Economy News

IMF warns of collapse of major banks because of Basel 3

2012-09-27T15:48:00.000-07:00

International Monetary Fund warned that the standards "Basel 3", which was approved in Switzerland recently may result in more of the world's major banks to collapse, rather than protecting the light of the global economic crisis.

It is supposed to start banks in the world adhere to these new standards as of the year 2015, which include extensive structural reforms of the banking sector in the world, including with regard to precautions mandatory for banks.

The newspaper "Financial Times" Wednesday 09/26/2012 British report issued by the International Monetary Fund that the standards "Basel 3" approved by lawmakers Financial Aalmeon may cause aggravation of the crisis of major financial institutions, leading each to collapse, while governments are struggling to save financial institutions from the financial crisis.

Analysts said the International Monetary Fund said that "major banking groups have features that make them better able to absorb the costs of new regulatory standards, these groups might become more famous and privilege in the markets, and the markets themselves will become more focused."

The decision-makers in the economic and financial Basel had discussed forcing companies and financial institutions with financial and capital reserves more to become better able to recover from any crisis facing financial markets in the future.

Moreover, analysts added in the latest report on global financial stability issued by the International Monetary Fund "that banks that have a large share in the fixed-income activities, and in the currency, and commodity markets will become more dominant on the market."

The International Monetary Fund warned that the standards "Basel 3" will also raise the motivation of a lot of financial institutions in order to circumvent the natural frameworks applicable in the banking systems.

The report warned a clear tone of "forcing banks to raise their capital growth may put in an awkward situation."

The IMF said in a report that the global financial system remains fragile four years after the collapse of Lehman Brothers in the United States fall of 2008.

He continued: "reforms in the global financial system, including the Basel 3, moved" a bit in the right direction but not enough. "

The IMF said, "Although there are some reforms, but some of the economy still has not seen significant changes."

UAE banks cut lending companies AED 9 billion

2012-09-27T15:46:00.000-07:00

Down bank lending to local companies during the first five months of this year increased by more than 2%, equivalent to 9.3 billion dirhams, up to 407 billion dirhams end of May / May, compared to more than 3.416 billion dirhams end of December / December 2011 , according to statistics issued by the Central Bank.

And distributed the decline in business and finance projects during the period in question, between six economic areas, the agriculture sector, which fell funded $ 1 .0 billion dirhams, mining worth 7 .2 billion, power 2 1 billion, contracting 9 .2 billion, Commerce 8 .3 billion dirhams, and finally funding 2 .2 billion dirhams.

In exchange fell lending banks in the five areas earlier, saw industry experienced modest growth in finances, and grew facilities transport sector worth 7.1 billion dirhams, in addition to the growth of loans to the government more than $ 9 billion to AED 4.111 billion, and the growth of personal loans including more than 4 billion, according to the newspaper "Gulf," the UAE.

The banking sources that the decline in bank financing for local companies does not necessarily mean retreat sector projects and works, or in other words does not necessarily mean the downturn, which is experiencing a market fierce competition between domestic and foreign companies, which enjoys a sheet good financial or financed by foreign banks.

Baluchi: 31 billion UAE AED bonds in 6 months

2012-09-27T15:44:00.000-07:00

Confirmed Rashid Al Balushi, CEO of Abu Dhabi, the UAE leads the region in bond issues through 51 version, represented 58% of the number of versions that have been in the GCC during the first half of 2012, by 22.6%, totaling $ 8.5 billion(equivalent to 31.2 billion dirhams).

Baloch pointed out that the bond market to diversify sources of funding for companies and strengthen their transparency requirements, credit rating companies and investors.

Baloch's remarks came during the post Abu Dhabi Securities in the third financial summit in Istanbul which was held in the Turkish city of Istanbul during 24-25 September, according to the newspaper "the statement" the UAE.

Baloushi said "represents the summit and means of communication between us and those who on the world of finance and business in different countries, and we can through our participation to reflect the face of economic outstanding and unique investment opportunities available to the disposal of investors and in Abu Dhabi in particular and the UAE in general."

During the summit, discuss the situation of the financial sector in the world and the future of the global economy next to the economic developments in Turkey and the world, monetary policy and financial stability, next to propose alternatives to financial liquidity.

Warning central Spanish restores the euro to its lowest level

2012-09-27T15:42:00.002-07:00

Euro fell to its lowest level in two weeks against the dollar on Wednesday, after Spain's central bank said that the available data consistently predict GDP deflator "great rate" in the third quarter of the year.

The euro fell 0.4% to 1.2848 dollars on any trading platform. B. S, recording the lowest price since September 12, before declaring the Federal Reserve (the U.S. central bank) for strong quantitative easing measures.

The further losses to pay currency to target an average of two hundred-day moving at 1.2826 dollars, with the growing concern over how long would ask Spain for international help.

The single currency fell to its lowest level in nearly two weeks against the yen at 99.71 yen on IE. B. S.

Euro gains helped the dollar to rise against a basket of currencies as the currency index highest level in two weeks at 79.90, but scored the lowest level in nearly two weeks against the yen, which is considered a safe haven and at 77.60 yen on IE. B. S.

