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					                                                                                                                                                                                                                                                                                                       ARAB TIMES, FRIDAY, SEPTEMBER 9, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                41


                                                                                         Saab says ‘not dead yet’ after court setback
      Saab said it was “not dead yet” after a Swedish                            “We are not dead yet. We were not dead yes-                                Trading in Swedish Automobile’s Amsterdam-
      court pushed the ailing carmaker closer to col-                         terday, we are definitely not dead today,” news                            listed shares has been suspended. Regulator
      lapse by rejecting its application for protection                       agency TT quoted Victor Muller, chief executive                            AFM said the shares would remain suspended.                                                                                                                                                    A trader works on
      from creditors.                                                         of Saab’s owner Swedish Automobile , as say-                               It would decide after the company’s statement                                                                                                                                                  the floor of the
         The court decision could open the way for                            ing.                                                                       on Friday whether to resume trade.                                                                                                                                                             New York Stock
      Saab itself, unions or creditors to seek bankrupt-                         The court set a deadline of Sept 29 for an                                 The IF Metall union said it was considering its                                                                                                                                             Exchange in New
      cy for a company where a chronic shortage of                            appeal. A court spokeswoman said that while                                course of action. Unions have said they could                                                                                                                                                  York City. (AFP)
      cash has halted production and left suppliers                           Saab had no court protection petitions for bank-                           seek Saab’s bankruptcy to activate a state
      and workers unpaid.                                                     ruptcy could be made.                                                      scheme to pay wages.
         Saab, which brought the application to win                              The Vanersborg district court in western                                   “I had really hoped for a positive decision from
      time for vital Chinese investment, said it would                        Sweden said it was “unclear how the company                                the court. Saab and our members would have
      appeal the ruling and provide more information                          would be able to solve its liquidity crisis and con-                       deserved some breathing space,” said IF Metall
      on Friday.                                                              tinue operations.”                                                         head Stefan Lofven. (RTRS)



            the    bottomline                                                                                            US jobs data weighs on stocks;
                                                                                                                         dollar gains as ECB holds rates
  LONDON: The head of British home-                      Thursday’s update had lost half their value
  builder Redrow lambasted the “selfish                  over the last year, rose 8 percent on relief
  attitude” of critics vying to block an over-           the second quarter sales fall at Argos was
  haul of the building planning system that              not as bad as some analysts had feared
  will enable more affordable homes to be                and the maintenance of sales guidance for
  built in the UK.                                       the full-year.
     “(They are) saying that we’re creating                 “We’re expecting a better Christmas
  urban sprawl, which is just emotional,                 quarter than the one we’ve just finished,”
  scaremongering claptrap,” Redrow’s                     Chief Executive Terry Duddy told                                                                                                         Oil seesaws on US inventory draw
  chairman and founder Steve Morgan told                 reporters, stressing that operationally the
  Reuters.                                               group was in “extremely good shape”.
     “The reality is far from the truth. If we              He is sticking with a forecast of a mid
  as an industry built what the country                  single digit fall in Argos’ like-for-like                       LONDON, Sept 8, (Agencies):                                    euro in recent months despite worries over                       counting a lot of bad news, valuation alone                    dropped. Hong Kong’s Hang Seng fell 0.8
                                                         sales for the year to end-February 2012.                                                                                       the debt crisis.                                                 was rarely a catalyst for a change in senti-                   percent to 19,897.15.
