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					                                                                                                                                                                                                                                                                                                                         ARAB TIMES, TUESDAY, MAY 24, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                   42


                                                                                                                                                                                                                                                           volcanic ash threat hits airline shares
           Specialist Patrick T.
Murphy works his post on the
 trading floor of the New York                                                                                                                   Airline shares dived on Monday in fright at a                              4.02 percent and Finnair fell 3.32 percent.                                    The costs in terms of lost revenue and
      Stock Exchange. A Wall                                                                                                                     new threat to traffic from an Icelandic volcanic                             Iceland’s Grimsvoetn volcano began erupt-                                 compensation to passengers hit the airline
     Street rally spurred by an                                                                                                                  ash cloud, a year after month-long ash chaos                               ing late on Saturday. Ash from the eruption is                              industry hard, particularly in Europe.
 upswing in commodity prices                                                                                                                     closed the skies over Europe.                                              expected to reach Scotland and Scandinavia                                     Iceland closed its main airport over the
        helped push European                                                                                                                        Shares in German airline Lufthansa had                                  on Tuesday, and might reach France and                                      weekend, Denmark has since closed some
   shares higher earlier, while                                                                                                                  plunged by 4.11 percent around midday, and                                 Spain on Thursday.                                                          airspace over Greenland, and Norway said it
  Japan’s slide into recession                                                                                                                   Air France-KLM stock was down 3.83 per-                                      In April 2010 Iceland’s Eyjafjoell volcano                                would cancel flights to the country’s Arctic
after a devastating tsunami in                                                                                                                   cent.                                                                      erupted, spewing a massive cloud of ash that                                archipelago of Svalbard. France’s junior
    March kept Asian gains in                                                                                                                       Shares in International Airline Group (IAG),                            caused the planet’s biggest airspace shut-                                  transport secretary Thierry Mariani warned
                    check. (AP)                                                                                                                  the owner of British Airways and Iberia, fell by                           down since World War II with more than                                      that flights would be cancelled if an ash cloud
                                                                                                                                                 3.68 percent.                                                              100,000 flights cancelled and eight million                                 from Iceland’s Grimsvoetn volcano blew over
                                                                                                                                                    Stock in Scandinavian airline SAS dropped                               passengers stranded.                                                        Europe. (AFP)




              the          bottomline                                                                                     Europe debt contagion fears slam
                                                                                                                          stocks; euro hits two-month low
  NEW YORK: Campbell Soup Co said                         tsunami crippled cooling systems at the
  Monday that its fiscal third quarter earn-              Fukushima Daiichi nuclear plant, trig-
  ings rose 11 percent as sales increases in              gering reactor meltdowns.
  its snack, food service and international                  The firm posted an annual net loss of
  businesses offset a decline in its core US              1.247 trillion yen ($15 billion), the
  soup, sauce and beverage division.                      biggest ever for a non-financial Japanese
     Its US soup sales were hurt as it shift-             firm. The company did not give an earn-
  ed away from heavy discounting in the
  first half of its fiscal year.
                                                          ings forecast for the current financial
                                                          year. (AFP)
                                                                                                                                                                                          Oil drops as investors seek safer havens
     The earnings still beat Wall Street                             ❑         ❑         ❑
  expectations. But its shares slipped 9                                                                                  NEW YORK, May 23,                                              ratings agencies, have said they see no                          Britain’s top shares on Monday, led by                              “It remains an interesting and well-
  cents to $35.15 in pre-market trading.                  TOKYO: Honda workers are taking 14
                                                                                                                                                                                         reason to alter their outlook for Italy’s                        commodity stocks, with some analysts and                         managed company but I think market
     The Camden, New Jersey company                       additional days off during June through                         (Agencies): A wave of fear                                     debt, which they say is stable. The S&P                          investors seeing little on the horizon to                        expectations were just too high,” said
                                                          August because of manufacturing dis-
  said Monday that its net income rose to
                                                          ruptions caused by parts shortages, but                         that Europe’s debt problems                                    warning was enough to rattle European                            tempt investors back into the market.                            Matthew Marsden, China consumer ana-
  $187 million, or 57 cents per share,
  compared with $168 million, or 49 cents                 will make up for the car production                             are spreading out of control                                   markets and cause investors to worry that                           The FTSE 100 index ended at its lowest                        lyst at Samsung Securities, who was rated
                                                          shortfall later in the year.                                                                                                   Italy could join Greece, Portugal and                            closing level since March 23, off 112.60                         the most accurate earnings forecaster for
  per share, a year earlier.
