• Fed expected to lead round of rate cuts

    The US Federal Reserve is expected to cut interest rates again this week amid mounting speculation of a new round of coordinated international action to halt the panic that has swept the world's financial...
    2008-10-26 20:46:19

  • SANA'A YEMEN

    INT62 International/Disaster 20 killed, dozens missing in flood-hit Yemen Sana'a Yemen, Oct 24 DPA At least 20 people were killed and dozens missing after floods from heavy rains hit two provinces in southeastern Yemen, officials said Friday. Officials said 18 people were killed and nearly 400 homes destroyed in the southeastern province of Hadhramout, some 900 km from the capital Sana'a. In the neighbouring al-Mahra province, on the border with Oman, two people were killed, they said. Yemeni President Ali Abdullah Saleh ordered the army to assist the rescue and relief operations, the official Saba news agency said. Saleh also flew to Mukalla, the provincial capital of Hadhramout to oversee the relief and rescue operations, the agency said. A government committee set up to coordinate rescue efforts declared Hadhramout and al-Mahra disaster zones, Saba said. Hadhramout Governor Salem al-Khanbashi told state radio that fatalities were reported from different areas of the province, but accurate figures could not be gathered owing to the difficulties of reaching all the affected areas. He said that among the affected areas were two of the largest historical towns; Tarim and Shibam. Al-Khanbashi said many towns were isolated by the flood water, and that military helicopters were sent to the most hard-hit areas to support the rescue operations. Officials in Sanaa said the government also asked foreign oil companies operating in Hadhramout and neighbouring Shabwa province to send their helicopters to help rescue stranded residents. Civil defence officials said continued heavy rains were hampering rescue operations Friday. --DPA snb/jg 277 Words 24102131
    2008-10-24 13:08:13

  • Gulf markets crash after two days of resurgence

    ECO16Economy/InternationalGulf markets crash after two days of resurgenceBy Aroonim BhuyanDubai, Oct 15 IANS Gulf markets again fell Wednesday after rallying for two days over renewed fears of the global financial crisis.Except in Saudi Arabia, where the Tadawul index ended marginally up, most markets in the region started the day in the red. While some managed to recover part of the negative ground, others fell further.The key Dubai Financial Market DFM, which saw two of its biggest one-day gains in the last couple of days, posted the biggest loss, diving 7.44 percent from Tuesday’s close to end at 3,427.87 points.Among the biggest losers were real estate major Emaar properties, which lost 9.88 percent of its share value and Arabtec, which fell 9.93 percent.Low-cost carrier Air Arabia also fell 9.79 percent.The Abu Dhabi Securities Exchange ADX also slumped 2.13 percent, with its key index closing at 3,525.82.Only the Tadawul All-Share Index, the largest in the region, closed marginally higher at 6,863.15, up 0.5 percent.Banks and financial stocks gained in the day’s trading.The Kuwait Stock Exchange KSE, which had failed to replicate the last two days’ upward trend in the other Gulf markers, also stayed in the red, closing at 11,719.70, down 0.64 percent from Tuesday’s close.Another major loser was Qatar’s Doha Securities Market, which fell 3.32 percent to close at 8,098.96.The Bahrain Stock Exchange also fell 1.05 percent while Oman’s Muscat Securities Market fell 0.35 percent.As in other markets, the Gulf bourses also rallied for two days after a week of mayhem opening Oct 5, after the Eid-ul-Fitr holidays, triggered by the global credit crunch.Monetary authorities in the region announced a series of steps to restore investor confidence and shore up the banking sector.The central banks of the United Arab Emirates UAE, Kuwait, Bahrain and Saudi Arabia announced interest rates and assurances of liquidity.The UAE pumped in $19 billion in the last month into the country’s banking sector along with a guarantee that bank deposits would last three months.These measures seemed to have had some effect as the markets rallied Monday and Tuesday.But all hopes were dashed in Wednesday’s trading.--Indo-Asian New Serviceab/sj/vm411 Words*15102019
    2008-10-15 12:07:10

