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					                                                                                                                                                                                                                                                                                                          ARAB TIMES, THURSDAY, AUGUST 25, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                              46


                                                                                                                            Glencore bids for Australian miner                                                                                                     Sanofi buys health products line
                                                                                                         Swiss-based commodities giant Glencore                            reported a 31.2 percent drop in half-year                                   French drug giant Sanofi said                                 said it was buying Universal Medicare
                                                                                                         Wednesday announced takeover bid for                              profit to Aus$27.3 million.                                                 Wednesday it was buying the health                            Private Ltd’s marketing and distribution
                                                                                                         Australian nickel miner Minara, its first                            “Glencore’s offer provides the certainty                                 product business of Mumbai-based                              business of more than 40 branded
                                                                                                         major play since listing in London and                            of cash value to Minara shareholders,” the                                  Universal Medicare as it seeks a pres-                        nutrition products in India.
      A pedestrian walks past                                                                            Hong Kong.                                                        commodities giant said in a statement to                                    ence in India’s booming over-the-                                “India is one of our most important
       a share prices board in                                                                              The off-market cash bid for the 27 per-                        the Australian Stock Exchange.                                              counter market.                                               markets in the emerging world,”
      Tokyo on Aug 24. (AFP)                                                                             cent of Minara’s shares Glencore does not                            “Glencore’s offer is the only takeover                                     The purchase is the latest by global                        Antoine Ortoli, a Sanofi senior vice
                                                                                                         already own, values the cobalt and nickel                         offer currently available for Minara share-                                 drug companies of over-the-counter                            president, said in a joint company
                                                                                                         firm at Aus$1.02 billion ($1.07 billion), or 87                   holders,” it added.                                                         Indian products as they push into the                         statement.
                                                                                                         cents a share. Glencore said the offer was                           “Given Glencore’s majority holding in                                    health and personal care field in the                            The companies would give no value
                                                                                                         a “substantial premium to Minara’s recent                         Minara Glencore considers it unlikely                                       country of 1.2 billion people.                                for the sale but Indian media reports
                                                                                                         trading price and an attractive exit opportu-                     that an alternative takeover offer will                                       Under the deal, Sanofi’s majority-                          have said it was worth around 4.5 bil-
                                                                                                         nity” for shareholders after the miner                            emerge.” (AFP)                                                              held subsidiary Aventis Pharma Ltd                            lion rupees ($100 million). (AFP)




 the          bottomline Global stocks dip as investors
                         exit safe havens; gold retreats
  LONDON: Global marketing giant WPP
  said Wednesday that first-half profits
  jumped 53 percent, boosted by strong
  growth in Asia, Latin America and
  Britain, despite the uncertain outlook.
                                                           By “organic” profit, the company
                                                        means profit before the impact of acquisi-
                                                        tions, currency effects, exceptional one-
                                                        time costs and changes in the value of
                                                        brands. It is a nonstandard measure it says
                                                        best represents its underlying perform-
     Earnings after tax soared to £230.7
  million (264 million euros, $381 million)             ance. (AP)                                                                                                                                        Oil rises above $110 a barrel
  in the six months to June from £150.8                               ❑       ❑      ❑
  million a year earlier, WPP said in a
  results statement.
                                                        PARIS: French hotel giant Accor said                            NEW YORK, Aug 24,                                              swings in late August with fewer                                stock market falls, some traders were                          ter due to tumbling factory production
     Revenues meanwhile increased 6.1
                                                        Wednesday it returned to profit in the first                    (Agencies): Gold prices                                        traders at their desks, said Dan                                looking to fill short positions ahead of                       and exports following the March 11
                                                        half of 2011 but cautioned that while it                                                                                       Greenhaus, chief global strategist at the                       the Jackson Hole meet, although it did                         earthquake and tsunami.
