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									                                                                                                                                                                                                                                                                                              ARAB TIMES, THURSDAY, SEPTEMBER 6, 2012
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                 46


                                                                                                                                                                                                                          Facebook stock up on Zuckerberg’s no-sale pledge

                                                                                                                                                        Facebook’s stock is up following a disclo-                               initial public offering. It gained 78 cents, or                              Marc Andreessen and Donald Graham,
   US Ryder Cup Captain                                                                                                                                 sure that its CEO, Mark Zuckerberg, won’t                                4.4 percent, to $18.51 in midday trading                                     have no “present intention” to sell stock
   Davis Love III rings the                                                                                                                             sell stock in the company for at least a year.                           Wednesday. That more than wiped out                                          beyond what they need to cover taxes.
 NASDAQ Closing Bell at                                                                                                                                    Zuckerberg holds about 504 million                                    Tuesday’s loss, during which the stock hit an                                  Even without Zuckerberg’s share, up to
  NASDAQ MarketSite on                                                                                                                                  shares and options and had been eligible to                              all-time low of $17.55. It closed at $17.73.                                 1.2 billion more shares could enter the mar-
 Sept 4, in New York City.                                                                                                                              start selling them in November. The compa-                                  Since the IPO through Tuesday,                                            ket over the next several months, including
                     (AFP)                                                                                                                              ny currently has about 692 million shares                                Facebook’s stock has been down on 45                                         those from employees eligible to sell on Oct
                                                                                                                                                        eligible for sale. The concern is that if                                trading days, up on 28 and unchanged on                                      29.
                                                                                                                                                        Zuckerberg floods the market with addition-                              two.                                                                           Investors have been concerned about
                                                                                                                                                        al shares, prices would go down further.                                    Facebook revealed Zuckerberg’s commit-                                    Facebook’s ability to keep increasing rev-
                                                                                                                                                           The stock is still trading at less than half of                       ment in a regulatory filing late Tuesday. It                                 enue and make money from its growing
                                                                                                                                                        the $38 that it went for in Facebook’s May                               also said that two of its board members,                                     mobile audience. (AP)




            the   bottomline                                                                                             Equities edge higher on ECB
  NEW YORK: FedEx Corp cut its earn-                     on-Tees, northeastern England, while the



                                                                                                                         bond buying plan; dollar rises
  ings forecast Tuesday, blaming the weak                other job losses were expected to be
  global economy.                                        spread across operations in Britain. (AFP)
     The world’s second-biggest package                              ❑       ❑        ❑
  delivery company said the shortfall is
  primarily in its express division, which               GENEVA: Swiss luxury goods group
                                                         Richemont’s sales catapulted by 23 per-
  moves 3.5 million packages on an aver-
                                                         cent year-on-year in the first five months
  age day. That indicates customers have                 of its 2012-13 accounting year, the com-
  continued to switch from overnight air
  delivery to slower, cheaper methods.
                                                         pany announced Wednesday ahead of its
                                                         annual assembly.
                                                                                                                                                                                                 Growth worries weigh on commodities
  Poor economic conditions in Europe and                    “The weakening of the euro against
  slowing growth elsewhere, including                    the dollar, in particular, had a positive
  Asia, have forced the shifts.                                                                                          NEW YORK, Sept 5, (Agencies):                                   that FedEx’s customers around the world                          signalled that investor appetite for safe-                      $95.26 per barrel in afternoon trading in
                                                         impact on the group’s reported sales,” it                       The euro rose on Wednesday after                                are choosing slower, cheaper delivery                            haven assets was drying up, a positive                          New York. Brent crude, which is used to
     FedEx expects to earn between $1.37                 said in a statement.
  and $1.43 per share in the fiscal first quar-                                                                          media reports suggested that the                                options to save money. FedEx’s stock fell                        sign for equities.                                              price international varieties of oil, fell 56
                                                            The group, which owns the Cartier,                                                                                           $1.18 to $86.36.                                                    Healthcare stocks, traditionally seen as                     cents to $113.62 per barrel in London.
  ter that ended Aug 31. That’s down from                Piaget, Jaeger-LeCoultre and Montblanc                          European Central Bank may buy
  an original forecast of $1.45 to $1.60 per                                                                                                                                                The Dow Jones industrial average was                          a defensive sector, rose 0.9 percent to                            Weak manufacturing reports earlier in
                                                         brands, said that at constant exchange                          unlimited amounts of short-term                                 up 32 points at 13,068 shortly after noon                        become the top gainer, while energy                             the week from China and the US, as well
  share. Analysts were expecting $1.56 per
  share, according to FactSet. Shares fell 3
                                                         rates the rise in sales for the period end-                     government debt to ease the                                     Wednesday. The Standard & Poor’s 500                             shares tracked weaker oil prices to fall                        as Europe’s dire economic picture,
                                                         ing Aug 31 stood at 13 percent.                                 region’s financial crisis.