  • SBI plans to hike overseas revenues

    INT59International/BusinessSBI plans to hike overseas revenuesDubai, Oct 15 IANS India’s largest commercial bank State Bank of India SBI is targeting to increase its revenues from overseas operations from the current 10 percent to 25 percent.“From our foreign operations we get 10 percent of our revenues,” Praveen Gupta, SBI’s regional head and chief executive for the Middle East and North Africa MENA, said in the course of a media interaction here.“We want to take this up to 25 percent in the next five years,” he added.According to Gupta, SBI is aiming to upgrade its current Gulf operations, which are largely focused on remittance services through tie-ups with local exchange houses, to full-fledged commercial and retail operations.There are over 4.8 million expatriate Indians in the Gulf.His comments came even as the bank acquired an upgraded licence for its operations in the United Arab Emirates UAE from the Dubai Financial Services Authority DFSA.SBI, which started its operations in the UAE with a branch under a Category 4 licence in January 2007, has now acquired a Category 1 licence, which will allow it to offer corporate credit among other things.“The new licence will allow us to offer corporate credit both syndicated as well as bilateral,” Gupta said.According to DFSA terms, SBI’s branch at the Dubai International Financial Centre DIFC here can provide credit in currencies other than the local currency, dirham. The branch can also accept deposits in foreign currencies like the US dollar, euro and pound sterling.According to Gupta, with the acquisition of the upgraded licence, the branch can now provide a whole range of corporate credit facilities such as working capital as well as trade finance, both fund-based and non-fund based.“Along with these activities, we can also advise on and arrange investment deals and credit,” he said.Though not allowed to get into direct retail operations in the local market, DFSA’s relaxed rules will allow SBI under its new licence to arrange investment deals and provide credit to any company for business purposes.At the same time, the bank is also boosting its remittance services from the UAE, which is home to around 1.5 million Indians.“A few years back, the bank decided to boost its remittance services from the Gulf through tie-ups with more exchange houses in the region,” the bank’s regional head said.“So now, we have tie-ups with exchange houses like Emirates India International Exchange, UAE Exchange, Al Rostamani Exchange, Wall Street Exchange, Al Anasari Exchange and Al Fardan Exchange through which remittance services to India can be availed of.”According to a World Bank report this year, India is the highest receiver of remittances from abroad.Around 5.7 million Indians from across the world sent $27 billion as remittances in 2007 and the Gulf accounted for a large chunk of it.Gupta said that the bank, which has an offshore commercial unit and a full-fledged branch in Bahrain and another full-fledged branch in Oman, has major plans for its Gulf operations.“We have been given a licence to open a branch in Saudi Arabia and we expect to have a full-fledged branch in Jeddah there very soon,” he said.SBI is among the very few banks in the world to be allowed to operate independently in Saudi Arabia. Most other major banks of the world in that Gulf country operate in joint ventures with Saudi entities.With 15,118 branches in India and abroad and assets totalling $256 billion, SBI is the 57th largest bank in the world. The Indian government has a 59 percent stake in it.--Indo-Asian News Serviceab/am648 Words*15102038
    2008-10-15 12:05:10

  • MOGADISHU

    INT1International/Crime/DefenceSomali forces storm hijacked ship, free crewMogadishu, Oct 15 DPA Security forces in the semi-autonomous Puntland region of Somalia have stormed a hijacked Panama-flagged cargo ship and rescued the crew with no fatalities, officials said Tuesday. The ship, which was carrying cement from Oman to the Somali port Bosasso, was seized last Thursday along with its crew of nine Syrians and two Somalis. Soldiers seized the ship after the ten pirates ran out of ammunition. "The ship is now in our hands," Mogadishu-based Radio Garowe quoted Ahmed Said O'Nur, Puntland's minister for fisheries and ports, as saying. A previous attempt to take the ship Sunday saw one pirate and one of the security forces killed. Another ship, Ukraine's MV Faina and its cargo of 33 T-72 tanks and other military equipment, is still being held by pirates, who are demanding a multi-million-dollar ransom. The pirates, who are hemmed in by international warships, have threatened to blow up the ship if they do not receive the ransom, which was originally set at $20 million. However, the deadline they set of early Tuesday morning has passed with no incident. The high-profile case of the tank ship has put the spotlight on the Somali authorities, particularly in Puntland where most of the pirates are based. Piracy has surged this year, with over 30 ships seized, as gunmen look to cash in on increasingly large ransoms. Security forces now appear to be taking a tougher line. The UN has authorized the use of force when dealing with pirates and the EU, NATO and other nations have agreed to send frigates to combat piracy in the Gulf of Aden. --DPAsy304 Words15100346
    2008-10-15 00:03:06