  percent to £4.7 billion.                              saw no change in its business at the                            dropped on Wednesday and
     In reaction, WPP shares rallied 3.02                                                                                                                                              brokerage BTIG. Lower trading vol-                              not necessarily indicate confidence in                            Australia’s Macarthur Coal Ltd. rose
                                                        moment it was watchful on the outlook.                          were headed for their biggest                                  umes often make for a more volatile                             the longer-term outlook.                                       1 percent after announcing it had near-
  percent to 597.50 pence on the London                    The company, which runs a series of
  FTSE 100 index of leading companies                   hotel changes, posted a net profit of 41                        two-day loss since the peak of                                 market.                                                                                     UK                                 ly doubled its full year profit and
  which was up 0.04 percent in late morn-               million euros ($59 million) in the six                          the financial crisis, while the                                   “It’s kind of crazy. I blinked and in                                                                                       repeated its advice to shareholders to
  ing deals. (AFP)                                                                                                                                                                     15 minutes the market had turned,”                                 Strong miners and energy stocks                             reject a takeover offer from US energy
                                                        months to June, after a loss in first half
                ❑       ❑      ❑                        2010 of 15 million euros.                                       dollar rose as investors bet a                                 Greenhaus said. “But in the last two                            helped drive Britain’s top share index                         giant Peabody Energy Corp and
                                                           Operating profit rose 27.5 percent to                        speech by the Federal                                          weeks of August, wild swings like this                          to its highest close in a week on                              Luxembourg-based             steelmaker
  LONDON: The likely loss of a lucrative                                                                                                                                                                                                               Wednesday in choppy trade as
  business referring accident victims to                199 million euros, in line with analyst                         Reserve chairman later this                                    are not out of the ordinary.”                                                                                                  ArcelorMittal.
                                                        expectations, while sales increased 4.4                                                                                           Two days after trading above $1,900                          investors jostled for position ahead of a                         Meanwhile, Hong Kong-listed China
  lawyers sent shares in car insurer                                                                                    week will not reveal any                                                                                                       speech by Federal Reserve Chairman
  Admiral down 13 percent on Wednesday,                 percent to 2.97 billion euros.                                                                                                 an ounce for the first time, gold fell $72                                                                                     Life Insurance Co, the country’s
  after the group failed to reassure investors             In morning trade, Accor shares were up                       major central bank initia-                                                                                                     Ben Bernanke on Friday.                                        biggest life insurer, plummeted 11.6
                                                                                                                                                                                       to $1,788 as investors became less skit-
  it could ride out the blow.                           1.62 percent in a Paris market up 0.46                                                                                                                                                            Traders pointed to continued specu-
                                                        percent. (AFP)                                                  tives.                                                         tish. Gold has risen 8 percent since                            lation that the Fed could unveil a fur-
                                                                                                                                                                                                                                                                                                                      percent after announcing its first-half
      The stock was the biggest loser in                                                                                  Even as investors pulled out of safe                         Aug. 5, when the stock market entered                                                                                          profit fell 28 percent from a year earli-
  Britain’s benchmark FTSE 100 index ,                               ❑        ❑     ❑                                                                                                                                                                  ther round of US quantitative easing at
                                                                                                                        plays like government bonds and pre-                           a two-week period of heavy turbulence.                                                                                         er as premium growth slowed and
  hitting its lowest level in 14 months after           THE HAGUE, Netherlands: Dutch                                                                                                                                                                  this week’s meeting of central bankers                         claims rose. Ping An Insurance Co of
  results which also pointed to declining                                                                               cious metals, world stocks edged                                  The S&P 500 index fell 4 points, or                          in Jackson Hole, Wyoming, but warned
                                                        lender Rabobank said Wednesday its first                                                                                       0.4 percent, to 1,158. It gained 38                                                                                            China also fell. It was down 3.6 per-
  profitability and falling insurance prices            half net profit jumped 13 percent and it                        lower.                                                                                                                         that there was a high risk of disappoint-
  in the second half.                                                                                                      US stocks were volatile, seesawing                          points Tuesday, also its best day since                                                                                        cent.
