Wednesday 7 August 2013

Russia: tech leaders mobilise behind Navalny | beyondbrics

Russia: tech leaders mobilise behind Navalny | beyondbrics:

"
Businessmen in Russia tend to steer clear of politics fearing reprisals from the Kremlin. But in a landmark event more than thirty top managers from Russian internet companies have declared their support for Alexei Navalny’s campaign to become mayor of Moscow.

Navalny (pictured), the opposition blogger and activist famous for crusading against high level corruption in Russia, is running for mayor of Moscow at an election next month where he aims to unseat the incumbent Sergei Sobyanin.

The chief executives and owners of 35 internet companies threw caution to the winds this week, signing a “social contract” supporting Navalny’s policies and urging other businessmen to join the cause."

'via Blog this'

Rupee falls to lowest closing level - FT.com

Rupee falls to lowest closing level - FT.com:

"India’s rupee hit its lowest-ever closing level on Wednesday, intensifying pressure on the country’s government and incoming central bank governor Raghuram Rajan to introduce further emergency measures to stabilise its recent series of falls.
Although slightly above the all-time low hit earlier this week, the rupee ended the day at Rs61.30 to the dollar, cementing its position as one of the currencies more severely affected by recent investor retreats from major emerging markets."

'via Blog this'

UAE's pearling industry seeks to regain long-lost luster | Reuters

UAE's pearling industry seeks to regain long-lost luster | Reuters:

"Abdulla al-Suwaidi dreamed of reviving a long-lost part of Middle Eastern culture when he seeded his first oyster with a tiny bead and placed it in the warm waters of the Gulf in 2004.

Almost a decade later, the co-founder and vice-chairman of RAK Pearls is finally seeing the fruits of his labors with the first auction of cultured pearls from RAK's oyster farm off the coast of Ras Al Kaimah, one of seven emirates that make up the United Arab Emirates.

"We're seeing today a revival of a culture, a treasure that's been lost to us for many, many years," al-Suwaidi told Reuters in an interview."

'via Blog this'

Russian football: Kerimov to be a little less flash with the cash | beyondbrics

Russian football: Kerimov to be a little less flash with the cash | beyondbrics:

"
Say goodbye to the Anzhi dream team. Two years after Suleiman Kerimov (pictured) splashed out millions of dollars – and luxury cars – luring stars like Samuel Eto’o and Roberto Carlos to his native Dagestani football club, the club’s oligarch backer is tightening the purse strings.

Anzhi’s annual budget will be reduced from $180m to $50-70m, while Eto’o and other big-name players will be sold off in an effort to cut costs and improve the club’s competitive standing.

“Analysing the club’s sporting results over the last period, the management of the club has decided to work on a new long-term strategy of developing Anzhi,” the club wrote on its website."

'via Blog this'

Taking stock of mixed fortunes for Middle East bourses - The National

Taking stock of mixed fortunes for Middle East bourses - The National:

"Damascus Securities Exchange

Syria's bourse was the best performing Arab stock market in the second quarter.

The market's performance was largely attributable to a plummeting currency that has forced investors to pile their money into stocks as a hedge.

The drop in the Syrian pound, the world's steepest currency decline this year, has prompted Syrians to look for alternative methods to maintain the value of their assets amid restrictions on foreign currency and remittances abroad.

The Damascus Securities Exchange General Index has risen 44.7 per cent in the second quarter."

'via Blog this'

Jet Airways deal near as Etihad Airways weighs new investment - The National

Jet Airways deal near as Etihad Airways weighs new investment - The National:

"Etihad Airways is expanding its Australian operations while its acquisition of a 24 per cent stake in India's Jet Airways is only days away, according to the company's president.

The carrier is also planning to increase its equity in Virgin Australia from its current 10 per cent shareholding to 19.9 per cent, subject to regulatory approval. It will also add new aircraft, routes, additional flights and airport facilities for its operations in Australia as part of its growth plans.

"Virgin Australia is a key member of our ever-expanding airline equity alliance and Etihad Airways is an active and long-term investor in Virgin," said Etihad's president and chief executive James Hogan. "We have a significant presence in Australia with 28 weekly departures, annual expenditure of over US$100 million, direct employment of 106 staff and engagement of 415 local contractors.""

'via Blog this'

DFM and ADX traded value well on track to eclipse last year's figure - The National

DFM and ADX traded value well on track to eclipse last year's figure - The National:

"Liquidity is set to more than double last year's figure as investors pile their cash more aggressively into local stocks this year, according to brokers.

