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Saturday, 25 July 2009

A Fan of Camel Milk Struggles to Start a Drome-dairy

Millie Hinkle first tasted camel milk in the United Arab Emirates about 10 years ago. She had no idea the salty drink, still warm from the camel and served in an ornate bowl with a side of walnuts, would become an obsession.

"It has taken over my life," said the 57-year-old practitioner of natural medicine as she cruised down a tree-lined road here in her white SUV emblazoned with a camel.

.Ms. Hinkle has drained her savings, slashed the number of hours she spends at her day job and started a company called Camel Milk USA. Her goal is to bring the milk, reputed to have healing and aphrodisiac powers, to the U.S. where it's been hard to get mainly because camels weren't listed in rules governing the sale of milk.


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Dubai Investment House tapped for ethanol project investments

As the country’s biofuels policy is now teetering at the edge of failure, Senator Miguel Zubiri, principal author of the Biofuels Law, starts knocking at the door of Dubai Investment House for funding of pipelined biofuels projects, primarily ethanol.

The lawmaker said he already made inroads as to establishing contacts with Dubai Sheikh Maktoum in his bid at getting the latter’s nod for investments in the Philippines.

For the programmed ethanol projects, Zubiri said the immediate capital needs would be to the tune of P1 billion.

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Dubai Islamic Bank Q2 falls 40 pct, beats forecasts

Dubai Islamic Bank (DISB.DU) posted a net profit of 450 million dirhams ($122.5 million) in the second quarter, down 40 percent from a year earlier but beating forecasts.

The bank said in a statement that half-year profit stood at 820 million dirhams.

Analysts surveyed by Reuters had forecast earlier this month that the bank's second-quarter profit would fall between 53 and nearly 67 percent.

The bank said it took a provision of 135 million dirhams in the second-quarter.

"The bank's total impairment provision for first half of 2009 now stands at 239 million dirhams. This reflects a prudent and conservative approach during a period of marked global financial instability," the statement said.END

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Euro banks eye Saad's Swiss unit

Europe's banks are examining ways to reclaim funds from Saudi Arabia's Saad Group, and may take control of its Swiss subsidiary, Saad Investments, a source familiar with the situation said on Friday.

"Lenders are looking at their options, and this may include a claim on Saad's Swiss operations," the source told news agency Reuters.

Banks from outside the Gulf, including BNP Paribas and Citigroup, are owed more than $6 billion by Saad Group, which ran into difficulties in June.

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"KAMCO" and "United Gulf" deny any benefit from the transactions, "Herman," American (Translation)

alThe Kuwait Investment Projects Co. Asset Management, "KAMCO" The United Gulf Bank, based in Bahrain today, they have not made any gains from transactions in the shares of Herman International Industries, Textron, which included investigations of the U.S. regulatory authorities.

وقالت شركة مشاريع الكويت الاستثمارية لادارة الاصول "كامكو" الذراع الاستثمارية لشركة مشاريع الكويت القابضة "كيبكو" في بيان "المعاملات المذكورة في دعوى لجنة الأوراق المالية والبورصات قامت بها كامكو بموجب تعليمات محددة من زبائنها وفق النظام المعتاد للعمل" The Kuwait Investment Projects Co. Asset Management, "KAMCO" the investment arm of Kuwait Projects Company Holding "KEPCO" in a statement: "the transactions mentioned in the lawsuit filed to the Securities and Exchange Commission by KAMCO under specific instructions from their clients in accordance with the usual system of work"

وأضاف البيان "ليس لكامكو ولم يكن لها استثمارات عقارية أو أي اهتمام بالاسهم المعنية ومن ثم لم تستفد او تحقق نفعا من المعاملات المذكورة"، وقال البيان إن كامكو التزمت بالقواعد المطبقة في هذا الشأن. The statement added, "no cash and did not have real estate investments or any interest on the stock and therefore did not benefit or beneficial of the transactions mentioned," the statement said KAMCO has applied the rules in this regard.
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Qatar Airways CEO says 'Boeing has lost its leadership'

Qatar Airways CEO Akbar Al Baker expressed his frustration at Boeing Thursday in Washington at a luncheon for the media as the jetmaker has repeatedly pushed back the delivery date for its Boeing 787 Dreamliner.

Qatar Airways has 60 787s on order (30 firm, 30 option) and is relying on the model to continue with its expansion.

"Unfortunately Boeing has lost its leadership," Al Baker said. "The mess with this (787) program could have been corrected a long time ago. If they had correctly focused management, they could have seen this coming."

Corruption fatigue fuels critics of Kurdistan's twin dynasties

Corruption is set to be the central issue when Iraq's Kurds vote in elections today, as residents grow increasingly uncomfortable with the alleged nepotism and closed business dealings that have helped keep Kurdistan's two leading families in power.

This discomfort, combined with the newfound popularity of a candidate campaigning against corruption and for change, could hold the Kurdish regional government to greater account, even though Masoud Barzani, regional president and leader of the Kurdish Democratic party, is certain to be returned to office.

"I am fed up with the ruling parties as they are turning Kurdistan into a two- family region - Barzanistan and Talabanistan," said Hemin Lihony, a journalist from the city of Sulimaniyeh, referring to Mr Barzani and Jalal Talabani, old rivals who for years have dominated Kurdish politics. "I will not vote for them because President Barzani is a problem-maker, not a problem-solver."

Peru stock market

Forget sizzling China or bubbling Brazil. This year’s best performing stock market is in fact Peru. Equity bulls, more rampant than machos on an alpaca farm, have driven up the Lima general index by 104 per cent.

Civil unrest has not deterred them. The economy is expected to grow this year. Last year’s fiscal surplus is being deployed to stimulative effect. And while interest rates have been slashed, inflation remains low, unlike the last time Alan García was president, when it topped 7,000 per cent.

The boom is due to the resource companies that dominate the local market. Peru is the world’s third-largest copper, zinc and tin producer, and the largest silver miner. Newly-launched exchange-traded funds would be the easiest way for foreign punters to join the independence day celebrations on Tuesday.END

CNPC, not BP, to take majority of Iraq field

China National Petroleum Corp (CNPC) is to take the majority stake from BP in a project to develop the Rumaila oilfield in Iraq, industry sources said on Friday.

The sources said BP will remain part the project, which was awarded to develop the 17-billion-barrel southern Rumaila field in a bidding round at the end of June, but not with the majority stake under its initial bid made in partnership with CNPC.

A BP spokesman declined to comment on any changes in the company's stake but said it was proceeding with the finalisation of the contract.