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					                                                                                                                                                                                                                                                                                                              ARAB TIMES, WEDNESDAY, MAY 11, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                 42


                                                                                                                                                                                                Microsoft to buy Skype for $8.5 bln, price seen high
      Microsoft Corp plans to buy Internet                   down slightly. “It doesn’t make sense at                      value the company at more than $3 bil-                       Microsoft software such as Outlook to                         Microsoft said. Microsoft shares were                            Bubble 2.0, picking up an unprofitable
      phone service Skype for $8.5 billion in                all as a financial investment,” said                          lion. It had been looking at other                           appeal to corporate users, while the                          down 13 cents, or 0.5 percent, at                                online company for roughly 10 times
      cash, a rich price as it seeks to regain               Andrew Bartels, an analyst at Forrester                       options,      including   tie-ups   with                     voice and video communications could                          $25.70 in early Nasdaq trading.                                  sales probably seems downright
      ground on growing rivals such as                       Research. “There’s no way Microsoft is                        Facebook and Google. Such a deal                             link to Microsoft’s Xbox live gaming.                            The Skype deal is the biggest in the                          cheap,” said Shanghai-based Michael
      Google Inc.                                            going to generate enough revenue and                          was expected to value Skype at $3 bil-                          Longer-term, Skype would offer                             36-year history of the world’s largest                           Clendenin, managing director of con-
         Microsoft’s interest in the money-los-              profit from Skype to compensate.”                             lion to $4 billion.. The Luxembourg-                         Microsoft another route to develop its                        software company. It was first reported                          sulting firm RedTech Advisors. “But if
      ing but popular service highlights a                      The sale marks a big payday for                            based company, which allows people                           mobile presence, an area it has already                       late on Monday by tech blog GigaOM.                              you consider (it) was just valued at
      need to gain new customers for its                     Skype’s owners, online auction site                           to make calls at no charge but has also                      put more energy and resources into as                            The $8.5 billion price tag was a sur-                         about $2.5 billion 18 months ago when
      Windows and Office software. Skype                     eBay Inc and a group of investors                             developed premium services, would                            PC usage comes under threat.                                  prise. Although the sum would not                                a chunk was sold off, then $8.5 billion
      has 145 million users on average each                  including Silver Lake, the Canada                             give Microsoft a foothold in the poten-                         Skype is set to become a new busi-                         stretch cash-rich Microsoft, some said it                        seems generous and means Microsoft
      month and has gained favor among                       Pension Plan Investment Board and                             tially lucrative video-conferencing mar-                     ness division within Microsoft with                           was high for a company whose owner-                              has a high wall to climb to prove to
      small business users.                                  Andreessen Horowitz.                                          ket as businesses shift to lower-cost                        Skype Chief Executive Tony Bates in                           ship has changed several times during                            investors that Skype is a necessary
         Investors expressed skepticism over                    Skype delayed plans for an initial                         ways of communicating.                                       charge and reporting directly to                              its relatively short life.                                       linchpin for the company’s online and
      the deal, sending Microsoft shares                     public offering that was expected to                             Skype could be combined with                              Microsoft     CEO      Steve    Ballmer,                         “In this atmosphere of Internet                               mobile strategy,” he added. (RTRS)




 the          bottomline Global equities buoyed by China
  NEW YORK: General Motors on
  Tuesday announced it was investing $2
  billion more in its US business, an
  investment the automaker said would
  add or safeguard 4,000 jobs.
     “We are doing this because we are
                                                         dealt with fewer visits by frequent play-
                                                         ers and temporary property closings.
                                                            The privately held casino and resort
                                                         company lost $147.5 million for the
                                                         period ended March 31. That compares
                                                         with a loss of $195.6 million a year ear-
                                                                                                                         data; oil ‘rises’ in choppy trade
  confident about demand for our vehicles
  and the economy,” said GM chairman
                                                         lier.