  requires — which is quarter of a million
                                                            Sales at catalogue-based Argos stores
                                                                                                                         Soft US jobs figures kept stock                                                                                                 ment but often provided a level of support.                       “Relief from events in Europe as
  homes per annum — we will build on sig-
                                                                                                                         gains in check on Thursday                                                                   US
  nificantly less than 1 percent of the land in          open more than a year plunged 8.6 percent                                                                                                                                                       The multiples today were equivalent to                         Germany’s constitutional court blocked an
                                                                                                                                                                                           US stocks were slightly lower by early
  country,” said Morgan.                                 in the 13 weeks to Aug 27. (RTRS)                               despite hopes that global poli-                                afternoon on Thursday as investors await-
                                                                                                                                                                                                                                                         recessionary environments and some                             attempt to derail the eurozone rescue pack-
     Senior ministers said on Monday they                                ❑ ❑ ❑                                           cymakers are readying meas-                                                                                                     investors were getting interested.                             age and Italy’s passage of austerity meas-
  would press ahead with proposals for the                                                                                                                                              ed a speech by Federal Reserve Chairman                                                                                         ures have boosted risk appetite,” Credit
                                                         PARIS: US soft drinks giant Coca-Cola                           ures to shore up economic                                      Ben Bernanke and one by US President                                                         UK
  biggest shake-up to Britain’s building                                                                                                                                                                                                                                                                                Agricole CIB wrote in a research report,
  planning system in decades despite criti-              on Thursday suspended a planned 17-mil-                                                                                        Barack Obama later in the day. Indexes                              Britain’s leading shares ended higher
  cism that it would blight what remains of              lion-euros ($24-million) investment at a                        growth. The euro, meanwhile,                                   seesawed between modest gains and loss-                          after a volatile session on Thursday, as
                                                                                                                                                                                                                                                                                                                        adding that the gains appeared to be more
                                                                                                                                                                                                                                                                                                                        a sign of relief than “any major shift in sen-
  the nation’s dwindling countryside.                    plant in the south of France to protest a                       fell to its lowest level since                                 es. Banks were the biggest decliners after                       investors emerged for beaten-down growth                       timent.”
                                                         new tax on sugary drinks.
     The Conservative-led government said
                                                            Prime Minister Francois Fillon                               July after the European                                        sharp gains on Wednesday. The KBW                                stocks to put a floor under the market                            In other Asian markets, benchmarks in
  that changes are vital to help to revive a                                                                                                                                            Bank Index was down nearly 1.7 percent.                          ahead of a key speech on job creation by
  faltering economy and to make housing                  announced the tax on Aug 24 as part of                          Central Bank’s chief indicat-                                     Technology stocks were the day’s top                          US President Barack Obama.
                                                                                                                                                                                                                                                                                                                        Singapore, Taiwan, Indonesia, Malaysia,
  more affordable. It says planning delays               the government’s fight against obesity and                      ed borrowing costs would not                                                                                                                                                                   New Zealand and the Philippines were
                                                         within the framework of a broader austeri-                                                                                     gainers, supporting the Nasdaq, which out-                          By the close the FTSE 100 was up 0.4                        higher.
  cost the economy £3 billion ($4.9 billion)                                                                             rise anytime soon.                                             performed other indexes. The Philadelphia                        percent at 5,340.38 points, taking a rally
  per year.                                              ty programme.                                                                                                                                                                                                                                                                                 Oil
                                                            “This (investment) has not been can-                            Figures showing that jobless claims                         semiconductor index was up 1.4 percent.                          into a third straight day after an intraday
     “I said a year ago that we spend more                                                                                                                                                 Bernanke was scheduled to speak on the                        trading range of 100 points, or 1.8 percent.                      Crude oil futures fell in choppy trading
  on planning related fees than we do on                 celled but it must be re-evaluated in the                       in the US unexpectedly edged up
                                                         context of uncertainty created by the tax,”                     2,000 to 414,000 last week provided a                          US economic outlook at 1:30 pm EDT in                               Integrated oil and gas stocks including                     on Thursday, as investors weighed US gov-
  bricks, and that remains the case and if
  anything it’s got worse,” said Morgan,                 the company said in a statement.                                                                                               an address before the Economic Club of                           BG Group, up 1.8 percent, BP up 0.5 per-                       ernment data showed that domestic crude
                                                            A spokeswoman told AFP that the com-                         further reminder that the world’s                              Minnesota. (1730 GMT)                                            cent, and Royal Dutch Shell up 0.6 percent,                    inventories fell much more than expected
  who also owns Premier League football                                                                                  largest economy is failing to generate
  club Wolverhampton Wanderers. (RTRS)                   pany would wait to see how parliament’s                                                                                           Obama was to speak at 7 p.m. EDT                              were among the stocks adding most points                       last week against prospects of more bad
                                                         debate and vote on the new tax would go                         enough jobs to get the unemployment                            (2300 GMT) to lay out a $300 billion plan                        to the index.                                                  weather in the Gulf of Mexico.
