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HSBC appoints Co-Heads of Global Markets, MENA dinar falls
HSBC has appointed Rafi Ahmed and Anand Anand has been with HSBC since 1992, most Following are details of the latest dinar reference rate
Rafi Ahmed and Krishnamurthy to the post of Co-Heads, Global recently as Co-Head of Global Markets, India, versus the dollar set by Kuwait’s central bank.
Anand Krishnamurthy Markets, Middle East and North Africa. In a related and has extensive experience encompassing Mid point: 0.26560; Change from earlier: -0.04 pct;
newly-appointed move, Rajiv Shukla has been appointed Head of trading, risk and balance sheet management. He Change since May 19, 2007: +8.86 pct.
Co-Heads of Global Debt Capital Markets, Middle East and North Africa. has been leading Global Markets product devel- The central bank severed the dinar’s peg to the dol-
Markets, Middle East Rafi joined HSBC from JPMorgan in London in opment for HSBC in India and has also been lar on May 20, 2007 and started tracking a basket of cur-
and North Africa. 2002. He has 28 years of banking experience of actively involved in pioneering the development rencies, saying the dollar’s decline on global markets
which 20 years are in Global Markets, where his of the Indian onshore derivatives market. was driving up inflation and making some imports more
focus has been on client coverage and derivative Together the two will be responsible for the expensive.
sales capabilities. He has led the substantial Treasury, Foreign Exchange, Derivatives, debt It has declined to give the composition of the basket,
growth of HSBC’s business in these areas since and equity capital markets, Research, and saying only that the dollar is its biggest component.
his return to the region in 2006. Leveraged and Acquisition Finance. (RTRS)
Market Movements 24-07-2008
Business
Points Closing pts Points Closing pts
AUSTRALIA - ASX 100 +36.90 4,173.10 KUWAIT (24-07-’08) - KSE -33.98 4,452.92
JAPAN - Nikkei 225 +290.38 13,603.31 HONG KONG - Hang Seng -46.83 23,087.72
NORWAY - BRIX +0.99 3,860.08 EUROPE - DJ Stoxx -30.80 2,859.88
FRANCE - CAC -60.75 4,347.99
GERMANY - DAX -95.39 6,440.70
SWEDEN - OMX -23.24 857.33
UK - FTSE 100 -87.60 5,362.30
‘Easing ME tensions cooling prices but demand expected to rise for next 5 years’
Drop in oil prices temporary, says Kuwaiti official
KUWAIT CITY, July 24, (Agencies): The above $147 a barrel earlier this month. Supreme Petroleum Council member cent of transactions in New York were on On current drop in prices, he said the Middle East region.
fall in oil prices due to easing international The main reason why oil prices eased Mousa Marafi told KUNA oil prices are paper only, with no oil changing hands, summer usually sees decrease in demand as As for current supply, he said the market
tension is “temporary” as demand is recently is general political and security quickly affected by political and security meaning this is speculation rather than consumption comes down, and this sum- is actually over-supplied, and noted the
expected to rise and stay strong for the next stability in the Middle East region, argued developments, and all indications at pres- actual purchase. mer also coincided with positive signs United Arab Emirates actually opted to
five years, a member of Kuwait’s top oil Kuwaiti experts in remarks to KUNA ent indicate calm, which caused prices to Global demand is on the rise, he said, regarding supply, demand, and reserves. curb its production.
council told state news agency KUNA. Thursday. ease a bit. and is not likely to subside over the next He former undersecretary, however, The figure also addressed the issue of the
“Global demand is heading for an US crude went down from being at $147 The figure cited what he termed “politi- five years. In addition, he stressed current thought it was unlikely prices would go weakening US greenback, arguing an effect
increase and there is no fear that demand per barrel on July 11 to around $123 per cal courtship” between the US and Iran, drop in prices is only temporary. below the $100 mark under any circum- of a weak dollar on oil prices would take a
will weaken over the coming five years... barrel on Wednesday, before coming slight- indirect talks between Syria and Israel Meanwhile, former oil undersecretary stance, adding the world is now used to the very long time to materialize, and such an
the current decline in prices is in the end a ly up again to $124 per barrel today. through Turkey, and improvement on the Essa Al-Oun said the relative calm in $120 pb range, which is a remarkable effect is not what we have at present, there-
temporary decline,” KUNA said, citing OPEC prices also came down from the Lebanese scene. Lebanon and that between Israel and Syria development in price range. fore.
