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Saturday, 22 December 2012

UPDATE 1-Egypt's cabinet denies c.bank governor resigned - Yahoo! News Maktoob

Egypt's cabinet on Saturday denieda report that central bank governor Farouk El-Okdah had resigned.
After a long period of speculation that the governor wanted to leave his post, state television had said Okdah had quit and his former deputy, Hisham Ramez, had been appointed to the post.
"It is not true," cabinet spokesman Alaa Hadidi told Reuters when asked about the reported resignation. "I am officially denying it."
Okdah and his former deputy had helped steer the central bank during last year's uprising that ousted former president Hosni Mubarak and worked to keep the Egyptian currency relatively stable despite the political turmoil.

Roussolph the red-nosed reindeer | beyondbrics

This year, the Christmas tale from beyondbrics takes us to the up-and-coming area of Brics-ton, where Roussolph the Brazilian reindeer has been unceremoniously dumped from Santa Capital’s portfolio.

Read on…

Santa: Right, listen up. This year’s sleigh team is the same as last year’s, except that the Latin American representative will be Peña Nieto of Mexico, who takes over from Roussolph. Talking of glossy hair gel, please welcome our new chief caribou Xi Jinping.

UPDATE 1-STOCKS NEWS MIDEAST-Saudi shares close up - Yahoo! News Maktoob

Saudi shares close slightly up, recouping losses sustained during early trading to gain 0.20 percent by the end of the session, led by banking stocks.
Saudi share prices are often influenced by activity on Wall Street and in global oil markets, both of which suffered minor losses on Friday.
The banking index gained 0.17 percent, led by a 0.38 percent rise for heavyweight Al Rajhi Bank, Saudi Arabia's largest listed lender. However, the important petrochemical index lost 0.35 percent.

Kuwait's Burgan completes $351m Turkish deal - Banking & Finance - ArabianBusiness.com

Kuwait-based Burgan Bank announced on Saturday that it has completed a deal to acquire a 99.26 percent stake in Eurobank Tekfen, the Turkish arm of EFG Eurobank.
The bank said in a statement that under the deal, which was worth KD98.88m ($351m), Eurobank Tekfen and its subsidiaries (EFG Istanbul Equities & EFG Leasing) become fully owned subsidiaries of Burgan Bank.
Burgan, the commercial banking arm of Kuwait Projects Co, added that it has received all the regulatory approvals in Kuwait and Turkey for this acquisition.

Emirates NBD buys while there is still blood on the streets in Egypt « ArabianMoney

In what is undoubtedly either the most visionary or most stupid investment of the year Emirates NBD Bank has announced that it is buying the Egyptian operations of BNP Paribas for $500 million, following closely on the heels of Qatar National Bank’s acquisition of a majority stake in SocGen’s Egyptian arm earlier in the month.

So two giant French para-state banks are exiting Egypt, the largest foreign disinvestment this year, and two Gulf banks have stepped in. Are they wisely obeying the Rothschild dictum of buying while there is blood on the streets? Or is this more a question of political support for the ailing Egyptian economy?

Qatar's QNB set to see assets exceed $100bn - Banking & Finance - ArabianBusiness.com

Qatar National Bank, which is currently on an expansion spree with a number of high profile acquisitions, is set to become the first Arab lender with assets exceeding $100bn, according to new data.
Doha-based QNB said last week that it will pay $1.97bn for 77 percent of National Societe Generale Bank, its latest deal in overseas markets.
The deal will boost the bank’s assets by 11 percent to about $107bn, more than double their value at the end of 2009, data compiled by Bloomberg showed.

Nine Qatar banks among top 100 in Arab world

Nine banks from Qatar rank among the top 100 Arab banks, with their combined assets worth a staggering QR800bn ($220bn), and they are embarking on ambitious expansion plans that include setting up branches in a number of western and Arab countries — among them the United States, France, China, Turkey, Egypt, Libya and Sudan. The banks plan to expand their activities locally as well.
The nine Qatari banks are led by the country’s largest lender, Qatar National Bank, followed by Commercialbank, Qatar Islamic Bank, Rayan Bank, Doha Bank, IBQ, Alkhaliji, Qatar International Islamic Bank and Ahli Bank.
What has emboldened the banks to take giant steps is the fact that a new law promulgated recently permits the banking regulator, Qatar Central Bank (QCB), to increase its capital 10 times to QR50bn ($13.70bn).

Big data in 2013 - YouTube