Comment nettoyer des bijoux en argent
Pour nettoyer vos bijoux en argent mettez une noisette de dentifrice et un tour de brosse à dent et votre bijou est tout propre.
Saudi trims rate by 100 basis points
RIYADH: Saudi Arabia’s central bank slashed its benchmark lending rate by 100 basis points yesterday, the second reduction in a month to keep credit markets moving and boost domestic liquidity after inflation receded. The Saudi Arabian Monetary Agency (Sama) reduced the repo rate to three per cent from 4pc and cut the cash reserve requirement local banks have to make on demand deposits to 7pc from 10pc, a Sama spokesperson said. « These measures are taken against the backdrop of receding inflationary pressures and ensuring that adequate system liquidity is available to meet steady domestic demand, » he said. Banks to merge ABU DHABI: The UAE will merge state-run Emirates Industrial Bank with Real Estate Bank, a lender that will take over two Dubai mortgage firms. The official WAM news agency said the move was approved by a ministerial body yesterday. UAE Finance Ministry said earlier that two of Dubai’s biggest property lenders, Amlak and Tamweel, will be merged under a government-owned bank. Trading in both companies’ shares were suspended after the UAE’s finance ministry said it would supervise the merger under the federal government’s Real Estate Bank to ensure a fair valuation and protect shareholders. The combined market value of the firms is 2.5 billion UAE dirhams ($681 million) – roughly one-third of their worth since the two Dubai-based companies first announced merger plans in October 4. BNH celebrates MANAMA: Bahrain National Holding Company (BNH) celebrated the official launch of one of its associates, Gulf Insurance Institute (GII). The institute is geared towards graduating insurance specialists in Bahrain, said a statement. Through the GII, and other training institutes, awareness will be generated towards the need for insurance qualified individuals. The GII has also launched an Internet-based learning portal for its students and members. This exclusive portal offers educational resources such as reading materials, assignments and quizzes. The portal also allows online forums and lecturers through a messaging service. Gulf stocks plummet KUWAIT CITY: Most stock markets in the Gulf slumped on the week’s opener yesterday as intervention by governments failed to restore sentiment among investors worried by global financial turmoil. All seven regional markets dropped, with Dubai, Doha and Saudi shares leading the way. « I think there is much negative sentiment in the Gulf bourses because of the flurry of (bad) news from the international markets, » Global Investment House economic research head Faisal Hasan said. He believes it may be some time yet before markets in the Gulf region start to recover strongly. « I think we are near to the bottom, but stocks are likely to remain volatile for some more weeks, » the analyst said. gulf-daily-news.com
Bahrain petrochem industry is praised
MANAMA: The Duke of Gloucester praised Bahrain’s petrochemical industry during a visit to the GCC-Europe exhibition in London. Prince Richard was speaking when he visited the stand of the Gulf Petrochemical Industries Company (GPIC) at the exhibition. The Duke was accompanied by Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro. The guests were briefed by GPIC public relations manager Zuhair Tawfiqi on the company’s history, operations, production and export of ammonia. Prince Richard said he is impressed by the standards achieved by the petrochemical industry in Bahrain and praised the company’s achievements. Fifteen Bahraini companies and businesses showcased their products and technology used in the oil industry at the event. gulf-daily-news.com
Wataniya Airways’ first flight to Dubai in Feb
Kuwaiti passengers travelling to Dubai can now avail of Wataniya Airways’ services. The carrier, which is Kuwait’s new full service luxury airline will provide two daily flights to Dubai, as its first destination from February 2009. This was announced during a press conference held at Kuwait’s Royal Terminal – the new luxury departure point for Wataniya Airways services yesterday. The airline also announced the start of its ticketing operations and bookings will be open from today, November 24. The contact center on 144 or 24379999 can be contacted, using the website (wataniyaairways.com) or through a travel agent. The schedule for flights to Dubai (available from February 8, 2009) is:- KW 1000 Dep. KWI 08.15 Arr. DXB 10.55 Days of operation 1.2.3.4.5.6.7. KW 1001 Dep. DXB 11.55 Arr. KWI 12.45 Days of operation 1.2.3.4.5.6.7. KW 1008 Dep. KWI 18.25 Arr. DXB 21.05 Days of operation 1.2.3.4.5.6.7. KW 1009 Dep. DXB 22.05 Arr. KWI 22.55 Days of operation 1.2.3.4.5.6.7. It will be the first time that any commercial flight in Kuwait has taken off from a location other than Kuwait International Airport and the announcement comes after gaining approval from the Directorate General of Civil Aviation to use the prestigious luxury Royal Terminal as its base for operations. Wataniya Airways will carry out operations as per previous announcement. « Wataniya Airways is very proud to have reached this stage in our preparations and our team is delighted at the achievements to date and the fact that