  percent in after-hours trading. (AP)                      During the same period last year,                                                                                            index gained one point to 1,406. The                             1.6 percent. Telecoms were down 0.6                             weighed on trader sentiment on
              ❑        ❑        ❑                                                                                           Markets have been expecting ECB                              Nasdaq composite index gained two                                percent and utilities dropped 0.2 percent.                      Wednesday. But that was countered by
                                                         Richemont saw its sales, at constant
                                                         exchange rates, jump by 35 percent.                             President Mario Draghi to unveil a bold                         points to 3,077.                                                    The euro zone’s blue chip Euro                               hope for measures from central banks and
  NEW YORK: Makeup company Revlon                                                                                        plan at a policy meeting on Thursday. A                            Earlier, the Labor Department reported                        STOXX 50 index rose 0.2 percent to                              governments to promote global economic
  Inc said Wednesday it is cutting 250                   (AFP)
                                                                      ❑        ❑        ❑                                report from Bloomberg on Wednesday                              that US companies got more productivity                          2,441.81 points.                                                growth, which could translate into more
  jobs, or about 5 percent of its workforce,
  as it exits two plants in a broad restruc-                                                                             that suggested the purchases of the debt                        from their workers this spring than origi-                          Among individual movers, Nokia                               demand for energy products.
                                                         BRUSSELS: The European                                          of some euro zone countries could be                            nally estimated. Productivity increased at                       slumped 13 percent after the company                               Traders are awaiting two key develop-
  turing aimed at cutting costs.                         Commission said Wednesday that it has
     Revlon, like other consumer products                                                                                unlimited dispelled some recent skepti-                         an annual rate of 2.2 percent in the April-                      and Microsoft Corp showcased the new                            ments later this week.
                                                         cleared a joint venture between operators                                                                                       June quarter, up from an initial estimate                        Lumia smartphone in New York in hopes                              The European Central Bank is expect-
  makers, has been facing high raw materi-               Telefonica of Spain and Vodafone and                            cism about the scale of the program.
  al costs, weakness in Europe and a slow-                                                                                  The report was enough to put a floor                         of a 1.6 percent gain. Labor costs rose at                       of competing with Apple and Samsung,                            ed to announce a bond-buying program
                                                         Everything Everywhere in Britain in                                                                                             an annual rate of 1.5 percent, slightly                          but analysts were less impressed.                               Thursday to reduce high borrowing costs
  down in China.                                         mobile phone commerce.                                          under European and US stock markets,
     In its most recent quarter revenue rose                It said it cleared the tie-up uncondi-                       which have been pressured by increased                          lower than the 1.7 percent initially esti-                                                   UK                                  in Spain and Italy. The program is
  1.7 percent, as higher revenue in the US               tionally, with ‘mobile wallets’ offering                        wariness about the global economy after                         mated.                                                                                                                           designed to help stabilize the region’s
  and Latin America was offset by a 4 per-                                                                                                                                                  Stock indexes were mostly higher in                              Britain’s benchmark share index fell to                      financial crisis and promote growth.
                                                         the potential for a radical change in con-                      Hong Kong shares suffered their worst                                                                                            its lowest level in more than a month on
  cent drop in Asia Pacific and a 15 per-                sumer habits.                                                   declines in six weeks and FedEx, the                            Europe and the yields on government                                                                                                 Analysts say oil prices likely will fall
  cent drop in Europe, the Middle East and                                                                                                                                               bonds issued by Spain and Italy edged                            Wednesday, underperforming gains on                             without additional aid for the European
                                                            “Mobile commerce is a nascent sector                         world’s largest package delivery service,                                                                                        rival European stock markets, as BP
  Africa.                                                that may radically change the consumer                          cut its profit forecast due to a weak eco-                      lower, a positive sign that investors are                                                                                        economy because that would heighten
     New York-based Revlon, whose                        buying experience in the next few years,”                                                                                       becoming more optimistic about the abil-                         slumped after the 2010 Gulf of Mexico                           concerns about a Europe-wide recession,
                                                                                                                         nomic outlook.                                                                                                                   oil spill returned to haunt the energy
  brands include Almay, Mitchum and its                  the commission said in a statement.                                After a rally in stocks in Europe and                        ity of those countries to repay their debts.                                                                                     Tradition Energy oil analyst Gene
  namesake, said it will close its manufac-                 “The proposed joint venture is one of                                                                                           Benchmark indexes rose 0.5 percent in                         company.                                                        McGillian said.