Mousa Marafie, a member of the Opec range of $140 seen in July to $123.89 on There is a great deal to suggest the recent and between Iran and the west all prompt Prices are likely to go up again, he said, All in all, the scene seems likely to
nation’s Supreme Petroleum Council. Wednesday, according to the OPEC bul- hikes were rooted in speculation, adding a improvement in market conditions, at least but not above the $140 mark, unless seri- improve and the oil market is to be “posi-
Oil prices have fallen over $20 from a peak letin. study by the US Congress showed 70 per- on the short run. ous security developments are seen in the tively affected”, he concluded.
Operating performance expected to improve
Kuwait bourse in talks with
S&P’s ups rating on Kuwait Re
companies on trading system
LONDON, July 24: Standard & Poor’s
Ratings Services said today that it revised
its outlook on Kuwait-based reinsurer $9.4 mln invested in Bumi Geo
Kuwait Reinsurance Co KSC (Kuwait Re)
to positive from stable reflecting the
Talks ongoing with top int’l market operators
enhanced operating performance expecta-
tions. At the same time, Standard & Poor’s
affirmed its ‘BBB’ long-term counterparty
Agility buys stake in Indian firm
credit and insurer financial strength ratings K U WA I T / F R A N K -
on the company. KUWAIT CITY, July 24, (RTRS): Kuwait’s investment subsidiary Alcazar Capital
The ratings reflect Kuwait Re’s very Agility, the Gulf’s biggest logistics provider Holdings Limited, did not give the size of FURT, July 24, Express stands launched in 3 top malls
by market value, said on Thursday it had the stake.
strong capitalization, enhanced risk man-
bought a stake in Indian engineering com- The firm has been expanding in Asia (RTRS): The Kuwait
agement and strategy, and strong invest- pany Bumi Geo Engineering Private and the Middle East to lower dependance Stock Exchange is in
ments, partially offset by its historic under-
writing performance and adequate compet-
itive position.
Limited for $9.4 million.
Agility, which bought the stake through
on US government deals to feed US
troops in Iraq and Afghanistan.
advanced talks with
Germany’s Deutsche GBK promotes Al Danah Draw
Standard & Poor’s expects that the compa- Boerse and two other
ny’s improved underwriting performance will recent management changes. “If Kuwait Re achieves its targets and KUWAIT CITY, July 24: Gulf Bank offers Danah is the biggest single account draw ever
be maintained at sub-100 percent combined Capitalization should remain at least establishes a track record of underwriting
market operators to its customers the opportunity to be in con- held in the Middle East and is recognized as
ratio levels for 2008 and 2009. strong, driven principally by an excellent profitability across the rating horizon, then buy a trading system, trol of their chances to become the next KD one of the largest of its kind amongst banks
Positive momentum in rating has also been (although falling) capital surplus at the the ratings could be raised to ‘BBB+’,” said eyeing a deal by the Millionaire in its popular Al Danah worldwide.
achieved by the increasingly technical ‘AAA’ level. Investments and liquidity are Standard & Poor’s credit analyst Matthew Account Draw, whereby in a matter of min- As the popularity of the Bank’s successful
approach taken to underwriting, driven by the also expected to remain strong. Day. autumn, sources famil- utes anyone can open an Al Danah account millionaire promotion grows, it is becoming
iar with the situation and stand a chance of winning KD 1 easier than ever to open an Al Danah account
said. Million. and secure chances to win. Al Danah account
Firm seeks to tap market during Ramadan The second-largest Arab To increase customer convenience, Gulf holders can enjoy the unique opportunity to
bourse is looking at trading Bank has placed Al Danah Express stands become Kuwait’s next millionaire by deposit-
systems and cooperation from in Marina Mall, Souk Sharq and Avenues ing more money into their account as well as
Saudi Zain to start operations next month Deutsche Boerse, NYSE
Euronext and Nasdaq OMX
Group, sources familiar with
Mall starting from 24th July, 2008. The
stands are available for anyone to open an
Al Danah account, or make deposits using
keeping it there for a longer period of time to
gain more chances.
