Business
Top News Story
Orders top $100bn as Ryanair gives Boeing a boost
Thursday, 20 June 2013
From Left: Airbus President and CEO Fabrice Bregier, Air France-KLM incoming Chief Executive Alexandre de Juniac and Rolls-Royce’s President of Civil Large Engines Eric Schulz, during a signing ceremony at the 50th Paris Airshow, at the Le Bourget airport near Paris, yesterday. PARIS: Orders at the Paris Airshow surpassed $100bn yesterday, as planemakers Boeing and Airbus cashed in on demand for fuel-efficient jets and growth in both budget carriers and emerging marke...
QCB regulation will boost investments
Thursday, 20 June 2013
By Satish Kanady DOHA: Qatar Central Bank’s (QCB) newly announced decision to regulate Qatari banks’ investment portfolio is expected to drive more bank investments into the country’s capital markets, mostly into government securities. Contrary to apprehensions expressed by a section of investors on the central bank decision, a leading investment bank, which anal...
‘Reckless’ bankers risk prison in UK: Lawmakers
Thursday, 20 June 2013
LONDON: Bankers found guilty of “reckless misconduct” in Britain could end up in prison and be stripped of bonuses, under draconian proposals yesterday to clean up London’s scandal-hit financial sector. The Parliamentary Commission on Banking Standards, established by the government after the Libor rate-rigging scandal last year, made the recommendations in a fi...
S&P affirms A/A-1 rating for Ooredoo
Thursday, 20 June 2013
DOHA: Standard & Poor’s Ratings Services has affirmed its ‘A/A-1’ long- and short-term corporate credit ratings on Ooredoo (Qatar TelecomQtel) and its ‘A’ issue rating on Qtel International Finance Ltd’s senior unsecure debt. At the same time, the ratings were removed from CreditWatch, where they were placed with negative implications on April 26. T...
Crude prices weaker on US inventory build
Thursday, 20 June 2013
NEW YORK: Crude oil prices on both sides of the Atlantic were weaker in choppy trading yesterday after a US government report showed an unexpected build up in crude oil stocks. Oil trading lacked direction and remained volatile as the market waited on the US Federal Reserve to announce its decision on when or if it might ease its economic stimulus program, market participants sai...
Qatar’s foreign trade surplus up by 2.2pc
Thursday, 20 June 2013
DOHA: Qatar’s foreign merchandise trade surplus has increased 2.2 percent in April, 2013. According to preliminary figures released by the Qatar Statistics Authority (QSA), the trade balance of goods showed a surplus of QR35.2bn, an increase of QR0.8bn compared to April 2012. In April 2013 total exports (including exports of domestic goods and re-exports) revenues were reported to be ...
QInvest named Best Sukuk Structuring House in Qatar
Thursday, 20 June 2013
Tamim Hamad Al Kawari receiving the award from Mushtak Prker. DOHA: QInvest has been internationally recognised as “Best Sukuk Structuring House in Qatar” at the UK’s 7th Annual Sukuk Summit 2013. The panel of judges, made up of respected industry experts from across the GCC, Europe and the South East Asia, selected QInvest based on its role as joint lead manager ...
Spanish crisis may end soon, says IMF
Thursday, 20 June 2013
MADRID: Spain’s biting recession may end soon but the outlook is tough and Madrid must do more to battle the country’s unacceptably high unemployment rate, the IMF warned yesterday. Spain’s economy, still reeling from a 2008 property market crash, fell into a double-dip recession in 2011 and the unemployment rate has since soared to more than 27 percent. Prime Minister...
QNB honoured with Best Bank in Middle East award
Thursday, 20 June 2013
Doha: Qatar National Bank (QNB) has been the recipient of two industry recognised awards from the Banker Middle East. QNB was awarded the ‘Best Bank in Qatar’ Award and was additionally recognised on a regional level as it won the ‘Best Bank in the Middle East’ category too. This year marks the third consecutive year that QNB won both the ‘Best...
Ireland on track for bailout exit this year
Thursday, 20 June 2013
DUBLIN: Ireland has a good chance of exiting its bailout this year but would benefit from more European support in cleaning up its indebted banks and the safety net of precautionary funding, the International Monetary Fund said yesterday. Tight budgets in line with the conditions of its ¤85bn ($114bn) bailout have helped Ireland get back on its feet. In contrast to much of ...
US puts Russia on notice in report on WTO compliance
Thursday, 20 June 2013
WASHINGTON: The United States, in the first report on Russia’s compliance with its World Trade Organisation commitments, said yesterday it was closely watching Moscow for any violations that thwart US exports to the world’s sixth-largest economy. But in the report required by Congress, the US Trade Representative’s Office did not announce any definite plans for ...
