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					                                                                                                                                                                       Gulf Daily News Friday, 24th August 2012              17




                                                                                                           In association with www.tradearabia.com




rain on growth path
          5pc growth,” said Amin Al Arrayed.
             “Merrill Lynch is confirming the con-
                                                      deflationary phase as Merrill
                                                      Lynch put the consumer price
                                                                                                            here,” said Mr Al Arrayed.
                                                                                                               “Demand is also fuelled
                                                                                                                                                   “The GDP alone does not say the
                                                                                                                                                whole story.
                                                                                                                                                                                             Push for new
                                                                                                                                                                                             CEO denied
                                                                                                                                                                                             by Air Berlin
                                                                                                                                                                                             FRANKFURT: Air Berlin denied a
                                                                                                                                                                                             report that its major shareholder
my is     sensus that we’re now entering the          index for the first half at 2pc                       by regional visitors and even          “We have a diversified government,        Etihad Airways is pushing for the
omes-     growth period.”                             and predicted it to remain at                         hotels reported full occu-          downstream and aluminium sectors.            German airline to find a new per-
 trong       The positive outlook from the invest-    the same level for the same                           pancy.                                 “Our diversification goals go back to     manent chief executive quickly.
to an     ment bank will improve Bahrain’s            period next year.                                        “The factors, which hurt         the Economic Vision 2030 and we’re              German monthly Manager 
          chances of an upgrade from credit rat-         “We saw prices com-                                economic growth in 2011,            looking at improving our services and        magazine said in an excerpt of
          ings agencies, he added.                    ing down, especially in real                          have diminished.”                   hospitality sectors.”                        an article to be published today
merica       “It will give comfort to ratings agen-   estate last year,” said Mr Al                            Bahrain, despite lagging            In comparison, Merrill Lynch fore-        that James Hogan, chief execu-
  show    cies that are looking for economies that    Arrayed.                                              behind in growth indicator          cast cautious growth figures for coun-       tive of Abu Dhabi-based Etihad,
 in the   will create jobs,” said Mr Al Arrayed,         “During inflation, con-                            rankings, has the most diver-       tries in the GCC.                            wanted a manager at the helm of
  grow    general manager at real estate firm First   sumption will be on the rise.      n Mr Al Arrayed sified economy in the region,             Qatar reported the highest growth         Germany’s second-biggest airline
period    Bahrain.                                       “We’re starting to see pric-                       added Mr Al Arrayed.                for the first half in the region at 6.1pc,   after Lufthansa, who had more
             “The positive GDP growth forecast        es coming up.                                  “There is rapid growth in the hydro-       which is predicted to decline to 5pc for     aviation experience than current
period    will boost ratings for Bahrain at a sov-       “It is indicative of people starting to carbons sector across the GCC in coun-         the same period next year.                   chief Hartmut Mehdorn.
g eco-    ereign level.”                              purchase items and consumer goods.”         tries such as Qatar and Kuwait,” he              Inflation remained high in Saudi             “The report is nonsense and
eceive       The country’s GDP fell to 2.2pc             The festive season demonstrated a added.                                               Arabia, whose GDP growth was pre-            completely unfounded,” an Air
ccord-    last year, which was nearly half of its     rise in demand for consumer items and          “Bahrain’s GDP, however, has been          dicted to slow in the first half of 2013     Berlin spokesman said.
          growth for the preceding year.              showed a revival in business, he added. the most diversified across all of the            from 5pc for the same period this year.         Etihad, which owns almost 30
ose to       Bahrain has also come out of its            “Eid was successful for businesses GCC.                                                                    jennifer@gdn.com.bh      per cent of Air Berlin, said it saw