Traded value on the Abu Dhabi Securities Exchange and Dubai Financial Market reached Dh118 billion so far, compared with Dh74bn traded for the whole of last year.

"The market has surprised everybody," said Mohammed Ali Yasin, the managing director of National Bank of Abu Dhabi's brokerage arm, who expects the market to more than double by the end of the year. "The quarterly results gave it a big push and confidence levels have returned to 2007 highs.""

'via Blog this'

'Rewriting the rulebook' brought success to Etihad Airways, says CEO - bi-me.com

'Rewriting the rulebook' brought success to Etihad Airways, says CEO - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"Etihad Airways has become the fastest-growing carrier in commercial aviation history, and one of the most successful, by “rewriting the rulebook”, the airline’s President and Chief Executive Officer, James Hogan, said today in his keynote address at the 2013 CAPA Australia Pacific Aviation Summit held in Sydney.

Mr Hogan’s address in Australia came just days after Etihad Airways announced an historic deal with the Government of Serbia to buy 49 per cent of Air Serbia, the country’s rebranded national airline, and a five-year management contract to run it.

Eschewing the traditional airline model and legacy alliances, Mr Hogan presented a new business model for global aviation describing the Abu Dhabi-based carrier’s unique strategy of building scale through organic growth, codeshare partnerships and minority equity investments in other carriers."

'via Blog this'

BHP Taking Long View on Potash in Wake of Uralkali Move | Business | The Moscow Times

BHP Taking Long View on Potash in Wake of Uralkali Move | Business | The Moscow Times:

"BHP Billiton's new boss Wednesday shrugged off Russian potash producer Uralkali's exit from one of the world's two big potash cartels, saying BHP was taking a long-term view on its planned entry into the industry.

In the wake of Uralkali's surprise move, there has been speculation it may make more sense for BHP to take over U.S. potash producer Mosaic Co. instead of building a $14 billion potash mine in Canada, up for a decision this year.

"We think very long-term. This is something that's happened short-term," BHP CEO Andrew Mackenzie told reporters, when asked whether the company might delay development of Jansen with potash prices expected to slump."

'via Blog this'

Kuwait's KIPCO posts 11% rise in Q2 net profit - Search - ArabianBusiness.com

Kuwait's KIPCO posts 11% rise in Q2 net profit - Search - ArabianBusiness.com:

"Kuwait Projects Co (KIPCO), the country's largest investment company by assets, reported a 11 percent rise in second-quarter net profit on Wednesday and said it was on track for double-digit revenue growth this year.
Net profit in the three months to June 30 was KD9.5m ($33.4m) compared with KD8.6m in the same period last year, a company statement said.
KIPCO, a major regional investment house with stakes in media, industrial, financial and real estate companies, said its revenue growth may accelerate during the rest of the year. Revenues in the first six months of 2013 rose by 23 percent to KD307.6m."

'via Blog this'

Vimpelcom Ukraine revenues down 1% in Q2 on mobile slowdown - Telecompaper

Vimpelcom Ukraine revenues down 1% in Q2 on mobile slowdown - Telecompaper:

"Vimpelcom reported revenues at its Ukraine activities down 1 percent year-on-year to UAH 3.2 billion in the second quarter, hurt by low-cost offers to win back customers due to tough market competition. The group's EBITDA declined 6 percent to UAH 1.5 billion, and the margin fell 2.2 percent points to 48.0 percent.
Mobile revenues fell 2 percent to UAH 2.9 billion, and ARPU declined 10 percent year-on-year to UAH 37. The mobile customer base was up 6 percent from a year ago but fell by 701,000 from March to 25.622 million.

Fixed-line revenues grew 7 percent from a year ago to UAD 265 million, on expansion in FTTB customers. The company added 30,000 fibre customers in the quarter for a total 693,000 at end-June, and fixed broadband ARPU was up 10 percent from a year ago to UAH 49.7."

'via Blog this'

US govt sues Bank of America for defrauding investors prior to housing crash — RT Business

US govt sues Bank of America for defrauding investors prior to housing crash — RT Business:

"
The US government has filed two lawsuits against Bank of America accusing the company of defrauding investors by massively underestimating the quality of mortgage-backed securities prior to the 2008 housing market crash and US recession.

The US Security Exchange Commission (SEC) and Justice Department each filed a lawsuit in US District Court in Charlotte, North Carolina on Tuesday, accusing Bank of America of knowingly minimizing the risk associated with $850 million worth of securities backed by residential mortgages.

