June, 2016

• 13 June

  QNB raises US$2.75bn in ME’s biggest Tier 1 notes

  

      BLOOMBERG Qatar National Bank SAQ, the country’s biggest bank, raised 10 billion riyals (US$2.75 billion) from capital-boosting perpetual notes in the single largest such issue in the Middle East and North Africa. The privately placed Tier I notes will help strengthen the group’s capital adequacy ratios and support growth across the group, the Doha-based lender said in an ...

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• 13 June

  Euro’s role on the global stage is likely to diminish

  

    BERLIN / Bloomberg Once upon a time, the euro had aspirations to challenge the dollar’s status as the world’s reserve currency of choice. Instead, the common European currency is losing favour as a store of value. And as European banks scale back their trading activities, the euro’s role on the global stage is likely to diminish further. Almost a ...

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• 13 June

  Standard Chartered cracking down on bankers

  

    Bloomberg Bill Winters found more than just bad loans when he took over Standard Chartered Plc. He says he uncovered a culture where a few senior managers flouted ethics rules for personal gain and considered themselves ‘above the law.’ The lender is cracking down after ‘recent transgressions’ concerning some employees’ outside business interests, close financial dealings with co-workers and ...

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• 13 June

  Automotive industry at a crossroad

  

    Sunaina Rana / Emirates Business Arabian Automobiles Company (AAC), the flagship company of AW Rostamani Group is one of the leading automotive dealers in the GCC and also exclusive distributor for Infiniti in Dubai and Northern Emirates. The brand is also the middle of a major product offensive. It has been widely acclaimed for its iconic design and innovative ...

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• 13 June

  Switch from paper to mobile

  

    Our Correspondent EMIRATES BUSINESS Daxium is a leading software company that develops innovative mobile solutions to improve business performance. Their online web-based custom form builder makes it simple to switch from paper to mobile forms on tablets and smartphones. Their customers use Daxium for checklists, surveys, inspections, audits, CRM, merchandising. The company’s goal is to develop their mobile employees’ ...

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• 13 June

  Saudi seeks international investors for solar plants

  

    Reuters Saudi Arabia is seeking international investors to build two solar power plants, using a deal structure that could become a model for the kingdom’s infrastructure projects as low oil prices pressure the government’s finances. State-owned utility Saudi Electricity Co (SEC) said at the weekend that it was inviting expressions of interest from companies or consortiums around the world ...

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• 13 June

  Deal set to ease traffic near Muharraq mall

  

    Manama / Tribune News Service A deal has been agreed that will hopefully tackle traffic congestion that has plagued neighbours of a popular mall in Muharraq. The agreement will see costs of a new BD300,000 access road shared by government and investors at Seef Mall Muharraq. It follows a year of negotiations between mall management and the Works, Municipalities ...

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• 13 June

  Bahrain’s GPIC posts $47.5mn profit

    Manama / Tribune News Service Bahrain-based Gulf Petrochemical Industries Company (GPIC) remained profitable last year despite the sharp decline in global prices and other market challenges, it has emerged. The company, which is an equal stakes joint venture of Bahrain’s nogaholding, Saudi Basic Industries Corporation (Sabic) and the Petrochemical Industries Company (PIC) of Kuwait, uses locally available natural gas ...

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• 13 June

  China, Germany to limit ‘trade war’

  

    Beijing / Bloomberg German Chancellor Angela Merkel and Chinese Prime Minister Li Keqiang sought to limit conflict over trade during talks overshadowed by angst in Germany about a Chinese company’s 4.6 billion-euro ($5.2 billion) bid for robot maker Kuka AG. “We don’t want a trade war,” Li told reporters in Beijing on Monday after the two leaders presided over ...

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• 13 June

  Park urges ‘bone-crushing’ reform on shipbuilders

  

    Seoul / AFP South Korean President Park Geun-Hye on Monday urged “bone-crushing” efforts to overhaul the nation’s ailing shipbuilders faced with mounting losses caused by slowing global demand and increased competition. The South’s mighty shipbuilders including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering have dominated the global market for past decades. But a slump in oil prices ...

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