Al Danah customers can also, set up free
the case have told Reuters. any bank’s K-Net card. There are no limi- standing orders to further save their money.
RIYADH, July 24, (RTRS): Zain tations in opening an Al Danah savings The transfer of funds to Al Danah can be man-
Saudi Arabia is due to begin “The talks are in an
account and no salary transfer is required. aged through ATM, Online Banking,
the bottomline operating the kingdom’s third
mobile phone network next
advanced stage,” said one
source, adding that talks with
Minors, however, require their parents or
their legal guardian to open the account on
Telebanking and Branches.
Opening an Al Danah account is simple;
month as it seeks to tap business Deutsche Boerse particularly their behalf. A minimum balance of KD100 just visit one of Gulf Bank’s 44 branches or
during the Islamic holy month of had gone well so far, with is required for actively participating in the call the Bank’s hotline on 805805. You can
KUWAIT CITY: Al Mazaya Holding’s board of year period ending June 30, 2008. Ramadan, a company official Kuwaiti technical bourse staff Al Danah Draw. also log on to www.e-gulfbank.com, Gulf
directors will meet on Monday July 28, 2008 at ❑ ❑ ❑ said. expected next week in Gulf Bank will be showcasing what KD 1 Bank’s bilingual website, to find all the
2:30 pm, to discuss the interim financial statements “We have fixed a final date to Germany for checks on
for the Q2 period ending June 30, 2008. KUWAIT CITY: Al Madina Finance and Million looks like in large glass cases at the answers you need regarding Al Danah or
Investment Company reported a net profit of start operations, which is Aug. whether both systems fit.
❑ ❑ ❑ 15. We want to start ahead of above malls starting from next week. Al any of the Bank’s products and services.
KD 9.4 million for the six months ending June Emulate
KUWAIT CITY: Governing Council of First 30, 2008. Board of Directors of the Al-Madina Ramadan,” said a company man-
met on Wednesday July 23, 2008 and adopted ager, who declined to be identi- Another source said a deci-
Dubai for Real Estate Development Company
fied. Ramadan, the Muslim sion might come after the
will meet on Monday July 28, 2008 at 1:30 pm, to
discuss the interim financial statements for the sec-
the financial statements for the periods ending
June 30, 2008. month of fasting, is due to begin Muslim fasting month of Exports to Kuwait jump 8.9%
ond quarter ending June 30, 2008. The net profit includes unrealized profits of in early September. Ramadan which starts in
❑ ❑ ❑ KD 2,481,992 and unrealized revenue worth KD A group fronted by Kuwait’s September.
KUWAIT CITY: Mubarrad Transport Company
will meet on Sunday July 27, 2008 at 2:00 pm, to
140,972. The profit of the company increased by
100 percent from KD 4.7 million for the half
year ending June 30.
Mobile Telecommunications Co
(Zain) bought the third Saudi
Kuwait, the world’s sev-
enth-largest oil exporter, Japan’s deficit with Kuwait, ME widens
discuss the interim financial statements for the sec-
mobile phone licence last year wants to emulate some of the
The earning per share for the six months end- for $6.1 billion, hoping to tap TOKYO, July 24, (KUNA): Japan’s trade deficit gas (LNG), the report showed.
ond quarter period ending June 30, 2008. ing June 30, 2008 was valued at 47.21 fils as success of Gulf Arab neigh-
growth in the largest Arab econ- with Kuwait widened 94.3 percent in June to JPY Japan’s trade surplus worldwide in the report-
❑ ❑ ❑ compared to 23.73 fils for the same period of
omy, home to about 25 million
bours such as Dubai which 114.98 billion ($1.07 billion) from a year earlier, ing month plunged 88.9 percent from a year ear-
2007. During the three months ending June 30, have managed to diversify
KUWAIT CITY: Al Dar National Real Estate 2008 GGMC earned KD 4.5 million in profit. people. and the nation’s trade deficit with the entire Middle lier to JPY 138.63 billion ($1.29 billion) for the
Company will meet on Sunday July 27, 2008 at Chief Executive Officer their economies away from East also grew 49.6 percent to JPY 1.237 trillion fourth straight month of decline, due to record
1:00 pm, to discuss the interim financial state- ❑ ❑ ❑ oil, and attract investors and ($11.50 billion), the Finance Ministry said oil prices and sluggish exports to the US and
Marwan Al-Ahmadi said in
ments for the second quarter ending June 30, KUWAIT CITY: Agility reported has purchased March he expected the company financial institutions. Thursday. Europe.