Egyptian Stock Exchange on the eve of the 6000 point barrier

2012-09-27T15:41:00.000-07:00

As the market awaited the Egyptian announcement of positive incentives paid to break the barrier of 6 thousand points, and continued its upward trend indicators which started two days ago, to end the day on a collective high.

Analysts said the traders in the market that the purchasing power that appeared on the market a few days ago pushed stock prices to rectify its bearish trend upward, noting in an exclusive statement to "Arab. Net" to the Arabs and foreigners are still continuing their policy of purchasing which confirms expectations continually rise market during future meetings.

The capital gain market shares of listed companies, about 700 million pounds to about 412.2 billion pounds at close of trading today compared to about 411.5 billion pounds at the close of trading yesterday Tuesday.

The main index of the Stock Exchange main "Eiji X 30" by 0.2% to reach the level of 5969 points, as the index of "Eiji X 70" by 0.9% to reach the level of 574 points to close the day. The index also rose "Eiji x 100" 0.57% to trade at the level of 941 points.

The director of trading company Tim Securities, Amani Abdul Muttalib, in an exclusive statement to "Arab Net", hikes continuing stock paid to the need to reconsider the precautionary measures that have already established the Stock Exchange during the periods that were experiencing tumble proportions record and that fear of collapse.

She explained that the reconsideration of these actions may push to attract more liquidity, whether Arab or foreign and also domestic, which will support the rise of the market and higher earnings.

She explained that the projections indicate a steady rise of stock market though the barrier of 6 thousand points is the most important in the coming period, but more difficult, confirmed the possibility of the main index exceeded this level in the event of continued foreign demand and the Arabs on the purchase.

She said that the profit taking witnessed by the market was the most important obstacle to overcome the main index to 6 thousand point barrier, where he soon emerged profit taking soon surpassed. Noting that today's session saw strong buying by institutions and investment funds Egyptian and foreign stocks selected in the corporate sector and leadership, owner buying from individual investors on some speculative stocks.

U.S. stocks closed lower on the problems of Europe

2012-09-27T15:39:00.001-07:00

U.S. stocks fell the end of trading Wednesday, it sparked protests in Spain and Greece over austerity measures in the euro zone fresh concerns about Europe's ability to contain its debt crisis.

The Dow Jones industrial average closed the DJI was down 43.96 points, or 0.33%, at 13413.59 points, according to the Reuters news agency.

The benchmark Standard & Poor's 500 was up 8.26 points, or 0.57% to 1433.33 points.

The Nasdaq Composite Index lost, Composite IXIC technology, 24.03 points, or 0.77%, to close at 3093.70 points.

High Algeria's trade surplus to 4.6%

2012-09-24T07:45:00.000-07:00

Increased trade surplus achieved by Algeria during the first eight months of this year to $ 19.7 billion versus $ 15.1 billion during the same period of last year, and added the customs that the country's exports Nahzat 49.8 billion dollars during the period mentioned against 47.6 billion dollars last year, an increase of 4.6%.

While value of imports declined Algeria rose 7.44% to $ 30.06 billion against $ 32.4 billion during the first eight months of 2011. And these numbers are exports covered imports by 166% during the reference period of the current year compared to 147% in the past year.

Algerian Customs attributed the rise in the trade surplus to the rise of the country's exports of fuel by 5%, with the continued decline in imports, especially food and agricultural and industrial gear. And petroleum products remain the dominant item on the structure of Algerian exports by more than 97% of the total value.

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Head of the largest union of businessmen in Algeria said that the volume of trade is structured (their owners do not pay taxes) in the Algerian economy between 30% and 70%, depending on sectors
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Trade unstructured
In a related development, the head of the largest union of businessmen in Algiers that the volume of trade is structured (their owners do not pay taxes) in the Algerian economy between 30% and 70%, depending on sectors.

The President of the Forum of Presidents of companies Reza Hamiani in remarks broadcast that trade is structured strongly present in the textile, footwear and software, cosmetics, and considered the same speaker that this trade is organized is unfair competition for trade organization because workers in the first do not pay any taxes.

He praised Hamiani campaign waged by the Algerian authorities to eliminate street vendors in the streets, but he cautioned that these make up only "weak link" of the trade sector is structured, pointing to the existence exporters working in various sectors of the state do not pay their duties tax.

Kurdistan region gets 147 thousand barrels agreement Baghdad

2012-09-24T07:36:00.002-07:00

Said the Kurdistan region of Iraq's semi-autonomous day he will get 147 thousand barrels per day of petroleum products, in the framework of an agreement with Baghdad to end a dispute over oil dues.

The agreement does not solve which was announced last week, but some aspects of the wider conflict between Baghdad and the Kurdistan on oil exports and energy policy, and land, topics become interesting for the growing controversy, according to the agency "Reuters".

Barzani said the Kurdish prime minister in a statement posted on the website of the Kurdistan Regional Government on Thursday this agreement can not address all the problems, but is a good step.

The statement said that under the agreement will be sent the central government in Baghdad, 17% of oil derivatives to Kurdistan, which is equivalent to 147 thousand barrels per day.