                                                            Revenue dipped 1 percent to $2.18                                                                                                        Euro treads water on debt jitters
  and chief executive Dan Akerson. (AFP)                 billion.
            ❑          ❑       ❑                            The company also said Tuesday that                           NEW YORK, May 10,                                              billion and Johnson & Johnson’s $21.3                            percent on Monday.                                                                             Oil
                                                         Las Vegas is strengthening and Atlantic                                                                                        billion deal announced last month to                                Mining stocks added the most points
  NEW YORK: Shares of H&R Block                          City, New Jersey, is stabilizing. (AP)                          (RTRS): Stocks rose on                                         acquire Synthes, a maker of medical                              the FTSE 100 after China posted its
                                                                                                                                                                                                                                                                                                                            Oil rose on Tuesday, supported by
  Inc. lost nearly 8 percent Monday on                                                                                   Tuesday as unexpectedly                                                                                                                                                                         concerns US flooding could hit Gulf
                                                                   ❑         ❑          ❑                                                                                               instruments and implants.                                        largest trade surplus in four months in                         Coast refinery operations and data show-
  renewed fears that the company will be
  dragged back into the subprime mort-                   NEW YORK: The trustee seeking                                   strong Chinese trade data                                         CKx Inc., which owns the rights to the                        April. Rio Tinto was the best off, up 2.4                       ing strong Chinese crude imports for
  gage mess.                                             money on behalf of Bernard Madoff’s                             reinforced optimism about the                                  names and images of Muhammad Ali                                 percent, as RBS initiated coverage on the                       April.
     News that a group of mortgage bond                  victims announced on Monday a $1 bil-                                                                                          and Elvis Presley, jumped 22.8 percent                           stock, alongside Anglo American and                                While no refineries had been forced to
  investors may try to force H&R Block’s                 lion settlement with liquidators for three                      global economy, while oil                                      after it agreed to be bought by private                          BHP Billiton , up 1.3 and 1.8 percent
                                                                                                                         prices traded higher as                                                                                                                                                                         cut operations yet, rising waters along
  former mortgage unit to buy back poten-                large “feeder funds,” boosting payouts                                                                                         equity investors. The buyout group will                          respectively, with a “buy” recommenda-                          the Mississippi threatened to disrupt
  tially billions of dollars in defaulted                to the swindler’s former customers.                             investors resumed a reversal                                   pay about $511 million for the company,                          tion. The broker named Rio Tinto its top
  home loans sent shares sliding.                           Irving Picard said the agreement                                                                                                                                                                                                                             plants in Louisiana in the next two
                                                                                                                         from last week’s abrupt slide.                                 which also owns the “American Idol”                              pick among the miners, ahead of Anglo                           weeks.
     The mortgages written by Block’s                    reduces the claims that the Fairfield                                                                                                                                                           American and then BHP Billiton, antici-
  former Option One unit, which stopped                  funds, which had been affiliated with                              The euro was little changed as con-                         television show.                                                                                                                    Gasoline futures led oil market gains,
  issuing new loans in December 2007,                                                                                                                                                      Dairy producer Dean Foods Co.                                 pating record earnings from the sector                          with the flood threat adding to concerns
                                                         Fairfield Greenwich Group, have against                         flicting reports emerged of a potential                                                                                         again this year.
  have been a recurring issue for investors              a fund he administers for former Madoff                         new aid deal for debt-laden Greece.                            jumped 12.9 percent after its earnings                                                                                           about 11 straight weeks of inventory
  in recent years, but one that had been                 customers. The claims will be reduced                                                                                          came in above analysts’ expectations.                               Banks also bounced back on expecta-                          declines as the United States gears up for
                                                                                                                            China posted a trade surplus in April                                                                                        tions of a deal to solve Greece’s debt cri-
  discounted lately. (AP)                                to about $230 million from $1.2 billion,
                                                                                                                         that was nearly four times greater than                        Dean had a stronger start to the year than                                                                                       the peak summer holiday period.
