Published May 24th, 2011 – 14:10 GMT

New clashes reported on Tuesday between Yemeni police and supporters of an opposition tribal chief, who took control over several government buildings in the capital Sanaa, witnesses said.

Clashes between the police and tribesmen loyal to Sheikh Sadiq al-Ahmar which left six people dead on Monday resumed early on Tuesday in Al-Hasaba neighbourhood in northern Sanaa, the witnesses told AFP.

Firefights continued sporadically near Ahmar’s house as several government buildings including the trade and industry ministry remained under his supporters’ control, according to witness reports.

Sources close to Ahmar conveyed the fighting broke out on Monday after security forces tried to deploy around his residence and his gunmen retaliated. According to Ahmar, five of his supporters died Monday and 52 others were hurt.

State news agency Saba said one policeman was killed and five others hurt.

Originally Published On: www1.albawaba.com – Original Article Here

ZURICH May 31 (Reuters) – The following are some of the
main factors expected to affect Swiss stocks on Tuesday.

COMPANY STATEMENTS

* Tecan (TECN.S) announces another major OEM agreement with
a leading diagnostics company for development and supply of a
dedicated diagnostics instrument. Sales potential is estimated
to be more than 100 million francs over the first five years.

ECONOMY [M-CH]

* Q1 GDP due at 0545 GMT

* UBS Consumption indicator due at 0600 GMT

FOR COMPANIES TRADING EX-DIVIDEND, PLEASE CLICK ON:

.EX.S for all Swiss stocks

.EXSMI.S for blue chips

.EXNSMI.S for other stocks

Originally Published On: www.reuters.com – Original Article Here

Published Yesterday – 14:57 GMT

The death toll in the central Syrian region of Homs rose to 13 Monday, following a crackdown on anti-regime protesters, an activist said.

Previously, the number of those killed in and around the city of Homs stood at seven. Police continued to sweep the region as hundreds of people injured in the crackdown were hospitalized in the nearby city of Hama due to the roadblocks .

On its part, state news agency SANA said four troops were killed and 14 injured by “terrorist groups” in Talbisha on Sunday before some were detained and a large quantity of weapons seized.

According to activists, anti-regime protesters took to the streets of Hama and Saraqeb, near Idlib in the northwest, during the night to call for the downfall of President Bashar al-Assad’s regime. According to AFP, hundreds of people also rallied on Sunday in Douma and Jdaidat, on the outskirts of Damascus. 

Originally Published On: www1.albawaba.com – Original Article Here

Published May 26th, 2011 – 19:48 GMT

Lebanese singer Haifa Wahbi is currently busy preparing for her new album that is sung entirely in the Khaliji (Gulf) dialect. Haifa cooperates with some of the most prominent poets and composers for the album among them composer Fayez Al Saeed. Haifa included three songs composed by Fayez, who works with Haifa for the first time.

Fayez has stated that he is very hopeful about working with Haifa and expects the album to witness significant success.

On a different note, Haifa is expected to be in Egypt in the upcoming days to hold extensive work sessions with director Majdi Al Hiwari and scenarist Mustafa Muhram to agree on the details of her new television drama “Mawlid wa Sahibuh Ghayeb” (Celebration for an absent man). Scenes will be filmed once the scenarist completes writing the entire script.

The new drama is created to replace the previous drama Haifa was to star in titled “Nousa”. “Nousa” was canceled due to mysterious reasons never clarified.

Originally Published On: www1.albawaba.com – Original Article Here

Published May 28th, 2011 – 09:36 GMT

Prominent Syrian singer Asalah Nasri has given birth to two healthy baby boys and named them Ali and Adam. Asalah delivered the twins at a private hospital in Cairo and was accompanied by her husband director Tareq Al Aryan.

The official page for the singer on the internet social network Facebook it wrote “ Thank God Asalah gave birth to Ali and Adam and she and the twins are in great health.”

Asalah already had two children from her previous marriage a girl named Sham and a boy named Khaled.