Is at loggerheads with Baghdad and Kurdistan on big oil companies like Exxon Mobil and Chevron, which have signed exploration agreements with the Kurdish government, which Baghdad considers illegal.

And gets the semi-autonomous Kurdistan region, which has government and its armed forces since 1991 on funding from the central government and national uses pipelines to export ore.

Baghdad says that the central government is the only one that has the right to export oil and gas.

Barzani said the Kurdistan region has formed a committee to calculate the contract revenue and expenses of the region's oil and the Commission's report will be published at a later time.

Kurdistan's government said it would keep its oil production for export at 140 thousand barrels per day this month and then submit it to the 200 thousand barrels per day to the end of the year.

She also said that Baghdad will pay trillion Iraqi dinars, or about $ 857 million for foreign companies operating in the region. The Kurdistan halted oil shipments in April because of what it said was a delay in Baghdad in the payment of dues to companies. Shipments resumed later but threatened to suspend exports again by September 15 failed to reach an agreement with Baghdad over payments.

$ 2.8 billion revenue Saudi summer festivals

2012-09-24T07:34:00.002-07:00

Achieved festivals and tourist activities witnessed by Saudi Arabia this summer financial returns of 10.8 billion riyals (2.88 billion dollars) through more than 10.6 million visitors, tourists form of whom 4.02 million tourists, while the majority of visitors complained of high prices festivals hotel facilities.

According to the newspaper "Life", explained, "Information and Research Center Tourist" (MAS) of the Public Authority for Tourism and Antiquities, in a report on tourism activities during the summer season include the results of field surveys for 20 festival, the majority of visitors to festivals were families.

The report pointed out that the length of stay for visitors to festivals ranging from four nights and nine with an average stay for six nights, and focus spending on accommodation, transportation, eating, drinking and entertainment.

The report pointed out that the shopping accounted for 35% of spending. And between statistics that the majority of visitors to festivals in Abha, Taif and Baha and Medina stayed in furnished residential units, while set up the majority of visitors to Riyadh, Jeddah and Dammam and Hail, Buraidah in the homes of relatives or friends.

According to the report saw the majority of visitors to festivals that the prices of accommodation facilities was high, and the visitors summer festival in Riyadh, provided 97%, while visitors to the festival Hollow at least 52% of those surveyed.

The report noted many of the proposals recommended by the visitors for the development of festivals, the most important provision of public services and facilities, and the creation of more centers and cities entertainment, and create special places for prayer, and increase the number of parking, garden, and provide more restaurants with high quality, attention to gardening and follow-up, and to allow people with special needs to participate in the activities, and attention to quality and quality of activities.

Traveller rise Jazeera Airways 25% in August

2012-09-24T07:33:00.002-07:00

Jazeera Airways recorded an increase of 25% in passenger traffic during the month of August, compared to passenger traffic in the corresponding period of last year, in conjunction with the rise in passenger traffic at Kuwait International Airport during the same month by 23%.

A report Jazeera Airways operational for the month of August, the increase in passenger traffic was concentrated in Amman travel, Bahrain, Dubai and Istanbul, Riyadh and Sohag compared to the same period last year, according to the newspaper "Union" the UAE.

The report, based on statistics the General Administration of Civil Aviation of Kuwait, which is published monthly, that Jazeera Airways was the largest tanker Kuwaiti lines Hot from Kuwait such as Dubai, Bahrain, Beirut and Amman, in addition to the realization of a new higher rate of commitment dates travel compared to other companies in the Middle East, according to the report of the American Center and independent to track and monitor flights, the "flight ستاتس".

The percentage commitment Jazeera Airways travel dates schedule 96% during the month of August.

Minister: Spain banks need 60 billion euros

2012-09-24T07:32:00.000-07:00

Said Spanish Economy Minister Luis de Guindos that Spain will not rush to request additional help to finance its debt, he said, adding that Spanish banks will need about 60 billion euros to bring down the bad real estate assets from their books.

The de Guindos said in remarks carried by the Reuters news agency, that the efforts to reduce the deficit will remain within the government's priorities, which will be announced this week a draft budget plan for 2013 and new structural reforms and the results of stress tests for the ailing banking sector.
Spain is at the center of the euro zone debt crisis, which has now entered its third year and investors believe that the rising deficit and worsening debt and banking sector fell on the real estate bubble burst and deepen the economic downturn will force the Madrid eventually to seek assistance from abroad.

The government asked European line of credit worth 100 billion euros to recapitalize troubled banks in June and is in talks for weeks on a program of bond purchases by the European Central Bank and eurozone rescue Funds but is hesitant to concerns of difficult conditions.

De Guindos said when asked about the possibility of requesting such assistance in the next few days "It's not about saving Spain, but to ensure that the draft of the euro project for all. Spain will what they should be doing, but without haste".

Germany was the largest financier of the European Union said on Friday that Spain does not need to save the European, which is inconsistent with the French pressure on Madrid to get the help the European Central Bank.

De Guindos predicted that comes tolerance test results independently of the Spanish banking sector conducted by Oliver Wyman consultancy in line with preliminary estimates issued in June and volume of 60 billion euros.