we can now announce that the countdown has officially started for providing Kuwaitis with a new travelling experience – one that will start in the superb surroundings of the Royal Terminal, » said Abdul Salam Al-Bahar, Wataniya Airways Chairman and Managing Director. Wataniya Airways also announced that the listing of its parent company Kuwait National Airways will take place on the Kuwait Stock Exchange on December 15, 2008. The airline also said that it has been awarded the easily recognizable ‘KW’ flight code by the International Air Transport Association (IATA), and that will be used for all its flights upon the commencement of operations. From its new headquarters at the Royal Terminal, one of the largest private aviation terminals in the world, Wataniya Airways will be able to showcase its premium and luxury services for both its First Class and Premium Economy passengers. The terminal offers various hospitality services to travelers from limousine pickup from any location in Kuwait, to prompt and highly practical check-in procedures, as well as luxurious first class lounges. Passengers onboard Wataniya Airways are set to enjoy an exceptio nal travelling experience both on the ground and in the air. The airline provides luxury services at affordable prices. « We are looking forward to providing our guests with the chance to enjoy the combination of our luxury services onboard our short-haul direct flights on our fleet of new A320 Airbus aircraft and on the ground at the Royal Terminal. It will be a unique travelling experience for people in Kuwait, » noted George Cooper Wataniya Airways CEO. Dubai is the ideal first destination given the high volume of business and leisure travel to the city. « In the coming weeks, we shall be announcing further destinations to come on stream before the end of February. We believe the airline will do well and make good profits, » added Cooper. Securing the ‘KW’ flight code is an important step for Wataniya Airways. « We are delighted to have had the approval of our request for ‘KW’ which is a major statement of intent that clearly identifies Wataniya Airways to the traveling public as a truly ‘Kuwaiti’ airline. This is especially fitting, given that the airline has been created with the Kuwaiti customer first and foremost in mind, offering routes and schedules that will fit around the travelling requirements of Kuwaitis, » he further said. Wataniya Airways will be the first in the region to install revolutionary, cutting edge technology on board. « The new luxury aircraft will provide travelers with unparalleled choice for in-flight entertainment and special facilities that will appeal to both leisure and business guests. The personal entertainment selection will create an outstanding personal home theater experience and the new aircraft technology will provide First Class guests additional features by allowing them to plug their iPods (or si milar MP3 devices) directly into sockets located in their seat, » said Al-Bahar. And for the first time ever in the region, busy travelers can send and receive SMSs and emails on their mobile phones and Blackberries using OnAir innovative technology. The ability to use and recharge personal communications devices, including laptops, on Wataniya Airways planes will be an added value to business and leisure travelers. For more comfort and lots of legroom -Wataniya Airways has only 122 seats, divided to 26 First Class seats plus 96 Premium Economy Class Seats while most other international airlines carriers have 145 seats or more. « Wataniya Airways new fleet will also be fitted with individually crafted German Recaro leather seating that provides the ultimate in comfort, suiting the short-haul flight business model in their First and Premium Economy classes and which are generally reserved for high-end luxury sports cars lines like Porsche, Ferrari and Lamborghini, » concluded Al-Bahar. kuwaittimes.net
Bahrain plans to raise guarantee on deposits
Bahrain is looking at raising the guarantee on bank deposits to a maximum of BD20,000 (Dh194,880) from BD15,000, said its central bank governor. « The governor of Bahrain central bank unveiled plans to raise the guarantee on bank deposits of commercial banks in Bahrain to BD20,000 from BD15,000, » said Rasheed Al Maraj. « The transactions of banks in Bahrain are stable, with regards to the level of liquidity, » he said in a speech to a Bahraini business group. Since 1994, Bahrain has guaranteed up to 75 per cent of deposits, to a maximum of BD15,000. Maraj also said the central bank is working on changing the current scheme so customers can collect their deposits from a central fund into which banks have injected money beforehand. Under current rules, customers would be forced to seek their guaranteed deposits from other banks, in the event of a bank failure. « This takes time, and one of the lessons of the recent financial crisis is that it is important that depositors should be compensated promptly after their bank fails, » Maraj said. Standard Poor’s Ratings Services yesterday said it had affirmed its « A » long-term and « A-1 » short-term sovereign credit ratings for Bahrain. The country’s outlook is stable. « The ratings on Bahrain reflect the government’s net financial asset position and strong international alliances, » S&P’s credit analyst Remy