                  ❑ ❑ ❑                                  in the coming weeks.                                            rate down.                                                     to include tax cuts for the middle class and                        “Today feels like real buying across the                       Newly formed Tropical Storm Nate has
  LONDON: Property developer Canary                         Coca-Cola Enterprises’ global president                         The rise in claims offset any encourage-                    businesses and new spending to repair                            board, among growth and cyclical plays                         prompted producers in the Gulf of Mexico
  Wharf Group will add 43,000 square feet                John Brock’s visit to the site at Pennes-                       ment generated by an unexpected narrow-                        deteriorating infrastructure.                                    such as oils and tech. Which is why people                     to begin another round of evacuations of
  of underground shopping space to the east              Mirabeau near the Mediterranean city of                         ing in the US trade deficit to $44.8 billion                      “The level of skepticism, the level of                        trying to whack the market down are strug-                     nonessential workers.
  London financial district it controls to cap-          Marseille for the plant’s 40th anniversary                      in July and a signal from the ECB that the                     bearishness is pretty high,” James Dailey,                       gling to do so,” a portfolio trader at a lead-                    By 1:25 p.m. EDT (1725 GMT), Brent
  italise on an influx of thousands more                 has been cancelled, the company said.                           current rate rise cycle has come to an end.
                                                         (AFP)                                                                                                                          portfolio manager of TEAM Asset Strategy                         ing US investment bank said.                                   crude for October delivery was down 33
  office workers by 2012.                                                                                                   In Europe, the FTSE 100 index of lead-                      Fund in Harrisburg, Pennsylvania, said of                           “It feels like there are legitimate long-                   cents at 115.47 a barrel, off a session high
     The company, which is also in talks                                ❑ ❑ ❑                                            ing British shares closed 0.4 percent high-                    Obama’s speech, “because considering the                         only participants coming back to the mar-                      of $116.60, the highest for front-month
  with Apple Inc about opening its first store                                                                           er at 5,340.38 while Germany’s DAX rose
  in the area next year, will knock through              CINCINNATI: Procter & Gamble Co                                                                                                fiscal situation, there isn’t much the presi-                    ket, and as a consequence, it seems a bit                      Brent since August 2.
  two levels of car park space to increase               expects that offering more products in big                      0.1 percent to 5,408.46. The CAC-40 in                         dent can do.                                                     more buoyant, even in the face of bad                             US October crude was off 2 cetns at
  the size of the Jubilee Place mall by 50               emerging markets will help offset sluggish                      France was 0.4 percent higher at 3,085.83.                        “So anything remotely good out of the                         news,” although it was as much to do with                      $89.37, after hitting a session high of
  percent by 2013, Camille Waxer, who is in              sales in the United States and other devel-                        In the US, the Dow Jones industrial                         speech will be well-received by the mar-                         the lighter selling pressure, he said.                         $90.23, below its Wednesday high of
  charge of retail at Canary Wharf, told                 oped countries.                                                 average edged down 0.1 percent at                              ket.”                                                               That bad news came in the form of a                         $90.48, near a five-week high.
  Reuters. “It was the right time,” she said,               CEO Bob McDonald told investors                              11,402.35 while the broader Standard &                            The Dow Jones industrial average was                          weakening euro zone growth outlook,                               Brent’s premium against US crude, also
  citing the arrival of about 10,000 staff               Thursday that the maker of Pampers dia-                         Poor’s 500 index shed 0.2 percent to                           down 11.58 points, or 0.10 percent, at                           courtesy of the European Central Bank as                       known as West Texas Intermediate, nar-
  from Royal Dutch Shell Plc and J.P.                    pers, Gillette shavers and Pantene sham-                        1,196.46.                                                      11,403.28. The Standard & Poor’s 500                             it kept interest rates steady. The Bank of                     rowed slightly to around $26.10, from
  Morgan by 2012, swelling the number of                 poo has bolstered sales in Brazil, Russia,                         The focus in the markets will turn later                    Index was down 1.79 points, or 0.15 per-                         England had earlier kept British rates                         $26.46 at the close on Wednesday. The pre-
  workers in the district to 105,000.                    India and China by more than doubling                           to President Barack Obama, who is expect-
                                                         the product categories - from an average                                                                                       cent, at 1,196.83. The Nasdaq Composite                          unchanged, as expected.                                        mium hit an intraday record of $17.23 on
     Although planning consent for the                                                                                   ed to announce a $300 billion package of                       Index was down 0.68 points, or 0.03 per-                            US data added to a mid-afternoon ses-                       Tuesday.