                                                             Honda Motor Co said Monday that
                                                                                                                          hammered         markets    on                                 Ireland on the list of countries with serious                    points, or 1.9 percent, at 5,835.89.                             the company according to Thomson
     Revenue edged up to $1.81 billion                                                                                    Monday, knocking the euro to
  from $1.80 billion a year ago.                          plant workers will take one extra day off                                                                                      debt problems.                                                      Fears of further sovereign debt crises                        Reuters Starmine. “The choppy economic
     Analysts expected earnings of 52                     in June, 10 more in July and three in                           its lowest level in two months                                    Financial markets in Europe closed                            were heightened after ratings agency Fitch                       data out of the United States and Europe is
                                                          August, and work those days in the lat-                                                                                        sharply lower Monday. The FTSE 100                               downgraded Greece’s debt by three notch-                         not helping either.”
  cents a share on revenue of $1.81 bil-
                                                          ter half of the fiscal year to make up for                      against the dollar and pum-                                    index of leading British shares fell 1.9 per-                    es on Friday to ‘B+’, and rival Standard &                          Li & Fung, which resumed trading after
  lion. (AP)
             ❑           ❑       ❑
                                                          the shortfall.                                                  meling equities in Europe and                                  cent. Germany’s DAX lost 2 percent. The                          Poor’s cut its outlook for Italy to “nega-                       a 1-for-2 stock split last Thursday, is trad-
                                                             Under Honda’s latest move, all pro-                          the United States.                                             CAC-40 in France was 2 percent lower.                            tive” from “stable” the following day.                           ing at 23.3 times its forward 12-month
  AMSTERDAM: FloraHolland, the                            duction at the Saitama and Suzuka auto
                                                                                                                            Ratings actions on Greece and Italy                             Spain’s public finances are also worry-                          Doubts about austerity measures in                            earnings forecast, a 3 percent premium
  world’s largest flower auction house,                   plants, and part of the production at the                                                                                      ing investors. Spain’s ruling Socialist                          Spain added to the worries after the coun-                       over its long-term median valuation,
  said sales rose 7 percent last year,                    Hamamatsu motorcycle plant, will be                             and regional election results in Spain
                                                                                                                          that raised doubts about measures to                           party was roundly defeated in local elec-                        try’s ruling Socialist party was defeated in                     according to Starmine.
  helped by the higher prices seen when                   shut down for the 14 days.                                                                                                     tions, raising concerns that political insta-
                                                             Separately, Honda has sent a message                         curb the country’s deficit spurred                                                                                              regional elections.                                                                             Oil
  volcanic ash stopped air traffic for sev-                                                                                                                                              bility would keep that country from                                 “It’s becoming less about Greece now
  eral days, interrupting the supply chain.               to workers and their union that employ-                         investors to unload riskier assets.                            enforcing spending cuts. The Ibex 35                                                                                                  Oil prices fell on Monday as concerns
     FloraHolland expected 2011 sales to                  ees may be asked to take additional days                           Following a three-notch cut of Greek                                                                                         and more about the contagion effect,”
                                                                                                                                                                                         index on the Madrid stock market fell                            Michael Hewson, market analyst at CMC                            about the euro zone sovereign debt crisis
  be flat to 1 percent higher, spokes-                    off in coming months if the parts short-                        debt by Fitch Ratings on Friday, which                                                                                                                                                           sent investors out of commodities and into
  woman Adrienne Lansbergen said on                       ages continue, said spokesman Keitaro                                                                                          nearly 2.                                                        Markets, said.
                                                                                                                          pushed the country’s rating deeper into                                                                                                                                                          safer havens.