Salters said. « These factors provide a counterbalance to high geopolitical risks [relative to the majority of other rated sovereigns], the Bahraini economy’s vulnerability to external shocks, and the secular decline of its hydrocarbon resources. » « Based on deposits, minority stakes in quoted companies, and other financial assets, we estimate the general government’s net asset position at 25 per cent of GDP in 2008. This is sharply down from estimates of about 65 per cent a year ago, owing to the inclusion of only the most liquid assets, as well as past opacity on the composition of asset holdings. « Oil revenues were budgeted on the basis of a $40 oil price in 2008, and S&P’s expects budget surplus (including extra-budgetary expenditures) of five per cent of GDP. According to our forecast, fiscal surpluses will decline to 2.2 per cent of GDP in 2009 and an average of 0.7 per cent in 2010-2011. » (With inputs from Reuters)
Dubai World cleared to up Mirage stake
Dubai World’s intentions to increase its investment in MGM Mirage have been given a green signal, according to an official at Dubai World. However, the executive added that it won’t happen in near future, « or at least until market conditions warrant such a move ». Dubai World took over 9.4 per cent of MGM Mirage last year with an investment of $6 billion (Dh22bn) and a 50 per cent interest in the $9.1 billion CityCenter development, which is now under construction. Dubai World will eventually acquire up to 20 per cent of MGM Mirage, according to an agreement with the company. « This is one of the most important of approvals that’s been granted to Dubai World, but we still need some additional approvals from other jurisdictions where MGM Mirage operates, » said the Dubai World official. Li Boon Yu, a Dubai World director and the business’ chief investment officer, was quoted in the local media in Las Vegas that the goal was to obtain all the necessary regulatory approvals before making any additional investments. « Market conditions aside, we want to get past these regulatory steps, » Yu said after the commission hearing, which was conveyed as an official statement form the company. He told regulators that Dubai World views its investment with MGM Mirage as a long-term relationship. MGM Mirage is working with Dubai World on the MGM Grand Abu Dhabi, a non-gaming resort that is part of a $5bn project. Yu said Dubai World is hopeful market conditions will get better sometime in 2009. « We are in constant dialogue with our bankers and everybody seems to be preparing themselves for 2009, » Yu said Vigyan Arya business24-7.ae
Kuwait revamps policy tools to boost liquidity
Kuwait’s central bank revamped monetary policy tools yesterday by introducing new repurchase agreements as Gulf oil producers stepped up efforts to boost bank liquidity and bolster investor confidence. In the latest move by Gulf states to unthaw credit markets, Kuwait’s central bank yesterday announced it would offer repo agreements with maturities of one day and one month, in addition to the one-week repo it had offered previously. Endeavouring to calm investors, Kuwait this week asked its sovereign wealth fund to invest in stocks, as Bahrain looks to improve bank deposit guarantees and a UAE committee meets on how to tackle the fallout from the world financial crisis. Kuwaiti shares, down more than 30 per cent this year, led gains on some Gulf markets yesterday as investors took the central bank’s move as a cue the state would keep taking an active role at stabilising the market. « The fear of liquidity is no longer there in the market, » said Arunesh Madan, Vice-President of Treasury at Kuwaiti investment bank Global Investment House. « This means the central bank will provide enough liquidity to banks, so the business of lending which banks usually do on a day-to-day basis will continue. » Analysts said the central bank deliberately set the new rates well below levels on the interbank market to help channel funds into that the market, driving down rates. The central bank set the overnight repo rate at one per cent, the one-week rate at two per cent and a one-month rate at three per cent. The one-month Kuwait interbank offered rate was 3.1 per cent yesterday. « The reduction in the repurchase rates is aimed at reducing the attractiveness of placing deposits in the central bank, so as to boost liquidity in the interbank market, » EFG-Hermes economist Monica Malik said in a note. « This latest move is likely to place downward pressure on the interbank rate. » Across the Gulf, policymakers are struggling to shore up confidence as investors fear economies in the world’s top oil-exporting region will suffer after oil prices tumbled by more than half in four months. Gulf states have guaranteed deposits, slashed interest rates, set up emergency funding facilities for banks and funnelled money into stock markets – six of which have tumbled more than 30 per cent this year. « I believe the panic that has gripped the equity investors here is groundless, » Qatar’s Deputy Prime Minister, Abdullah Al Attiyah, said, calling the Doha benchmark’s nearly 40 per cent decline « temporary ». The Qatar Investment Authority is taking stakes in listed banks to boost liquidity. Reuters
Projects in Dubai to continue as scheduled