  • Gulf markets continue gains, but Kuwait bucks trend again Roundup

    ECO9Economy/InternationalGulf markets continue gains, but Kuwait bucks trend again RoundupBy Aroonim BhuyanDubai, Oct 14 IANS Gulf bourses, except in Kuwait, continued their upward trend for the second consecutive day Tuesday buoyed by remedial measures announced by monetary authorities to boost the region's banking sector.The key Dubai Financial Market DFM led the region's resurgence again, posting its biggest one-day gain for the second consecutive day. The DFM index soared 10.76 percent from Monday's close to end at 3,703.34.Among the major gainers were real estate companies Emaar, which rose 14.92 percent, and Deyaar, up 14.96 percent. Arabtec and Union Properties posted gains of 14.93 percent and 14.61 percent respectively.Another major bourse in the United Arab Emirates UAE, the Abu Dhabi Securities Exchange ADX, also rose 7.53 percent from the previous day's close to end at 3,602.45.The ADX's real estate index led the gains rising 9.69 percent.Major gainers included Aldar Properties up 9.85 percent and Sorouh Properties up 9.75 percent. The Abu Dhabi Commercial Bank ADCB posted a gain of 10 percent.Investor confidence seemed to be restored in the UAE markets following news Tuesday morning that a further 70 billion dirhams $19 billion was being injected into the country's banking sector.Vice-President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum ordered the transfer of the amount to the country's ministry of finance so that it could inject the required liquidity into the national banking sector.That brought the total amount injected to the banking sector over the last month to 120 billion dirhams $32.7 billion. The UAE Central Bank allocated 50 billion dirhams $13.6 billion Sep 22 as facilities for the banks operating in the country so that they could use them if required to avoid the current global financial crisis.The Saudi market, which opens later than other regional bourses, also continued its upward surge for the second consecutive day Tuesday.The powerful Tadawul All-Share Index was up by over eight percent at 3:30 p.m. local time.Real estate, construction and banking and financial indices were the main gainers during the day's trading.Kuwait was the only exception, bucking the regional trend for the second consecutive day and falling 31 points from Monday's close to end at 11,795.7.The services sector retreated by 236.1 points while the banking sector fell 146.2 points.Three major Kuwaiti banks - Kuwait Finance House KFH, National Bank of Kuwait NBK and Commercial Bank of Kuwait CBK - had released quarterly results Monday with assertions of stability within their systems.While NBK shares fell 60 points in Tuesday's trading, CBK lost 20. Sharia-compliant KFH, however, gained 40 points.Meanwhile, another major gainer of the day was Qatar's Doha Securities Market DSM, which soared 9.88 percent or 753.27 points from Monday's close to end at 8,377.36 points.It was DSM's biggest one-day gain in eight years.Reflecting a restoration of investor confidence, banking shares led the gains.Qatar's sovereign wealth fund Qatar Investment Authority QIA has announced that it would buy up to 20 percent of the shares of the country's banks to ensure their stable foundations.Oman's Muscat Securities Market MSM too gained 8.37 percent from Monday's close to end at 7,717.43.Major gainers on the MSM floor were Shell Oman up 9.98 percent and Oman Holding International up 10 percent.The Bahrain Stock Exchange also rose 1.77 percent from Monday's close to end at 2,371.02.Opening Oct 5 after the Eid-ul-Fitr holidays, Gulf markets went into a free-fall in the face of the global credit crunch.Monetary authorities had to resort to a series of remedial measures to shore up the banking sector.Central banks of the UAE, Kuwait, Bahrain and Saudi Arabia announced interest rate cuts along with assurances of liquidity over the weekend.After Monday's resurgence, investors and the regional media reacted with joy but maintained cautious optimism.--Indo-Asian News Serviceab/sj/tb731 Words*14101849
    2008-10-14 09:00:00