I applaud Attorney General Holder for taking this important step toward holding Bank of America accountable for packaging and selling toxic loans to investors and brokers, a key cause of the housing collapse that crashed our economy and still plagues communities to this day,” New York Attorney General Eric Schneidermann said in a statement."

'via Blog this'

Market Stagnation Forces RusAl to Consolidate | Business | The Moscow Times

Market Stagnation Forces RusAl to Consolidate | Business | The Moscow Times:

"Stagnation in the commodities market is forcing aluminum giant UC RusAl to cut costs by reorganizing the company's plant in Volkhov and possibly freezing production at four other facilities, Vedomosti reported Wednesday.

The company, whose value has dropped by 45.3 percent since the start of 2013, is taking steps to protect its still-profitable production facilities in Siberia. The frozen assets will be reactivated when the price of aluminum exceeds $2,400 per ton, which will make production profitable again, RusAl's CEO Oleg Deripaska said.

However, he expects the price of aluminum to plunge to $1,800 per ton by the end of 2013."

'via Blog this'

Yemen says foils plot to seize oil and gas facilities | News , Middle East | THE DAILY STAR

Yemen says foils plot to seize oil and gas facilities | News , Middle East | THE DAILY STAR:

"Yemeni security forces have foiled a plot by al Qaeda to take over oil and gas export facilities and a provincial capital in the eastern part of the country, a government official said on Wednesday.

Rajeh Badi, press advisor to Yemeni Prime Minister Mohammed Salem Basindwa, said the plan involved dozens of al Qaeda militants dressed in Yemeni army uniforms storming the facilities on the night of the 27th of Muslim month of Ramadan, which was on Sunday.

"The plot aimed to seize the al-Dabbah oil export terminal in Hadramout (province) and the Belhaf gas export facility, as well as the city of Mukalla," Badi told Reuters, referring to the Hadramout provincial capital."

'via Blog this'

Kuwait’s Agility posts 50% profit rise in Q2 - Transport - ArabianBusiness.com

Kuwait’s Agility posts 50% profit rise in Q2 - Transport - ArabianBusiness.com:

"Kuwait logistics giant Agility reported a 50 percent annual rise in net profit to KD11.5m ($40.25m) in the second quarter of 2013.
Revenues rose by 2 percent to KD355.2m as the company expanded business in its core Global Integrated Logistics unit.
"Agility remains on a healthy growth trajectory in spite of renewed uncertainty about the health of the global economy," said Tarek Sultan, chairman and managing director."

'via Blog this'

Oman SWF in talks with India’s SpiceJet – report - Transport - ArabianBusiness.com

Oman SWF in talks with India’s SpiceJet – report - Transport - ArabianBusiness.com:

"Oman’s sovereign wealth fund is among the parties in talks to take a shareholding in Indian low-cost airline SpiceJet, it was reported.
Business newspaper LiveMint, citing an individual involved in negotiations, said that Oman Investment Fund was joined by a number of other Middle Eastern funds, foreign airlines and an Indian conglomerate.
Earlier this month Dubai’s Emirates Airline denied reports it was in talks to acquire a stake in the Chennai-based carrier, which has also been linked to tie-ups with Qatar Airways and Kuwait Airways. A deal is said to not be imminent."

'via Blog this'

Dubai’s Al Habtoor files 73 cases against Qatari sheikh - Construction - ArabianBusiness.com

Dubai’s Al Habtoor files 73 cases against Qatari sheikh - Construction - ArabianBusiness.com:

"
Dubai-based contractor Habtoor Leighton Group (HLG) has launched 73 separate legal cases against a company owned by a member of the Qatari royal family in a long-running dispute over payments related to the Doha City Centre development, Khalaf Al Habtoor has told Arabian Business.
Some of the cases would be heard in major international courts, including in London and New York, Al Habtoor, who is chairman of Al Habtoor Group and owns about 25.5 percent of HLG in a joint venture with Australian contractor Leighton Holding and HLG chairman Riad Sadik, said.
“It’s going to be big,” Al Habtoor said."

'via Blog this'

Is Kuwait’s Little Chef acquisition haram? - Blogs - ArabianBusiness.com

Is Kuwait’s Little Chef acquisition haram? - Blogs - ArabianBusiness.com:

"Kuwait-based Kout Food Group’s acquisition of British roadside dining chain Little Chef for the cheap as chips sum of $23m raises some big questions.
The eateries, known for their Olympic-sized fried breakfasts, were originally bought out by private equity firm RCapital in 2007. After some substantial efforts to trim the fat off the company, including closing two-thirds of its 234 outlets, RCapital has somehow returned this once noble British institution to profitability. That is not forgetting roping in the help of celebrity chef Heston Blumenthal along the way.
While I personally wish the best of success to Kout, which also runs some KFC and Burger King restaurants in the UK and Kuwait, I do find something quite fishy about all of this."