  turing plant in France and leave its                                                                                   the United States over the summer,                                                                                                  The blue-chip FTSE 100 index ended
                                                         several initiatives to develop the sector                       traders feared the markets has already                          Germany and 0.2 percent in France.                                                                                                  He speculated that the price could drop
  leased manufacturing plant in Maryland                 in Europe,” it said, adding that the                                                                                               Among other stocks making big                                 down 0.3 percent, or 14.15 points lower,                        into the mid-$80 per barrel range. Oil’s
  and move manufacturing to other plants                                                                                 priced in any ECB move and would take                                                                                            at 5,657.86 points. It finished at its lowest
                                                         Commission was “keen on promoting                               profits when the news was announced on                          moves:                                                                                                                           low for the year was $77.69 per barrel in
  and third parties. (AP)                                innovation in this area and ensuring that                                                                                                                                                        closing level since ending at 5,635.28
                                                                                                                         Thursday. The market has also been                              ■ Facebook gained 81 cents, or 4.5 per-                                                                                          late June.
               ❑       ❑        ❑                        the markets remain open.” (AFP)                                                                                                 cent, to $18.54 after its CEO Mark                               points on July 31, and underperformed                              Traders also are awaiting the US non-
                                                                                                                         expecting that the Federal Reserve will                                                                                          gains on Germany’s DAX and France’s
  LONDON: British soft drinks group                                    ❑       ❑        ❑                                announce new measures to stimulate the                          Zuckerberg said he would not sell any                                                                                            farm jobs report, which is due out Friday.
  Britvic on Wednesday said it was in                                                                                                                                                    shares for a year. The company also                              CAC-40 markets.                                                 It should offer fresh clues about where
                                                         THE HAGUE: Dutch banking giant                                  economy when it meets next week.                                                                                                    BP took the most points off the index,
  talks with rival A.G. Barr about a possi-              ING announced Wednesday it was to                                  The euro, which had been down 0.15                           announced a major share buyback.                                                                                                 the economy is headed.
  ble £1.4-billion merger.                                                                                                                                                               ■ Hartford Financial Services Group was                          falling 2.9 percent to 423.85 pence and                            In other futures trading in New York:
                                                         sell its stake in Capital One for $3 bil-                       percent at $1.2550, jumped to $1.26 after                                                                                        stripping 9.5 points off the stock market.
     “The boards of Britvic and A.G. Barr                lion after selling its US online banking                        the Bloomberg report, closer to Friday’s                        trading at $18.21, up 51 cents, or almost                                                                                        ■ Heating oil fell 3 cents to $3.12 per
  note the recent press speculation and                  unit to the US bank earlier this year.                                                                                          3 percent. The insurer and wealth manag-                            The US Justice Department ramped up                          gallon.
                                                                                                                         two-month peak of $1.26378.                                                                                                      its rhetoric against BP over the massive
  confirm that, following an approach by                     “ING announced today that it has                               European shares initially extended                           er said it had agreed to sell its retirement                                                                                     ■ Wholesale gasoline was unchanged at
  A.G. Barr to Britvic, they are in prelimi-             agreed to sell all of its 54 million shares                                                                                     plans business to Massachusetts Mutual                           2010 oil spill, but Hartmann Capital trad-                      $2.96 per gallon.
  nary discussions which may or may not
                                                                                                                         gains on the report before settling up 0.01                                                                                      er Basil Petrides said he had used BP’s
                                                         in Capital One Financial Corporation                            percent at 1079.24 points, though the                           Life Insurance for $400 million.                                 decline to buy the stock since he felt BP                       ■ Natural gas fell 5 cents to $2.81 per
  result in an all share merger,” said a
  statement.
                                                         ... in an underwritten public offering for                      blue-chip Euro STOXX 50 index was up                            ■ Nokia fell 28 cents, or 10 percent, to                         and the US would end up reaching a set-                         1,000 cubic feet.
