2007
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Pakistan crisis lifts gold
Gold rose above $843 an ounce in early London trading due to concerns over the ongoing political crisis in Pakistan and the continued weakness of the dollar, reported the AFP. The yellow metal was in sight of its $850 all-time high set in 1980 but slipped back to $840.8. Gold hit a 27 year peak of $845.8 an ounce on November 7 and this too could be breached.
Qatari banks into Kuwait
The Qatar National Bank (QNB) has started banking operations at its first branch in Kuwait. The QNB received its licence back in September and the opening follows that in Oman earlier this week. Meanwhile, according to The Peninsula, Qatar's Doha Bank is also planning to open an office in Kuwait and has received regulatory approval.
Amlak, Barwa in tie-up
The UAE based Amlak Finance has signed an agreement with Qatar's Barwa Real Estate Company which will see it roll out its various mortgage products through a new entity called Amlak Barwa Finance. Amlak is looking to expand regionally and it has recently launched fully fledged operations in Egypt, while it is a major shareholder in Amlak International in Saudi Arabia.
QNB into Muscat
The Qatar National Bank (QNB) has opened its new branch in Muscat and it is now offering full banking services. The QNB was granted a licence to operate in Oman in January and it has become the first Qatari lender to open an outlet in the sultanate. The QNB has recently received the go-ahead to open a branch in Mauritania; the bank already has offices in Yemen, Singapore and Libya.
Bhutto death fans gold
The death of former Pakistani Prime Minister Benazir Bhutto in a suicide bombing in Rawalpindi late on Thursday helped push gold prices above a one month high yesterday. Gold futures for February delivery finished the day at $842.7 an ounce, up more than 1%, or $10.9, having hit an intra-day peak of $843.8 on the New York Mercantile Exchange, reported Reuters. Gold has now climbed in five straight sessions.
NBK offers a multi asset investment opportunity
National Bank of Kuwait (NBK) announced the launch of NBK Frontier Multi-Asset Fund SPC. The Fund's launch will provide clients with an investment vehicle that allows investing in eight different asset classes within a single fund. Salah Al Fulaij, General Manager of the Investment Services and Treasury Group, stated that the Fund was established to provide NBK private banking clients with multi asset global diversification at low costs through investing in three distinct portfolios with different risk tolerances according to the needs of investors.
Hefty Kuwaiti pay hikes
Kuwaitis working in government ministries are to enjoy pay hikes ranging from 10% up to 50%, according to the Kuwait Times. The Gulf state's Civil Service Commission has completed a study alongside the World Bank and this will be submitted to the Cabinet in the next few weeks. Kuwait's inflation rate, which has now almost reached 7.4%, was a key factor in the salary increases.
Dubai First credit card
Dubai First, in association with MasterCard Worldwide, has launched its Dubai First MasterCard credit card. The new card, which is offered in both 'classic' and 'gold', offers a cash back feature, with cardholders able to earn up to 4% for every purchase at retail locations in the UAE and abroad. The card also includes the 'Tap & Go' MasterCard PayPass feature, offering 'contactless' payments at selected locations on transactions below Dhs100.
Gold at one week high
Gold hit a one week high yesterday, Friday, rising from its overnight position of $795.3 an ounce to peak at $812.2 before falling back a little to a shade over $811, reported Reuters. The yellow metal's ascent was helped by a weaker dollar and stronger oil prices as well as speculation that gold producer AngloGold Ashanti could partly close its hedge book.
Mortgage firm for Saudi
The Saudi Home Loans (SHL) Company, a new mortgage provider, has been established in Saudi Arabia. The firm's headquarters can be found on King Abdul Aziz Road in Riyadh but the SHL will operate out of branches of the Arab National Bank (ANB) for its first of operation before opening offices across the kingdom. The ANB has a 40% stake in the closed joint stock firm.
Kuwait may wipe loan debts
The Chairman of the Kuwaiti Banks' Union Abdulmajeed Al Shatti has said local lenders have held talks with the Central Bank of Kuwait regarding the issue of the government buying off consumer loans to help alleviate the debts of citizens, reported the KUNA. The matter was discussed earlier this month at the National Assembly where protests were staged by crowds of Kuwaiti citizens demanding government assistance.
Dollar pushes gold down
Spot gold hit a one week low yesterday, Friday, as the US dollar continued with a recent rally, reported Reuters. The yellow metal hit a low of $787.6 an ounce, its lowest since December 6, before rallying to $792.7. Analysts say rising consumer prices in the US should boost gold's appeal as a hedge but in the very near future its direction will be governed by the dollar's performance.
Emirates Post to be payment agent
As the deadline for the UAE Ministry of Labour's requirement of paying salaries of private companies through approved agencies draws near, several private companies have signed agreements with Emirates Post to have their employees' salaries distributed through post offices. The new rule is effective from January 1, 2008. Emirates Post has been appointed an approved agent for paying out private sector workers' salaries as part of the Ministry's efforts to curb malpractices, such as late payment or non-payment of salaries.
BBK opens financial mall
The Bank of Bahrain and Kuwait (BBK) is to open the Muharraq Financial Mall, off of the Airport Road, later this month, reported the Bahrain Tribune. The mall will be the fourth the bank has opened in the kingdom and, as a consequence, the BBK has closed the old Muharaq branch with effect from today, December 10. The mall includes a range of services including a drive-thru ATM and an e-banking station.
Emirates Bank to Shindagha
The Emirates Bank, an Emirates NBD company, has inaugurated a new branch in the Shindagha area of Dubai. The new facility offers retail banking as well as a 24 hour meBANK area with both ATMs and instant automated cash and cheque deposit machines. The branch can be accessed from both the nearby Shindagha Market and the Carrefour supermarket.
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