Originally Published On: www1.albawaba.com – Original Article Here

Citi and Bank of Baghdad announced a strategic partnership which offers corporate clients, with major business presence in Iraq, a seamless cash management solution and other relevant banking services.

The client offer encompasses account services, domestic and international payments and collections, liquidity management and electronic banking solutions, backed by a comprehensive customer service and streamlined documentation processes.

This key partnership leverages Citi’s state-of-the-art global cash management platform, as well as Bank of Baghdad’s franchise and extensive branch network. The partnership also gives Bank of Baghdad, a subsidiary of Kuwait’s Burgan Bank, access to Citi’s global network across more than 107 countries for cash management solutions and other banking services.

Steve Donovan, Head of Global Transaction Services, Middle East & Pakistan at Citi, said: “We are delighted to announce this partnership with Bank of Baghdad which is in line with our commitment to Iraq as well as our strategy to bring the right capabilities to our clients through our own global network or through partnerships with prime local banks. This alliance certainly creates a win-win situation for our mutual client base.”

Dr. Younes Brouche, Executive Vice Chairman at Bank of Baghdad said: “Bank of Baghdad has had a long standing and successful relationship with Citi. It brings together our bank’s extensive network in Iraq, our product suite and service excellence with the global reach of Citi. We look forward to working with Citi to provide valued clients with bespoke solutions to help them with their operations in Iraq.”

Eduardo Eguren, Chief Executive Officer at Burgan Bank Group, said: “We are pleased to announce this winning partnership. Bank of Baghdad is a fast growing member of Burgan Bank Group and has successfully placed itself as one of the major players in Iraq. This partnership will indeed add value to both Bank of Baghdad’s and Citi’s clients as well as to Burgan Bank Group clients.”

Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It currently offers full scale corporate banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high net worth clients in the region through the Citi Private Bank.

Originally Published On: www.ameinfo.com – Original Article Here

Published May 25th, 2011 – 08:21 GMT

At least 38 people were killed in ongoing clashes between armed tribe men and government forces in a northern district of the Yemen capital Sanaa, AFP reported. Three tribal Sheikhs were among 24 supporters of tribal chief Sadiq al-Ahmar who were killed, and dozens of others were injured, a hospital source conveyed.

The Yemeni defense ministry said on its website, citing the interior ministry, that 14 troops died and two were missing in the fighting.

An earlier account said at least six died on Tuesday in a second day of fighting between supporters of Sheikh al-Ahmar and forces loyal to President Abdullah Saleh.

Shortly after midnight on Wednesday the sounds of automatic arms fire could still be heard ringing out throughout the neighbourhood, locals said.

Two days of clashes in the capital had already killed at least 12 people, tribal sources said.

Originally Published On: www1.albawaba.com – Original Article Here

Published Yesterday – 14:55 GMTPress Release

Dubai Outsource Zone, a member of TECOM Investments, today announced it is the strategic partner ofthe seventh Financial Technology Summit and Meetings – Middle Eastfor the second consecutive year.

To be held at the Beach Rotana Hotel in Abu Dhabi from 31 May – 1 June,the Financial Technology Summit will focus on ‘Business trends and technology enablers in 2011-2012’. The exclusive event (by invitation only) is expected to draw high-profile IT decision-makers from the banking and financial sector in the Middle East.

DOZ’s support to the event comes on the back of an increasing number of regional as well as global banks and financial institutions setting up support operationswithin the free zone, leveragingits array of mid and high-end services. Dunia Finance, Mashreq Bank, Royal Bank of Scotland (RBS) and Arab Bank are some of the key entities that have marked a presence at DOZ.

Majed Al Suwaidi, Director of Business Development at Dubai Internet City and Dubai Outsource Zone, said: “A main focus for DOZ is to help businesses within the zone make the best use of their resources.This isespecially apparent in the finance and banking sectors witha significantnumber of institutions from thesector setting up back-offices in DOZ. Through partnering with thesummit, we aim to highlight our commitment to the growth and development of the diverse sectors of the region.”