                                                         a total value of approximately $3 billion                       0.2 percent.                                                    $2.55. The Finnish company announced a
     “A merger would create one of the                   (2.4 billion euros) at current exchange                                                                                                                                                          tlement over the affair.                                                              Currencies
  leading soft drinks companies in Europe,                                                                                  Investors remain concerned about a                           new Windows-based smartphone in New                                 Petrides added that equity markets
                                                         rates,” ING said in a statement.                                                                                                York. Nokia faces tough competition from                                                                                            The US dollar strengthened Tuesday
  with a strong portfolio of market leading                  ING in June last year announced it                          global slowdown in manufacturing activ-                                                                                          could fall on Thursday since he felt ECB
                                                                                                                         ity as reported by purchasing managers                          Apple, which is expected to announce its                                                                                         despite the release of glum manufactur-
  brands. (AFP)                                          would sell ING Direct USA to Capital                                                                                                                                                             head Mario Draghi might only offer up                           ing data as traders geared up for the pos-
              ❑         ❑      ❑                         One for $9 billion (7.1 billion euros),                         indexes in China, the euro zone and the                         latest version of the iPhone next week.                          limited details on a new bond-buying
                                                                                                                         United States this week.                                        ■ Safeway gained 78 cents, or 5 percent,                                                                                         sibility of more easing this week by the
                                                         making the Virginia-based lender the                                                                                                                                                             plan, which might not fully dissipate                           European Central Bank.
  LONDON: Luxury jewellery designer                      fifth-largest bank in the United States in                         Hong Kong shares suffered their worst                        to $16.60. The supermarket chain said it
  Theo Fennell Plc, whose customers                                                                                                                                                                                                                       investors’ worries over the European debt                          The euro came off its Monday highs,
                                                         terms of deposits. (AFP)                                        day in more than six weeks on                                   plans to take its gift card business                             crisis.
  include celebrities such as Victoria                                                                                   Wednesday, dragged down by the                                  Blackhawk Network Holdings public by                                                                                             which were driven by ECB chief Mario
  Beckham and Helen Mirren, confirmed it                              ❑        ❑       ❑                                                                                                                                                                     Insurer Resolution was the worst-per-                        Draghi’s signal that it would buy short-
                                                                                                                         growth-sensitive Chinese banking and                            the first half of 2013.                                          forming FTSE 100 stock, falling 5.1 per-
  was in preliminary takeover talks with                 THE HAGUE: Dutch telecoms operator                              energy sectors after brokerage down-                                                                                                                                                             term debt from struggling eurozone coun-
  EME Capital LLP, sending its shares                    KPN said Wednesday it has signed a                                                                                                                     Europe                                    cent.                                                           tries, but trading remain tenuous ahead of
  up 51 percent.                                                                                                         grades and falling coal prices compound-
                                                         partnership deal with Indian IT group                           ed fears of an anemic mainland economy.                            European shares steadied at the close                                                 Asia                                    the ECB’s Thursday policy meeting.
     The company, which sells jewellery,                 Tech Mahindra which it hopes would                                                                                              on Wednesday, in sight of earlier one-                                                                                              At 2100 GMT, the euro was at $1.2564,
  watches, silver objects, and gifts                     save it 200 million euros ($250 million)                           A Reuters poll published last month pre-                                                                                         Weaker-than-expected US manufactur-
                                                                                                                         dicted the euro zone would contract 0.2 per-                    month lows, with investors avoiding big                          ing figures, just days after China                              down from $1.2593 late Monday.
  designed by its namesake founder, said                 over five years.                                                                                                                bets before Thursday’s meeting of the                                                                                               The greenback also rose to 78.40 yen
  there could be no certainty that a formal                  In a statement, KPN said it hopes to                        cent in the three months to September.                                                                                           announced its own production slowdown,
                                                                                                                            The business surveys have added                              European Central Bank, which might                               sent Asian stock markets down                                   from 78.26 yen, while the euro slipped
  offer would be made for the company.                   improve its IT efficiency and effective-                                                                                        announce a bond-buying plan but offer                                                                                            slightly to 98.51 yen.