  Monday. “It is not possible to keep such                Yamamoto. Details have not been decid-                          junk status, rival Standard & Poor’s                                                  Europe                                       “There’s also the fact that you’ve got
                                                          ed, he said. (AP)                                                                                                                                                                               these differences of opinion between ECB                            The Reuters-Jefferies CRB index, a
  a high growth rate for two years.”                                                                                      revised its outlook for Italy to “negative”                       European stock markets closed sharply                                                                                          global benchmark for commodities, fell
     “Last year’s growth was based on                                ❑          ❑         ❑                               from “stable” on Saturday.                                     lower on Monday, hit by signs of slower                          policymakers and European policymakers
  higher prices and they are not likely to                                                                                                                                                                                                                with respect to debt restructuring. The fact                     one percent and equities fell as the dollar
                                                          BEIJING: Chinese manufacturing eased                               Investors reversed bullish bets and                         growth, especially in global powerhouse                                                                                           surged to a two-month high against the
  grow as much in 2011.”                                                                                                  sought safer havens, shifting funds into                       China, and fears that Greek debt problems                        that it’s being openly discussed obviously
     An eruption by Iceland’s most active                 to a 10-month low in May, preliminary                                                                                                                                                           brings into doubt the solvency of the ECB                        euro as traders weighed heightened risks
                                                          HSBC data showed Monday, fuelling                               US government debt, gold and the dollar.                       will spark a new eurozone crisis.                                                                                                 in Spain and Greece and fresh concerns
  volcano put Europe on high alert on                                                                                        Commodities suffered another rout as                                                                                         because they are a big big holder of Greek
  Monday as a billowing ash cloud drifted                 fears of a slowdown in the world’s num-                                                                                           Dealers said investors globally were on                                                                                        over Italy.
                                                          ber two economy and sending Shanghai                            the dollar strengthened, with oil prices                       the defensive, with commodities under                            bonds.”
  towards Scotland and threatened to shut                                                                                                                                                                                                                    Miners were out of favour as copper                              “The euro zone appears to have trig-
  down airports across the northern edge                  and Hong Kong shares down.                                      slumping 3 percent and copper, grains,                         pressure after months of sustained gains as                                                                                       gered this morning’s sell-off,” Jim
                                                             The HSBC China Purchasing                                    sugar and cocoa also falling.                                  China’s economy cools and US and                                 prices fell, dented by the worries over euro
  of the continent. (RTRS)                                                                                                                                                                                                                                zone debt and weaker demand from top                             Ritterbusch, president at Ritterbusch &
                                                          Managers Index (PMI) slipped to 51.1                               The pan-European FTSEurofirst 300                           European growth proves modest at best.                                                                                            Associates in Galena, Illinois, said in a
             ❑         ❑         ❑                        last month — the lowest since July 2010                                                                                                                                                         consumer China.
                                                                                                                          index hit a five-week closing low and                             They said concerns that another Iceland                                                                                        research note.
  LONDON: British Land posted an                          — from a final reading of 51.8 in April,                        turned negative for the year, losing 1.7                       volcanic eruption could disrupt air traffic                         Anglo American was the worst off,
                                                                                                                                                                                                                                                          down 4.1 percent, while Antofagasta shed                            Early pressure on oil prices came from
  improved full-year result and positive                  the bank said in a statement.                                   percent to end at 1,116.52 points.                             after last year’s disastrous ash cloud sank
                                                             A reading above 50 indicates the sec-                                                                                                                                                        3.9 percent after China’s imports of                             data showing China’s factories expanded
  outlook for its core markets on Monday,                                                                                 Emerging market equities slumped 2.4                           the airlines just as low-cost giant Ryanair                                                                                       at their slowest pace in 10 months, adding
  but investors saw these as less bullish                 tor is expanding while a reading below                          percent and leading world stocks were                          warned of tough times ahead.                                     refined copper declined more than 48 per-
  than rival Land Securities’ and traded                  50 indicates contraction.                                                                                                                                                                       cent year-on-year in April.                                      to evidence that the economy is moderat-
                                                                                                                          down 1.9 percent.                                                 A combination of weaker EU data and                                                                                            ing as a tighter policy starts to bite.
