2003
- The news you choose »
- Login to Add to Watchlist
Gold passes USD401 an ounce
Gold prices hit a new high of USD401.40 per ounce on Monday before closing at USD398.10. This is the highest level for the yellow metal in seven and a half years. Gold has shone recently as a safe haven investment and as a hedge against the falling US dollar.
UNB, USD275m loan, 31 banks
Abu Dhabi's Union National Bank has announced a USD275m loan facility syndicated to 31 local, regional and international banks. The debut, 0.5 per cent above Libor, three-year loan is viewed as a landmark deal for a UAE bank. ABC, Citigroup and Standard Chartered acted as lead arrangers.
Arab Bank stake, new owners
Saudi Oger, a company owned by Lebanon's Prime Minister Rafiq Hariri, is not buying an 11 per cent of the Arab Bank's equity from the heirs of Khaled Shoman, reported The Jordan Times. The Saudi Social Security Corporation will buy 4 per cent, while Saudi Oger will get 5 per cent bringing its holding to 13.9 per cent. The stake of Abdul Majeed and Abdul Hameed Shoman will be 8 per cent after buying the last 2 per cent.
Mohammed voted top marketeer
Dubai Crown Prince General Sheikh Mohammed bin Rashid al Maktoum was voted Marketeer of the Decade at the Gulf Brands of the Decade Awards in Dubai last night by an independent panel of judges. Other winners were Saudi American Bank, Afia, Cooline, Deira City Centre, Tejari.com, Saudi Aramco, Saudi Net, Aramex, Emirates, Al Jazeera and Dubai Media City.
UAE banks take another break
UAE banks and the stock markets will be closed on Tuesday and Wednesday to mark the 32nd National Day. Only last week the financial sector enjoyed a five-day Eid break, leaving business grumbling. However, the banks point out that this is short compared to the Western Christmas and New Year holidays.
Kuwait stocks hit new high
The Kuwait Stock Exchange bounced back from the Eid Al Fitr holiday with a new record high. The KSE Index was up 0.6 per cent to close at 4,521.80. This leaves the index 90.3 per cent up this year, the highest rise of any Arab bourse. The previous high was 4,512.30 set on October 18.
Dollar invoicing hedge for euro
Regional subsidiaries of some European multinationals are allowing their distributors to buy goods in dollars rather than euros as a hedge against the falling US currency, reported Gulf News. Last year GCC trade with the European Union was valued at 45bn euros.
UAE money exchange reforms
The big money exchange houses of the UAE are to begin depositing their massive daily cash collections into the UAE Central Bank rather than the commercial banks. The move is designed to increase transparency and allow closer monitoring of the operations of the exchange houses.
UAE bourses, united data screen
The two trading floors of the UAE have agreed to create The Emirates Securities Market, united by a common data screen. Trials will start later this month, and a website will follow. There are 29 companies listed on the Abu Dhabi Securities Market and 13 on the Dubai Financial Market.
Dollar's fall to lift inflation
The sudden plunge in the value of the US dollar is likely to stoke up GCC inflation, National Commercial Bank economist Said Al Shaikh told Gulf News. He said nothing would happen if the dollar's decline was short lived, but over a longer period imports from non-dollar countries would rise in price.
HSBC fund for Istanbul victims
HSBC has launched a USD1m staff welfare fund to help the families of staff who were bereaved or injured Istanbul. The Group is also establishing a community relief scheme to help local businesses which were devastated by the bomb blasts. Three members of HSBC staff died and a total of 43 were injured in the attack last week.
Hariri buys 11pc Arab Bank stake
Saudi Oger, a company owned by the Lebanese Prime Minister Rafik Harari, has bought an 11 per cent stake in Arab Bank for USD375m, reported The Daily Star. Arab Bank is one of the region's largest banks with assets of USD24bn and 378 branches in 27 countries.
Euro, new US dollar low
The euro shifted across the USD1.20 mark for the first time at the end of last week. HSBC predicts that the USD1.22 level may now be tested very soon. Standard Chartered Bank economists predict a lower dollar this year and next with the twin US deficits taking their toll on the greenback.
HSBC axes equities jobs
HSBC is the cut a third of its worldwide equites staff in a shake up of its investment banking strategy, reported Reuters. The present head count of 1,450 jobs will shrink to less than 1,000 by the end of February. This marks a shift away from trading for clients, with the bank now looking after its own book, said executives.
Emirates, USD112m Islamic deal
Emirates Airline has signed a USD112m Islamic financing deal with Dubai Islamic Bank as arranger subscribing USD87m and USD25m from the Abu Dhabi Islamic Bank for the leasing of an A340-500 aircraft. The 12-year Islamic operating lease is the first time that an entire wide-body aircraft has been Islamically financed.
It looks like you are using a Mac - check out our 
Web Feeds