Tuesday, 27 July 2010
An interim trading update indicates a rise in container volumes of up to 16 per cent at the 50 ports it operates around the world in the first half of 2010, compared with the same period last year. But the story varies at home and abroad.�
DP World, part of troubled government-owned conglomerate Dubai World, saw volumes fall eight per cent last year over 2008, but growth in Asia - especially China and Australia - is leading recovery in the first six months of this year."
Saad Trading Contracting and Financial Services Co.’s defenses that Abu Dhabi didn’t terminate the swap agreement on time or specify a bank account for payment were “hopeless,” Judge Michael Brindle ruled today in the High Court in London.
Saad defaulted when its credit rating was withdrawn in June 2009, Brindle said. The company, based in al-Khobar, Saudi Arabia, argued the default applied to other deals between the companies and not to the 2008 swap created for Saad to hedge against future currency fluctuations."
Net income rose 1 billion dirhams ($272 million) from 906.5 million dirhams a year earlier, the bank said in an e-mailed statement today. That exceeded the median estimate of five analysts for a profit of 920 million dirhams, according to Bloomberg data.
“These are a strong set of results in difficult markets reflecting the resilience and strength of the bank,” Chief Executive Officer Michael Tomalin said in the statement."
The Kuwait Stock Exchange Index gained 0.5 percent to 6,677.70, bringing the 5-day advance to 2.9 percent. The measure has lost 4.6 percent this year. Commercial Bank of Kuwait, the country’s second-biggest bank by market value, climbed the most in a week. Boubyan Bank, the Kuwaiti Islamic lender, also rose after posting a profit. The Bloomberg GCC 200 Index advanced 0.2 percent at 1:39 p.m. in Kuwait City.
“Company earnings are positive, boosting the market with liquidity,” said Jasem Al Zeraei, head of institutional sales at NBK capital in Kuwait. “There is more positive news from the government in the form of fiscal spending, spending on mega projects.”
Islamic Bank of Britain, the country's largest Shariah bank, was today bailed out by its largest shareholder Qatar.
Qatar International Investment Bank is injecting £20 million of fresh capital through an issue of two billion new shares at just 1p each.
IBB said that without the injection it would not be able “to continue operating as going concern”.
First half figures show Dubai airports handled 16.3 per cent more passengers than in the same period of last year, a total of 22.5 million people, and 26 per cent more cargo at 1.1 million tonnes.
These figures confirm the resurgence in air travel that has led the economic recovery in Dubai with tourism rather than business the biggest source of additional passengers.
More than 145 new flights were added from Dubai in the first half, with flydubai leading with 48 new weekly flights and Emirates adding 36, including Tokyo and Jakarta.
The bookshelves of Dr Habib Al Mulla’s Sheikh Zayed Road office are littered with photos. One shows Al Mulla with Sheikh Mohammed Bin Rashid Al Maktoum; another with former US president George W Bush; then snaps alongside Bill Clinton, Colin Powell and Al Gore. But the lawyer shows me the one of which he is clearly most proud. It’s his two-year-old granddaughter, up close and grinning.
“I want to enjoy my life, and my family,” he says, smiling. “I remember speaking once to a colleague, and he was retiring at the age of 55. He said ‘Listen, I’ve worked enough, I’ve made some money, and I have two choices – either spend it on enjoyment, or on my doctors’. I prefer to spend it on myself.”
No-one could possibly accuse Al Mulla of failing to earn his family time. One of the Gulf’s most prominent lawyers, the Harvard and Cambridge graduate has spent 26 years in private practice and government.
Emirates NBD, the UAE’s largest bank, plans to sell about Dh1 billion (US$272.2 million) of car loans to Japan.
The complex transaction effectively puts money in Emirates NBD coffers at a lower rate of interest than it could get in the market, Rick Pudner, the bank’s chief executive, said yesterday.
Finding financing for banks has become harder and more expensive during the financial crisis as capital markets have tightened, spurring large lenders to search for innovative new ways to raise money.
The plan would derail a competing plan by Almatis' debtor Oaktree aimed at taking control of Almatis, which has debts of $1 billion, from DIC.
A consortium of banks and debt investors would lend Almatis $600 million, while DIC would inject $100 million in cash under the plan, Almatis said on Monday."
Emirates NBD PJSC reported a worse- than-expected 53 percent decline in second-quarter profit as the United Arab Emirates’ biggest bank by assets set aside money to cover bad loans including exposure to state-owned Dubai World.
Net income dropped to 398.2 million dirhams ($108 million) from 852 million dirhams a year earlier, the Dubai government- controlled bank said in a statement to the bourse today. That fell short of the median estimate of four analysts for a profit of 614 million dirhams, according to data compiled by Bloomberg.
Emirates NBD raised general provisions for future loan impairments by 668 million dirhams in the second quarter, mainly to cover losses related to Dubai World, Chief Executive Officer Rick Pudner said in a conference call. Dubai World, which is delaying repayment of $14.4 billion of bank loans, is likely to complete the accord to restructure the debt by “about September, so we will know the specifics” of provisions then, he said.