arena, which is a reflection of Asian growth versus the European economy," Dunand said. A long-term challenge for the commodities market would be to accommodate increased flows without creating a bubble, he said. With around $600 billion invested in commodities, this asset class is relatively small compared to the many trillions of dollars invested in bonds or shares globally. "If a money manager, a hedge fund or an index fund increases its allocation from let's say 0.5 percent to 1.5 percent, given the present size of the market, it would not be able to cope. The market will simply run out of sellers." "The solution to this is more people entering the upstream. They are already bypassing the financial part, and are going directly into upstream assets. I've seen Barcap (Barclays Capital) and Goldman Sachs setting up vehicles for people to invest in upstream production." Separately, Dunand said Mercuria had signed a deal with Rosneft to buy 5 million tonnes of crude in 2012 for Mercuria's customers in Poland. He gave no further details. – Reuters (Less...)
Contractor Arabtec announced AED 265 million worth of projects in Abu Dhabi including two in the Western Region.The deals include the AED 110 million expansion of Phase 7 of the Ruwais refinery, AED....(More...)
Contractor Arabtec announced AED 265 million worth of projects in Abu Dhabi including two in the Western Region.
The deals include the AED 110 million expansion of Phase 7 of the Ruwais refinery, AED 30 million contracts to build a training center for Abu Dhabi Polymers and AED 116 million smelter project for Emirates Aluminum.
Analysts said that they reflect a shifting focus of Abu Dhabi's construction away from major commercial projects and towards infrastructure and mining.
Mr Jones Lang LaSalle Craig Plumb at real estate consultancy said that "We have been saying for a while that there will be a shift in development activity and spending away from commercial projects offices and residential towers to basic infrastructure, such as roads railways and power stations. This will definitely continue into 2012 and will inevitably lead to a refocusing of activities by contractors.”
Arabtec's announcement came on the same day that Drake & Scull Abu Dhabi announced that it has signed a deal to perform MEP works for an iconic government facility in Abu Dhabi without naming either the project or the value of the deal.
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