A New Blood in the Syrian Public Banks

A New Blood in the Syrian Public Banks

A few days ago the Syrian Prime Minister has issued a number of decisions stipulating on forming new administrative boards of the public banks with the aim of providing these banks with new economic and administrative cadre, but the question is: Well the new administrations be able to solve the problems of some of the public banks? Specially that some of these banks like the industrial bank witnesses the worst financial crisis. In other words, will the administrative change play a role in the economic and financial change of the banks? Moreover, will the new ideas with regard to administration decrease the problems of the banking system? All these are open questions for multiple possibilities which the public banks will face with their new administrative board.

Oil Prices Come Close to the Barrier of $102

Oil prices have risen once again exceeding the barrier of $100 yesterday backed by a new decline in the value of the dollar, whereas the prices of the Euro have hit a record on Thursday opposite to the dollar reaching 1.5057 which urged the investors for a bigger turn out to buy the raw material.

The Profits of the Qatari Qutel Company Decline in the Last Quarter

The Qatari Telecommunications Company Qutel has announced that its seasonal profits declined by 9.6% reaching about $100 m during the last quarter of last year compared to about $111 m of the same period of 2006. It is worth mentioning that the base of Qutel’s subscribers has become bigger with a percentage estimated at 31% reaching about 1.5 million subscribers and the revenues of the company have increased with the growth of the economy and the increase of the number of the residents in the country.

The Bahraini Arkabita Bank Acquires the American Bodes Ink Company

The Bahraini Arkabita Bank has announced that it acquired the American Bodes Ink Company specialized in providing solutions of movable storing and services for houses and trade companies in a deal estimated at $451.4 m.

Small Indexes

– The Turkish Contractors are carrying out real estate projects in the UAE with a total value estimated at $3 bn within the framework of many projects in al Nakhla, Metro and Dubai Land.
– The number of Saudi, Kuwaiti, and Bahraini tourists who visited Lebanon last week has reached 120473 out of 400082 Arab tourist.

Companies’ Indexes

– The Danish-Swedish Arlla Company for Dairy Products said that it will decrease its production following the anger in the Islamic countries because of republishing the cartoons of the Profit Mohammad which resulted in losses in terms of demand on these products.
– The maritime Al Khaleej Energy Company has granted the Korean Samsung Company for heavy industries a contract estimated at $160 m for building two high quality oil ships.

Exhibitions

– Hong Kong Exhibition for Presents and Sovenieers for 2008 was opened yesterday with the participation of more than 3400 companies from 33 countries and areas including Australia, Germany, India, Italy and China as well as Makawo and Taiwan.

Bids

– The Deputized Member of the Kuwaiti Financial Investment Company Nour has said that the company intends to start selling the shares of the contributors as per off today for allocating about $91.64 with the aim of a bigger financing.