                  ❑     ❑ ❑                              he said. (RTRS)                                                                                                                it expected and raised its forecast for                          sis, recovering from a decline in the pre-                         Traders were awaiting the release of
                                                                                                                         expected, as exports hit a record and                                                                                           vious session when they gave up a legal
  NEW YORK: Activision Blizzard Inc.                                ❑         ❑        ❑                                                                                                full-year earnings.                                                                                                              US inventory data from the American
                                                                                                                         imports eased more than anticipated. The                                                                                        fight over compensating consumers for
  said Monday that its first-quarter net                 LONDON: British home shopping group                             data illustrated the strength of China’s                          Medifast Inc. rose 14.7 percent. The                                                                                          Petroleum Institute later on Tuesday,
  income and revenue grew, helped by                     N Brown posted an expected 5.5 per-                                                                                            weight-loss program operator reported                            mis-selling loan insurance policies.                            expected to show another small draw-
                                                                                                                         economy even after its efforts to rein in                                                                                          Fund management group Schroders
  strong demand for digital offerings such               cent rise in year profit and hiked its div-                     inflation.                                                     earnings late Monday that came in above                                                                                          down in gasoline inventories and an
  as downloadable content for the popular                idend 15 percent as its older clientele                                                                                        analysts’ expectations.                                          climbed 5.6 percent, buoyed by a Numis                          increase in crude stockpiles.
  “Call of Duty” games.                                  proved resilient to straitened times.
                                                                                                                            Optimism about the pace of economic                                                                                          Securities upgrade to “buy”, with the
                                                                                                                         recovery lifted European and US equi-                                                 Europe                                                                                                       Brent rose 96 cents to $116.86 a barrel
     The video game publisher raised its                    The Manchester, northern England-                                                                                                                                                            broker saying a sharp fall in shares after
  guidance for the full year, but its out-                                                                               ties. World stocks as measured by the                             European shares rose on Tuesday,                                                                                              at 1:28 p.m. (1728 GMT). US crude
                                                         based company, which targets older and                                                                                                                                                          first-quarter results this month was an                         traded up 30 cents to $102.85 a barrel as
  look for the current quarter was short of              larger shoppers with clothing brands                            MSCI stock index were up 0.8 percent.                          with sharp gains for banks on hopes that                         overreaction.
  analysts’ expectations. Activision has a               such as Simply Be, Oxendales, Marisota                             “China’s export numbers were very                           they will not suffer any imminent write-                                                                                         US gasoline futures jumped 2 percent.
  history of providing conservative guid-
                                                                                                                                                                                                                                                            Elsewhere, InterContinental Hotels                              Trade volumes, which surged last
                                                         and Jacamo, said on Tuesday it made an                          good,” said Burt White, chief investment                       down on their Greek debt holdings, and                           added 3.9 percent in heavy trading after
  ance. CEO Bobby Kotick said he feels                   underlying pretax profit of 98.2 million                        officer at LPL Financial in Boston. “That                      miners up as strong Chinese import data                                                                                          week as prices tumbled $16 a barrel,
  good about the company’s business                      pounds ($156.5 million) in the year to
                                                                                                                                                                                                                                                         the world’s biggest hotelier unveiled                           with Brent volumes were 45 percent
  prospects.
                                                                                                                         gave a shot in the arm to this market.”                        fuelled growth hopes.                                            consensus beating first quarter profits.
                                                         Feb. 26.                                                           European shares climbed to a one-                              The pan-European FTSEurofirst 300                                                                                             over the 30-day in mid-afternoon trade
     Net income for the first three months                  That was bang in with analysts’ con-                                                                                                                                                                                 Asia                                    New York and US crude 11 percent
  of the year was $503 million, or 42                    sensus forecast, according to a poll of
                                                                                                                         week closing high as mining stocks rose                        index of top shares rose 0.8 percent to
  cents per share. That’s up 32 percent                                                                                  on the data and investors scooped up                           1,149.62 points, the highest close in a                             Asian stock markets posted muted                             below that average.