.jpg)
Intra-Mena trade likely to double by 2020, says HSBC official
Thursday, 20 June 2013
Speakers at the HSBC Regional Exchange – Mena conference. DOHA: “Intra-Middle East and North Africa (Mena) trade has the potential to double by the end of the decade to $300bn” said Simon Cooper, Deputy Chairman and CEO, HSBC Middle East & North Africa, at the HSBC Regional Exchange - Mena conference. “By building on this opportunity for growing trade, Mena co...
Qatari bourse index loses 21.04 points
Thursday, 20 June 2013
Doha: Qatar Exchange index lost 21.04 points or 0.22 percent to reach 9,340.01 points from the previous closing of 9,361.05 points. The volume of shares traded fell to 6,105,840 from 8,847,383 on Tuesday, and the value of shares decreased to QR268,594,687.34 from QR339,141,717.12 on Tuesday. Among the top losers were Industries Qatar whose share dropped 0.12 percent to QR162.20, C...
Bourse merger would have many benefits: UAE regulator
Thursday, 20 June 2013
ABU DHABI: A potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have “many advantages” for the country’s financial sector, the chief executive of the United Arab Emirates’ equities market regulator said yesterday. “In case the two markets are merged into one it will have many advantages, although the SCA has...
Local, global trends boost Gulf banks as foreign rivals retrench
Thursday, 20 June 2013
ABU DHABI/DUBAI: When British banker Michael Tomalin took the top job at National Bank of Abu Dhabi in 1999, the lender had about $9bn in assets — tiny by global standards — and its operations were largely confined to the oil-rich emirate of Abu Dhabi. Today, NBAD has a presence in 14 countries and assets of about $100bn, and is heavily involved in international businesses such ...
Combo solution woes
Thursday, 20 June 2013
A construction site of the tramway building project in Karlsruhe, Germany, yesterday. After the bankruptcy of construction company Alpine, city of Karlsruhe now worries about its tunnel construction project ‘combo solution’ — the relocation of the tram underneath the pedestrian zone and the rebuilding of the main street Kriegsstrasse until 2019....
Turkey crude supply to start soon: Kurds
Thursday, 20 June 2013
LONDON: Iraqi Kurdistan will start a new oil pipeline to Turkey within months, its energy minister said, increasing the autonomous region’s control over its resources in a dispute with Baghdad and raising its exports to world markets. In a move that will provoke Baghdad, the Kurdish regional government will complete the pipeline by the end of September with an initial capacity of 300,...
Supreme Court quashes British sanctions on Iranian bank
Thursday, 20 June 2013
LONDON: The UK’s highest court has ruled that the British government was wrong to have imposed sanctions on an Iranian bank in 2009 over alleged links to Iran’s nuclear programme. The Supreme Court decision yesterday mirrored a January ruling by the European Union’s General Court, which overturned sanctions imposed in 2010, and could result in the bank suing Britain for da...
Portugal pays higher rates in bond auction
Thursday, 20 June 2013
LISBON: Crisis-hit Portugal paid higher borrowing rates in a short term debt auction yesterday, reflecting tighter conditions seen in bond markets around the world. The Portugese debt agency raised ¤1.05bn over 18 months at 1.603 percent, up from 1.506 percent at a similar sale in March, with demand for the bills about twice the offer. The agency also raised...
Finnish economy to shrink 0.4pc
Thursday, 20 June 2013
HELSINKI: Finland’s economy will shrink by 0.4 percent this year, the Finnish government said yesterday, revising downwards its forecast from March which predicted growth of 0.4 percent. A report from the economy ministry said the expected slowdown was mainly due to the “economic situation in the eurozone” and “weak growth in global trade.” The m...
Weekly Money Market Review with IBQ: These are uncertain times in financial markets
Thursday, 20 June 2013
The US Dollar started the week on a negative tone, as Federal Reserve Bank President Bullard said that the US economic performance could be characterise by slow but steady growth, improving labor markets and a surprisingly low inflation rate. He said that the “Labour market conditions have improved since last summer, suggesting the Committee could slow the pace of purchases, but sur...
Business News
Slovenia ‘bad bank’ to begin operations
LJUBLJANA: Slovenia’s new “bad bank”, a key part of efforts to avoid becoming the next eurozone member to need a bailout, will receive its first transfer of toxic assets at the end of the month, its head said yesterday. The crisis measure come after banks in Slove...
New Jeep Wrangler recall
A view of a Jeep logo at a Chrysler dealer in Los Angeles. Two days after rejecting a push to recall old model Jeeps over a potential fire hazard, Chrysler yesterday issued a recall for 630,000 newer models for power steering and airbag problems. Chrysler, a unit of Italy’s Fiat, will ...
Energy
Ukraine-Russia gas talks impasse
A pressure gauge is seen at a gas compressor station in the village of Boyarka, outside Kiev, yesterday. Ukraine’s president Viktor Yanukovich pulled out of gas price talks with Russian leader Vladimir Putin at the last minute on Tuesday, raising concern about the reliability of supplies ...