Dubai Outsource Zone provides a purpose-built infrastructure to companies extending outsourcing services in the region. The zone caters to entities specialising in services such as business process outsourcing, knowledge process outsourcing and legal process outsourcing. Additionally, it offers an environment that attracts different elements of the value chain: banking and finance, insurance, IT, legal, airlines and hospitality.

Dubai Outsource Zone currently hosts a number of companies in diverse sectors such as banking and finance, accounting, IT, payroll processing, engineering, research and development as well as design. Current companies operating in DOZ include Nokia Siemens Networks, Emirates airline, AXA Insurance, du, First Data, Cupola, Larsen and Toubro Infotech Ltd, Al Futtaim Willis, and the Jumeirah Group.

Originally Published On: www1.albawaba.com – Original Article Here

Emirates NBD, the UAE’s biggest bank by assets, on Thursday reported a 30% slump in profits for 2010, and a 10% drop in total income. CEO Rick Pudner and his team defend the bank’s “robust” performance in a “challenging” year, and tell us what’s in store for 2011.

The UAE‘s largest bank by assets saw its net profits and total income plummet in 2010, as impairments on investments and bad loans took their toll. However, CEO Rick Pudner is in a bullish mood as he insists the bank has rallied strongly in the wake of the credit crisis and “uncertainty” in the UAE banking sector.

“Two years on from the crisis we have a strong capital base and liquidity,” he says. “Our Basel rates, loans-to-deposit ratio, liquid assets have risen appreciably during the same period, and we have improved our income generating ability as well as our efficiency as an organisation.”

Emirates NBD, which was formed as the result of a 2007-announced merger between Emirates Bank Group and National Bank of Dubai (NBD), revealed on Thursday that it recorded a 30% slump in net profits for 2010, to Dhs2.34bn from Dhs3.34bn in 2009. While Q4 profit was Dhs403m in the three months to December 31, up from Dhs178m in the prior-year period, the figure still missed some analysts’ forecasts for the quarter.

“We are positioning ourselves for the opportunities ahead,” insists Surya Subramanian, CFO at Emirates NBD. “Overall, we have reported healthy results notwithstanding the difficult times and the provisions we’ve taken.”

Total 2010 reported income down 10%

The bank reported total income for 2010 of Dhs9.72bn, down 10% compared to 2009′s figure of Dhs10.79bn. It said it provisioned fully for its exposure to debt-laden Dubai World, and that the bank’s exposure had been included in its figure for impaired loans, which declined 4% in 2010 to Dhs3.19bn, compared to Dhs3.32bn in 2009. The bank also said it added Dhs335m to portfolio impairment allowances during 2010, taking the total to Dhs2.2bn – or 1.4% of unclassified credit risk weighted assets.

The bank’s investments in associates in 2010 failed to help its cause, amounting to negative Dhs1.02bn compared to a negative contribution of Dhs477m during 2009. This was due in principle, the bank said, to losses incurred by Dubai-based real estate company Union Properties, in which the bank holds a 48% stake, and for which the bank booked an impairment of Dhs360m in 2010.

Nevertheless, operating costs at the bank did drop 14% from 2009 levels and the 2010 cost-to-income ratio decreased to 31.4% from 32.9% in 2009. Deposits grew by 10% as loans declined 8% in 2010, and the loan-to deposit ratio stood at 99% at end-2010 compared to 118% at end-2009 – a liquidity boost which the banks argues will stand it in good stead moving forward.

Improved liquidity, loan/deposit ratio

“Our loans-to-deposit ratio is now below 100% for the first time since 2005,” notes Ben Franz-Marwick, Head of Investor Relations at the bank. “There are some negatives and some positives, but we’ve generated a profit of Dhs2.3bn and delivered a return on equity of more than 10%, in a year with significant headwinds.