                                       ireland raises $1.3 billion
                                                                                                                                                                                             the report as “extremely scurril-
                                                                                                                                                                                             ous and irresponsible”.
                                                                                                                                                                                                “Etihad Airways and Air Berlin
                                                                                                                                                                                             have a very strong relationship
                                                                                                                                                                                             which is starting to show positive
                                                                                                                                                                                             progress. Both are committed to
                                       DUBLIN:    Ireland raised one billion euros       of 2013.                                             “Combined with the bond switch and             its long-term success,” an Etihad
                                       ($1.3bn) yesterday through its first issue of        The actions mean Dublin has progres-            outright sale transaction of July 26 and the     spokesman said.
                                       sovereign bonds that stagger capital repay-       sively hacked away at a January 2014 ‘fund-        bond switch of January 25, it has reduced           Mehdorn, former head of
                                       ments, bringing to 10bn euros the amount it       ing cliff’ – its only bond redemption due          the original ‘funding cliff’ of 11.9bn euros     German rail operator Deutsche
                                       has sliced off post EU-IMF bailout require-       then – that its debt agency says now stands        by 80 per cent.”                                 Bahn, was appointed as interim
                                       ments.                                            at a modest 2.4bn euros.                             The issue featured five amortising bonds       CEO of Air Berlin a year ago,
                                          It has this year launched two bond swaps,         “The success of today’s transaction dem-        with maturities of between 15 and 35 years       when Joachim Hunold quit, hav-
                                       sold new long-term debt for the first time        onstrates the willingness of domestic inves-       and aimed at Irish-based pension funds.          ing failed to return the carrier
                                       since 2010 and resumed issuing treasury           tors to increase their holdings of Irish govern-   They were sold at an average weighted yield      to profit. Mehdorn’s contract has
                                       bills as it attempts to position itself to exit   ment debt,” National Treasury Management           of 5.91pc, with the longer-dated issues draw-    been extended until 2013.
                                       the 85bn euro bailout on schedule at the end      Agency chief executive John Corrigan said.         ing most demand.                                    Air Berlin, which has not posted
                                                                                                                                                                                             a full-year operating profit since

                                       rBS ex-dealer                                                                                                                                         2007, has cut seats, unprofitable
                                                                                                                                                                                             routes and postponed plane orders
                                                                                                                                                                                             to reduce costs and shrink its way

                                       reveals Libor                                                                                                                                         back to profitability after racking
                                                                                                                                                                                             up debts to expand.
                                                                                                                                                                                                Earlier this month, it reported a
net and Twitter have killed the
stone dead”                            fixing details                                                                                                                                        rise in its second-quarter net loss
                                                                                                                                                                                             to 66.2 million euros ($82.5m) and
                                                                                                                                                                                             said shareholder equity had plum-




in talks
                                       SINGAPORE: A former dealer for                                                                                                                        meted by two-thirds to 101m euros
                                       the Royal Bank of Scotland (RBS)                                                                                                                      as at the end of June.
                                       Group has provided fresh details
                                       on how traders at the British
                                       bank tried to influence Libor                                                                                                                         Egypt receives
                                       rates, court documents filed in
                                                                                                                                                                                             $500m loan
d terms
                                       Singapore show.
                                          Tan Chi Min, suing RBS for
                                       wrongful dismissal, alleges the                                                                                                                       CAIRO: Egypt said yesterday it
                                       bank’s minutes of his disciplinary                                                                                                                    had received an initial $500 million
                                       meeting last September did not                                                                                                                        loan from Qatar, part of its effort
  hoping for details on how the        reflect what was discussed and                                                                                                                        to secure international finance to
  ECB plans to intervene, before       omitted details of conversations                                                                                                                      stave off a financial crisis.
  deciding on any move.                about how traders at the bank                                                                                                                            Finance Minister Mumtaz El
     Earlier this month Prime          tried to influence its interbank                                                                                                                      Saeed said it was the first tranche
  Minister Mariano Rajoy inched        lending rate submissions.                                                                                                                             of $2 billion Qatar had promised to
  closer to asking for an EU bail-        More than a dozen banks are                                                                                                                        deposit with Egypt’s central bank,
  out for his country, but said he     under investigation by regulators                                                                                                                     and that the remainder was expect-
  needed to know what conditions       in the US, Europe and Asia for                                                                                                                        ed to arrive next month.
  would be attached and what           suspected rigging of the London        n A local ACB employee hands over bricks of banknotes to a customer withdrawing cash in Hanoi                     Egypt has been rapidly depleting
  form the rescue would take.