He added that he will not be possible to monitor the untapped resources of the line of credit amounting to $ 100 billion euros for other needs such as government funding.

He told reporters after a meeting with party officials ruling People in Madrid "line of credit that we got is for banks only ... Sttalon on the results of the Oliver Wyman at the end of the week. Believe that it will not stray from the maximum, which appeared in its estimates first, or about 60 billion euros ".

Wall Street awaits a violent jolt because of "Goldman Sachs"

2012-09-24T07:31:00.000-07:00

Revealed the newspaper "Sunday Times" that the British more than a hundred of the top investors and partners, "Goldman Sachs" intend left, which is expected to cost the bank a decline in its operations by about 20%, including cost the bank at the end between 1.5 and 2 billion dollars annually.

The newspaper said, in its edition today Sunday, September 23, 2012, it is expected to be announced officially in the coming weeks for a decision about a hundred of senior partners, bankers and investors decipher their association with "Goldman Sachs," but that the bank's management is making efforts now to persuade them to reverse their decision .

And "Goldman Sachs" represents one of the most important investment channels in the "Wall Street," as it is one of the largest investment banks in the world, and says, "Sunday Times" that in the event leaving hundred of its partners it - any Goldman Sachs - will have been shaken strong, The U.S. stock market itself would have received a severe blow.

The partnership "Goldman Sachs" among the most important and effective in the "Wall Street", where attract many central banks in the world, as well as major investors and international investment companies, also has "Goldman Sachs" Many investment funds Arab sovereign, and Arab central banks , as well as the largest banks and the largest investment companies in the Arab world.
Arab investments
It is supposed to be affected Arab investments in "Goldman Sachs" in the event was announced withdrawal of partners Alastosmarien percent, whether Arab investments of between retreating or not, where will have been shaken will be affected by revenues and profits and will not necessarily in investment returns Arab's "Goldman Sachs. "

According to information gathered by the "Arab. Net" from various sources it at the end of the first quarter of 2012 were sovereign investments to the Libyan government in the "Goldman Sachs" and "HSBC" alone exceed $ 22 billion.

According to the same information, the Abu Dhabi government also invested heavily in "Goldman Sachs", including investments worth $ 475 million in real estate portfolio was founded by "Goldman Sachs" recently.

It is said that the "Goldman Sachs" 483 of the largest investment partner investors and banks in the world, is supposed to air this figure by about 100 partners, in the event of failed management "Goldman Sachs" to persuade investors to reverse their decision.

And "Goldman Sachs" 32 thousand employees working in different parts of the world, including 5,500 employees in his office in London, which is the regional administration of the bank, and administers its operations in Europe.

772 billion riyals Qatar banks assets in August

2012-09-24T07:30:00.000-07:00

Group offers Securities detailed reading of what occurred in the consolidated balance sheet of Qatari banks from changes in the month of August, compared to what was the case in the month of July, and given that such data help to understand the reality of domestic liquidity.

The budget figures show that the bank's assets (and liabilities) rose in August by 1.2 billion riyals and only 0.16% to a level of 772.6 billion riyals, compared to 771.4 billion riyals at the end of July, according to the newspaper Asharq al.

The bank developed its monthly report came more detailed especially with regard to the types of deposits and credit facilities.

The group focuses on the change in the statement centers of the key players are the central bank and the government, and the public sector, the private sector, and the external sector, and the interbank sector, as follows:

Decreased total bank deposits at the Central Bank of Qatar by 1.1 billion riyals to reach 33.3 billion riyals.

Deposits also decreased the government and the public sector by about 9.3 billion riyals to reach by the end of August to 140.2 billion riyals. The breakdown of these deposits between 22.8 billion riyals to the government and 89.6 billion riyals for government institutions, and 27.8 billion riyals for the quasi-governmental institutions that the government's share of less than 100% and more than 50%. On the other hand, total loans increased government and public sector by about 3.8 billion riyals to reach 200.9 billion riyals.

In addition to the above, the increased balance of bonds and permissions government with banks $ 6.5 billion riyals to reach 112.4 billion riyals at the end of August, bringing the total government debt local about Rls 10.8 billion to about 147.8 billion riyals, and rose overall domestic public debt to a level 313 800 000 000 Real.

And total deposits increased private sector banks by 4.8 billion riyals to 253.6 billion riyals, and deposits were distributed between individuals and corporations by 120.3 billion riyals for individuals and 133.3 billion riyals for institutions and private companies.

The total loans and increased credit facilities provided by banks to the private sector in the month of August by about 2.7 billion riyals to reach 250.1 billion riyals.

Pound falls against the dollar rises against the euro

2012-09-24T07:28:00.000-07:00

The decline of the pound against the U.S. dollar exchange market, on Monday, while it appreciated against the euro and the pound sterling.

According to the Gate, "Al-Ahram", the U.S. dollar rose by only about half a point to reach the level of 6.0915 pounds for sale and 6.11 pounds for buying versus 6.0913 for purchase and 6.105 for sale on Sunday.

The euro retreated by about 3 pennies up to 7.83 pounds for sale and 7.92 pounds for the purchase, compared with 7.85 pounds for sale and 7.95 for purchase yesterday.