  its shares lower.                                          Although the figures suggest produc-                            The euro fell to a record low against the                                                                                       Integrated oil company stocks and
     British Land posted a 12.5 percent                   tion is still growing, they follow a num-                                                                                      Friday’s Fitch rating downgrade for                                                                                                  Brent crude for July delivery fell $2.35
                                                                                                                          safe-haven Swiss franc. The single curren-                     Greece stoked doubts Athens can stabilise                        banks also exerted heavy downward pres-
  rise in net asset value (NAV) per share                 ber of measures by Beijing aimed at                                                                                                                                                                                                                              to $110.04 a barrel by 12:31 p.m. EDT
                                                                                                                          cy was down 1 percent against the dollar at                    its public finances, with a possible debt                        sure on the blue-chip index, as investors
  to 567 pence, from 504 pence. Its under-                taming the economy and reining in soar-                                                                                                                                                                                                                          (1631 GMT), after falling as low as
                                                                                                                          $1.4015. Against the Japanese yen, the                         restructuring seen as a step into the                            rotated out of assets perceived as risky.                        $108.58 and dipping below the 100-day
  lying pretax profit was £256 million                    ing inflation, including several interest
  ($414.5 million), up 2.8 percent from                   rate hikes. (AFP)                                               dollar rose 0.16 percent to 81.82 yen.                         unknown for the whole eurozone.                                                          Asia                                     moving average of $110.45.
  £249 million a year earlier.                                       ❑         ❑          ❑                                  The dollar index rose 1.1 percent, which                       Standard & Poor’s downgrade of Italy’s                           Hong Kong and Shanghai shares traded                             US crude dropped $2.50 to $97.60 a
     Chief Executive Chris Grigg said                                                                                     dented commodity prices and shares of                          ratings outlook to ‘Negative’ from ‘Stable’                      lower on Monday, sending the Hang Seng                           barrel, hitting a low of $96.37 and again
  British Land’s results for the year to                  HONG KONG: Italian luxury fashion                               commodity-sensitive shares. Alcoa Inc                          at the weekend and the Spanish govern-                                                                                            pushing below the 100-day moving aver-
                                                          house Prada will make its market debut                                                                                                                                                          Index below its 200-day moving average
  March 31 had outperformed, noting the                                                                                   lost 2.6 percent to $15.85. Freeport-                          ment’s drubbing in local elections added to                      while the slowest Chinese manufacturing                          age early. Investors eyeing support above
  company was well placed to continue                     on the Hong Kong stock exchange on                              McMoRan Copper & Gold fell 3 percent                           the uncertainties facing nervous investors.
                                                          June 24, in a highly anticipated offering                                                                                                                                                       growth in ten months gave investors                              the $94.63 low for May and the 200-day
  this strong performance. (RTRS)                                                                                         to $46.92.                                                        In London, the FTSE 100 index of lead-                        another excuse to turn bearish.                                  moving average of $90.05.
                                                          aiming to raise up to $2 billion.
            ❑          ❑         ❑                           In the latest move by high end fash-                                                    US                                  ing shares closed down 1.89 percent at                              The benchmark Hang Seng Index was                                                   Currencies
                                                                                                                                                                                         5,835.89 points. In Frankfurt, the DAX
  LONDON: Construction and outsourc-                      ion companies to tap the huge Chinese                              With little economic news coming out                        fell 2.0 percent at 7,121.52 points and in
                                                                                                                                                                                                                                                          down 1.73 percent at 22,798.28 after find-                          The euro slumped on Monday, hitting a
  ing firm Mitie Plc said increased                       market, the family-owned giant plans to                         of the United States, Wall Street is panick-                                                                                    ing support at the May intraday low                              two-month low against the dollar amid a
  demand for bundled services had helped                  start bookbuilding for institutional                                                                                           Paris the CAC 40 lost 2.10 percent to                            around 22,768.03 that traders said would
                                                                                                                          ing about Europe.                                              3,906.98 points.                                                                                                                  fresh bout of nerves over the outlook for
  boost its full-year profit and that signifi-            investors on June 6 and start its public                           Stocks sank Monday after warnings                                                                                            be the next level to watch out for. The
  cant outsourcing and energy opportuni-                  offering eight days later.                                                                                                        Other European markets suffered simi-                                                                                          Greece and as data pointed to slowing eco-
                                                                                                                          about the finances of several European                                                                                          China Enterprises Index was 2.06 percent                         nomic growth across the eurozone.
  ties would help sustain growth.                            The firm will price its deal on June                                                                                        lar stiff losses with Milan the worst hit                        lower.