  • Gulf economies remain sound, says GCC

    ECO14Economy/InternationalGulf economies remain sound, says GCCDubai, Oct 13 IANS The economies of Gulf countries remain strong amid the global financial crisis, according to the Gulf Cooperation Council GCC.In a statement issued out of Riyadh in Saudi Arabia Monday, GCC secretary general Abdurrahman Al-Atiyyah asserted that the economies of the Gulf states enjoy a remarkable economic growth, and added that the commercial Gulf banks have a high rate of liquidity and a distinguished financial status, the state-run Saudi Press Agency reported.Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates UAE comprise the GCC.Al-Atiyyah also stated that the central banks in the GCC member states were ready to make the required liquidity available for banks if needed.The GCC secretary general’s comments came even as major Gulf markets posted gains Monday after a week of mayhem triggered by the global credit crunch.On Monday, the UAE government, in a bid to insulate the country’s economy, said its guarantee of deposits in all national banks and interbank lending operations within the country would extend for three years.The central banks of other Gulf nations have also given assurances of liquidity over the past week.--Indo-Asian News Serviceab/sj/dg209 Words13101926
    2008-10-13 11:03:07

  • Bihar flood aid from Oman entrusted to Prakash Jha's NGO

    INT25International/Diaspora/DisasterBihar flood aid from Oman entrusted to Prakash Jha's NGODubai, Oct 13 IANS Around Rs.2.1 million funds raised in Oman through a charity drive for Bihar flood victims will be channelised to the Indian state through Punarwaas, an NGO set up by film director Prakash Jha.The Indian embassy, under whose aegis the fund raising drive was conducted by the Indian Social Club, has chosen Punarwaas, which has set up several relief camps in Bihar in the wake of last month’s devastating floods, for channelising the funds.India’s Ambassador to Oman Anil Wadhwa handed over the cheque of Rs.2.1 million at a charity dinner in Muscat last weekend.The charity dinner was also attended by well-known Bhojpuri actor Manoj Tiwari.The amount included 11,000 Omani riyals Rs.1.37 million donated by well-known Oman-based Indian businessman and Simran group of companies chairman Ishak Jilani.“The recent floods which ravaged Bihar state caused horrific losses of life and property. The scope and scale of this tragedy struck an instant chord with the Indian community in Oman and they responded very well by mobilising funds,” Wadhwa told reporters in Muscat.On his part, Jha expressed gratitude to the expatriate Indian community in Oman for the gesture.“I am touched by the big-heartedness shown by the people of Muscat. I must say the experience of coming to Muscat has been unique in the sense that I am yet to experience this kind of generosity elsewhere,” said Jha. During the course of the charity dinner, an auction was also held for Jha’s film memorabilia, including a complete set of his movies and two sets of personally autographed posters.Over 2.5 million people lost their homes in the floods.Meanwhile, in Qatar, Indian Ambassador George Joseph also thanked the Indian community in that country for its contributions to Bihar flood victims.A total of 25 community forums, four Indian schools, two professional bodies, 10 companies and 40 individuals made the donations, the Gulf Times reported. At a meeting in Doha, the donations were formally handed over to the ambassador.“Within the GCC Gulf Cooperation Council, perhaps it is only from Qatar that Indians sent two representatives to the flood-affected areas for studying the real situation before providing relief,” Nilangshu Dey, president of the Bihar Flood Relief Committee, said at the meeting.The two-member team, led by Shakil Ahmed Kakvi, president of the Indian Association of Bihar and Jharkhand, also met Minister for Chemicals, Fertilisers and Steel Ram Vilas Paswan, and Bihar government and Red Cross officials during the course of the visit.According to the report, apart from financial donations, the 420,000-strong Indian community in Qatar has sent 2,100 blankets, 1,500 dhotis, 500 saris, 400 mosquito nets, and 400 sets of clothes for children. The relief materials were routed through the Red Cross.--Indo-Asian News Serviceab/am/jg507 Words13101625
    2008-10-13 07:01:08