The pound sterling lost about piasters to reach the level of 9.83 for sale and 9.94 pounds for the purchase, compared with 9.85 pounds for sale and 9.95 pounds yesterday.

The case of controversy has been raised in Egypt about the existence of the requirements by the International Monetary Fund to reduce the value of the pound in the framework of negotiations the parties to restrictions on the loan of $ 4.8 billion, but the Prime Minister, Dr. Hisham Qandil and Central Bank Governor Farouk node stressed there is no intention to reduce gradually the value of the pound and it is subject to supply and demand.

Yusuf said Farooq, director of one of the exchange companies, the rise in the dollar against the pound PTC normal ratio is in line with the conditions of supply and demand in the market, stressing that it is not linked to quantitative stimulus policies announced by the U.S. Federal Federal adopted.

Federal and announced the U.S. Federal "central bank" adopted new procedures to facilitate cash to investors in order to support the economy and hedge the risk of rising inflation.

Qatar contribute to the Egyptian oil refinery cost $ 3.6 billion

2012-09-24T07:27:00.000-07:00

Announced "Qatar Petroleum International," it has entered into a partnership with the company "Orient" and Egyptian General Petroleum Corporation to build a new oil refinery in Egypt via the Egyptian Refining Company, which was established to create those refinery at a cost of roughly 22 billion pounds, equivalent to about 3.61 billion dollars.

He engineer Osama Kamal, Minister of Petroleum and Mineral Resources of Egypt, that the declaration of Qatar for its participation in the new refinery project comes within the framework of the fruitful cooperation between the two countries.
The news agency quoted the country "QNA" Petroleum Minister, saying that this giant project contributes to meet domestic demand in Egypt on petroleum products, and at the same time has a high economic feasibility of light availability is a growing market for its products, which is in the common interest of all parties.

It was also considered, in a speech ahead of his meeting with Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry and Chairman of Qatar Petroleum, that that contribution is a first step to further cooperation between the two countries in the fields of oil, gas and petrochemicals, pointing to encourage the Egyptian government for Arab investments and private Qatari those areas.

Kamal added that Egypt is looking to strengthen cooperation with Qatar, especially in the promising opportunities for investment in the field of import liquefied natural gas from Qatar and the establishment of units capable of receiving liquefied natural gas in Egypt for industrial uses, power generation and petrochemical industry for the benefit of the two countries.

On the other hand, Kamal said, in a press statement after talks with the country side, headed by Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, said the discussions with the Qatari side, including talks import Egypt LNG country was good and fruitful, and expressed the hope that bear fruit soon .

Libya is looking to produce 1.8 million barrels by 2013

2012-09-24T07:25:00.003-07:00

Nuri Balrwin said Chairman National Oil Corporation Libya today that Libya aimed at reaching the size of the production to 1.8 million barrels per day next year.

He told reporters on the sidelines of a conference in the Libyan capital Tripoli targeting 1.8 million barrels per day next year, although we are not quite sure, but the target for us in the next year.

Asked if Libya looking to access the full activation gas production capacity by the end of the year, he said not to the level of 100%, at the moment is about 70%.

Total expects output growth to 3 million barrels by 2017

2012-09-24T07:24:00.000-07:00

French group Total expects oil production amounts to about 3 million barrels per day in 2017 thanks to new projects, compared with about 2.4 million barrels per day at the moment.

The company expects to grow production in the period from 2011 to 2015 by about 3% per year on average at a rate of $ 100 a barrel, and that growth is accelerating sharply in the following years.

The company said it plans to sell assets worth up to $ 20 billion until 2014.

Motorola maps Thishtq Apple and make a mockery of service "iLost"

2012-09-24T07:19:00.000-07:00

Joined the company "Motorola Mobility" owned by the company "Google" to the team "cynical" of service maps Apple new, which is one of the most radical changes in the operating system's New "EOS 6", which did not receive warm welcome and praise, as expected by "Apple".

Motorola participated in promoting "hash anaphylaxis": I lost (iLost) mocking of poor service provided by Apple for its users.

The "Apple" had acquired three leading global companies in this sector, and promised fans "iPhone" to providing the best service maps in the world than any other service.
The price of giving up the "Apple" for services "Google"
In addition to campaigns offensive satirical launched by major competitors on the scene technical as "Samsung" and "Nokia" in an attempt to "fish in troubled waters", launched also "Motorola" campaign ads intensive untapped imbalance grave and poor performance, which seemed to serve the maps "Apple."

He described many of the technical experts and ordinary users perform mapping service to "catastrophic", immediately put the phone to global markets, complaining of numerous navigational errors, and switch places, sites and names of cities and sometimes even the disappearance of some of the maps.

And considered by some analysts in the field of technical that abandon the "Apple" for the experience and the nobility of Google in this area was the victim of consumers, who directed a wave of criticism overwhelming to Apple demanding the return of service Google Maps again to their smart phones, while exploited company "Google" these appeals angry over Ngredatha through "Motorola".
Hash Tag "# iLost"

As Grdt Motorola on Twitter message content that "the real world is befitting your hand" along with a picture of Google Maps on her smart phone Hand Mmsuka, while the new Apple phone appears provocative manner, including an address other than the address that the user is looking for.

