Economic Terrorism

The meaning of the economic pressures exercised against Iran when the European and American banks stop dealing with the Iranian banks can be understood and one is able to understand very well the reason behind exercising pressures against the foreign companies to stop investing in Iran, but when the issue has to do with filing a case against an "unbiased" Swiss bank for compensating the Israelis, this is absolutely has to do with the economic terrorism.
A number of "victims" of attacks that took place in Israel have filed a case for compensating them by $ 500 million against the Swiss bank " UBS", claiming that the " Swiss bank has provided Iran with dollars, thus violating the economic sanctions imposed against Iran, and that Iran provided the terrorists with this money. The attorney of this group said that "the bank holds the responsibility of the damages these victims were exposed to, sharing this responsibility with Iran and the terrorist groups.
The "case", which was raised on Friday to a Federal Court in Manhattan, has mentioned a number of suicidal attacks between 1997 – 2001, claiming that they have been launched by Hamas and Hezbollah, accusing Iran of funding these attacks.
It is worth mentioning here that no evidence has been provided.

The Bahraini "Arij" Records $ 3 Million of Net Profits

The Arab Group for Insurance " Arij" has announced that it achieved net profits estimated at $ 3 million during the first quarter of 2008, after a good performance by the company with regard to its main works in the reinsurance field than it was expected, but the ups and downs at the international financial market during the first months of the year have contributed in decreasing the revenues of the investment.

The Libyan "Group of Investors" Signs an Agreement for Establishing a Giant Establishment

The Group of Investors, previously (the Tourist Group ), has signed in the Libyan capital Tripoli an agreement with Libya – Africa Back age for Investment , affiliated by the Libyan government .
The agreement aims at establishing a giant company with a total capital estimated at $ 2 billion in half between the two parties.
The Holding "the Investors " Company has said in a statement that the company will carry out a number of big projects , the most important of which "City of Energies" represented by building cities for clean energy, starting from Libya and reaching a number of countries in the African continent and the Middle East.

Governor of Lebanon Central Bank Says the Currency Market Works Very Well

Governor of Central Bank , Mr. "Riyad Salama" has said that the currency market " has not recoded any request" during the last events in the country, adding that " there has not been any exchange from the Lebanese currency into the dollar, but there were only routine activities which had not affected on the general budget of Lebanon bank.
He further said that the volume of the cash money in the bank exceeds $ 14 billion, adding that the interests of "Inter banks, Euro bonds, and Swap" are still preserving their levels. In a monthly meeting with the Society of Lebanese banks headed by "Francoise Basil", Mr. "Salam" expressed hope of " a better political condition and to reach a final solution" because the current year " is promising on the banking level".

"Al-Kurafi" Group Establishes " Kiwan" Company for Tourist Investment in Syria

The Group of " Abd Al-Muhsen Al-Khirafi" has established " Kiwan" company for tourist investment , aiming at building , financing, equipping, and operating a big tourist and trade project at the heart of the Syrian capital Damascus , and specifically in "Omayyad Square" under the name of " Kiwan Project".
The project is stretching over 50000 square meters. According the contract signed with the Syrian Ministry of Tourism, the Group will develop the project on the land it owned in April 2008 for 45 years with a period of 3 years for finishing the project. It is expected the total costs of the project to reach $ 217 million.

Hotels of Geneva City are Completely Reserved for the Gulf Citizens

The Swiss tourist expert, "Silvatori De Merri" said that Geneva has started its preparations to receive thousands of Arab and Gulf tourists through holding festivals , exhibitions, artistic, musical , and cultural activities in July and August. Mr. " De Meri " has further said that the hotels have been reserved completely for this year due to the big turn out by the Arab and Gulf tourists for spending their holidays in Geneva . It is worth mentioning that Geneva city comprises 130 hotels .

Small Indexes

- A governmental source has said that Tunisia has cancelled a call for tender for buying 14000 tons of white sugar due to the increase of prices.
- Dubai Commission for Art and Culture has announced that three German groups specialized in managing museums will establish sites within the project of " world Museums" in Dubai.

Companies Indexes

- The Egyptian company for Telecommunications said that its seasonal profits have witnessed the second decline consecutively contrary to the expectations of the analysts due to the decline of the revenues of calls
- The British "Barclays" bank has said that its profits have declined during the first quarter of this year after cancelling one billion Sterling ($ 1,95 billion ) of its assets as a result of the crisis of insurance.

Exhibitions & Conferences

- The activities of the Meeting of the medium works are due to start tomorrow with the participation of 1300 international companies working in the sectors of ready-made clothes , textile, construction materials, shoes, food stuff and diary. The meeting is due to start for 4 days.
- The activities of the 13th session of the exhibition of World of Cosmetics are due to start next Sunday, through hosting 970 exhibitors, representing 1650 companies from 50 countries.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on 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.