                                                                                                                          countries stoked fears that the region’s                       after the S&P move, losing more than 3.0                                                                                             Dealers said news that European manu-
     Mitie, which provides services from                  17, Dow Jones Newswires quoted a                                debt crisis is worsening. The euro dipped                                                                                          The Shanghai Composite Index shed
  cleaning to engineering, on Monday said                 term sheet as saying, and it is planning                                                                                       percent. Banks were badly hit as the eco-                                                                                         facturing and services output was slowing
                                                                                                                          briefly to its lowest level against the dollar                                                                                  nearly 2 percent, falling its lowest level                       dented confidence in the single unit while
  revenue for the year to March 31 was up                 to use proceeds to expand its sales net-                                                                                       nomic outlook dimmed, with Barclays in                           since February.
  10 percent to £1.89 billion ($3 billion),               work, increase floor space, repay bank                          in two months.                                                 London down 1.96 percent and emerging                                                                                             growing doubts over Athen’s ability to get
                                                          loans and supplement working capital.                              The Dow Jones industrial average fell                       markets specialist lender Standard                                  Commodities-related and financial                             out of the mire added to the negative tone.
  with profit before tax and other items up
  15.3 percent to £105.7 million.                            A Prada spokeswoman in Hong Kong                             173 points, or 1.4 percent, to 12,338 in                       Chartered off 2.22 percent.                                      counters, which have the biggest weights                            The European single currency fell to
     “What we are seeing is as our con-                   told AFP she had yet to receive any offi-                       afternoon trading. Stocks also fell broadly                       Airlines suffered from the fallout of the                     on the benchmarks, were the top drags.                           $1.4015 in late London trade, off a low of
  tracts grow, they are growing in scale                  cial statement from its Milan headquar-                         in Europe and Asia.                                            Icelandic volcanic eruption, with IAG,                           HSBC Holdings Plc fell 1.4 percent while                         $1.3982 earlier but down from $1.4155 in
  and complexity,” Chief Executive Ruby                   ters and could not confirm details on the                          The Standard & Poor’s 500 index fell                        owner of British Airways and Iberia, down                        Industrial & Commercial Bank of China                            New York late Friday. Monday’s level was
  McGregor-Smith told Reuters. (RTRS)                     IPO.(AFP)                                                       20, or 1.5 percent, to 1,313. The Nasdaq                       5.09 percent while Ryanair tumbled 5.72                          Ltd dropped 2.3 percent.                                         the lowest since March 18.
             ❑         ❑          ❑                                  ❑        ❑          ❑                                composite index fell 52, or 1.8 percent, to                    percent as its outlook warning offset                               PetroChina Co Ltd fell 2.3 percent in                            The dollar rose to 81.83 yen from 81.70
                                                                                                                          2,751.                                                         strong results.                                                  Hong Kong and 1.1 percent in Shanghai as                         yen on Friday.
  TOKYO: Shares in beleaguered utility                    NEW DELHI: French carmaker                                         Italy is the latest European country to be                                                                                   US crude prices fell below $100 per barrel
  Tokyo Electric Power closed 8.99 per-                   Renault marked its return to fast-grow-                                                                                           In Paris, Frederic Aubel, dealer at                                                                                               In London on Monday, the euro
                                                                                                                          affected by the region’s widespread debt                       Global Equities, said investors were look-                       amid a rally in the dollar as worries about                      changed hands at $1.4015 against $1.4155
  cent lower in Tokyo trade Monday after                  ing India on Monday with the launch of                          problems. Standard & Poor’s said                                                                                                the euro zone debt crisis escalated.
  the company posted the biggest ever                     a luxury sedan designed especially for                                                                                         ing ahead to the Group of Eight summit                                                                                            late in New York on Friday, at 114.69 yen
                                                                                                                          Saturday that country was in danger of                         later this week in France, wanting to see                           Losses deepened after a purchasing                            (115.66), £0.8703 (0.8715) and 1.2383
  loss for a Japanese non-financial firm.                 the Asian market.