On Facebook I wrote Motorola message on the front thrust: "service Google Maps Stewavic reports Live traffic colors green, yellow and red, to be your guide wherever you", referring to the inability of the service maps Apple to guide the user during his trip.

And on "Google Plus" published Motorola advertising in the form of a question: "Are you looking for Street" 315 E 15th "in the city of Manhattan," and answer declaration: "You can access it through the" Google Maps "with a phone Druid Razr," while the title appears missing the phone "iPhone."
"Apple" ask for patience
For its part, did not respond "Apple" campaigns, which had been affected, claim giving it more time and patience to fix errors. She stressed that the entire team of Company operates under psychological pressure and nervous to get things back to normal.

Noteworthy that some of the bodies were the blame regarding the failure of the program maps for the "iPhone 5" Company "Tom Tom" Dutch being one of the basic rules that were based upon Apple in its service.

The listed company defended itself vigorously, pointing out that its role is limited to providing a sound data base, hinting to its long history in this area over the past 20 years with many of the technology companies.

The "Tom Tom" to "Apple" is not guilty only and should not be located on the burden error whole, they rely on more than 20 partners last, which means probability of occurrence of blending or mixing between navigational data with other data too large, resulting him some serious mistakes.

Kuwait's central denies the existence of forged banknotes

2012-09-22T17:04:00.000-07:00

Manager denied banking in the Central Bank of Kuwait, Abdullah Al-Shatti, the rumors of recent news about the existence of large amounts of counterfeit money from twenty dinar traded, and that instructions had been issued to stop pumping banknotes of that category.

Shatti stressed in a statement to Kuwait News Agency (KUNA) that the Central Bank of Kuwait, in turn, the regulatory required in this area in terms of scrutiny of the banknotes in circulation and received from local banks to identify any cases of fraud or distortion of banknotes.

He said that there are clear instructions to local banks by the Central Bank of Kuwait on how to deal with those situations and actions to be taken, and this is done in the framework of continuous cooperation and coordination with the banking system.

He added that on the other side there is the ongoing cooperation between the Central Bank of Kuwait and the competent security authorities, are reported cases of fraud or distortion discovered and pursued legal action on them.

Shatti stressed that the Kuwaiti currency in all categories have high security specifications and
Difficult to falsify or tradition marks its own security, and enhances the most banknotes been trying to fraud or distortion possible discovery with the naked eye or touch because attempts fraud are inaccurate, and the proof is that the cases that have been discovered not exceed .00003% of the total Kuwaiti banknotes rolling is a very low percentage rates and to achieve the internationally recognized safety.

He stressed Manager Abdullah Al-Shatti banking on the Central Bank of Kuwait's keenness permanent safety of the Kuwaiti currency and that there is no cause for concern in this regard.

$ 400 million cost of building the project "Mall of Egypt"

2012-09-22T17:02:00.000-07:00

Orascom Construction Industries that شركتيها subsidiaries, namely: Orascom Construction and its wholly owned subsidiary, and a group Besix and owned her share of 50%, has obtained today a co between them to hold the amount of U.S. $ 400 million to create a shopping center called "Mall Egypt" (mall of Egypt) and owned by "Majid Al Futtaim Properties", and turnkey, and the mall will be built in Sixth of October City outside Cairo Governorate, it is expected that the project is completed within 34 months.

The center will be built shopping and entertainment "Mall Egypt" on an area of 162.500 square meters and will include a resort Theljia Ski and 17-screen cinema and 380 outlet and store Carrefour hypermarket and a yard external public parking and other facilities, and will be designed ski slope, which will carry the name "Eski Aaajabit" (ski

Said Peter Alishknowski, CEO "Majid Al Futtaim Properties": "owns Majid Al Futtaim Properties 20 years of experience in the development and management of shopping centers, noting that Egypt has economic fundamentals as strong as the demographics growing and dominated by a youth making a market rewarding and high potential for growth, and we are committed to strengthening our successes in Egypt and to continue our investments to support economic growth in the long run. "

Commented Nassef Sawiris, chairman of Orascom Construction Industries Executive by saying this is foreign investment the largest in Egypt since the election of the new government, and we are very happy manner the new government effective in reviewing regulatory approvals required for this project and we hope to continue to work with. Sawiris said that the establishment of "Mall of Egypt" represents a milestone in the Estrada Egypt's recovery and this investment refers to the return of foreign investment to Egypt again.

Eng also commented Osama Bishay, chief executive of the construction sector company Orascom Construction Industries said, "The construction group had a major role over the past decade in building major commercial projects in Egypt, which increases the total construction area of about two million square meters.

Abu Dhabi Court obliges airlines to pay 6 million dirhams

2012-09-22T17:01:00.000-07:00

Court of Abu Dhabi Chamber of Commerce ruling obliging aircraft leasing company to pay six million and 212 thousand dirhams to an airline, as the Court upheld the action seizure of the property of the company sentenced to up the amount awarded, compared to running a private jet owned airline Prosecutor addition to expenses aircraft maintenance and return it to one of the country's airports.