US oil prices hit lowest since July
LONDON: Global oil prices fell yesterday, with New York crude hitting the lowest level since July, as surging US crude stocks and weak European economic data sparked fresh demand concerns, analysts said. New York’s main contract, light sweet crude for December, sank as low as...
Construction
Funding squeeze keeps Egyptians in the dark
CAIRO: Power cuts in Egypt are due to a lack of funds to buy fuel for power stations, the oil ministry said yesterday, another sign that a government funding crunch is disrupting the wider economy. Egypt has endured two years of political instability since the overthrow of President Hos...
Al Meera to build two malls in Doha
DOHA: Qatar Al Meera Holding plans to build two new shopping malls in Doha, one at Ain Khaled area and the other at Al Mansoura, including two hypermarkets. "We awarded the contract to Arab Engineering Bureau (AEB) as we wanted our customers to know that Al Meera will only select the best companies...
Qatar Business
QCB regulation will boost investments
By Satish Kanady DOHA: Qatar Central Bank’s (QCB) newly announced decision to regulate Qatari banks’ investment portfolio is expected to drive more bank investments into the country’s capital markets, mostly into government securities. Contrary to apprehensions expressed...
S&P affirms A/A-1 rating for Ooredoo
DOHA: Standard & Poor’s Ratings Services has affirmed its ‘A/A-1’ long- and short-term corporate credit ratings on Ooredoo (Qatar TelecomQtel) and its ‘A’ issue rating on Qtel International Finance Ltd’s senior unsecure debt. At the same time, the rat...
GCC Business
Bourse merger would have many benefits: UAE regulator
ABU DHABI: A potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have “many advantages” for the country’s financial sector, the chief executive of the United Arab Emirates’ equities market regulator said yesterday. &...
Local, global trends boost Gulf banks as foreign rivals retrench
ABU DHABI/DUBAI: When British banker Michael Tomalin took the top job at National Bank of Abu Dhabi in 1999, the lender had about $9bn in assets — tiny by global standards — and its operations were largely confined to the oil-rich emirate of Abu Dhabi. Today, NBAD has a presence i...
Middle East Business
Turkish central bank keeps rates on hold
ISTANBUL: Turkey’s central bank kept interest rates on hold yesterday but said capital inflows had fallen and hinted it could act again to support the lira, under pressure from domestic unrest and uncertain global liquidity conditions. Turkish assets have been volatile since ...
Investment inflow into Arab states rises despite unrest
KUWAIT CITY: Foreign direct investment into Arab states rose by 9.8 percent last year despite unrest in some of them but remained well below its level in 2010, when the Arab Spring erupted, a report said yesterday. Arab states attracted FDI worth $47.1bn in 2012 compared with $42.9bn the prev...
International Business
Orders top $100bn as Ryanair gives Boeing a boost
From Left: Airbus President and CEO Fabrice Bregier, Air France-KLM incoming Chief Executive Alexandre de Juniac and Rolls-Royce’s President of Civil Large Engines Eric Schulz, during a signing ceremony at the 50th Paris Airshow, at the Le Bourget airport near Paris, yesterday. ...
‘Reckless’ bankers risk prison in UK: Lawmakers
LONDON: Bankers found guilty of “reckless misconduct” in Britain could end up in prison and be stripped of bonuses, under draconian proposals yesterday to clean up London’s scandal-hit financial sector. The Parliamentary Commission on Banking Standards, establishe...
Stock Market
Qatari bourse index loses 21.04 points
Doha: Qatar Exchange index lost 21.04 points or 0.22 percent to reach 9,340.01 points from the previous closing of 9,361.05 points. The volume of shares traded fell to 6,105,840 from 8,847,383 on Tuesday, and the value of shares decreased to QR268,594,687.34 from QR339,141,717.12 on Tue...
Qatari bourse index dips by 68.65 points
Doha: Qatar Exchange index was down yesterday 68.65 points or 0.73 percent to 9,361.05 points from the previous closing of 9,429.70 points. The volume of shares traded fell to 8,847,383 from 11,209,972 on Monday, and the value of shares decreased to QR339,141,717.12 from QR402,164,018.1...
Oil Market
Crude prices weaker on US inventory build
NEW YORK: Crude oil prices on both sides of the Atlantic were weaker in choppy trading yesterday after a US government report showed an unexpected build up in crude oil stocks. Oil trading lacked direction and remained volatile as the market waited on the US Federal Reserve to anno...
Iraq excludes Kurds from 2014 oil output target
LONDON: Iraq aims to ramp up oil production by nearly 45 percent by the end of next year — without any input from its autonomous Kurdistan region — which suggests a lasting compromise in their long-running oil feud may be a way off. Baghdad’s ambitious 4.5 million...
Copyright © 2012 Peninsula News Paper. All Rights Reserved.