     TEPCO posted a record $15 billion                       Renault India managing director Marc                         having its debt rating lowered if it could                     “solutions for the eurozone as the situation                     managers’ index showed China factory                             Swiss francs (1.2421).
  loss for the financial year ended March                 Nassif said the launch of the Fluence                           not reduce its public borrowing and                            seems to be getting worse.”                                      output expanded at the slowest pace in ten                          The dollar stood at 81.83 yen (81.70)
  and its under-fire president resigned to                marked “the real first phase” of the car-                       improve economic growth.                                          Aubel cited developments in Greece,                           months as policy tightening started to bite.                     and 0.8835 Swiss francs (0.8772).
  take responsibility for the worst nuclear               maker’s entry into India.                                          The ratings agency lowered its outlook                      Italy and Spain as worrying, with the euro                          Retail issues were among the weakest                             The pound was at $1.6102 (1.6236).
  crisis since the Chernobyl disaster 25                     Its earlier foray in the nation was the                      for Italy’s debt to negative from stable.                      under pressure against the dollar.                               across the Hong Kong market, led by top
  years ago.                                              four-door Logan built with former local                         That means there is a one-in-three chance                                                                                       consumer goods exporter Li & Fung Ltd ,                                                     Gold
     Shares in the utility closed at 334                  partner Mahindra and Mahindra,                                  that S&P would downgrade Italy’s debt                                                        UK                                 which fell 4.7 percent and was the top                              On the London Bullion Market, gold
  yen, down nearly 85 percent since the                   which was aimed at the mid-size seg-                            rating in the next two years.                                    Renewed concerns about the euro zone                           loser on the main index. Li & Fung previ-                        prices jumped to $1,511.85 an ounce from
  day before the March 11 earthquake and                  ment. (AFP)                                                        Fitch and Moody’s, the other two main                       debt crisis triggered a steep sell-off of                        ously traded under the listing code 0494                         $1,491 late on Friday.


       exchange rates – May 23
                                 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    .272100   .274500   .274500    .442500    .441500   .441500    .384700    .384700   .384700    .331000      —         —       .309500   .310500   .310500    .278200   .276200   .276200     .040300      —         —       .073180   .073230   .073230      .074980    .073880   .073880      .727760   .727260    .727260     .712920   .707420   .707420
                    Sell   .277000   .276600   .276600    .452500    .450500   .450500    .393700    .392200   .392200    .349000      —         —       .319000   .317500   .317500    .286700   .285200   .285200     .045300      —         —       .073870   .073870   .073870      .075430    .075330   .075330      .735760   .735760    .735760     .718600   .718420   .718420
Muzaini             Sell   .275250   .276450   .276450       —       .452130   .452130       —       .394490   .394490       —      .003413   .003413       —      .314150   .314150       —      .285590   .285590        —         —         —          —      .073750   .073750         —       .075291   .075291         —      .734360    .734360        —      .718330   .718330
Dollarco            Sell   .277000   .276200   .276200    .452000    .450205   .450205    .394000    .393945   .393945    .003600   .003942   .003942    .315000   .312458   .312458    .292000   .287945   .287945        —         —         —       .074000   .073623   .073623      .075500    .075176   .075176      .735000   .731016    .731016        —         —         —
Commercial Bank     Buy    .270000   .275400   .275400    .442000    .444509   .444509    .382000    .385629   .385629       —      .003383   .003383    .309000   .311750   .311750    .279000   .281394   .281394        —      .043188   .043188    .070000   .073460   .073460      .074767    .075010   .075010      .728435   .730698    .730698     .714098   .715511   .715511
                    Sell   .276750   .277500   .277500    .453000    .447899   .447899    .395000    .388569   .388569       —      .003409   .003409    .321000   .314127   .314127    .289000   .283539   .283539        —      .043518   .043518    .077000   .074020   .074020      .075519    .075582   .075582      .735756   .736270    .736270     .721275   .720966   .720966
Gulf Bank           Buy    .272900   .275400   .275400    .440733    .444771   .444771    .382687    .386193   .386193       —      .003343   .003343       —      .311432   .311432       —      .280505   .280505        —      .043160   .043160    .072618   .073350   .073350      .074157    .074904   .074904      .722339   .729618    .729618     .707269   .714396   .714396