                                                        remained optimistic for the rest of the                                                                                                                                                        ment.
      UK authorities are considering banning            year should economic conditions not dete-                       between gains and losses on investor                           Aug. 11. The Nasdaq fell 21 points, or                             The UK benchmark index ended up                                                            Oil
  an industry practice known as referral                riorate.                                                        skepticism that the Fed can offer any                          0.9 percent, to 2,424.
  fees, blamed by many insurers for encour-                                                                                                                                                                                                            76.43 points, or 1.5 percent, at                                  Oil prices rose by more than 1 per-
                                                           Net profit stood at 1.85 billion euros                       new policy prescriptions that can help                                                Europe                                   5,205.85, its highest close since Aug                          cent on Wednesday to above $110 a
  aging a build-up of frivolous or fraudulent           ($2.67 billion), up from 1.64 billion euros
  actions such as claiming whiplash injuries                                                                            the economy. Both world and US                                    European shares hit a one-week clos-                         17, having traded as low as 5,098.14                           barrel, after weekly data showed a
                                                        in first half 2010, while overall revenue                       stocks rallied on Tuesday.
  from driving accidents. (RTRS)                        rose 13.5 percent to 7.3 billion euros.                                                                                        ing high on Wednesday on better-than-                           earlier in the session.                                        surprise fall in crude oil stockpiles in
                ❑       ❑       ❑                       (AFP)
                                                                                                                           Markets have been in turmoil for the                        expected US durable goods data and on                              Miners added the most points to the                         the United States, but gains were tem-
                                                                                                                        past month, weighing another possible                          hopes that the US Federal Reserve                               index, recovering after a dip in the pre-                      pered by caution over the strength of
  LONDON: British support services and                                 ❑      ❑      ❑                                  US economic recession and the impact
  construction group Carillion posted a 10                                                                                                                                             Chairman Ben Bernanke could signal                              vious session, as copper prices ticked                         demand.
                                                        TAIPEI: Taiwan’s leading computer ven-                          of the euro zone debt crisis on the glob-                      on Friday further stimulus measures to                          higher on the hopes for more stimulus                             The US Energy Information
  percent rise in first-half profit driven by a         dor Acer Inc said Wednesday it suffered
  surge in demand for public sector out-
                                                                                                                        al economy. Benchmark stock indexes                            help the economic recovery.                                     to support the US economy, which                               Administration (EIA) said crude stocks
                                                        a loss of Tw$6.8 billion ($236 million) in                      are on track for their worst month since
  sourcing as cash-strapped local authorities           the three months to June, swinging from a                                                                                         Auto shares, which fell in the previ-                        would in turn help the demand picture.                         in the world’s largest oil consumer fell
  looked to cut costs.                                                                                                  the fall of 2008, after the Lehman                             ous five weeks, were the top gainers on                            Near-term sentiment was also aided                          by a surprise 2.2 million barrels last
                                                        profit of $41.53 million in the previous
     The group, which maintains motor-                  quarter.                                                        Brothers collapse.                                             bargain hunting and on hopes that glob-                         by data showing a strong reading on                            week, against analyst forecasts for a
  ways, railways, military bases and tele-                 More than half of the loss, or $150 mil-                        Investors have been hoping for addi-                        al demand for vehicles will revive. The                         US durable goods orders.                                       800,000 barrel rise. Both gasoline and
  phone lines, said pretax profit increased to          lion, came from payments to clear inven-                        tional action from the US central bank                         sector index rose 4.7 percent, BMW                                 BHP Billiton climbed 2.3 percent                            distillate stocks rose, however, which
  72.5 million pounds ($119.6 million).                 tory in Europe, the Middle East and                             to help.                                                                                                                       after the miner posted record second-
  House broker Collins Stewart had forecast                                                                                                                                            gained 4.3 percent, while Volkswagen                                                                                           limited gains in crude prices.