                                                                              Vietnam arrests banker
                                       interbank offered rate (Libor),                                                                                                                       its foreign reserves since the pop-
     ECB president Mario Draghi        used to price trillions of dollars                                                                                                                    ular uprising that toppled Hosni
  has said the central bank could      worth of financial products.                                                                                                                          Mubarak led the central bank to
  intervene to lower painfully            Tan was sacked from his                                                                                                                            sell dollars to prop up the country’s
  high yields but only if the coun-    Singapore-based role as head of                                                                                                                       pound. The economy now faces a
  try concerned asked for similar      delta trading for the bank’s Global    HANOI:  Vietnam arrested another top banker            largest financial institutions and one of the found-    balance of payments crisis and is
  help from the bloc’s rescue fund     Banking and Markets division           yesterday, state media said, widening a police         ers of ACB, was detained for “illegal business          being further undermined by high
  first.                               in November 2011 for trying to         probe into the Communist country’s banking sec-        activities” after police raided his Hanoi home.         state borrowing costs.
     A euro zone official said in      improperly influence its rate set-     tor which has rattled markets and triggered a run         More than $240m was withdrawn from ACB                  On Wednesday, Egypt formally
  July that Spain conceded for the     ters. Delta trading involves using     on deposits.                                           on Tuesday, the Tuoi Tre newspaper said, while          requested a $4.8bn aid from the
  first time at a meeting between      derivatives to mirror the price           The arrest of Ly Xuan Hai for “deliberate           the price of gold has surged as savers scramble for     International Monetary Fund to
  Economy Minister Luis de             moves in a basket of securities.       wrongdoing causing serious consequences” came          a safe haven. News of Hai’s arrest emerged after        help shore up its balance of pay-
  Guindos and his German coun-            He said the information omitted     just hours after the Asia Commercial Bank (ACB)        ACB branches had closed yesterday.                      ments and to help plug a budget
  terpart Wolfgang Schaeuble that      included reference to a conversa-      announced he had resigned from the position of            The central bank had previously said Kien’s          deficit expected to reach 7.9 per
  it might need a bailout worth 300    tion in March 2008 about the sub-      director-general, Thanh Nien online reported.          arrest is not related to the ACB – where he holds a     cent of gross domestic product.
  billion euros ($377bn) if its bor-   mission of Libor rates. He claimed        Police have raided the French-educated banker’s     less than 5pc stake – but concerned accusations of         The      Saudi-based       Islamic
  rowing costs remained unsus-         trader Will Hall changed it though     house in southern Ho Chi Minh City and his office.     wrongdoing at three smaller financial companies         Development Bank agreed last
  tainably high.                       he was part of the Japanese yen           Hai’s arrest deepened the problems facing ACB,      where he is chairman. As well as his stake in ACB       month to provide Egypt with $1bn
     A full sovereign bailout, as      swap desk in London.                   which has seen its share price dive nearly 20 per      – which counts global banking giant Standard            to finance energy and food imports
  given to Greece, Ireland and            Tan raised the issue at the meet-   cent and had jittery depositors withdraw more than     Chartered as one of its “strategic partners” – Kien     and in May Saudi Arabia provided
  Portugal, would be much more         ing, saying the bank’s internal        $200 million since its flamboyant founder was          is said to hold shares in Sacombank, Eximbank,          Egypt’s central bank with a $1bn,
  expensive and stretch the curren-    procedure in London seemed to be       arrested on Monday. Multi-millionaire Nguyen           VietBank and others. He was reportedly involved         eight-year deposit and a $750m
  cy bloc’s resources to the limit.    that “anyone can change Libor”.        Duc Kien, 48, a shareholder in some of Vietnam’s       in drafting the country’s new bank reforms.             credit line for oil imports.

				
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