“We’ve also significantly improved the liquidity position of the bank, as net liquid assets on the balance sheet improved by about Dhs35bn during the year, which now puts us in an extremely comfortable liquidity position.”

At the same time the bank has been working to de-risk its balance sheet, raising its impaired loans ratio from 1.6% in 2008 to 10% in 2010, and reducing impairments in both investment securities and associates. Central to its growth strategy, too, is the capital that the bank should raise through its proposed sale of a stake in payment arm Network International (NI) to private equity giant Abraaj Capital.

Originally Published On: www.ameinfo.com – Original Article Here

While the UAE bond market celebrates a modest comeback, UAE stock markets failed to achieve superior returns in 2010. And their chances diminish as the clock to the year-end is ticking. But the times for stock pickers remain favourable.

It might be too soon to call it a year for 2010, but from a UAE investor’s perspective twenty-ten will be remembered as the post-crisis rollercoaster period. The “2010-menu” had all sorts of ingredients that traders fear: from the volcano-ashes to the Euro debt crisis; from a dried-up IPO-market to capital outflows; not to mention the long uncertainty over the restructuring of $24.9bn debt at the Dubai World group, which was eventually settled on September 11 this year. And now a limited war on the Korean peninsula makes the tricky year complete.

UAE recovering from double shock

“The UAE is recovering from a double-shock”, says Dr Masood Ahmed, the IMF Director for the Middle East and Central Asia.”The demand for oil and the price for oil went down, which affected the oil industry in the UAE. At the same time, asset prices, in particular in real estate went down, which affected the Dubai economy”.

As slowly the UAE economy glided into recession, as slowly it finds its way out of it. Traders call periods of no clear direction sideways movements. Private investors prefer clear directions in order to achieve superior returns. They are somewhat missing on the countdown to 2011.

Qatar Exchange posts solid growth

The contrast to competing GCC markets is too obvious. While the Qatar Exchange (QE) gained over 16.21% on a year-to-basis (as of the close of trading on November 14, before Eid holidays started), the DFM (down 6.46%) and the ADX (up 0.19%) are lagging behind.

In addition to the aforementioned external shocks, a number of internal queries prevent the UAE markets from advancing. A UAE insolvency law, which prevents individuals from being jailed when their cheques bounce is yet to be implemented. Also, the UAE has not adapted IFRS as an accounting standard, which is internationally accepted and helps firms to do cross-border business. Corporate governance and transparency standard are overall far behind those in Western countries.

And where has been the long-awaited rebound in the real estate market? Prices continue to fall, putting a burden on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) likewise. During the last six months Emaar failed to create shareholder value. At the DFM, market bellwether Emaar Properties failed to crack a key resistance at Dhs4, although with a price earnings ratio of 7.80, which is lower than the DFM’s real estate’s sector PE ratio of 11.80, the share is relatively cheap.

Increased services, logistics demand

Nevertheless there is light at the end of the tunnel. Axiom Telecom’s IPO at the Nasdaq Dubai, scheduled for the beginning of December breaks an 18-month “radio silence” at the UAE primary market. Axiom, founded in 1996 by Faisal Al-Bannai, runs some 500 telecom retail outlets in eight countries. Beside the Middle East, the retailer with its iconic orange logo also operates in the UK and India.

“We see increasing demand in the UAE for services and logistics”, says the IMF’s Dr Ahmed. In fact, shares of logistic provider Aramex, which are listed at the DFM, have surged over 40% during the last six months. Nasdaq Dubai’s heavyweight DP World, on the other hand, has been trading sideways since October 24th, after it rallied 50% from July to October. DP World then failed to break the resistance level at $0.60. In the construction sector, contractor Drake and Scull International (DSI) resisted the downturn. Its shares added over four percent during the last six months.

Regarding the DMF and ADX market indices a year-end rally can only occur if investors see better prospects for the coming year and if there are no better alternative investments than stocks.

Originally Published On: www.ameinfo.com – Original Article Here