                                                        Africa, the company said in a statement.                           “The speech is a real wildcard for                          rose 4.1 percent.                                               half profit driven largely by soaring                             At 11:51 am EDT (1552 GMT),
  71.1 million pounds.                                     “In Q2 Acer made efforts to further                          markets so people are being cautious,”
     Carillion, which also operates in                                                                                                                                                    The FTSEurofirst 300 index of top                            prices for iron ore, and awarded                               Brent crude was up $1.21 at $110.52 a
                                                        downsize channel inventory due to stag-                         said Kathy Lien, head of research at                                                                                           investors with a big hike in dividends
  Canada and the Middle East, said its cur-             nant European and US economies, and                                                                                            European shares gained for a third                                                                                             barrel while US crude was up 48 cents
  rent order book in addition to probable                                                                               GFT Forex in New York.                                         straight day and ended 1.4 percent                              on top of its hefty expansion plans.                           at $85.92 a barrel.
                                                        the slow PC market,” it said. (AFP)
  orders stood at 19.4 billion pounds.                                                                                     For gold investors, analysts said it’s                      stronger at 936.79 points, the highest                                                  Asia                                      Prices drew support from the still-
                                                                     ❑       ❑       ❑                                  time to take money off the table after a
  (RTRS)                                                                                                                                                                               close since Aug. 17. But it is still                                                                                           uncertain outlook for Libyan exports
                ❑        ❑      ❑                       SYDNEY: Global mining giant BHP                                 safe-haven rally extended too far, too                                                                                            Asian stock markets wavered
                                                        Billiton said Wednesday its full-year net                                                                                      down 13.4 percent this month and has                            Wednesday after Moody’s downgrade                              and a force majeure declared on
                                                                                                                        fast in recent weeks. Bullion was up by                                                                                                                                                       Tuesday by Royal Dutch Shell on some
  LONDON: Deals for offices in the West                 profit almost doubled to a mammoth                              as much as $400 since July.
                                                                                                                                                                                       fallen 16.5 percent in 2011 on con-                             of Japan’s credit rating and weak US
  End district of London are not slowing                $23.6 billion, citing robust demand from                                                                                       cerns about the pace of global eco-                             home sales figures offset positive senti-                      supplies of Nigerian sweet crude.
  due to global economic uncertainties,                                                                                    Stock investors initially tried to build                    nomic recovery.
                                                        China and India for what is Australia’s
                                                                                                                        on positive sentiment after weeks of                                                                                           ment from a day of big gains on Wall                                                 Currencies
  Derwent London Chief Executive John                   biggest ever result.                                                                                                              However, sentiment improved on
  Burns said on Wednesday, but the devel-                                                                               selling. Supportive for some markets                                                                                           Street.                                                           The euro slipped against the dollar
                                                           BHP said the performance, which                                                                                             expectations that Bernanke’s speech at                             Oil prices hovered below $86 a bar-
  oper said the outlook for the second half             included unprecedented revenues of $71.7                        was data showing better-than-expected                                                                                                                                                         Wednesday in cautious, low-volume
                                                                                                                                                                                       the Fed’s annual symposium in Jackson                           rel amid mixed signs about the strength                        trading just days before a highly await-
  was less clear.                                       billion and record output in four key com-                      US durable goods orders, as well as a
     Derwent posted a 10 percent rise in                modities including iron ore, reflected                          US Congressional Budget Office pre-                            Hole might be a repeat of his perform-                          of demand for crude. In currencies, the                        ed speech by the US central bank chief.