Nasser Al Shaikh, Director-General of Dubai Department of Finance, has stressed infrastructure projects in Dubai, including Roads and Transport Authority plans and the new airport in Jebel Ali, would continue as scheduled in Dubai Strategic Plan for 2015. He said due to the global financial crisis and new challenges that Dubai may face, there would be some postponements in real estate projects. However, he stressed the property projects that are under construction or have been announced would go ahead as planned. Al Shaikh said the Supreme Financial Committee studying challenges of the financial crisis would also study challenges facing Dubai Strategic Plan and introduce due revisions and amendments to the plan according to the new developments. « We were expecting a growth rate of 11 per cent annually until 2015, but with the current situation this will not be achieved. However, Dubai will continue to witness growth in its economy, but at lower rates. » He said the financial crisis would lead to essential changes in the business models around the world and the target of the committee is to make Dubai the first place to rebound when the recovery of the global economy starts. « There is no country immune to such crisis and we will continue to study its implications to deal with its expected impact, » he added. Al Shaikh acknowledged that there was a lack of transparency in the past and he promised to be open regarding the outcome of the committee’s work. He also announced that Dubai would revive and restructure a special panel, which was formulated 18 months ago to look at Dubai credit rating. « The work of this panel was inactive in the past because its rule was not critical and we had easy access to credit. Now, the panel has become critical and we will activate its performance next year, » he added. Regarding the UAE’s banks recovery plan of Dh70bn, Al Shaikh stressed the second instalment of the plan worth Dh25bn was under process at the Ministry of Finance and would be introduced by the end of next week. Mohamed Ali Alabbar, Chairman of the committee and also Chairman of Emaar Properties, is expected to reveal details of the committee’s work next week. Other members of the committee include Mohammed Al Gergawi, Minister of State for Cabinet Affairs, Mohammed Al Shaibani, Chairman of Dubai Islamic Bank, and Essa Kazim, Chairman of Borse Dubai. Mohamad Al Kady business24-7.ae
Dubai sets up financial panel
Dubai has set up a supreme financial committee to deal with its sovereign debt as well as challenges arising from the global financial crisis, a senior official said yesterday. Nasser Al Shaikh, Director-General of the Dubai Department of Finance, said the committee was established about eight weeks ago and would look at the various challenges posed by the crisis, including Dubai’s debt issues. At a bankers’ lunch organised by the UAE Bankers Forum he said Dubai still had a very strong credit position. « Many recent reports were confusing about the sovereign debt of Dubai, debt of government-owned companies, debt of government-controlled companies and the debt of private companies. They were calculating all these against Dubai’s GDP, » said Al Shaikh, adding: « Even if we accept this situation, they are also ignoring Dubai’s sovereign assets, which will be several times more than this total debt. » He said: « The committee is studying different categories of Dubai’s debt and will be dealing with sovereign debt, and the debt of government-owned and government-controlled companies. We will not be involved in the debt of private companies. » However, he said Dubai’s government would be ready to support any local company that may need help to refinance its debt. Al Shaikh said the committee would give its recommendations on ways to handle the financial crisis to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Mohamed Ali Alabbar, Chairman of the Committee and also Chairman of Emaar Properties, is expected to reveal details of the committee’s work next week. Other members of the committee include Mohammed Al Gergawi, Minister of State for Cabinet Affairs, Mohammed Al Shaibani, Chairman of Dubai Islamic Bank, and Essa Kazim, Chairman of Borse Dubai. Al Shaikh also refuted news that a global panel will advise Dubai regarding its debt. « There is only one committee – a local one. We are talking with bankers, credit rating agencies and the federal government, because there are some issues that Dubai cannot solve alone – such as in the banking and financial sector, which is supervised by the federal Central Bank. » Mohamad Al Kady business24-7.ae
National Bank of Fujairah chief executive resigns
National Bank of Fujairah (NBF) yesterday said that Steve Mullins has stepped down from the post of chief executive officer with immediate effect, while Tim Goddard and Chris Taylor will together act as joint interim CEO. NBF Deputy Chairman Easa Saleh Al Gurg said: « National Bank of Fujairah is an ambitious bank. Our potential is unmatched and we are uniquely positioned to develop from our strong position amongst the UAE banking community to be a bank of great substance and critical mass. « We will now conduct a thorough search to find an individual who shares this vision and ambition. I am delighted that Tim Goddard and Chris Taylor have agreed to act as joint interim CEO until we have a replacement. » business24-7.ae