  extension was given in 2008, the project               of 8 in each country to 20 - in which it                        measures to boost jobs creation in the US
                                                         competes over the last 18 months.                                                                                              cent, at 2,548.26.                                               sion slide after jobless claims unexpected-                       Oil dipped early on data showing the
  was put on ice after the collapse of                                                                                      There are hopes that the Federal Reserve                                                                                     ly rose, although a narrowing in the US                        number of Americans filing new claims for
  Lehman Brothers. Last month, Lehman                       The category expansions “have driven
                                                                                                                         will soon decide to provide the US econo-                                             Europe
                                                         strong historical top-line growth even                                                                                                                                                          trade deficit raised expectations for third-                   jobless benefits rose unexpectedly to
  agreed to pay Canary Wharf (majority                                                                                   my with another monetary stimulus. The                            European shares ended higher on
  owned by Songbird Estates Plc ) $780                   higher,” McDonald said at the Barclays                                                                                                                                                          quarter gross domestic product among                           414,000 last week, stoking worries about
                                                         Capital conference in Boston.                                   previous $600 billion program, which                           Thursday, boosted by short covering ahead                        some analysts.                                                 economy. Prices shifted higher after the US
  million to cover costs after its collapse                                                                              ended in June, was widely credited for the                     of a speech from US President Barack
  that included lost rent. (RTRS)                           P&G forecasts that its $82.6 billion in                                                                                                                                                         That helped buoy the market into the                        Energy Information Administration
                                                         annual sales will rise by 5 percent to 9                        stock market gains recorded in the first                       Obama about his plan for jobs growth to                          close, as did short-covering heading into                      released inventory data showing domestic
                  ❑ ❑ ❑                                  percent in the coming year, with double-                        over the year and its ending has been                          help the struggling US economy.                                  Obama’s speech, due at 2300 GMT.                               commercial crude oil stocks fell nearly 4.0
  LONDON: Britain’s Wm Morrison                          digit emerging market growth mitigating                         blamed for the ensuing reverse.                                   The FTSEurofirst 300 index of top                                While longs such as pension funds were                      million barrels last week, far deeper than
  Supermarkets beat forecasts to report an 8             continued slow growth in the US, Europe                            Fed chairman Ben Bernanke is also                           European shares closed 0.9 percent higher                        picking up quality names at low valuations,                    the forecast for a 1.9 million barrel draw-
  percent rise in first-half profits, as a focus         and Japan. Recent overseas sales launches                       speaking later and investors will be moni-                     at 939.63 after choppy trade that saw it                         “in terms of hedge fund land, I do not think                   down. “The crude oil drawdown is signifi-
  on fresh foods, low prices and promotions              have included Downy fabric softener into                        toring his speech to the Economic Club of                      move in a 926.38-942.34 range.                                   there is too much risk being put on. They                      cant both in terms of size and location,
  helped it win custom from bigger rivals in             Indonesia and Brazil, and global expan-                         Minnesota for any signs that monetary eas-                        Energy shares headed the gainers’ list,                       are all playing but not to the same extent.                    especially the decline in Gulf Coast inven-
  a tough consumer environment.                          sion of Crest and Oral-B teeth care prod-                       ing remains an option.                                         with the European sector index rising 2.2
                                                         ucts. (AP)                                                                                                                                                                                      So the gross exposure, which might have                        tories,” said John Kilduff, partner at Again
     Chief Executive Dalton Philips said                                                                                    “Will he keep his monetary cards close                      percent, tracking crude oil which rose after                     been in excess of 100 is now probably                          Capital LLC in New York.
  there was a new professionalism in the                                 ❑ ❑ ❑                                           to the vest...or, will he be more forthcom-                    a government report showed crude stocks                          below 100.”