'via Blog this'

Eike Batista: Reversal of fortune - FT.com

Eike Batista: Reversal of fortune - FT.com:

"
The farmland around São João da Barra is characterised by low-lying restinga scrubland interspersed with pineapple and sugar cane plantations.
But any impression of rustic tranquillity in this remote corner of Rio de Janeiro state is an illusion, according to Asprim, a local landowners’ association.
São João da Barra has become the scene of a David-and-Goliath battle between the region’s small farmers and Eike Batista, the tycoon who was formerly Brazil’s richest man but whose empire of oil, mining and logistics start-up companies is imploding."

'via Blog this'

Chart of the week: Turkey’s real estate boom isn’t slowing yet | beyondbrics

Chart of the week: Turkey’s real estate boom isn’t slowing yet | beyondbrics:

"Turkish house prices are on a seemingly endless rise. The latest figure, for May 2013, shows an increase of 12.2 per cent annually.

Turkey is used to double digit house price growth rates. Since the Central Bank of Turkey started producing its house price index in 2010, growth rates have almost always been in double digits, and rising. But economic growth has slowed from 8 per cent plus to around 2 per cent. Chart of the week takes a look at what is driving the market.

There’s no doubt that Turkey’s real estate is on the up. Turkey ranked in the top 10 fastest growing markets in the latest global house price index by Knight Frank. Turkey also ranks second by Ernst and Young in the most attractive property markets in Europe; and the Jones Lang LaSalle survey of European supply chain managers reveals Turkey at the top of markets expected to be the next emerging logistics location. Finally, Istanbul ranks first in the latest PwC Emerging Trends in Real Estate Europe 2013 survey for expected investment in the property market.
"

'via Blog this'

Abu Dhabi developer Aldar plans to refinance debt - CFO | Reuters

Abu Dhabi developer Aldar plans to refinance debt - CFO | Reuters:

"Abu Dhabi developer Aldar Properties is planning to refinance outstanding debt, including a $1.2 billion bond maturing next year, the company's chief financial officer said on Wednesday.

Aldar has outstanding liabilities of 14 billion dirhams ($3.81 billion), Chief Financial Officer Greg Fewer told reporters in a conference call after posting its second-quarter results.

"We will be requesting many discussions with banks on various debt, including the $1.2 billion debt maturing next year," Fewer said.

Earlier in the day, Aldar said quarterly profits surged to 1.25 billion dirhams ($340.3 million) after booking a one-off gain from its acquisition of Sorouh Real Estate in June. ($1 = 3.6730 UAE dirhams) "

'via Blog this'

Guest post: India is lucky to have Rajan at the RBI. How lucky is Rajan? | beyondbrics

Guest post: India is lucky to have Rajan at the RBI. How lucky is Rajan? | beyondbrics:

"
By Taimur Baig of Deutsche Bank

India should consider itself lucky to have a man of Raghuram Rajan’s intellectual prowess to head its central bank, as announced this week, at such a precarious moment. Rajan will need all his academic and operational experience (professor at the University of Chicago, chief economist at the IMF, chief economic advisor at the India’s finance ministry) to rise to the occasion. He will also need one more attribute that I will discuss at the end of this piece.

In a now famous presentation made at the August 2005 Jackson Hole conference, Rajan, then at the IMF, argued presciently that financial sector development in the preceding years had counter-intuitively led to a concentration of systemic risk. Rajan was roundly criticized for coming up with a message starkly opposite to the groupthink of that period, which embraced the notion of the “great moderation”. His ability to recognize the hubris of the era made him stand out as the global crisis unfolded in the following years."

'via Blog this'

Will Dubai learn from past mistakes in real estate this time around? « ArabianMoney

Will Dubai learn from past mistakes in real estate this time around? « ArabianMoney:

"
The Dubai Real Estate Regulatory Authority did not even exist when the city first granted foreigners the right to buy 10 years ago. Indeed, RERA was only founded in the summer of 2007 when the real estate boom was at its height and a year from crashing.

Until then the early years of the Dubai real estate scene were dominated by a wild cowboy capitalism. Any developer from anywhere could roll up in town, stake out a piece of land and launch a project by selling off-plan to often foolish buyers.