The airline Prosecutor judgment asked to compel the defendant to pay $ 21 million and 683 thousand dirhams, the support that the Prosecutor has a private jet, and concluded with the defendant contract for five years whereby the defendant running plane for her, compared to a monthly payment of $ 206 thousand and 631 U.S. dollars , according to the newspaper "the statement" the UAE.

The evacuated respondent obligations in terms of paying dues Prosecutor which, amounting to one million and 252 thousand dollars, also exceeded the maximum use of the aircraft in accordance with the agreement between the parties, then the landing plane in one of the squares open an airport to the detriment of the plane and missed the Prosecutor gain of operation , and refused to pay for aircraft maintenance, and did not pay dues Abu Dhabi Airport Company for Airports and its affiliates.

For its part, Court transferred the case to a specialized expert to review the documents parties collapse, has confirmed expert in his health reported applicant company of breach of respondent financial obligations with them, noting only his inability to express an opinion on request of the Prosecutor for the hours that exceeded the maximum agreed to use plane and return for crashes the plane and compensation for damage and damage to the plane as a result of their use by the defendant, and was hiring a specialist engineering flight to express an opinion on these points, has concluded to the conclusion that the number of hours the real used by the respondent of the plane is less than the number of hours agreed in the contract between the parties, but no increase hours used by the applicant company and consequent reimbursement of the respondent company.

$ 125 billion for energy and construction projects in Qatar

2012-09-22T16:59:00.000-07:00

She noted the company "Advanced Construction Technology Services" advisory in Qatar to the importance of having qualified cadres highly-trained, thereby contributing to support the growth of the construction sector in Qatar, to keep up with the case of boom taking place, especially with the hosting of the FIFA World Cup 2022.

And saw the company that the quality of training in this sector can significantly affect the support progress and the growth of Qatar in the construction sector, particularly with the allocation of $ 125 billion for several projects in the sectors of construction and energy in Qatar, according to the newspaper "vision" economic.

Said Dr. Maher al-Barrak, head of training and consulting company "IT services construction advanced", "has become Qatar limelight, especially after that was able to receive the honor the World Cup soccer, which paid for the start of the implementation of major projects in conjunction with projects investment, and other related infrastructure in the way of implementation. "

Barak predicted that some of the challenges facing Qatar over the next few years, is the lack of trained technical manpower, because of the magnitude of the projects to be implemented, and that this nation has never seen before because of hosting the 2022 World Cup.

Barrak stressed the need to train workers in the construction sector, in view of the pivotal role that falls on their shoulders, in addition to the fact that training is a vital way to improve the level of quality, will come only through the creation of technically trained labor and Mharria at the highest level.

The Public Works Authority imposed in Qatar (works) and rehabilitation of cadres leave companies that will be responsible for overseeing the core projects in the state, which requires that the working group in each eligible institution by the American Concrete Institute.

The training sector in the "advanced construction technology services," the establishment of training courses on a regular basis on the various fields of construction, allowing trainees access to certificates from "American Concrete Institute" in a lot of specialized programs. The company also organizes special training courses within the corporate headquarters be designed according to the needs of each client.

Training programs aimed at engineers and managers, inspectors and technicians, contractors and suppliers of building materials, so that construction lawyers sometimes attending training courses, organized by the company "advanced construction technology services."

DP abandon "friendly" for the port of Aden Operating Agreement

2012-09-22T16:58:00.000-07:00

Foundation announced "DP World" abandoning continue to run and the Gulf of Aden Ports under an agreement signed today with the Gulf of Aden Ports Corporation.

The agreement provides for the cessation of DP World Aden Container Terminal management to take charge of Aden Port Development Company wholly owned by the Gulf of Aden Ports Corporation Yemeni responsibility for the operation of the port.

According to Yemen News Agency official "spa" has made it clear statement from DP World and Ports Corporation Yemen Gulf of Aden, that both the operator Global Marine and Yemeni parties reached an agreement strengthens the excellent relations between the governments and peoples of both the Republic of Yemen and the United Arab Emirates, where he World ports operator to transfer its interests company Dubai and Aden Port Development to the Gulf of Aden Ports Corporation of Yemen.

According to the statement made DP World full satisfaction for the agreement, said, "We are very satisfied with the agreement we reached with Yemeni parties including the Ports Corporation Yemen Gulf of Aden (Enterprise), and our investments in the facility Aden is appreciated by our partners in the joint venture and Foundation Yemen Gulf of Aden Ports through the agreement that was reached today. "

She added, "This agreement also serves to protect the interests of DP World and its partners, as well as protect the interests of Yemeni parties who will manage and operate the port, which has strengthened by providing cranes Gesreeten giant Musnotain by the company to impress, and we believe that the work we have begun will continue to support the site's central port ".

The Dubai World operates container ports in Aden under an agreement signed with the government of Yemen in 2008 and a 30-year-old.

The agreement was met with criticism from parliamentarians, political and economic views considered unfair conditions and little revenue, despite the long term.

The Yemeni government has recently moves to save the port of Aden, which it said that he had been completely paralyzed by the lack of activation of the company to port activity, according to the terms of the agreement.