                                                         13 provided by the company.
  from $381 million, or 30 cents per                        Revenue increased 4.2 percent to 719                         banks on hopes they will not suffer an                         week, after concern over the peripheral                          gains Tuesday, held in check by worries                                               Currencies
  share, a year ago. (AP)                                million pounds and like-for-like sales                          imminent writedown on their Greek debt                         euro zone debt outlook had dragged                               over Greece’s deepening debt problems.                             The euro treaded water on Tuesday
             ❑         ❑        ❑                        increased 1.5 percent in the 10 weeks                           holdings. “There is a view that if there is                    shares lower in the previous session.                               After a sluggish opening, Japan’s                            with the market plagued by eurozone
  NEW YORK: Wendy’s/Arby’s Inc. is                       ended May 7. (RTRS)                                             going to be a debt restructuring, it is                           Greek banks rose 5.4 percent, with                            Nikkei 225 was up 0.1 percent to                                debt jitters as EU and IMF experts began
  getting closer to selling its Arby’s chain                        ❑         ❑         ❑                                going to be orderly,” said Bob Parker,                         Alpha Bank up 9.3 percent. Other banks                           9,802.44, with shares of Chubu Electric                         an audit to see if Greece merits the next
  and has “several quality bidders,” CEO                                                                                 senior adviser at Credit Suisse.                               to rise included heavyweights BNP                                Power Co rising 1.9 percent after the                           slice of critical rescue funding.
                                                         LONDON: National Express and rebel                                                                                                                                                              Japanese utility agreed to a government
  Roland Smith said Tuesday.                             investor Elliott Advisors on Tuesday                               But even as the Chinese data helped                         Paribas, Societe Generale and UniCredit,                                                                                            “The euro has regained its footing dur-
     Smith, in a first-quarter earnings call             said they had reached a truce which will                        ease fears about a global slowdown, the                        up between 2.1 and 2.3 percent.                                  request to shutter three nuclear reactors                       ing the European session as investors
  with analysts, said the bidders had com-               prevent Elliott from challenging the                            utilities sector led gainers on the S&P                           The pan-European index has                                    at the Hamaoka coastal power plant                              seemed willing to pick up the single cur-
  pleted “significant due diligence” and                 company’s board publicly for at least a                         500 as investors took more defensive                           remained in a range defined by its 2011                          while it builds a seawall and improves
  had come from a larger pool that had                                                                                                                                                                                                                                                                                   rency from the lows,” said Kathleen
                                                         year.                                                           positions on the view that although the                        high in mid-February, and a low in mid-                          other tsunami defenses.                                         Brooks of Forex.com.
  expressed interest. He didn’t give details                US hedge fund Elliott Advisors, the                                                                                                                                                             The request came after Japan’s 54
  or a time line but said it is “in the best                                                                             recovery was still in place, it is not accel-                  March. “We think equities will go up,                                                                                               The euro fell on Monday after
                                                         British transport group’s biggest share-                        erating as quickly as anticipated.                             but not much, and there will be some                             reactors were checked for earthquake
  interest of the company to bring this                  holder with a 17.5 percent stake, had                                                                                                                                                                                                                           Standard & Poor’s slashed its rating for
  process to closure as soon as possible.”                                                                                  Crude oil prices reversed earlier                           sideways trading. Our attitude is to focus                       and tsunami vulnerability after the                             Greece by two notches to B, citing the
                                                         called for a boardroom shakeup and                                                                                                                                                              March 11 natural disasters crippled the
     Wendy’s/Arby’s Group Inc. also plans                accused the company of failing to com-                          losses on concerns US flooding could                           on high-yield, defensive sectors, and                                                                                            risk that the struggling country could
  to raise prices, following in the footsteps            pete for new opportunities and damag-                           hit Gulf Coast refinery operations and                         large caps,” Parker said.                                        Fukushima Dai-ichi nuclear plant in                             restructure its debt.