  adjusted net asset value per share under              strong growth in developing economies.                          diction of a decline in the deficit in                         ance last year when he hinted the cen-                          dollar was higher against the euro and                            The yen slipped against the dollar
  European Public Real Estate                              “Robust demand, industry-wide cost                           coming years as a result of the govern-                        tral bank would act if conditions deteri-                       steady against the yen.                                        with players taking stock of Japan’s
  Association (EPRA) standards to 1,621                 pressures and persistent supply side con-                       ment’s recent debt-reduction agree-                            orated. Two months later, the Fed                                  Japan’s Nikkei 225 index fell 0.6                           new steps to counter its currency’s rise
  pence in the six months since Dec. 31 as              straints continued to support the funda-                                                                                       began pumping $600 billion into the                             percent to 8,678.07 after opening high-
  demand for limited office space in the                                                                                ment.                                                                                                                                                                                         and after Moody’s downgraded the
                                                        mentals for the majority of BHP Billiton’s
                                                                                                                           World stocks as measured by MSCI                            financial system through direct pur-                            er. But South Korea’s Kospi was little                         country.
  West End shopping and retail district                 core commodities,” the Anglo-Australian                                                                                        chases of US Treasury debt.
  increased, warning the outlook was less                                                                               were down 0.1 percent on the day.                                                                                              changed at 1,775.73. Hong Kong’s                                  In London trade, the euro slipped to
                                                        miner said. (AFP)                                                                                                                 “The market has rallied on Jackson
  certain. (RTRS)                                                                                                                                                                                                                                      Hang Seng lost 0.8 percent to                                  $1.4398 from $1.4436 late in New
                                                                      ❑       ❑      ❑                                                             US                                  Hole optimism. We hope that                                     19,714.52.
                ❑      ❑      ❑                                                                                                                                                        Bernanke pulls a rabbit out of his hat
                                                                                                                                                                                                                                                                                                                      York on Tuesday.
                                                        HONG KONG: Bank of China, one of                                   An early stock market rally faded                                                                                              Australia’s S&P/ASX 200 was 0.4                                The dollar rose slightly to 76.80 yen
  AMSTERDAM: Shares in Heineken                         China’s “Big Four” lenders, said                                Wednesday, leaving indexes with small                          again, and that could be buying lower                           percent higher at 4,189.70. Markets in                         from 76.68 yen.
  NV, the largest seller of beer in Europe,             Wednesday its first-half net profit jumped                      losses in early afternoon trading. The                         quality assets with the Fed’s balance                           Singapore and Taiwan fell while
  fell sharply on Wednesday after it warned             29 percent compared to a year earlier,                                                                                                                                                                                                                           The price of safe-haven gold fell
                                                                                                                        price of gold slumped 4 percent as                             sheet,” said Richard Greenwood, fund                            benchmarks in Indonesia, Malaysia                              back sharply one day after rising above
  of weak demand in developed markets                   boosted by growth in lending income and                         investors became less fearful.                                 manager       at     Bedlam        Asset
  and predicted full year earnings would be             fee-based business.
                                                                                                                                                                                                                                                       and mainland China were higher.                                $1,900 an ounce for the first time.
  flat from a year ago after a drop in the                 The firm, China’s fourth largest bank                           A sharp increase in orders for long-                        Management, which manages about                                    Sentiment was also dented after                                Traders were debating whether
  first half.                                           by assets, earned 66.51 billion yuan                            lasting goods in July eased fears that                         $700 million.                                                   Moody’s Investors Service downgrad-                            Federal Reserve chairman Ben
     Heineken shares were down 12 percent               ($10.41 billion) in the first six months of                     the US was headed for another reces-                              The market also got a boost after fig-                       ed Japan’s credit rating to Aa3 from                           Bernanke will unveil some version of a
  at 31.70 euros ($45.66) after it said sales           the year, up from 52.02 billion yuan a                          sion. Companies placed more orders                             ures showed new orders for long-last-                           Aa2, citing weak growth prospects for                          third round of quantitative easing
  volumes in the high-selling season of July            year ago, it said in a statement to the                         for aircraft, automobiles and other                            ing US manufactured goods surged in                             the world’s No. 3 economy, massive                             (QE3), essentially a fresh move by the
  and early August had disappointed due to              Hong Kong stock exchange.                                       durable goods in July. Orders rose 4                           July on strong demand for transporta-                           government debt and constant politi-
  poor weather conditions in Europe as well                The result was above the average 65.46                                                                                                                                                                                                                     US central bank to pump up the slow-
                                                                                                                        percent, the biggest increase since                            tion equipment. The figures gave some                           cal uncertainty. The new rating is                             ing economy with newly-created
  as lower consumer confidence in key                   billion yuan forecast in a poll of eight                        March.                                                         relief to investors who saw German                              three notches below Moody’s top Aaa
  markets.                                              analysts by Dow Jones Newswires.                                                                                                                                                                                                                              money, which would likely send the
     “This will affect second half 2011 vol-               Net interest income rose 20 percent to
                                                                                                                           The Dow Jones industrial average                            business morale posting its steepest                            rating.                                                        dollar falling.