     Theo Fennell Plc has been forced to                 ness and to strengthen its business mod-                        weight to growing fears in the commodi-                                                                                          Wednesday.
  turn its attention to emerging markets                                                                                 ty markets that demand is set to wane.                          limited details.                                                    Japan’s Nikkei 225 index fell 0.8 per-                          “The euro received an early boost after
                                                         els through the deal.                                                                                                              Analysts said the market was cautious-                                                                                        ECB President Draghi reportedly told the
  like China and introduce a low-cost                        In April 2011, KPN announced it would                          Prices of iron ore and steel have fallen                                                                                      cent to 8,703.32. Hong Kong’s Hang
  range of jewellery as demand wanes in                  cut 4,000-5,000 Netherlands-based jobs by                       dramatically on signs of slowing activity in                    ly positioned for a series of critical                           Seng lost 1.1 percent to 19,211.25 and                          EU lawmakers he would be comfortable
  recession-hit UK.                                      2015, representing about 20-25 percent of                       China, though the slowdown has renewed                          events, including a ruling by Germany’s                          South Korea’s Kospi dropped 1.5 percent                         buying three-year government bonds,”
     The company, valued by the market at                its workforce there. (AFP)                                      hopes for central bank policy easing.                           Constitutional Court on Sept. 12 on                              at 1,878.50. Australia’s S&P/ASX 200                            said Vassili Serebriakov of Wells Fargo
  £2.72 million ($4.32 million), has been                              ❑      ❑       ❑                                     Iron ore prices, which have dropped 36                       whether the euro zone’s bailout fund is                          shed 0.6 percent to 4,277.60.                                   Bank.
  reporting losses since 2009. (RTRS)                                                                                    percent since early July, were below $90                        compatible with German law, and that the                            Investors are remaining cautious while                          “However, the euro has struggled to
               ❑        ❑      ❑                         BELGRADE: Malaysian low-cost airline                            a tonne, their weakest level since October                      chances of a rally were therefore quite                          awaiting a meeting of the European Central                      sustain those initial gains against the
                                                         Air Asia is in talks with Belgrade to buy                                                                                       high.                                                                                                                            backdrop of weaker global equity mar-
  LONDON: State-rescued Royal Bank of                    the Serbian national airline JAT,                               2009. Steel futures hit an all-time low on                                                                                       Bank on Thursday, during which President
                                                                                                                         the Shanghai Futures Exchange, with fur-                           Shares rebounded in choppy afternoon                          Mario Draghi is expected to announce                            kets and with Moody’s lowering its EU
  Scotland on Wednesday unveiled plans                   Transport Minister Milutin Mrkonjic told                                                                                        trade on Wednesday after a media report                                                                                          rating outlook to negative.”
  to cut almost 900 jobs at its Direct Line              media Wednesday.                                                ther falls expected.                                                                                                             details of a new bond-buying program
                                                                                                                                                                                         said the ECB planned to buy unlimited                            intended to help countries with high bor-                          Sebastien Galy of Societe Generale
  insurance operations and close a key site                 Mrkonjic refused to reveal details, but                                                 US
  in northeastern England.                               said he expected positive results from
                                                                                                                                                                                         amounts of short-term debt to ease the                           rowing costs such as Spain and Italy.                           said that, Europe aside, the dollar’s
     Direct Line Group (DLG), which                      the ongoing negotiations, Tanjug news                             US stock prices moved higher                                  region’s financial crisis, but caution soon                                                                                      strength was underpinned by much
                                                                                                                         Wednesday, but the gains were checked                           returned to the market.                                                                      Oil                                 broader worries in the global economy.
  employs 15,000 staff, said in a statement              agency reported.
  that the move was part of a cost-cutting                  The Malaysian company, which plans                           by a warning from the huge package                                 The FTSEurofirst 300 index of top                                The price of oil fell slightly as the                           “Markets are more worried about
  drive launched last month to achieve                   to make Belgrade its regional hub for                           delivery company FedEx that its profits                         European shares ended flat at 1,079.24                           market awaits the latest move by                                China than Europe... The US dollar is ris-
  £100 million ($159 million, 127 million                flights from Europe to the Far East via                         would be hurt because of a slowdown in                          points after touching 1,074.05, the lowest                       Europe’s central bank to ease the debt cri-                     ing against Asia,” he said.
  euros) of gross annual savings by 2014.                Kuala Lumpur, is expected to make its bid                       the global economy.                                             since early August, earlier in the session.                      sis that has hamstrung the region’s econ-                          The British pound slipped to $1.5869
     Around 500 of the positions could go                for the Serbian carrier by the end of the                         FedEx cited weakness in its express                              Germany’s DAX rose 0.5 percent as                             omy.                                                            from $1.5886; the dollar edged higher to
  under proposals to shut a site in Stockton-            week, according to local media. (AFP)                           package delivery business. That’s a sign                        low demand at a German Bund auction                                 Benchmark oil slipped 4 cents to                             0.9558 Swiss francs from 0.9537 francs.


