2004
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UAE bourse up 88pc
The stock markets of the UAE will close the year today, and yesterday the Emnex index stood 88 per cent up in 2004 at 5,485.26 points. This left the market on a price-to-earnings ratio of 15.5 and a 3.24 per cent yield, although most stock brokers put the p/e ratio at nearer 25.
Visa card purchases up 39pc
Visa International has reported a 39 per cent increase in retail sales volume on Visa cards for the 12 months ending September 30, 2004 compared to the corresponding period in 2003. RSV stood at USD9.3bn with spending in Qatar up 79 per cent while in Oman it rose 45 per cent. GM Kamran Siddiqi attributed the growth to the performance of the region's member banks.
ABN Amro, transparent card
ABN Amro has launched the region's first transparent Clear Card which is available now for new and existing customers of the bank. Current cardholders can apply to change their card immediately or wait until the new look card is sent at the renewal date.
Daman offers margin trading
Dubai based Daman Securities is to offer margin trading services after receiving UAE Central Bank approval. MD Shehab M. Gargash told reporters yesterday that Daman was already in talks with a local bank for financing this facility.
NBD world tour competition
National Bank of Dubai has announced its Around the World in 21 Days campaign, offering existing and new and NBD credit card holders the chance to win a trip to the Seven Wonders of the World. All you need to do is spend at least Dhs200 on your credit card before February 20 for a free entry into the raffle.
HSBC, win an interest-free loan
Take out a personal loan from HSBC in the UAE before the end of the year and you could be one of five winners of an interest-free loan. HSBC personal loans offer a 45-day grace period, no commission on loan transfers, and extended loan tenure. Visit, www.uae.hsbc.com.
UAE IPO targets small investor
The initial public offering for Emirates Foodstuffs that opens today is targeting the smaller investor with a guaranteed minimum share allocation of 1,000 shares. There is also a ban on bank finance for share applications which should avoid a repeat of the 448 times oversubscription of the Addar Properties IPO last month.
Global equities, three-year high
Global equity markets are ending the year at their highest levels since May 2001 after their best quarterly performance of the year. However, experts are divided about the outlook for 2005 with many believing that the falling US dollar could spell problems ahead for equities.
Markets in year-end upturn
Global stock markets are showing typical year-end optimism as institutions window dress their portfolios and close positions. But the London Financial Times warned in its influential Lex column that the outlook for company profits in 2005 is probably not as good as analysts predict.
EFF pays 10pc dividend
The Emirates Flagship Fund, the largest mutual fund in the UAE, has declared a further 10 per cent dividend bringing its total dividend payments this year to 28.5 per cent. Emirates Financial Services GM Suresh Kumar said the fund expected to perform well over the next two quarters thanks to the imminent earnings pay-out season.
UAE interest rate ad clampdown
The UAE Central Bank is to clampdown on misleading advertising of interest rates by certain banks, Governor Sultan bin Nasser Al Suweidi told Gulf News. The bank is to issue a circular to banks asking them to observe rules of transparency so that rates are fully understood.
New Ahli Man bond fund
Ahli United Bank has launched the Ahli Man Global Strategies Diversified Guaranteed, a guaranteed bond structure with income return. AUB has again chosen Man Investments as the investment manager of the fund which targets medium-term annualised growth of approximately 11-13 per cent for an annualised volatility of approximately 6-8 per cent.
Visa certifies EBG Network
Visa has certified Emirates Bank Group's Network International as an independent vendor for processing Visa payments in the Middle East. This will allow Network International to offer outsourcing to third parties that want to provide electronic payment solutions.
Tax warning to UK expats
UK expatriates may face taxation on their global income if the Labour Party is re-elected, warned Conservative MP and Shadow Finance Minister Howard Flight in Dubai yesterday. He said many British citizens here would find themselves paying 40 per cent tax.
Rakbank MasterCard, no fee
If you want a MasterCard credit card without having to pay an annual fee then Rakbank is offering its MasterCards free for life. Credit card company's make a profit on every transaction so many users feel that charging an annual fee for the privelege is too much.
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