  way customers were shopping as rising                                                                                  ing with respect to the need for, and type                     fell more than expected last week in the                                                                                                              Currencies
  prices, muted wages growth and govern-                 WASHINGTON: Technology research                                                                                                                                                                    Among individual gainers, Glencore led
                                                         firm Gartner has sharply lowered its fore-                      of, stimulus,” said Sal Guatieri, an analyst                   United States.                                                   risers across Europe, up 7.6 percent, after                       The euro has fallen to a two-month low
  ment cutbacks drive the biggest drop in                                                                                                                                                  Credit Suisse said while oil majors had                                                                                      after the head of the European Central
  spending power since the early 1980s.                  cast for personal computer sales growth                         at BMO Capital Markets.                                                                                                         First Reserve International sold out of $800
     “A third of our customers are saying                for 2011, citing the weak economy and the                          Concerns over the state of the global                       derated and were cheap in absolute terms,                        million in convertible bonds and bought                        Bank said there were intensifying risks for
  they are getting to the end of the month               impact of tablet computers.                                     economy have combined with fears over                          trading at around 6.8 times estimated 2011                       into the firm’s equity.                                        the European economy. He signaled the
  and saying they literally have nothing left               Gartner said it expected worldwide PC                        Europe’s debt crisis during the past month                     earnings, their relative valuation was not                                                                                      ECB would stop raising interest rates for
                                                         shipments of 352 million units this year,                       to send financial markets spinning. The                        attractive enough to justify broad-based                                                 Asia                                   now.
  over, so they are having to change the way
  they shop,” he told reporters.                         an increase of 3.8 percent over 2010 but a                      repercussions of the recent turmoil are                        buying of the sector.                                               Asian stock markets struggled for direc-                       Raising interest rates tend to support a
     Shoppers are buying more with cash,                 reduction from the previous projection of                       being felt in the actions of policymakers,                        “We remain selectively positioned to                          tion Thursday as uncertainty about the                         currency. Higher rates can generate bigger
  with credit card transactions down 8 per-              9.3 percent growth.                                             most notably in the European Central                           cash flow growth-oriented names in our                           health of the global economy kept investor                     returns for investors.
  cent, spending more time in stores and                    Gartner also lowered its growth forecast                     Bank.                                                          preferred EMEA portfolio,” it said.                              enthusiasm in check ahead of President                            The ECB raised rates in April and July
  online checking prices, buying more                    for next year.                                                     Instead of continuing on its policy of                         Its conviction call remained Royal                            Barack Obama’s jobs speech.                                    in an effort to counter rising prices. But
  goods on promotion, and sharing bulk                      It said it expected PC sales of 404 mil-                     steadily raising borrowing costs, the                          Doutch Shell, which was seen offering the                           Japan’s Nikkei 225 index rose 0.3 per-                      higher rates can slow economic growth and
  purchases with friends, he said. (RTRS)                lion units in 2012, a 10.9 percent increase                                                                                    best cash flow growth. It liked Repsol for                       cent to 8,787.66. South Korea’s Kospi rose                     the European debt crisis has taken a toll on
                                                         from 2011 but lower than the previous
                                                                                                                         European Central Bank’s president Jean-
                  ❑ ❑ ❑                                  forecast of 12.8 percent growth.                                Claude Trichet indicated that there won’t                      its deep exploration portfolio, coupled with                     1.1 percent to 1,853.51, benefiting from a                     Europe’s economy.
  LONDON: Home Retail, Britain’s No. 1                      Gartner does not include tablet comput-                      be any more interest rate rises in the com-                    dividend growth.                                                 decision by the country’s central bank to                         In morning trading in New York, the
  household goods retailer, posted a further             ers such as Apple’s hot-selling iPad in its                     ing months given easing inflationary pres-                        British     group     Wm        Morrison                      leave its benchmark interest rate                              euro fell to $1.3976 after touching a two-
  slump in sales at its Argos stores as its              PC sales figures. Gartner said the lower                        sures and “intensified” risks to economic                      Supermarkets, up 4.2 percent on better-                          unchanged for a third month. Higher inter-                     month low of $1.3945 earlier. That’s down
  cash-strapped, low-income customers                    outlook for 2011 is largely due to down-                        growth in the eurozone.                                        than-expected first-half profit, led retailers                   est rates generally drag on stocks by mak-                     from $1.4093 late Wednesday.
  shied away from purchases of consumer                  graded forecasts for Western Europe and                            The bank has twice raised its benchmark                     higher, with the sector index up 1.8 per-                        ing them a potentially less attractive invest-                    The British pound rose to $1.6015 from
  electronics in the economic downturn.                  the United States in the second half of the                     rate by a quarter point since April, taking it                 cent.                                                            ment.                                                          $1.5980, however. The dollar is nearly
     Shares in the firm, which prior to                  year. (AFP)                                                     up to 1.5 percent. That’s helped support the                      Analysts said while the market was dis-                          Shares in mainland China and Thailand                       unchanged against the Japanese yen.