       exchange rates – Sept 5
                                US dollar                   Sterling pound                          Euro                    Japanese yen                      Swiss franc                  Canadian dollar                Swedish kroner                     Saudi riyal                      UAE dirham                    Bahraini dinar                    Omani riyal
                            Cash      Draft   Transfer     Cash       Draft   Transfer     Cash       Draft   Transfer     Cash      Draft   Transfer      Cash      Draft   Transfer     Cash      Draft   Transfer     Cash       Draft   Transfer     Cash      Draft   Transfer       Cash        Draft   Transfer     Cash      Draft    Transfer     Cash      Draft   Transfer
BEC                Buy    .278200   .280600   .280600    .442400    .441400   .441400    .349300    .349300   .349300    .352000      —         —        .290700   .291700   .291700    .281200   .279200   .279200    .388000       —         —       .074800   .074850   .074850      .076640    .075540    .075540    .743940   .743440    .743440    .728770   .723270   .723270
                   Sell   .263100   .282700   .282700    .452400    .450400   .450400    .358300    .356800   .356800    .370000      —         —        .300200   .298700   .298700    .289700   .288200   .288200    .438000       —         —       .075490   .075490   .075490      .077090    .076990    .076990    .751940   .751940    .751940    .734450   .734270   .734270
Muzaini            Sell   .281700   .282900   .282900       —       .449810   .449810       —       .355460   .355460       —      .003629   .003629        —      .295920   .295920       —      .287650   .287650       —          —         —          —      .754700   .754700         —        .077063    .077063      —      .075169    .075169       —      .073509   .073509
Dollarco           Sell   .283250   .282350   .282350    .453000    .448796   .448796    .358000    .355568   .355568    .003650   .004599   .004599     .297000   .296330   .296330    .290500   .289783   .289783       —          —         —       .076000   .075258   .075258      .077500    .076852    .076852    .750000   .747514    .747514       —         —         —
Commercial Bank    Buy    .274000   .281500   .281500    .444000    .446403   .446403    .350000    .352720   .352720       —      .003591   .352720     .292000   .293657   .293657    .283000   .285280   .285280       —       .041793   .041793    .072000   .075087   .075087      .076420    .076672    .076672    .074453   .074698    .074698    .729884   .731454   .731454
                   Sell   .286000   .283600   .283600    .456000    .449733   .449733    .356000    .355351   .355351       —      .003618   .355351     .304000   .295848   .295848    .295000   .287408   .287408       —       .042105   .042105    .078000   .075647   .075647      .077188    .077244    .077244    .075201   .075255    .075255    .737219   .736910   .736910
Gulf Bank          Buy    .278750   .281250   .281250    .436020    .439931   439931     .343057    .346134   .346134       —      .003561   .003561        —      .287782   .287782       —      .282039   .282039       —       .041936   .041936    .074175   .074906   .074906      .075788    .076494    .076494    .737824   .745103    .745103    .722430   .729558   .729558
                   Sell   .285350   .283350   .283350    .449920    .446766   .446766    .354602    .352116   .352116       —      .003626   .003626        —      .293408   .293408       —      .287493   .287493       —       .042700   .042700    .076235   .073701   .073701      .077899    .077312    .077312    .758304   .752989    .752989    .742712   .747506   .747506
NBK                Buy    .276500   .281500   .281500    .444850    .446350   .446350    .351250    .352750   .352750       —      .035832   .035832     .289440   .293440   .293440       —      .285030   .285030       —       .041740   .041740    .074000   .075000   .075000      .076420    .076590    .076590    .744530   .746190    .746190    .729880   .730690   .730690
                   Sell   .285100   .283600   .283600    .453950    .450950   .450950    .359660    .356660   .356660       —      .036308   .036308     .299530   .297030   .297030       —      .288480   .288480       —       .042180   .042180    .076690   .075690   .075690      .077190    .077260    .077260    .752020   .752950    .752950    .737220   .737200   .737200
Burgan Bank        Buy    .276200   .281200   .281200    .434500    .436000   .436000    .339010    .340510   .340510       —      .003588   .003588     .279180   .283180   .297119    .277897   .286988   .286988       —       .041155   .041155    .073684   .075640   .074280      .075223    .077237    .075832       —      .740873    .740873    .735741   .734440   .734440
                   Sell   .274800   .283300   .283300    .443530    .440530   .440530    .347320    .344320   .344320       —      .003636   .003636     .289100   .286600   .299506    .282890   .277020   .277020       —       .041482   .041482    .075774   .072340   .075640      .077374    .074510    .077237       —      .750398    .750398       —      .722120   .719020
ABK                Buy    .279000   .281500   .281500    .441800    .446380   .446380    .349030    .352650   .352650       —      .035815   .035815        —      .293490   .293490       —      .284890   .284890       —       .041630   .041630    .074080   .076370   .076370      .076338    .076370    .076370       —      .744720    .744720       —      .729110   .729110
                   Sell   .285100   .283600   .283600    .453740    .450630   .450630    .358940    .356480   .356480       —      .036296   .036296        —      .297270   .297270       —      .288480   .288480       —       .042470   .042470    .076180   .077270   .077270      .077106    .077270    .077270              .753100    .753100       —      .737470   .737470