Commenting on the move spoke of the "Arab. Net" economic analyst Ahmed Saeed, saying "with the Yemeni side brought up by the Convention unfair but he was able to DP to raise a case against the Yemeni government, which was announced unilaterally terminate the agreement before more than a month, the fact that the government signed the agreement and accepted it at the time, whatever the arguments adduced by now, so this abandonment gives the impression that the UAE government dominated interest fraternal relations between the two countries and peoples, and thus took into account the interests of Yemen did not wish to be seen as who does not care the magnitude of the suffering faced by Yemen by the crisis that hit it and its implications at all levels and especially economic. "

He pointed out that the Yemeni government is now in front of a historic opportunity to sign an agreement rewarding benefit of Yemen and not the pockets of corrupt and balances who were interested then get commissions regardless of whether an agreement is profitable or unfair.

Oblige airlines in Saudi Arabia at a "specific"

2012-09-22T16:56:00.000-07:00

Revealed the General Authority for Civil Aviation in Saudi Arabia, its intention compel new companies Ceregs her to work in the domestic air transport at current prices for tickets Saudi Airlines for economy class and leave the field for competition between companies in the two classes of business and first, as well as tickets overseas trips.

The Authority started early September receiving offers from seven companies eligible to work in airports Arabia, as it is expected to be announced the names of companies and alliances that won a license carrier national during the month of October / October next, then comes the stage to meet economic requirements and safety standards starting from November this year, the stage of obtaining the license and the beginning of the actual operation of the licensed companies is expected to be at the beginning of the fourth quarter of 2013, according to the newspaper "economic."

Dr. Faisal Sugair Vice President of the Civil Aviation Authority has been the development of indicators and certain requirements for qualified companies to adhere to them and submitted within the display for domestic air transport license.

Was also identified critical points where high demand for bookings are not fully covered by the national carrier, and Sugair stressed that the area is open to companies to choose which airports operate according to operational plans.

He explained that the Board of Directors General of Civil Aviation will examine the presentations and analyzes are then publicly disclosed the winning companies and the application of the principle of transparency.

The whole specialists in commercial aviation that the prices of fuel at airports Arabia is biggest impediment global airlines and an urgent need to reduce prices and equality carriers internally with the national carrier, given their direct support for liberalization of the sector and the elimination of obstacles resulting from a single company with the task of internal transport between cities Kingdom.

They noted that spending on fuel deduct 42% of the operating expenses for airlines, while the global average at 29%, and it has become difficult for any company to carry high fuel prices applicable Kaltsairh in the Kingdom.

Dr. Nasser Al-Tayyar commercial aviation expert and owner Airlines that all investors in the sector who are dealing with airports in the Kingdom avoid refueling planes what adds high costs in operating expenses.

"We in our company are dealing with 5 airports in Saudi Arabia and Ntsod fuel from other countries before they leave."

The pilot confirmed that the companies eligible to work in the internal transport will not be able to engage in activity at current prices, and they are reported to the competent authorities so called بمساواتهم with Saudi Arabian Airlines.

For his part, Mohammed Drees president of the Center "Maz" for Aviation Consultancy that fuel the most important thing irks companies around the world and support at competitive prices in the Kingdom will enhance the competitiveness and eliminates the problems that occur in the reservations domestic flight with the entry of new companies to compete, and talked about earlier demands repeated companies foreign aviation to eliminate the problem of the price of fuel.

The Aviation Authority has talked about correspondences interview with Saudi Aramco and the responsible parties other related to lower jet fuel prices to foreign companies that use airports Arabia, and disseminate it to the companies that Ceregs soon have to work in the transport of passengers between airports Kingdom - buses - to create a competitive environment encouraging all businesses and keep up with the global average prices have prices and are in accordance with the confirmation within airports Arabian higher with neighboring countries.

Dr. Faisal Sugair vice president of the Civil Aviation Authority that the prices imposed by Aramco on airlines high and not in line with international prices so that neighboring countries less potential than the Kingdom such as Sudan, for example sells jet fuel for all companies at prices lower than Aramco and it hurts aviation in the Kingdom of ways several companies have become shy away from refueling at airports Arabia because of the price difference and what caused her to loss of revenue.

24% decline in sales of computer equipment giant Oracle

2012-09-22T16:55:00.000-07:00

Oracle Corp. announced that quarterly sales of computer equipment fell
24% on an annual basis while working hard to bring about a qualitative leap in the unit computers that have fallen to when buying Sun Microsystems.

The company, which managed and Silicon Valley billionaire Larry Ellison, said that sales of computer equipment fell to $ 779 million in the first quarter of its fiscal year ended August 31, according to Reuters.

She had expected a decline of 7 to 17%. Oracle also said that sales of new computer programs increased by 6% from a year earlier to $ 1.6 billion, an increase in line with the company's expectations.

And recorded Oracle, the third largest software maker in the world, profit in the first quarter, excluding allocations amounted to 53 cents per share, which is in line with the median forecast in a Thomson Reuters survey IBM ESI.

There has been little change on Oracle shares in subsequent trading to close after closing in the Nasdaq market at 32.26 dollars.