  • THIRUVANANTHAPURAM

    BUS8Business/National/InternationalGeojit Financial looks at joint venture in OmanThiruvananthapuram, Oct 13 IANS Brokerage house Geojit Financial Services will strengthen its Middle East operations by forming a joint venture in the Sultanate Of Oman, a top official said here.The decision was taken at the company's board meeting in Mumbai Saturday, said Geojit Managing Director C.J. George."The board has decided to form a joint venture with The Financial Corp Co SAOG, a listed company in Oman. We will commence operations with them in three months. We will hold a 51 percent stake and invest Rs.32 million," George told IANS.Geojit already has similar tie-ups in Saudi Arabia and the United Arab Emirates.Geojit came into the limelight in March last year when French banking major BNP Paribas picked up a 27.2 percent stake in the Indian entity through preferential allotment. The Middle East, where more than two million Malayalis work, has always been the target market of those in the financial business.Present in the Middle East for more than six years, Geojit offers brokerage services for equities, derivatives and commodities, financial savings products mutual funds, life insurance, and programmed savings plans and portfolio management services, mainly to private customers.Established in 1987, Geojit is listed on the National Stock Exchange and the Bombay Stock Exchange.It has a network of over 400 offices, a client base of 250,000 and $1 billion in assets under custody. --Indo-Asian News Servicesg/ank/mj258 Words13101154
    2008-10-13 03:03:05

  • Dubai, Oct 9 IANS Gulf markets rebounded Thursday after four days of mayhem sparked by the global financial crisis as central banks in the region announced interest rate cuts in line with similar moves in other parts of the world.

    BUS10BusinessGulf markets rebound after four days of mayhem RoundupDubai, Oct 9 IANS Gulf markets rebounded Thursday after four days of mayhem sparked by the global financial crisis as central banks in the region announced interest rate cuts in line with similar moves in other parts of the world.Except for Saudi Arabia, where the bourse remained closed on account of the weekend holiday, markets in Dubai, Abu Dhabi, Kuwait, Bahrain, Muscat and Doha all posted gains at the close of trading Thursday.The resurgence came following interest rate cuts and assurances of liquidity announced by the central banks of the United Arab Emirates UAE, Kuwait and Bahrain.Oman led the upsurge with the key Muscat Securities Exchange index closing at 7,178.51 points, up 8.32 percent from the previous day's close of 6,626.96.Among the major gainers were National Bank of Oman, which ended 9.57 percent up, Bank Muscat up 8.97 percent and telecom major Omantel up 9.99 percentThe Dubai Financial Market DFM closed at 3,198.09 points, 3.67 percent higher from Wednesday's close.Among the main gainers in Dubai was real estate major Emaar Properties, which posted a gain of 3.64 percent and Arabtec up 13.09%.Low cost carrier Air Arabia also ended with a 10.19 percent gain.In Kuwait, whose central bank was the first to announce interest rate cuts in the region, the main index jumped 433.7 points from Wednesday's close to end at 11,905.70.The banking index rose 883.7 points followed by services 682 points and investments 591.7 points.The International Investment Company was the biggest gainer, rising by 10 percent.The Abu Dhabi Securities Exchange ADX was the only bourse in the region that started the day in the red, falling to a yearlong low of 3,124.73 points, before shrugging off the pressure and closing the day at 3,207.30, up 0.96 percent from Wednesday.Banks and real estate companies were the main gainers.The Bahrain Stock Exchange, too, posted a marginal gain of 0.45 percent from Wednesday's close to end at 2,330.43 points.In Qatar, the Doha Securities Market rose 1.87 percent from the previous day's close to end at 7,573.62 points.Industries Qatar rose 1.8 percent, while Qatar Islamic Bank gained 1.64 percent.Saudi Arabia's Tadawul had fallen 1.49 percent Wednesday from the previous day's close to end 6,160.52 points.Thursday's rebound after four days of mayhem in the Gulf bourses is expected to bring back investor confidence.All markets in the region went on a freefall after the Eid-ul-Fitr holidays, which ended Saturday, as the global financial crisis made traders jittery despite assurances of stability and commitments pf liquidity from the region's economic authorities.In the course of the last four days, all markets in the region touched yearlong lows.Then, in a bid to address the situation, the Central Bank of Kuwait Wednesday morning cut interest rates by 125 basis points, bringing the benchmark discount rate down to 4.5 percent from 5.75 percent and the repo rate to 2.5 percent from 3.5 percent.The UAE Central Bank followed suit late Wednesday, after the markets closed, cutting the lending rates to banks from 5 percent to 3 percent.The bank also slashed its repo rate from 2 percent to 1 percent with effect from Wednesday.On Thursday, the Bahrain Central Bank cut its key policy interest rates 25 basis points.--Indo-Asian News Serviceab/vm 630 Words09101855
    2008-10-09 09:00:00
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