Oman               Buy       —      .287900      —          —          —         —          —          —         —          —         —         —           —         —         —          —         —         —          —          —         —          —      .076800   .076800         —       .078390        —                   —          —       .752000   .748000   .759930
                   Sell             .287900      —       .467000    .475000   .475000       —       .406000                 —      .003200   .003200        —         —         —          —         —      .267000       —          —         —       .076800                          .078600               .078390                 —          —          —
                             Danish kroner                       Indian rupee              Pakistani rupee                 Sri Lanka rupee                 Bangladesh taka                 Philippine peso               Australian dollar                Hong Kong dollar                  Singapore dollar               Jordanian dinar                 Egyptian pound
                            Cash      Draft   Transfer     Cash      Draft    Transfer     Cash       Draft   Transfer     Cash      Draft   Transfer      Cash      Draft   Transfer     Cash      Draft   Transfer     Cash       Draft   Transfer     Cash      Draft   Transfer       Cash       Draft    Transfer     Cash    Transfer   Transfer     Cash      Draft   Transfer
BEC                Buy    .437000      —         —       .004930   .004995    .004995    .002800    .002950   .002950    .002113   .001834   .001834     .003070   .003412   .003412    .006690   .006295   .006295    .280400    .278400   .278400    .034380   .033880   .033880      .223850    .222850    .222850    .393180   .393150    .393150    .045480   .044308   .044308
                   Sell   .487000      —         —       .005370   .005065    .005065    .003080    .002998   .002998    .002693   .002134   .002134     .003720   .003450   .003450    .006970   .006755   .006755    .291900    .290400   .290400    .037130   .036980   .036980      .228350    .228350    .228350    .400680   .400650    .400650    .048580   .046328   .046328
Muzaini            Sell      —         —         —          –      .005058    .005058       —       .002080   .002080       —      .002135   .002135        —      .003452   .003452       —      .006741   .006741       —          —         —          —      .036484   .036484         —       .227140    .227140       —      .399630    .399630    .048700   .046293   .046293
Dollarco           Sell      —         —         —       .005350   .005091    .005091    .003150    .002976   .002976    .002700   .002132   .002132     .003650   .003451   .003451    .007000   .006736   .006736       —          —                    —         —         —            —          —          —       .400000   .398014    .398014    .049000   .046362   .046362
Commercial Bank    Buy       —      .047339   .047339    .004000      —          —          —          —         —       .002000      —         —           —         —         —          —         —         —       .284000    .286989   .286989       —      .036293   .036293         —       .225543    .225543    .387000   .000000    .000000    .043000      —         —
                   Sell      —      .047692   .047692    .006750   .005104    .005104       —       .003002   .003002    .003500   .002150   .002150        —      .003484   .003484       —      .006808   .006808    .304000    .289130   .289130       —      .036564   .036564         —       .227225    .227225    .410000   .040113    .040113    .051000      —         —
Gulf Bank          Buy       —      .046490   .046490       —         —          —          —          —         —          —         —         —           —         —         —          —         —         —          —       .294384   .294384       —      .036125   .036125         —       .224910    .224910       —         —          —             —      —         —
                   Sell      —      .047305   .047305       —      .005144    .005144       —       .003030   .003030       —      .002167   .002167        —      .003505   .003505       —      .006850   .006850       —       .299895   .299895       —      .036719   .036719         —       .228789    .228789       —      .401345    .401345       —      .046879   .046879
NBK                Buy       —      .047300   .047300       —         —          —          —          —         —          —         —         —           —         —         —          —         —         —          —       .286820   .286820       —         —         —            —       .225270    .225270       —         —          —          —         —         —
                   Sell      —      .047770   .047770       —         —          —          —          —         —          —         —         —           —         —         —          —         —         —          —       .290240   .290240       —         —         —            —       .227500    .227500       —         —          —          —         —         —
Burgan Bank        Buy       —      .046462   .046462       —      .005094    .005094       —       .003233   .003233       —      .002546   .002546        —      .004017   .004017       —      .006449   .006449       —       .284712   .284712       —         —         —            —       .216673    .222630       —      .394853    .394853       —      .047830   .047830
                   Sell      —      .046997   .046997       —      .005093    .005093       —          —         —          —         —         —           —         —         —          —         —         —          —       .286988   .289490       —         —         —            —       .218433    .216673       —      .398939    .398939       —      .049026   .049026
