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Markaz Gulf Fund achieves record return
Kuwait Financial Centre S.A.K 'Markaz' has announced that its Markaz Gulf Fund posted 48.4% Year to Date outperforming MSCI GCC index which achieved 44.8% as of 31 December 2007. The main objective of Markaz Gulf Fund is to seek long term appreciation by investing principally in equity securities listed on the stock markets of the GCC countries. The success of the Fund's investment strategy lies in the diversification of its asset allocation, the company said.
Citibank hosts exclusive seminar for clients
Citibank a member of Citi hosted an exclusive seminar for its clients which was conducted by globally renowned keynote speaker and coach, Anthony Morris. The attendees included select CitiGold Wealth Management clients consisting of CEO's, General Managers, Managing Directors and eminent businessmen in Bahrain. Citibank Bahrain is a top provider of Wealth Management solutions and has, over the past few years, launched a comprehensive suite of products & services that include innovative Structured Notes, Fixed Income Securities, Mutual Funds, Islamic investment options, Hedge Funds, Multi-Manager funds, Unit Linked Insurance plans and CitiBest Current Account that pays interest of up to 5 per cent.
Rising borrowing costs trouble investors
The latest trend in Pakistani stocks is something of an eye-opener, especially for complacent investors, reported Gulf News. Pakistan's equity investors have reason to worry about the rising cost of borrowing from banks, after the central bank's move, as Pakistan battles many different challenges, including economic ones. Pakistan's banks continue to benefit from their gains in recent years, the kind of consolidation that has already taken place in the sector and signs of continued interest from foreign investors.
C3 offers e-payroll
C3 Card is offering to streamline electronic payroll process and will market a Visa and MasterCard Payroll. Due to launch in February, the card enables employees to receive their salaries via instant electronic transfer, in accordance with MoL legislation.
Pension funds lose $1.5 trillion
A new report by consulting firm Watson Wyatt has found that the global share sell-off may have wiped up to $1.5 trillion off the value of global institutional pension fund assets since the start of this year. With the average allocation to equities within pension funds in the 11 largest pension markets at 56%, they have felt the pain of the global equities market slump, while pension liabilities grew faster than their assets last year, said Watson Wyatt.
Debenhams shares rise
British department-store group Debenhams said Milestone Resources, an investment group linked to Dubai-based retailer Landmark, had raised its stake to 9.13 per cent, boosting its share price, reported Gulf Daily News. That was up from the 8.39per cent that Milestone - headed by Micky Jagtiani, the chief of Landmark - held on January 11. Shares in Debenhams, which returned to the stock market in May 2006 at 195 pence apiece but have since fallen as low as 60p as trading deteriorated, were 6.3pc higher, valuing the company at about $1.2bn.
Hedging facility planned for Filipino workers
A hedging facility to help Overseas Filipino Workers cope with the strong peso will be launched by Philippine President Gloria Macapagal Arroyo during her two-day visit in Dubai, reported Khaleej Times. The facility and two investment tools are seen to realise her effort to transform OFWs to what she calls Overseas Filipino Investors. The earnings of majority of the over 10 million documented and undocumented Filipinos worldwide have been badly affected by the strong peso, which appreciated to 11.06 against the dirham over the weekend from Wednesday's 11.18, or 40.7 and 41.15 to the US dollar respectively.
Gold prices hit the roof
Gold prices have gone through the ceiling by striking an all-time high of $980 per ounce this week, and smashing a 28-year record. Experts attribute this to oil prices breaching the $100 per barrel mark, a weak US dollar and political instability in Pakistan, reported Al Ahram Weekly. The value of gold during the first trading week of 2008 was $866.90 per ounce, after rising by 30 per cent last year to reach about $630 per ounce. Two years ago, gold was selling for less than $550 an ounce and cost $350 per ounce five years ago. Naturally, Egypt's gold market has also witnessed a boom. The price of one gram of 21 Karat gold reached LE135; 24 Karat gold rose to LE154.28; 18 Karat is selling for LE115.71 per gram.
Currency gains hurt expat earnings
The surging Indian rupee and Philippine peso are hurting the earnings of two leading expatriate groups in the UAE, reported Gulf News. The Indian currency, which rose 12.3% in 2007, may appreciate further on higher overseas inflows as foreign investors try to take advantage of high-yielding domestic assets. The peso is projected to gain in the range of five to 12% against the dollar this year as the central bank is unlikely to intervene in the market.
Gold soars to $923
Due to a power crisis, South Africa's three top gold producers and the world's biggest platinum miner suspended production at all their mines, causing the gold and platinum prices to soar as high as $923.40 an ounce, reported Reuters. The metal went as low as $850 this week.
Indians welcome UAE's bank payment initiative
India has welcomed an initiative by the UAE government to have wages of overseas workers paid through banks. There are round 1.4mn expatriate Indians in UAE, many of them working as contract laborers in the booming construction industry, reported Gulf Times.
First debit card with a Skyward Miles Reward Program
Debit cards issued in the UAE market are fast outnumbering their credit card peers by a 77 per cent margin at least, according to Visa International statistics. While credit cards in force reached 1.53 million cards in Q3 2007 the number of debit cards issued during the same period reached 2.72 million cards according to Visa statistics. Just two years after the launch of Citibank Debit Card, Citi today loaded the card with a comprehensive reward program in partnership with Skywards, the frequent flyer programme of Emirates Airline.
Doha Bank launches personal loan promotion
Doha Bank has launched a personal loan promotion that includes free loan postponements, a grace period, and extended repayment period for both Qatari's and expatriates. The loan can be availed only by those customers who transfer their salaries to Doha Bank and have a minimum salary of QR7,500.
Credit card fraud is growing problem
About 125 million pounds are lost annually in the Middle East as a result of credit card fraud, according Paul Rodgers, chairman of Vendorcom, a UK-based membership organisation representing stakeholders in the payment card industry. He said credit card fraud is growing 20% in the region, which will continue to be vulnerable until more systems and processes are put in place to prevent fraud, reported Gulf News.
High prices may hit gold jewellery buyers
Gold jewellery buyers in Dubai will be deterred if the price for the precious metal again rises above $900 an ounce, reported Reuters. Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group said high prices have weighed on sales of the precious metal for jewellery in Dubai, deterring buyers and depressing their value by 14% for 2007.
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