  ume and profit performance and therefore              110.22 billion yuan while non-interest                          was down 37 points, or 0.3 percent, at                         drop this month since the aftermath of                             The downgrade, which puts
                                                                                                                        11,140, erasing a morning jump of 115                          the Lehman Brothers collapse in late                            Moody’s rating in line with other major                                                   Gold
  Heineken expects full year net profit on              income — including wealth-management
  an organic basis to be broadly in line with           product sales plus net fee and commission                       points. It gained 322 points the day                           2008.                                                           credit rating agencies, is the latest blow                       On the London Bullion Market, gold
  last year,” the company said in its earn-             income — increased 36 percent to 55.76                          before.                                                           A London-based analyst said that                             for Japan after its economy remained                           prices dropped sharply to $1,770 an
  ings statement.                                       billion yuan. (AFP)                                                The stock market often makes big                            given the scale and pace of the recent                          mired in recession in the second quar-                         ounce from $1,876 on Tuesday.


        exchange rates – Aug 24
                               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    .268200   .270600   .270600    .444500    .443500   .443500    .388500    .388500   .388500    .348000      —         —       .338600   .339600   .339600    .270800   .268800   .268800    .038200      —         —       .072140   .072190   .072190      .073920    .072820   .072820    .717420   .716920    .716920     .702790   .697290   .697290
                  Sell   .273100   .272700   .272700    .454500    .452500   .452500    .397500    .396000   .396000    .366000      —         —       .348100   .346600   .346600    .279300   .277800   .277800    .043200      —         —       .072830   .072830   .072830      .074370    .074270   .074270    .725420   .725420    .725420     .708470   .708290   .708290
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   .273500   .272650   .272650    .452000    .450820   .450820    .396000    .395580   .395580    .003600   .003655   .003655    .345000   .344670   .344670    .280000   .278075   .278075       —         —         —       .073000   .072670   .072670      .075000    .074205   .074205    .729750   .722885    .722885        —         —         —
Commercial Bank   Buy    .270091   .271500   .271500    .445678    .448002   .448002    .389674    .391707   .391707       —      .003546   .003546    .341412   .343193   .343193    .272985   .274409   .274409       —      .042854   .042854    .072044   .072419   .072419      .073564    .073948   .073948    .716707   .720446    .720446     .701809   .705470   .705470
                  Sell   .275298   .273600   .273600    .454270    .451467   .451467    .397186    .394736   .394736       —      .003573   .003573    .347994   .345848   .345848    .278248   .276531   .276531       —      .043186   .043186    .073432   .072979   .072979      .074983    .074520   .074520    .730525   .726018    .726018     .715339   .710926   .710926
Gulf Bank         Buy    .269000   .271500   .271500    .442531    .446644   .446644    .386660    .390254   .390254       —      .003522   .003522       —      .340823   .340823       —      .273083   .273083       —      .042641   .042641    .071580   .072312   .072312      .073097    .073845   .073845    .712016   .719295    .719295     .697162   .704289   .704289
                  Sell   .275600   .273600   .273600    .456774    .453459   .453459    .399452    .396553   .396553       —      .003587   .003587       —      .348315   .348315       —      .278382   .278382       —      .043441   .043441    .073630   .073096   .073096      .075197    .074652   .074652    .732394   .727079    .727079     .717334   .712129   .712129
NBK               Buy    .266500   .271500   .271500    .446530    .448030   .448030    .389730    .391230   .391230       —      .035393   .035393    .338590   .342590   .342590       —      .274160   .274160       —      .042760   .042760    .071330   .072330   .072330      .073710    .073870   .073870    .718140   .719680    .719680     .704010   .704740   .704740
                  Sell   .275100   .273600   .273600    .454880    .451880   .451880    .397930    .394930   .394930       —      .035747   .035747    .348480   .345980   .345980       —      .276740   .276740       —      .043220   .043220    .073990   .072990   .072990      .074450    .074510   .074510    .725360   .726140    .726140     .711080   .710940   .710940