An open house

This open season for real estate developers attracted some very dodgy operators who had no intention of building anything as well as a large number who actually ended up building some amazing buildings, well certainly very tall ones anyway."

'via Blog this'

One chart for Raghuram Rajan | beyondbrics

One chart for Raghuram Rajan | beyondbrics:

"
A snap view of what the markets think of Raghuram Rajan and the task awaiting him as he prepares to take on the top job at India’s central bank.

The rupee has been in a death spiral for most of this year, falling from around 53 to the US dollar in February to an all-time low of 61.87 during trading on Wednesday. That was before news broke that Rajan – a world-class economist with a classy curriculum vitae – was to take over at the Reserve Bank of India from next month.

Investors were clearly impressed. The rupee rallied. But after that initial burst of optimism, it looks like it’s back to the slippery slope. The above chart will update automatically, so we’ll see how the rival forces of reputation and circumstance play out."

'via Blog this'

Shuaa beats expectations to end long run of losses - The National

Shuaa beats expectations to end long run of losses - The National:

"Shuaa Capital returned to profit after seven consecutive quarters of losses, trumping analysts’ expectations of another loss-making quarter.

The Dubai-based investment bank reported net profits of Dh1.3 million in the second quarter, up from a loss of Dh15.8m during the same period last year.

It was the sixth time Shuaa reported a quarterly profit in the past five years, which have been marked by sustained quarterly losses and several changes of chief executive."

'via Blog this'

Challenges in India for StanChart - The National

Challenges in India for StanChart - The National:

"Volatile currency markets and a tough economic backdrop in India are likely to present significant challenges in the coming months, Standard Chartered said yesterday.

The bank's comments came as the fragile Indian rupee hit a record low against the US dollar of 61.8 in trading yesterday.

"While we have good momentum, there are still challenges on the macro and currency front," said Anurag Adlakha, Standard Chartered's chief financial officer, India and South Asia. "As such, we remain cautiously optimistic about the longer term prospects for our business in India", he said."

'via Blog this'

Al Noor in good health following public listing - The National

Al Noor in good health following public listing - The National:

"Profits at Al Noor Hospitals Group rose 11.6 per cent in the first half of the year as the healthcare company that went public two months ago used cash it raised in its initial public offering to repay outstanding loans.

“After listing on the London Stock Exchange in June, raising primary proceeds of US$150 million, the Abu Dhabi-based company repaid all outstanding loans,” Al Noor Hospitals said yesterday. The company’s net cash position at the end of the period was $88m.

Earnings before interest, taxes depreciation and amortization rose to $41.3m in the first half, an 11.6 per cent rise from a year earlier. Al Noor’s shares traded 3.1 per cent higher to £7.32 in mid-morning trading in London following the release of the financial results."

'via Blog this'

Times of Oman | News :: MSM index breaks for Eid on a higher note

Times of Oman | News :: MSM index breaks for Eid on a higher note:

"The MSM30 Index closed the week's last session with 0.73 per cent gain, with the index closing at 6759.92 points, up by 49 points. MSM Shariah Index was up by 0.33 per cent to close at 1048.24 points. Gulf Investment Services was the most active in terms of volume and in terms of turnover. Dhofar University remained the top gainer for the day to close up by 7.19 per cent, while National Securities was the top loser for the day and closed down by 9.46 per cent.

A total number of 2,438 trades were executed in yesterday's trading session generating turnover of OMR13.4 million with over 49.8 million shares traded. Out of 57 traded stocks, 34 advanced, seven declined and 16 were unchanged. GCC and Arab investors were net buyers for OMR1.2 million worth of shares while Omani investors were net sellers of OMR1.01 million followed by foreign investors worth OMR192,000 worth of shares."

'via Blog this'

Resolution on part-time Dubai Government jobs | GulfNews.com

Resolution on part-time Dubai Government jobs | GulfNews.com:

"Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, has issued Resolution No 27 of 2013 regulating part-time jobs at the Government of Dubai.
The resolution complements regulatory laws and legislation of the Dubai Government Human Resources Department. The resolution sets out a legal and regulatory employment framework for departments to adopt at the government of Dubai, allowing more flexibility in responding to operational changes as well as facing socioeconomic factors that affect the mechanism of attracting and retaining talents.
The resolution also aims to attract highly qualified and distinguished expertise to work in the government sectors, in addition to finding replacement employees that work for fewer hours than the official working hours, a work-life balance that would enable employees to divide their energy between their work and private life."