  of competitors like McDonald’s Corp.                   ing shareholder value.                                          helped by the China data that also                                Almost every sector gained on                                 northeast Japan. The Hamaoka facility                              The euro has been supported in the
  The company also cut its earnings out-                    Elliott previously said it wanted                            showed strong oil imports for April.                           Tuesday, with miners among the biggest                           sits above a major fault line and has long
  look because of rising costs for beef and                                                                                                                                                                                                                                                                              past weeks by the prospect of the ECB
                                                         National Express investors to elect three                                                                                      risers on demand hopes after China post-                         been considered Japan’s riskiest nuclear                        raising interest rates further, which
  other ingredients. (AP)                                new independent directors to push for                                                                                                                                                           power plant.
             ❑          ❑         ❑                                                                                                                 US                                  ed a bigger trade surplus than expected.                                                                                         increases investor interest in European
                                                         changes at the firm at its annual general                                                                                         The STOXX Europe 600 basic                                       Oil surmounting the $100-mark again                          bonds.
  SAN FRANCISCO:The founders of                          meeting (AGM) on Tuesday. (RTRS)                                   Corporate deals and strong earnings                         resources sector index rose 1.5 percent,                         helped energy shares but hurt airlines                             Michael Hewson at CMC Markets
  YouTube on Monday announced they                                  ❑         ❑         ❑                                have propelled stocks higher in recent                         with Rio Tinto, BHP Billiton and Xstrata                         stocks. Inpex Corp., Japan’s largest ener-                      noted that the fragility of peripheral
  bought a startup that specializes in                   ZURICH: Swiss group Adecco, the                                 months, and more of each came on                               gaining between 1.6 and 2.4 percent.                             gy explorer, gained 1.2 percent, but All
  tracking what campaigns at Twitter or                                                                                  Tuesday.                                                                                                                                                                                        eurozone countries will make it more
                                                         world’s biggest staffing company, said it                                                                                         Across Europe, Britain’s FTSE 100,                            Nippon Airways slipped 1.2 percent.                             difficult for the ECB to raise rates.
  Facebook are doing for companies’ bot-                                                                                    Microsoft Inc. said it would buy                                                                                             Some major exporters were hurt by the
  tom lines.                                             expected strong demand for temporary                                                                                           Germany’s DAX and France’s CAC40                                                                                                    It is now becoming increasingly
                                                         workers in coming months as firms look                          Internet telephone service Skype for                           ended the day between 1.1 and 1.3 per-                           yen’s refusal to shift lower. Toyota
     Chad Hurley and Steve Chen did not                                                                                  $8.5 billion in cash. Companies have                                                                                                                                                            apparent that any further ECB rate hikes
  disclose financial terms of the deal to                for flexibility in a touch-and-go recov-                                                                                       cent higher.                                                     Motor Corp. slipped 0.6 percent, and                            could increase the pressure on increas-
  purchase Tap11.com, which came on the                  ery.                                                            built up a record amount of cash since                                                                                          Panasonic Corp. lost 1.2 percent. Canon
                                                            Temporary employment is seen as a                                                                                                                         UK                                                                                                 ingly fragile peripheral nations and bring
  heels of the pair buying popular social                                                                                the recession, and they have begun to use                                                                                       Inc. lost 0.3 percent.                                          forward the likelihood of Greece’s
  bookmarking website Delicious from                     barometer of economic health because                            it to purchase rivals, pay dividends and                          Britain’s FTSE 100 share index hit a                             Australia’s S&P/ASX 200 lost 0.2
                                                         companies tend to hire contingent work-                                                                                                                                                                                                                         problems spilling over into Ireland and
  Yahoo! for an undisclosed sum.                                                                                         buy back their own stock. Microsoft had                        one-week closing high on Tuesday after                           percent to 4,746.90, with shares of                             Portugal,” said Hewson.