       exchange rates – Sept 8
                                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    .270000   .272400   .272400    .432500    .431500   .431500    .382000    .382000   .382000    .347000      —         —       .317500   .318500   .318500    .273700   .271700   .271700     .038500      —         —       .072620   .072670   .072670      .074410    .073310   .073310    .722190   .721690    .721690     .707470   .701970   .701970
                   Sell   .274900   .274500   .274500    .442500    .440500   .440500    .391000    .389500   .389500    .365000      —         —       .327000   .325500   .325500    .282200   .280700   .280700     .043500      —         —       .073310   .073310   .073310      .074860    .074760   .074760    .730190   .730190    .730190     .713150   .712970   .712970
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   .275000   .274450   .274450    .444000    .439685   .439685    .393000    .388450   .388450    .003600   .003642   .003642    .325000   .319955   .319955    .282000   .279340   .279340        —         —         —       .073000   .073150   .073150      .074800    .074700   .074700    .729750   .727660    .727660        —         —         —
Commercial Bank    Buy    .271000   .273300   .273300    .434000    .436023   .436023    .382000    .384424   .384424       —      .003532   .003532    .316000   .318235   .318235    .275000   .277349   .277349        —      .042811   .042811    .070000   .072899   .072899      .074198    .074438   .074438    .722893   .725222    .725222     .708664   .710147   .710147
                   Sell   .279000   .275400   .275400    .445000    .439373   .439373    .391000    .387378   .387378       —      .003560   .003560    .338000   .320680   .320680    .284000   .279480   .279480        —      .043140   .043140    .076000   .073460   .073460      .074944    .075010   .075010    .730158   .730795    .730795     .715786   .715603   .715603
Gulf Bank          Buy    .270800   .273300   .273300    .430572    .434547   .434547    .379526    .383029   .383029       —      .003508   .003508       —      .316282   .316282       —      .275921   .275921        —      .042594   .042594    .072059   .072791   .072791      .073586    .074334   .074334    .716781   .724060    .724060     .701827   .708954   .708954
                   Sell   .277400   .275400   .275400    .444467    .441262   .441262    .392102    .389275   .389275       —      .003572   .003572       —      .322909   .322909       —      .281281   .281281        —      .043389   .043389    .074111   .073577   .073577      .075688    .075143   .075143    .737177   .731862    .731862     .722019   .716814   .716814
NBK                Buy    .268300   .273300   .273300    .434250    .435750   .435750    .382600    .384100   .384100       —      .035269   .035269    .313750   .317750   .317750       —      .276980   .276980        —      .042720   .042720    .071810   .072810   .072810      .074200    .074360   .074360    .722890   .724450    .724450     .708660   .709410   .709410
                   Sell   .276900   .275400   .275400    .442490    .439490   .439490    .390730    .387730   .387730       —      .035619   .035619    .323330   .320830   .320830       —      .279580   .279580        —      .043170   .043170    .074470   .073470   .073470      .074940    .075000   .075000    .730160   .730920    .730920     .715790   .715620   .715620
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   .2x4260   .286988        —      .041482   .041482    .075774   .072340   .075640      .077374    .077237   .077237    .751728   .750398    .750398        —      .734440   .734440
ABK                Buy    .270800   .273300   .273300    .431110    .435730   .435730    .380070    .384130   .384130       —      .035266   .035266       —      .317700   .317700       —      .277020   .277020        —      .042620   .042620    .071910   .072670   .072670      .074198    .074150   .074150       —      .723060    .723060        —      .707900   .707900
                   Sell   .276900   .275400   .275400    .443040    .439920   .439920    .390840    .388900   .388900       —      .035749   .035749       —      .322140   .322140       —      .280560   .280560        —      .043520   .043520    .073990   .073460   .073460      .074944    .075040   .075040       —      .731290    .731290        —      .715550   .715550
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    .048900      —         —       .005850    .005890   .005890    .002980   .003110    .003110    .002049   .002189   .002189    .003190   .003643   .003643    .006360   .006025   .006025     .283300   .281300   .281300    .033140   .032640   .032640      .224100    .223100   .223100    .382030   .381550    .381550     .043960   .044012   .044012
                   Sell   .053900      —         —       .006290    .005950   .005950    .003260   .003150    .003150    .002629   .002488   .002488    .003840   .003683   .003683    .006630   .006485   .006485     .294800   .293300   .293300    .035890   .035740   .035740      .228600    .228600   .228600    .389530   .388050    .388050     .047060   .046032   .046032
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    .005952   .005952    .003300   .003144    .003144    .002700   .002487   .002487    .003800   .003682   .003682    .006650   .006485   .006485        —         —         —          —         —         —            —          —         —       .390000   .386320    .386320     .046800   .046062   .046062
Commercial Bank    Buy       —      .051612   .051612    .004000       —         —          —         —          —       .002000      —         —          —         —         —       .004000      —         —        .287000   .289466   .289466       —      .035065   .035065         —       .226055   .226055    .381000      —          —        .043000      —         —