Burgan Bank       Buy    .282650   .280050   .280050    .430867    .434357   .434357    .374186    .370604   .370604       —      .003438   .003438    .294732   .299506   .297119    .277897   .286988    .284712      —      .041155   .041155    .073684   .075640   .074280      .075223    .075832   .075832    .734920   .740873    .740873     .735741   .725198   .725198
                  Sell   .278800   .282150   .282150    .438531    .437755   .437755    .385350    .373524   .373524       —      .003466   .032931    .300037   .344170   .299506    .282890   .284260   .286988       —      .041482   .041482    .075774   .072340   .075640      .077374    .077237   .077237    .751728   .750398    .750398        —      .734440   .734440
ABK               Buy    .269000   .271500   .271500    .443450    .448220   .448220    .387360    .391530   .391530       —      .035376   .035376       —      .342220   .342220       —      .274090   .274090       —      .042680   .042680    .071430   .072190   .072190      .073738    .073660   .073660       —      .718300    .718300        —      .703240   .703240
                  Sell   .275100   .273600   .273600    .455700    .452470   .452470    .398340    .395520   .395520       —      .035865   .035865       —      .347290   .347290       —      .277590   .277590       —      .043580   .043580    .073510   .072980   .072980      .074479    .074540   .074540       —      .726500    .726500        —      .710870   .710870
Oman              Buy       —      .287900   .287900       —          —         —       .408000       —         —          —         —         —          —         —      .283340       —         —          —         —         —         —          —      .076800      —            —          —         —          —         —          —        .752000      —         —
                  Sell      —      .287900   .287900    .467000    .475000   .475000               .406000      —                 .003200   .003200                           —          —         —      .267000       —         —         —       .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    .048400      —         —       .005840    .005905   .005905    .002930   .003110    .003110    .002032   .002177   .002177    .003170   .003609   .003609    .006320   .005980   .005950    .278900   .276900   .276900    .032910   .032410   .032410      .223080    .222080   .222080    .379480   .379010    .379010     .043380   .043633   .043633
                  Sell   .053400      —         —       .006280    .005965   .005965    .003210   .003160    .003160    .002612   .002477   .002477    .003820   .003650   .003650    .006590   .006440   .006410    .290400   .288900   .288900    .035660   .035510   .035510      .227580    .227580   .227580    .386980   .385510    .385510     .046480   .045653   .045653
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      —         —         —       .006300    .005965   .005965    .003300   .003147    .003147    .002700   .002475   .002475    .003800   .003648   .003648    .006650   .006427   .006427       —         —         —          —         —         —            —          —         —       .390000   .383780    .383780     .045500   .045625   .045625
Commercial Bank   Buy       —      .052571   .052571    .005936       —         —          —         —          —       .002464      —         —          —         —         —       .006415      —         —       .282907   .284383   .284383       —      .034823   .034823         —       .225180   .225180    .382024      —          —        .045778      —         —
                  Sell      —      .052978   .052978    .006050    .006013   .006013       —      .003163    .003163    .002512   .002496   .002496       —      .003733   .003733    .006539   .006499   .006499    .288361   .286582   .286582       —      .035093   .035093         —       .226922   .226922    .389389   .386987    .386987     .046661      —         —
Gulf Bank         Buy       —      .052319   .052319       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .282984   .282984       —      .034697   .034697         —       .224139   .224139       —         —          —           —         —         —
                  Sell      —      .053311   .053311       —       .006057   .006057       —      .003185    .003185       —      .002513   .002513       —      .003750   .003750       —      .006544   .006544       —      .288304   .288304       —      .035267   .035267         —       .228072   .228072       —      .387763    .387763        —      .045990   .045990
NBK               Buy       —      .052460   .052460       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .284340   .284340       —         —         —            —       .224860   .224860       —         —          —           —         —         —