     Hurley and Chen, who sold YouTube                   ers at the beginning of an economic
                                                         recovery when most businesses are                               $50.15 billion in cash and short-term                          bumper Chinese trade data boosted min-                           Australia’s four biggest banks following                           In London on Tuesday, the euro
  to Google for $1.65 billion in 2006, said                                                                              investments at the end of March.                               ers, although analysts said sentiment                            a decline among financial stocks in New
  they planned to integrate Tap11 and                    reluctant to commit to full-time hiring.                                                                                                                                                                                                                        changed hands at $1.4360 against
                                                            “With moderate GDP growth in most                               Large companies want to put their                           could be soured if Beijing opts to tighten                       York. Commonwealth Bank of Australia                            $1.4358 late in New York on Monday, at
  Delicious with their new San Mateo,                                                                                    cash stockpiles to work because they’re
  California-based Internet company                      economies, the ability to react to sudden                                                                                      its monetary policy.                                             dropped 0.3 percent, Westpac Banking                            116.05 yen (115.36), £0.8794 (0.8752)
  AVOS.                                                  changes in demand, through flexible                             getting minimal returns on them, said                             China’s April consumer price inflation                        Corp. was 0.9 percent down, National                            and 1.2622 Swiss francs (1.2515).
     “Our vision is to create the world’s                labour and lower inventory levels is                            Oliver Pursche, president of Gary                              index, due on Wednesday, is expected to                          Australia Bank Ltd. lost 0.5 percent, and
                                                         seen as an advantage by many of our                                                                                                                                                                                                                                The dollar stood at 80.76 yen (80.34)
  best platform for users to save, share,                                                                                Goldberg Financial Services. “The crisis                       have dipped from March’s 32-month                                Australian & New Zealand Banking                                and 0.8783 Swiss francs (0.8717).
  and discover new content,” Hurley said                 clients,” Adecco said in a statement.                           is behind us, where we don’t need this                         high of 5.4 percent to 5.2 percent.                              Group slipped 0.5 percent.
  in a release. (AFP)                                       Adecco, which competes with Dutch                                                                                                                                                                                                                               The pound was at $1.6341 (1.6399).
                                                                                                                         much cash anymore.”                                               “That could weigh on risk appetite                               Elsewhere, benchmarks in Singapore,
                                                         group Randstad and US-listed                                                                                                                                                                                                                                                               Gold
             ❑         ❑         ❑                       Manpower, posted a first-quarter net                               The Skype purchase is Microsoft’s                           going forward,” he said.                                         New Zealand, the Philippines and main-
  LAS VEGAS: Caesars Entertainment                       profit of 100 million euros ($143 mil-                          largest in its 36-year history. It follows                        The FTSE 100 ended up 76.20 points,                           land China rose. Markets in South Korea                            On the London Bullion Market, gold
  Corp.’s first-quarter loss narrowed even               lion), compared with a forecast for 91.5                        AT&T Inc.’s announcement in March                              or 1.3 percent, at 6,018.89, its highest                         and Hong Kong were closed for a holi-                           prices rose to $1,513.50 an ounce from
  as the world’s biggest casino operator                 million in a Reuters poll. (RTRS)                               that it would buy T-Mobile USA for $39                         close since May 3, having dropped 0.6                            day.                                                            $1,502 late on Monday.