                    Sell   .279500   .277500   .277500    .454828    .451574   .451574    .395294    .392466   .392466       —      .003403   .003403       —      .317853   .317853       —      .285963   .285963        —      .043965   .043965    .074672   .074138   .074138      .076261    .075716   .075716.     .742758   .737443    .737443     .727485   .722280   .722280
NBK                 Buy    .270400   .275400   .275400    .444590    .446090   .446090    .385570    .387070   .387070       —      .033581   .033581    .308600   .312600   .312600       —      .281600   .281600        —      .043310   .043310    .072370   .073370   .073370      .074770    .074930    074930      .728440   .730020    .730020     .714100   .714860   .714860
                    Sell   .279000   .277500   .277500    .452890    .449890   .449890    .393720    .390720   .390720       —      .033908   .033908    .318090   .315590   .315590       —      .284220   .284220        —      .043760   .043760    .075030   .074030   .074030      .075520    .075580   .075580      .735760   .736490    .736490     .721280   .721080   .721080
Burgan Bank         Buy    .282650   .280050   .280050    .430867    .434357   .434357    .367626    .370604   .370604       —      .003438   .003438    .294732   .297119   .297119    .277897   .286988   .284712        —      .041155   .041155    .073684   .074280   .074280      .075223    .075832   .075832      .734920   .740873    .740873     .735741   .725198   .725198
                    Sell   .278800   .282150   .282150    .438531    .437755   .437755    .374186    .373524   .373524       —      .003466   .032931    .300037   .299506   .299506    .282890   .284260   .286988        —      .041482   .041482    .075774   .075640   .075640      .077374    .077237   .077237      .751728   .750398    .750398        —      .734440   .734440
ABK                 Buy    .272900   .275400   .275400    .441420    .446100   .446100    .383290    .387360   .387360       —      .033568   .033568       —      .312520   .312520       —      .281570   .281570        —      .043150   .043150    .072460   .073230   .073230      .074699    .074720   .074720         —      .728600    .728600        —      .713330   .713330
                    Sell   .279000   .277500   .277500    .453510    .450340   .450340    .394090    .391330   .391330       —      .034010   .034010       —      .316800   .316800       —      .285170   .285170        —      .044060   .044060    .074550   .074020   .074020      .075450    .075610   .075610         —      .736870    .736870        —      .721020   .721020
Oman                Buy       —      .287900   .287900       —          —         —       .363790       —         —          —         —         —          —      .272850   .283340       —         —         —           —         —         —          —         —         —            —          —          —           —         —          —        .752000      —         —
                    Sell      —      .287900   .287900    .467000    .475000   .475000    .408000    .406000      —                 .003200   .003200                 —         —          —         —      .267000        —         —         —       .076800   .076800   .076800      .078600    .078390   .078390         —         —          —           —      .748000   .759930
                              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    .049100      —         —       .005940    .006070   .006070    .003050   .003190    .003190    .002080   .002217   .002217    .003350   .003716   .003716    .006360   .005935   .005935     .284700   .282700   .282700    .033530   .033030   .033030      .220740    .219740   .219740      .384850   .384520    .384520     .044590   .044560   .044560
                    Sell   .054100      —         —       .006380    .006130   .006130    .003330   .003230    .003230    .002660   .002515   .002515    .004000   .003755   .003755    .006630   .006395   .006395     .296200   .294700   .294700    .036280   .036130   .036130      .225240    .225240   .225240      .392350   .391020    .391020     .047690   .046580   .046580
Muzaini             Sell      —         —         —          –       .006138   .006138       —      .003235    .003235       —      .002514   .002514       —      .003770   .003770       —      .006387   .006387        —      .292710   .292710       —      .035559   .035559         —       .221960   .221960         —      .390550    .390550     .048500   .046427   .046427
Dollarco            Sell      —         —         —       .006480    .006142   .006142    .003375   .003242    .003242    .002750   .002512   .002512    .003900   .003756   .003756    .006650   .006364   .006364        —         —         —          —         —         —            —          —         —         .390000   .390159    .390159     .047100   .046552   .046552
Commercial Bank     Buy       —      .051712   .051712    .004000       —         —          —         —          —       .002000      —         —          —         —         —       .004000      —         —        .288000   .290313   .290313       —      .035418   .035418         —       .220602   .220602      .381000                 —        .043000      —         —
                    Sell      —      .052107   .052107    .007250    .006180   .006180       —      .003236    .003236    .003500   .002534   .002534       —      .003814   .003814    .007200   .006453   .006453     .297000   .292527   .292527       —      .035688   .035688         —       .222285   .222285      .401000   .392504    .392504     .053000      —         —
Gulf Bank           Buy       —      .051723   .051723       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .289638   .289638       —      .035286   .035286         —       .220231   .220231         —         —          —           —         —         —