                   Sell      —      .052009   .052009    .007250    .006000   .006000       —      .003160    .003160    .003500   .002507   .002507       —      .003732   .003732    .007200   .006542   .006542     .295000   .291690   .291690       —      .035335   .035335         —       .227792   .227792    .401000   .389533    .389533     .053000      —         —
Gulf Bank          Buy       —      .051356   .051356       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .288112   .288112       —      .034938   .034938         —       .225123   .225123       —         —          —           —         —         —
                   Sell      —      .052317   .052317       —       .006042   .006042       —      .003182    .003182       —      .002525   .002525       —      .003749   .003749       —      .006584   .006584        —      .293493   .293493       —      .035511   .035511         —       .229065   .229065       —      .390590    .390590        —      .046316   .046316
NBK                Buy       —      .051520   .051520       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .289320   .289320       —         —         —            —       .225850   .225850       —         —          —           —         —         —
                   Sell      —      .052050   .052050       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —           —      .291980   .291980       —         —         —            —       .228070   .228070       —         —          —           —         —         —
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       —      .051370   .051370       —       .005863   .005863       —      .003198    .003198       —      .002559   .002559       —         —         —          —      .006693   .006693        —      .289380   .289380       —      .035070   .035070         —       .225860   .225860       —      .384140    .384140        —         —         —
                   Sell      —      .052580   .052580       —       .005977   .005977       —         —          –          —         —         —          —         —                    —         —         —           —      .292320   .292320       —      .035340   .035340         —       .228550   .228550       —      .390590    .390590        —      .046640   .046640
Oman               Buy       —         —         —          —          —         —          —      .003564    .003564       —      .002510   .002510       —      .004170   .004170    .006000   .006467   .006467        —         —         —          —         —         —            —          —      222950        —      .401670    .401670        —         —         —
                   Sell                —         —                                          —                                                           .004250                                                        .237000   .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    .526300    —        —          .114000    —       —            .088900 .087400 .087400         .032430 .032430 .032430          —          —       —         .005400 .005400 .005400         .000240    —       —           .000174 .000178 .000178          .089200 .088200 .088010         .028000 .028000 .028000          .222000   .220000   .220000
                   Sell   .539300    —        —          .122000    —       —            .095900 .093400 .093400         .040930 .040930 .040930          —          —       —         .005600 .005600 .005600         .000240    —       —           .000186 .000185 .000185          .095200 .095010 .095010         .034000 .033000 .033000          .231500   .230000   .230000
Muzaini            Sell      —       —        —             —    .001265 .001265            —    .091170 .091170            —       —       —             —          —       —            —    .005970 .005970         .000271 .000272 .000272           —    .183400 .183400             —       —       —               —       —       —                —         —          —
Gulf Bank          Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —        –      —               —       —       —                —      .226128   .226128
                   Sell      —    .693718 .693718           —       —       —               —       —       —               —    .038838 .038838          —       .000257 .000257         —       —       —               —       —       —                 —    —       —                —       —       —               —    .000032 .000032             —      .230943   .230943
ABK                Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —       —               —       —       —                —      .227170    .227170
                   Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —               —       —       —              —       —       —                —       —                       —       —       —                —      .230540   .230540

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                      .2745000          .4405000              –                                     BEC                        —                1,882.920              —                     —                   —                 —                       –                 –
                            Commercial Bank          .2790000          .4450000          .3910000                                  Muzaini Exchange           —                1,577.550              —                  12.250               11.650           10.000                    —               140.000
                            Gulf Bank                .2754000          .4412620          .3892750
                            Al-Ahli Bank             .2754000          .4399200          .3880900

				
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