ABK                Buy       —      .047160   .047160       —      .005013    .005013       —          —         —          —         —                     —         —         —          —         —         —          —       .285500   .285500       —      .036300   .036300         —       .225280    .225280       —      .395640    .395640       —         —         —
                   Sell      —      .048160   .048160       —      .005097    .005097       —       .003053   .003053       —      .002235   .002235        —         —                    —      .006977   .006977       —       .288300   .288300       —      .036580   .036580         —       .227970    .227970       —      .402240    .402240       —      .046990   .046990
Oman               Buy       —         —         —          —         —          —          —          —         —          —         —         —           —         —         —       .006000   .006467   .006467    .237000    .237000      —          —         —         —            —          —          —          —      .401670    .401670       —         —         —
                   Sell                —         —          —         —                     —       .003175   .003175       —      .002510   .002510     .004250   .004170   .004170       —         —         —          —                               —         —         —            —          —                  .415000   .415000    .415000    .056000      —         —
                             Cyprus Pound                        Yemeni riyal                  Thai baht                 South African rand                  Korean won                      Syrian pound                  Iranian tuman                  Lebanese pound                    Malaysian ringgit              Indonesian rupiah             New Zealand dollar
                            Cash     Draft    Transfer     Cash    Draft Transfer          Cash    Draft Transfer          Cash    Draft Transfer         Cash      Draft    Transfer     Cash    Draft Transfer         Cash      Draft    Transfer     Cash    Draft Transfer           Cash    Draft Transfer           Cash    Draft Transfer          Cash      Draft   Transfer
BEC                Buy    .542300     —          —       .128000    —       —            .087000 .086400 .086400         .028000 .028000 .028000           —         —          —       .004100 .004100 .004100        .000161      —          —       .000179 .000183 .000183          .087620 .086620 .086620          .026000 .025000 .025000         .219800   .217800   .217800
                   Sell   .555300     —          —       .136000    —       —            .094000 .092400 .092400         .036500 .036500 .036500           —         —          —       .004300 .004300 .004300        .000162      —          —       .000191 .000190 .000190          .093620 .093620 .093620          .032000 .031000 .031000         229300    .227800   .227800
Muzaini            Sell      —        —          —          —    .001320 .001320            —    .090520 .090520            —       —       —              —         —          —          —    .004937 .004937           —         —          —          —    .189900 .189900             —       —       —                —       —       —               —         —         —
Gulf Bank          Buy       —        —          —          —       —       —               —       —       —               —       —       —              —         —          —          —       —       —              —         —          —          —       —       —                —       —       —                —       —       —               —      .226462   .226462
                   Sell      —        —          —          —       —       —               —       —       —               —    .035007 .035007           —         —          —          —       —       —              —         —          —             —    —       —                —       —       —                —    .000030 .000030            —      .231356   .231356
ABK                Buy       —        —          —          —       —       —               —        –      —               —       —       —              —         —          —          —       —       —              —         —          —          —       —       —                —       —       —                —       —       —               —      .223120   .223120
                   Sell      —        —          —          —       —                       –               –                       —                      —         —          —          —       —       —              —         —          —          —       —       —                —       —       —                —       —       —               —      .226370   .226370

travellers cheques                                   US dollar          Sterling            Euro                    local gold                             Gold 999 kg        Gold 999 10 tola      Gold ounce         Gold gm 22k          Gold gm 21k       Gold gm 18k             100 gm 999          10 gm 999      All rates in KD per unit of foreign currency
                           BEC                       .2827000          .4504000              –                                     BEC                         —                1,801.710              —                    —                    —                 —                       –                  –
                           Commercial Bank           .2860000          .4560000          .3560000                                  Muzaini Exchange         15400.000           1,810.000            490.000             14.100               13.500             11.500                   —                160.000
                           Gulf Bank                 .2833000          .4508600          .3580800
                           Al-Ahli Bank              .2836000          .4506300          .3564800

								
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