The Return to the Role Of the State Once Again

Director of the International Monetary Fund, Dominique Strauss-Kahn, thinks that dealing with the crisis of the real estate mortgage requires an interference on the behalf of the government worldwide more than ever. He further adds that such interference can provide what is called “ a third defense line”, as it has become necessary today to shift from the idea of banks which only pump more money into the idea on interfering with regard to the Western case, in general, and then to shift to the final line, in the sense that these governments take steps and officially interfere in the markets to protect them.
For his part, researcher, “Justin Orghart Stewart”, supports what Strauss-Khan says , pointing out that “ instead of waiting for the banks to act wrongly, each on its own, and consequently things would go in the wrong direction, those banks of poor performance would need more help, and this means to move forward more than just offering cash flow for them and for the market”.
It seems that the American Treasury has adopted these measures through announcing that a plan that includes the amendment of the rules that govern the financial sector in the country, which are the biggest changes of their kind in America since the 30s of the last century. The plane aims at strengthening and enhancing the role of the Central Bank and giving it new and broad authorities with regard to a wide supervision on all kinds of financial institutions including the insurance companies.

The Opening of Technology of Information in Syria

Under the Patronage of President Bashar al-Assad The activities of the 3rd International Conference of “ the Technology of Information and Telecommunications, From Theory Into Practice”, have started yesterday. The conference is organized by the network of the Syrian scientists, technicians, and inventors living abroad, “ Nostia”, the Arab School of Science and Technology, the Syrian Scientific Society for Information, the High School for Telecommunications, ENST Bretagne, in cooperation with the Engineering Institute for Electricity and Electronics TEEE.
The activities of the 3rd conference of the technology of information and telecommunications” IKTA” will discuss a number of issues and titles in the sector of advanced digital telecommunications, in addition to many practical presentations on the applications of advanced technology in the health, education, business, management, and E-governments.

Saudis Finance a Yemeni Bank for Poor

Two Saudis companies have contributed by 11% of the total capital of the Yemeni “Al-AMAL” Bank, estimated at $5 million.
The bank is considered the first Arab bank for helping the poor, and specialized in granting small loans. By this, the two companies , owned by Engineer,” Abdullah Bakshan”, and Sheikh, Abdullah Bin Hamden” will acquire 55% of the share of the capital of the bank dedicated for the private sector and estimated at 20 %.

An Agreement between Libya and Dubai for Establishing an Investment Bank By 3 Billion Dirham

Libyan officials have said that Libya and Dubai have agreed on establishing a joint investment bank with a total volume estimated at $ 3 Billion for financing projects in Libya and the UEA. Officials said that among the targeted projects a joint company for real estate and tourism by a value estimated at $ 500 million and bank with a value estimated at $400 million, in addition to stations for water purification.
Moreover, officials further added that Libya and Dubai will also discuss entering in joint projects in Africa, but they did not set a time table, nor did they say name of countries and sectors.

HSBC Bank Losses the Data of 370 000 Clients

The British HSBC bank has revealed that it lost last month a C.D. containing personal data of about 370 000 of its clients. The bank said that the C.D. contains names, and date of birth of the clients, in addition to the statements of life insurance of these clients, adding that the C.D. does not contain addresses, or statements on the accounts of the clients. The bank further pointed out that it lost the C.D. after it was sent from the bank’s offices in South Hampton four weeks ago.

Small Indexes

- The index of Kuwaiti stock market concluded its session yesterday by a new drop estimated at 33%, which equals 0,23% of its value.
- Governor of Lebanon Central Bank “Riyadh Salam” has announced that the total reserves of the bank exceed $22 billion.

Companied Indexes

- The shares of the Holding “ International al-Shamel” company have achieved the highest level with regard to the rising prices of shares of the holding “Mina” and “Portland” companies, whereas the shares of ” Dubai- al-Ulaa”, “Fanadik”, and “ Sairafa” witnessed huge losses.
- “Al-Mukal” Company for Real Estate Development has announced that three Saudis investors have made a coalition for carrying out the project of the housing “ Al-Mukala Heights” in “Hadramout” governorate with a total cost estimated at $100 million.

Exhibitions & Conferences

- Dubai is due to host the 2nd session of Dubai Exhibition for Business Travel-2008 between 20-21 of October, which is witnessing an increase in the number of exhibitors, a wide variety of products, and a heavy program of seminars aiming at doubling the opportunities of business tourism in the Middle East.
- The activities of “al-Khalij” exhibition for the tourism of promotion, business, and conferences-2008 are due to start tomorrow at Abu Dhabi National Center for Exhibitions.
The three-day- exhibition will host 275 of the buyers from Europe, Asia, and the Middle East working in this sector.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic, English and Spanish. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English, French, German, and Spanish languages.