'via Blog this'

Egypt’s interim government aims to revive stalled economy - FT.com

Egypt’s interim government aims to revive stalled economy - FT.com:

"Egypt’s army-backed interim government will introduce a raft of short-term measures aimed at reviving the country’s battered economy, which has been badly scarred by more than two years of political turmoil and was thrown deeper into crisis following last month’s ouster of Mohamed Morsi, the Islamist president.
Ziad Bahaa-Eldin, the deputy prime minister for economic affairs, told the Financial Times that immediate measures would include injecting liquidity into the economy by fast-tracking payments owed by the government to building contractors, restarting stalled projects, expediting critical infrastructure programmes and activating a delayed World Bank employment programme."

'via Blog this'

StanChart: EM stung | beyondbrics

StanChart: EM stung | beyondbrics: "Having a heavy exposure to emerging markets can be a mixed blessing. For proof, just ask Standard Chartered.

Just a day after HSBC reported a sharp drop in profits in many of its emerging markets, it was the UK bank’s turn on Tuesday to be stung by its exposure to emerging markets.

StanChart, which generates 90 per cent of its operating profits from emerging markets, reported a 15 per cent decline in first-half pre-tax profit to $3.33bn – largely as a result of a $1bn writedown it had to make on its South Korean business.
"

'via Blog this'

Siemens wins $966.8m Saudi Aramco order | Arab News

Siemens wins $966.8m Saudi Aramco order | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"Siemens has received a major order for power plant components from Saudi Aramco.
The contract is worth $966.8 million, according to a statement from Siemens.
Siemens will supply the key components for a major combined-cycle power plant. "

'via Blog this'

ENERGY - Energy bourse ‘should be based’ in Istanbul

ENERGY - Energy bourse ‘should be based’ in Istanbul:

"
Fatih Birol, the IEA’s chief-economist, says Turkey’s
 energy bourse should be based in Istanbul. AA photo
Turkey’s planned energy bourse, which should especially be based in Istanbul, will make a significant contribution to the country’s potential to be able to make an annual $10 billion of investments in energy, chief-economist of the Paris-based International Energy Agency (IEA), Fatih Birol said yesterday.

“The planned energy bourse will definitely have a leverage effect on Turkey’s future energy investments by creating a fertile ground for the private sector to finance new energy projects,” Birol said.

He noted that Turkey needed to make an annual $10 billion of energy investments to meet its rapidly increasing energy demands. And the country’s annual energy expenses will reach around $65-70 billion in the coming five or six years. "

'via Blog this'

Saudi Gazette - Al Khaliji net rises 11% in H1 2013

Saudi Gazette - Al Khaliji net rises 11% in H1 2013:

"AL Khaliji (KCBK), the next generation bank in Qatar, achieved net profit of QR290.5 million for H1 2013, 11 percent higher than the same period in 2012. Its net profit jumped 14 percent to QR159.0 million in Q2 2013 against the same period last year.

Total assets reached QR32.6 billion, 17 percent higher than in June 2012, the bank said in a statement Tuesday.

Loans and advances grew by 14 percent during H1 2013 and 30 percent comparing with H1 2012 to reach QR14.9 billion"

'via Blog this'

Saudi Gazette - GFH posts $4.2m net in first half

Saudi Gazette - GFH posts $4.2m net in first half:

"GULF Finance House (GFH), the Bahrain-based Islamic investment bank, reported a net profit of $4.2 million in the first half of 2013 compared to $5.7 million in the corresponding half-year period in 2012. Net profit for the second quarter $2.7 million compared to $4.7 million for the second quarter of 2012.

Total income for the second quarter was $13.4 million compared to a total income of $19.7 million for the second quarter of 2012. Income was primarily generated from management fees from funds under management, investment income and recoveries. Operating costs for the half year period reduced by 27 percent to $19.6 million compared to $26.9 million for the prior year period, underlining ongoing efforts in the streamlining of operations and achieving greater efficiencies across the business. "

'via Blog this'

Qatar ‘can benefit from dual-track SWF model’

Qatar ‘can benefit from dual-track SWF model’:

"Qatar could benefit from copying a dual-track investment model used by other states with sovereign wealth funds.

The Qatar Investment Authority is under the supervision of a new Emir, and changes in the way the eight-year-old fund operates are expected after PriceWaterhouseCoopers and McKinsey were hired to review its internal operations.

Organising its estimated $100bn of assets around two distinct investment approaches could be the way forward."

'via Blog this'