                  Sell      —      .053000   .053000       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .286980   .286980       —         —         —            —       .227080   .227080       —         —          —           —         —         —
Burgan Bank       Buy       —      .049710   .049710       —       .006283   .006283       —      .003288    .003288       —      .002544   .002544       —      .004017   .004017       —      .006449   .006449       —      .284712   .286988       —         —         —            —       .216673   .222630       —      .394853    .394853        —      .047830   .047830
                  Sell      —      .050110   .050110       —       .006026   .006026       —         —          —          —         —         —          —         —         —          —         —         —          —      .286988   .293390       —         —         —            —       .218433   .216673       —      .398939    .398939        —      .049026   .049026
ABK               Buy       —      .052210   .052210       —       .005875   .005875       —      .003233    .003233       —      .002543   .002543       —         —         —          —      .006649   .006649       —      .284620   .284620       —      .034830   .034830         —       .225130   .225130       —      .381610    .381610        —         —         —
                  Sell      —      .053460   .053460       —       .005990   .005990       —         —          –          —         —         —          —         —                    —         —         —          —      .287540   .287540       —      .035090   .035090         —       .227530   .227530       —      .388030    .388030        —      .046330   .046330
Oman              Buy       —         —         —          —          —         —          —      .003564    .003564       —      .002510   .002510       —      .004170   .004170    .006000   .006467   .006467       —         —      .237000       —         —         —            —          —      222950        —      .401670    .401670        —         —         —
                  Sell                —                                                    —                                                           .004250                                                       .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    .522800    —        —          .113000    —       —            .087900 .087200 .087200         .032120 .032120 .032120          —          —       —         .005400 .005400 .005400        .000238    —       —           .000173 .000177 .000177          .088270 .087270 .087270         .027000 .027000 .027000          .220900   .218900   .218900
                  Sell   .535800    —        —          .121000    —       —            .094900 .093200 .093200         .040620 .040620 .040620          —          —       —         .005600 .005600 .005600        .000239    —       —           .000185 .000184 .000184          .094270 .094270 .094270         .033000 .033000 .033000          .230400   .228900   .228900
Muzaini           Sell      —       —        —             —    .001265 .001265            —    .091170 .091170            —       —       —             —          —       —            —    .005970 .005970        .000271 .000272 .000272           —    .183400 .183400             —       —       —               —       —       —                —         —         —
Gulf Bank         Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —        –      —               —       —       —                —      .223661   .223661
                  Sell      —    .689171 .689171           —       —       —               —       —       —               —    .038241 .038241          —       .000253 .000253         —       —       —              —       —       —                 —    —       —                —       —       —               —    .000032 .000032             —      .228440   .228440
ABK               Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —       —       —               —       —       —                —      .224720   .224720
                  Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —       —                       —       —       —                —      .228080   .228080

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                      .2727000          .4525000              –                                     BEC                        —                1,885.870              —                    —                   —                 —                       –                 –
                           Commercial Bank          .2752980          .4542700          .3971860                                  Muzaini Exchange           —                1,577.550              —                 12.250               11.650           10.000                    —               140.000
                           Gulf Bank                .2736000          .4534590          .3965530
                           Al-Ahli Bank             .2736000          .4524700          .3955200

				
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