2008. the stake in an Indian engineering company – Bumi to begin operating in June. US consultancy McKinsey Exports to Kuwait rose 8.9 percent to JPY 16.15 Overall exports from the world’s second-largest
❑ ❑ ❑ Geo Engineering Private Limited Company. Zain, which raised 6.3 billion & Co, which was commis- billion ($115.0 million) in June, and imports economy fell 1.7 percent from a year earlier to JPY
Agility said to have purchase the shares through its riyals ($1.68 billion) in an initial sioned to review the Kuwait jumped 77.2 percent to JPY 131.13 billion ($1.22 7.160 trillion ($66.57 billion) for the first decline in
KUWAIT CITY: Tameer Real Estate 100 percent affiliate — Alcazar Capital Holding.
Investment Company will meet on Sunday Aug public offering this year, will bourse’s performance, earlier billion), the ministry said in a preliminary report. 55 months since November 2003. Imports climbed
The company reported that the deal value is $9.4 Japan is Kuwait’s largest oil buyer, and the nation 16.2 percent to 7.021 trillion ($65.28 billion), up for
03, 2008 at 1:00 pm, to discuss the interim million. compete with Saudi Telecom Co this year made proposals
financial statements for the second quarter end- and Etihad Etisalat in a mobile including an overhaul of the is the third-biggest exporter to Kuwait following the the eighth month in a row.
Alcazar Holding company has been working with US and Germany. The value of crude oil imports in June leaped
ing June 30, 2008. Bumi in the infrastructure sector, for the design and phone market where penetration trading and administrative
❑ ❑ ❑ hovers around 100 percent. Exports to the Middle East advanced 22.1 percent 54.7 percent year-on-year, while that of LNG
implementation of projects for the development of system.
bridges in India, Singapore, Dubai and Europe. from a year earlier to JPY 292.12 billion ($2.72 bil- jumped 56.5 percent. June average oil price hit
KUWAIT CITY: Board of Directors of the Sokouk The bourse, which has been lion), on the back of strong shipments of automo- another all-time high of $121.7 per barrel, up 80.2
Holding Company had met on Wednesday July 23, ❑ ❑ ❑ trying to attract more foreign biles, machinery and steel products. percent from the previous year. Japan imports virtu-
2008 and announced that the company has achieved KUWAIT CITY: Central Bank of Kuwait has KFH-Bahrain wins investment, has been hit by a June imports from the Middle East surged 43.4 ally all of its oil.
a profit of KD 3.5 million for the six months ending approved the request of The International string of irregularities and percent to JPY 1.529 trillion ($14.22 billion), The trade data are measured on a customs-cleared
June 30, 2008, which includes unrealized profit of Investors Company (TII) on Wednesday July 23, with big car sales Kuwait is the only Gulf Arab buoyed by imports of crude oil and liquefied natural basis before adjustment for seasonal factors.
KD 182,129, unrealized revenue worth KD 864,504 2008 for the extension for a period of six months to
and unpaid expenses valued at KD 658,299. The KUWAIT CITY, July 24, state that has no financial reg-
buy 10 per cent of its issued shares.
company’s earning was valued at 3.51 fils per The six months commencing from the date of (KUNA): Kuwait Finance ulator to supervise the stock
share. approval, provided the company adheres to the House-Bahrain’s Automall market as plans to establish KSH Q2 hits KD 64,000
Sokouk earned a profit of KD 5.4 million for Central Bank’s controls and conditions on con- promotion saw sales rise one have been stalled in par-
the H1 of 2007 with earning per share of 18.10 tributing to the company’s own shares, in addition by more than 50 percent. liament.
fils.