                    Sell      —      .052687   .052687       —       .006220   .006220       —      .003269    .003269       —      .002552   .002552       —      .003820   .003820       —      .006490   .006490        —      .295036   .295036       —      .035864   .035864         —       .224021   .224021         —      .393059    .393059        —      .046841   .046841
NBK                 Buy       —      .051860   .051860       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .290930   .290930       —         —         —            —       .220940   .220940         —         —          —           —         —         —
                    Sell      —      .052390   .052390       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .293600   .293600       —         —         —            —       .223080   .223080         —         —          —           —         —         —
Burgan Bank         Buy       —      .049710   .049710       —       .006230   .006230       —      .003261    .003261       —      .002522   .002522       —      .003959   .003959       —      .006386   .006386        —      .284712   .286988       —         —         —            —       .216673   .222630         —      .394853    .394853        —      .047830   .047830
                    Sell      —      .050110   .050110       —       .006283   .006283       —      .003288    .003288       —      .002544   .002544       —      .004017   .004017       —      .006449   .006449        —      .286988   .293390       —         —         —            —       .218433   .216673         —      .398939    .398939        —      .049026   .049026
ABK                 Buy       —      .051770   .051770       —       .006037   .006037       —         —          —          —         —         —          —         —         —          —         —         —           —      .291050   .291050       —      .035430   .035430         —       .220940   .220940         —      .387080    .387080        —         —         —
                    Sell      —      .052980   .052980       —       .006156   .006156       —      .003279    .003279       —      .002579   .002579       —         —         —          —      .006545   .006545        —      .294000   .294000       —      .035690   .035690         —       .223420   .223420         —      .393570    .393570        —      .047150   .047150
Oman                Buy       —         —         —          —          —         —          —         —          –          —         —         —          —         —                    —         —         —           —         —      .237000       —         —         —            —          —      .222950         —      .401670    .401670        —         —         —
                    Sell                —         —          —          —         —          —      .003564    .003564              .002510   .002510    .004250   .004170   .004170    .006000   .006467   .006467     .237000   .237000                 —         —         —            —          —         —         .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    .530400    —        —          .116000    —       —            .088100 .087100 .087100         .033960 .033960 .033960          —          —       —         .005700 .005700 .005700         .000239    —       —           .000175 .000179 .000179          .088340 .087340 .087340           .027000 .027000 .027000          .212900   .210900   .210900
                    Sell   .543400    —        —          .124000    —       —            .095100 .093100 .093100         .042460 .042460 .042460          —          —       —         .005900 .005900 .005900         .000240    —       —           .000187 .000186 .000186          .094340 .094340 .094340           .033000 .033000 .033000          .222400   .220900   .220900
Muzaini             Sell      —       —        —             —    .001265 .001265            —    .091170 .091170            —       —       —             —          —       —            —    .005970 .005970         .000271 .000272 .000272           —    .183400 .183400             —       —       —                 —       —       —                —         —         —
Gulf Bank           Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —        –      —                 —       —       —                —      .216464   .216464
                    Sell      —    .699022 .699022           —       —       —               —       —       —               —    .040380 .040380          —       .000254 .000254         —       —       —               —       —       —              —       —       —                —       —       —                 —    .000033 .000033             —      .221199   .221199
ABK                 Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —       —                 —       —       —                —      .217330   .217330
                    Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —                         —       —       —                —      .220670   .220670

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                       .2766000          .4505000              –                                     BEC                         —               1,566.350              —                     —                   —                 —                       –                 –
                            Commercial Bank           .2767500          .4530000          .3980000                                  Muzaini Exchange       1,33300.000          1,570.000              —                  12.250               11.650           10.000                    —               140.000
                            Gulf Bank                 .2772500          .4538600          .3950000
                            Al-Ahli Bank              .2775000          .4515740          .3924660

				
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