       exchange rates – May 10
                                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    .271300   .273600   .273600    .446100    .445100   .445100    .390500    .390500   .390500    .335000      —         —       .309700   .310700   .310700    .281100   .279100   .279100     .040500      —         —       .072950   .073000   .073000      .074750    .073650   .073650     .725510   .725010    .725010     .710710   .705210   .705210
                   Sell   .276200   .275800   .275800    .456100    .454100   .454100    .399500    .398000   .398000    .353000      —         —       .319200   .317700   .317700    .289600   .288100   .288100     .045500      —         —       .073640   .073640   .073640      .075260    .075160   .075160     .733510   .733510    .733510     .716390   .716210   .716210
Muzaini            Sell   .274750   .275950   .275950       —       .453390   .453390       —       .397640   .397640       —      .003440   .003440       —      .316280   .316280       —      .287900   .287900        —         —         —          —      .073616   .073616         —       .075155   .075155        —      .733030    .733030        —      .717030   .717030
Dollarco           Sell   .276000   .275850   .275850    .465000    .454452   .454452    .413000    .397440   .397440    .003600   .003519   .003519    .320000   .314004   .314004    .296000   .290585   .290585        —         —         —       .074300   .073530   .073530      .076000    .075080   .075080     .730000   .730088    .730088        —         —         —
Commercial Bank    Buy    .270000   .274550   .274550    .448000    .450056   .450056    .391000    .393307   .393307       —      .003415   .003415    .311000   .313951   .313951    .282000   .284906   .284906        —      .043788   .043788    .070000   .073233   .073233      .074537    .074779   .074779     .728443   .728443    .728443     .711899   .713302   .713302
                   Sell   .279000   .276650   .276650    .457000    .453499   .453499    .399000    .396315   .396315       —      .003441   .003441    .321000   .316352   .316352    .292000   .287086   .287086        —      .044123   .044123    .077000   .073793   .073793      .075286    .075351   .075351     .734014   .734014    .734014     .719053   .718758   .718758
Gulf Bank          Buy    .271950   .274450   .274450    .444257    .448341   .448341    .390139    .393725   .393725       —      .003390   .003390       —      .311662   .311662       —      .284021   .284021        —      .043611   .043611    .072365   .073097   .073097      .073899    .074646   .074646     .719825   .727104    .727104     .704807   .711934   .711934
                   Sell   .278550   .276550   .276550    .458456    .455165   .455165    .402948    .400055   .400055       —      .003451   .003451       —      .318101   .318101       —      .289593   .289593        —      .044430   .044430    .074418   .073884   .073884      .076002    .075457   .075457     .740233   .734918    .734918     .725013   .719807   .719807
NBK                Buy    .269550   .274550   .274550    .448380    .449880   .449880    .391570    .393070   .393070       —      .034093   .034093    .309660   .313660   .313660       —      .284450   .284450        —      .043740   .043740    .072150   .073150   .073150      .074540    .074700   .074700     .726190   .727770    .727770     .711900   .712650   .712650
                   Sell   .278150   .276650   .276650    .456710    .453710   .453710    .399770    .396770   .396770       —      .034427   .034427    .319170   .316670   .316670       —      .287120   .287120        —      .044200   .044200    .074810   .073810   .073810      .075290    .075340   .075340     .733490   .734240    .734240     .719050   .718870   .718870
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    .272050   .272050   .274550    .445070    .449810   .449810    .388900    .393040   .393040       —      .034087   .034087       —      .313510   .313510       —      .284330   .284330        —      .043570   .043570    .072240   .073000   .073000         —       .074480   .074480        —      .726360    .726360        —      .711130   .711130
                   Sell   .278150   .278150   .276650    .457280    .454070   .454070    .399840    .397030   .397030       —      .034542   .034542       —      .317830   .317830       —      .288000   .288000        —      .044500   .044500    .074320   .073800   .073800         —       .075380   .075380        —      .734610    .734610        —      .718810   .718810
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    .049800      —         —       .005990    .006110   .006110    .003060   .003230    .003230    .002097   .002209   .002209    .003340   .003731   .003731    .006340   .005968   .005968     .289000   .287000   .287000    .033420   .032920   .032920      .220960    .219960   .219960     .383790   .383320    .383320     .044300   .044495   .044495
                   Sell   .054800      —         —       .006430    .006170   .006170    .003340   .003260    .003260    .002677   .002509   .002509    .003990   .003769   .003769    .006610   .006430   .006430     .300500   .299000   .299000    .036170   .036020   .036020      .225460    .225460   .225460     .391290   .389820    .389820     .047400   .048515   .048515
Muzaini            Sell      —         —         —          –       .006169   .006169       —      .003250    .003250       —      .002509   .002509       —      .003763   .003763       —      .006408   .006408        —      .297340   .297340       —      .035515   .035515         —       .224260   .224260        —      .389840    .389840     .047500   .046445   .046445