For the three months ending June 30, 2008 the
company posted a profit of KD 1.5 million as com-
to the need to adhere to the provisions of article 115
of the Business Companies Act and the provisions
KFH Automall cus-
tomers were offered free
Other Gulf fiancial markets
have attracted foreign part-
Kuwait Insurance reports KD 7.4 mln profit
of Ministerial Resolution No. 10, in 1987, as car registration, free rust ners, with Qatar saying in
pared to a profit of KD 4.3 million earned during amending by resolutions ministerial No. 11 for in KUWAIT CITY, July 24, (Agencies): Kuwait six months ending June 30, 2008 was KD 311 thou-
the corresponding period. 1988 No. 273 for in 1999. proofing and free thermal June it had agreed to sell 25 Insurance Company (KIC) revealed a 2008 first half sand with earnings valued at 10.02 fils per share.
❑ ❑ ❑ ❑ ❑ ❑
tinting and benefited from percent of the Doha Securities profit of KD 7.4 million, as reported by Kuwait The net profit includes unrealized losses of KD
KUWAIT CITY: Governing Council of a discount on insurance Market to NYSE Euronext for Stock Exchange (KSE) Thursday. 175,170, unrealized revenue worth KD 55,426 and
National Mobile Telecommunications
KUWAIT CITY: Umm al-Qaiwain Cement and a free mobile handset, $250 million to become the The stock exchange’s website indicated share profit unpaid expenses amounted to KD 17,288.
Industries Company (QCEM) had met on July 23, KFH said in a statement. region’s financial hub and was 38.2 fils, and also reported unrealized losses at KD During the corresponding period of 2007, the
Company (Wataniya) will meet on Tuesday 2008, adopted interim financial statements of the
July 29, 2008 at 1:00 pm, to discuss the interim “KFH-Bahrain’s strat- extend global links. 1.8 million, while overall revenues came to KD company earned a profit of KD 123 thousand for the
company for the periods ending June 30, 2008.
financial statements for the Q2 period ending The company declared a net profit of AED egy in designing all of its But Kuwait’s parliament 873,000 and expenditures to KD 243,000. second quarter and KD 242 thousand for the six
June 30, 2008. 127 million (KD 9.2 million) for the six months products and services in has been reluctant to priva- KIC was founded in 1960 as a shareholding com- months period ending June 30, 2007.
❑ ❑ ❑ ending June 30, 2008. The profits has risen by a way that suits the needs tise state firms which pany to handle all kinds of insurance, as well as to ❑ ❑ ❑
KUWAIT CITY: Board of directors of Kuwait 78 percent from AED 71 million (KD 5.1 mil- and capabilities of cus- employ a large number of invest cash and assets, material and other, in the
manner seen fit by its board and within the con- The board of Directors of Mena Real Estate
Cement Company will meet on Sunday July 27, lion) that was earned during the same period of tomers was clearly citizens. Company will meet on Sunday July 27, 2008 at
2008 at 12:30 pm, in order to discuss the interim 2007. demonstrated by the straints of relevant law.
“A stake sale could be the 12:30 noon, in order to discuss the interim financial
financial statements for the second quarter period For the three months ending June 30, 2008, large customer response ❑ ❑ ❑
QCEM earned a profit of AED 81.3 million or final step of a partnership with statements for the first quarter ending June 30,
ending June 30, 2008. during the campaign,” Board of Directors of the Kuwait Slaughter 2008.
equivalent to KD 5.9 million compared with the a Western operator but this is
❑ ❑ ❑ said KFH-Bahrain Head House Company (KSH) met on Thursday July 24, The governing council of Ekttitab Holding
profit of AED 51 million which is equivalent to KD very long-term thinking,” said
KUWAIT CITY: Mena Holding Company will 3.7 million earned during the same period in 2007. of Banking Group one source. 2008 and adopted the financial data for the periods Company will meet on Sunday July 27, 2008 at 1:00
meet on Monday July 28, 2008 at 1:00 pm, to dis- The net profit includes unrealized profits of AED Khalid Rafeea. ending June 30, 2008. The company’s Q2 profit pm, to discuss the interim financial statements for
cuss the interim financial statements for the half 85,739,638 or about KD 6,235,610. KSE Page 37 amounted to KD 64 thousand and the profit for the the half year period ending June 30, 2008.
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