Dollarco           Sell      —         —         —       .006480    .006172   .006172    .003375   .003261    .003261    .002750   .002509   .002509    .003920   .003787   .003787    .006650   .006397   .006397        —         —         —          —         —         —            —          —         —        .390000   .389664    .389664     .048500   .046395   .046395
Commercial Bank    Buy       —      .052749   .052749    .004000       —         —          —         —          —          —         —         —          —         —         —       .004000      —         —        .293000   .295635   .295635       —      .035323   .035323         —       .222614   .222614     .381000                 —        .043000      —         —
                   Sell      —      .053153   .053153    .007250    .006217   .006217       —      .003270    .003270       —      .002526   .002526       —      .003803   .003803    .007200   .006479   .006479     .300000   .297897   .297897       —      .035593   .035593         —       .224317   .224317     .401000   .391301    .391301     .054000      —         —
Gulf Bank          Buy       —      .052724   .052724       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .294182   .294182       —      .035185   .035185         —       .222046   .222046        —         —          —           —         —         —
                   Sell      —      .053718   .053718       —       .006273   .006273       —      .003277    .003277       —      .002546   .002546       —      .003816   .003816       —      .006534   .006534        —      .299611   .299611       —      .035761   .035761         —       .225887   .225887        —      .391713    .391713        —      .046767   .046767
NBK                Buy       —      .052660   .052660       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .295550   .295550       —         —         —            —       .222290   .222290        —         —          —           —         —         —
                   Sell      —      .053190   .053190       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .298260   .298260       —         —         —            —       .224450   .224450        —         —          —           —         —         —
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       —      .052500   .052500       —       .006085   .006085       —         —          —          —         —         —          —         —         —          —         —         —           —      .295790   .295790       —      .035330   .035330         —       .222390   .222390        —      .385890    .385890        —         —         —
                   Sell      —      .053740   .053740       —       .006206   .006206       —      .003318    .003318       —      .002710   .002710       —         —         —          —      .006020   .006020        —      .298760   .298760       —      .035590   .035590         —       .224910   .224910        —      .392360    .392360        —      .046930   .046930
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    .528700    —        —          .118000    —       —            .088500 .087400 .087400         .035020 .035020 .035020          —          —       —         .005600 .005600 .005600         .000243    —       —           .000175 .000179 .000179          .088680 .087680 .087680          .027000 .027000 .027000          .212800   .210800   .210800
                   Sell   .541700    —        —          .126000    —       —            .095500 .093400 .093400         .043520 .043520 .043520          —          —       —         .005800 .005800 .005800         .000244    —       —           .000187 .000186 .000186          .094680 .094680 .094680          .033000 .033000 .033000          .222300   .220800   .220800
Muzaini            Sell      —       —        —             —    .001263 .001263            —    .091460 .091460            —       —       —             —          —       —            —    .005960 .005960         .000273 .000271 .000271           —    .183100 .183100             —       —       —                —       —       —                —         —         —
Gulf Bank          Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —        –      —                —       —       —                —      .216211   .216211
                   Sell      —    .696622 .696622           —       —       —               —       —       —               —    .041543 .041543          —       .000256 .000256         —       —       —               —       —       —              —       —       —                —       —       —                —    .000033 .000033             —      .220934   .220934
ABK                Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —       —                —       —       —                —      .216930   .216930
                   Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —                        —       —       —                —      .220260   .220260

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                       .2758000          .4541000              –                                     BEC                         —               1,555.820              —                     —                   —                 —                       –                 –
                           Commercial Bank           .2790000          .4570000          .3990000                                  Muzaini Exchange       1,34100.000          1,580.000            433.000              12.300               11.750           10.000                    —               140.000
                           Gulf Bank                 .2757000          .4573900          .4115900
                           Al-Ahli Bank              .2781500          .3998400          .4572800

				
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