www.7days.ae/business
PASSENGER LIST GROWS AT AIRPORT DAR MAY DEFAULT IPIC EXPANDS OUTSIDE EU AND ASIA
Dubai International, the world’s sixth Kuwait’s Investment Dar Abu Dhabi’s International Petroleum
WEDNESDAY MAY 13, 2009 13
busiest airport for international passengers, has said a $100 million Investment Company has won European
has announced a growth of 6.5 per cent in sukuk issue, maturing Union approval to buy Nova Chemicals
passenger traffic in April. The airport had on 2010, might not be Corporation, Canada’s largest chemical
3,271,435 passengers in April compared to paid on time as the firm maker, for $499 million, gaining its first Business 7DAYS
3,073,479 in the same period last year restructures its debt assets based outside Europe and Asia
THE NUMBERS
Prices move higher, while IEA predicts a slump in global capacity
NEWS IN
FINANCIAL INDICES:
INDEX VALUE %CHANGE
DUBAI 1,671.77 + 1.18
ABU DHABI 2,613.81 + 0.01
KSA 6,017.66 + 1.17
KUWAIT 7,742.30 + 0.80
BAHRAIN 1,633.48 + 1.99
Oil jumps over $60
BRIEF
Big debt for
DOHA SM 6,419.26 - 1.31
MUSCAT SM 5,329.04 - 1.71
SENSEX 12,158.03 + 4.07
FTSE* 4,418.47 - 0.98
DJIA* 8,467.76 - 1.25
NIKKEI 5,332.43 - 1.09
COMMODITIES:
on hopes of easing
brutal crisis
AUSTRALIA: The country
has unveiled its largest ever
budget deficit, ramping up
borrowing to fend off a
OIL* PRICE
“brutal” recession that the
NYMEX CRUDE $59.34
government warned will
DME $57.62
hobble growth and send
GOLD CLOSE unemployment soaring.
LONDON
*
$657.70/oz Treasurer Wayne Swan
DGCX FUTURE $914.20/oz said the government would
* AS OF 15.30 GMT rack up a 57.6 billion
Australian dollar ($44.1
CURRENCIES:
billion) deficit in 2009 to
VERSUS DIRHAM
2010 as it borrows money
CURRENCY RATE
for stimulus measures
US $ 3.672
designed to kick-start the
GBP £ 5.604
ailing economy.
EURO 5.012
YEN 0.0378
INDIAN RUPEE 0.0745
PAKISTANI RUPEE 0.0456
PHILIPPINE PESO 0.0780
Dubal in
S A RAND 0.436
CANADIAN $ 3.159
AUS $ 2.804
mine talks
Rates provided by currency specialists,
First Rate FX
UAE: Dubai Aluminium
Company (Dubal) will be
holding talks with the
Indian government on its
project in Orissa next
UNITED ARAB EMIRATES
month, it said yesterday.
The bauxite mine and
Aldar has
alumina refinery and
smelter, a joint venture with
BARRELLING ALONG: Crude oil prices have gained around 80 per cent already this year from a January low of $32.70 per barrel India’s Larsen and Toubro,
no plan to
was originally scheduled to
Oil prices touched a six- cheaper for buyers holding But prices have rebounded “In our projection there is a start in 2009, but Dubal has
month high above $60 a stronger currencies. this year, driven partly by a decline both in OPEC and said in the past it expected
sell bonds
barrel yesterday, boosted by The global downturn has rally in global equity markets, non-OPEC capacity,” he said. delays due to bureaucratic
a weaker US dollar and hopes pushed oil down from a reflecting perceptions that the “Non-OPEC supply is redu- issues in India.
the recession is slowing. record high above $147 a bar- worst of the recession might ced around 500,000 barrels a
Aldar Properties will update US crude was up 1.44 per rel hit in July. be over in some countries. day,” he added, pointing to
fixed-income investors this cent to $59.34 a barrel at US crude is up around 80 dampened demand as the
week on its operations, but 1530GMT. It earlier touched per cent from a January low of global economic crisis bites.
has no immediate plans to sell $60.08 a barrel, its highest
“IN OUR
$32.70 a barrel. “Under the current econom-
bonds, the firm’s chief finan- since November last year.
PROJECTION THERE
Meanwhile, the Inter- ic crisis, investment into
cial officer said yesterday. “The dollar is slightly weak-
IS DECLINE BOTH IN
national Energy Agency said renewable technology will
When asked if the firm is er which could be spurring a
OPEC AND NON-
yesterday that global oil decline in 2009, even by 48 per
looking to sell bonds, CFO bit of strength [in the mar- capacity will slump by 1.7 mil- cent,” Tanaka said, adding the
Shafqat Malik said: “Not at ket],” said Tony Machacek at
OPEC CAPACITY”
lion barrels per day and IEA strongly recommended
this stage. We always look at Bache Commodities. investment in ‘green’ tech- maintaining investment in
our options.” A weaker US currency makes
INTERNATIONAL ENERGY AGENCY
nologies is set to plummet by renewable energy as it was the
“It is part of our normal dollar-denominated crude 48 per cent this year. “key to sustainability”.
course of business... we are
giving an update to our
investors to say how we are
doing,” he added. Bank ‘selective’ about new loans
THE MARKETS
Aldar last month said it had Monday’s fall turned out to More investors turned out
dhs6.1 billion ($1.66 billion) National Bank of Abu Dhabi revival was in sight. were “consistent with” a be a momentary stutter, as to tread the boards yester-
in loan facilities it has yet to (NBAD) said it was select- “We’ve made very central bank aim to see the Dubai Financial Market day as well, to complete
draw on and would focus on ively extending new loans substantial collective growth of ten per cent in climbed into positive 7,559 deals in 26 compan-
existing projects, not expan- to support development provisions for problems UAE bank assets in 2009. territory yesterday, with the ies’ shares.
sion, after posting a 35 per projects in the UAE capital that could come up in the NBAD was not cutting costs General Index up 1.18 per Three of these were
cent fall in first-quarter profit. and announced plans to future, we’ve taken these or laying off staff and would cent to 1,671.77 points. pushed down, while 22
“We have a strong liquidity open new branches and just in case things get open 13 new branches in Consumer staples and pulled up and three held
position to date,” Malik said. expand trade finance. worse,” said Tomalin. the UAE before the end of materials stayed out of the their position.
Chief executive Michael “Liquidity has improved and the year, taking its total action, but all other sectors Ekttitab stayed with the
Tomalin said Abu Dhabi’s frankly we never stopped network to 100, he said. made some progress into winners, rising 11.11 per
largest bank was “comfort- lending but we will be “I think the whole outlook the green, though invest- cent to dhs1, while Arabtec
able” with the dhs1 billion selecting clients that we for the bank in the next two ment at 0.02 per cent, reversed its bad luck, up
($272.3 million) it has set know well for projects that to three years is very banks at 0.25 per cent and 5.73 per cent to dhs2.58.
aside as collective prov- make sense.” positive,” he said. telecoms at 0.36 per cent Gulf General Investments,
isions to guard against any “I think a lot of money left “If we weren’t positive then were figuring slow and on the other hand, slid 4.63
future bad loans. the system after the crisis. we wouldn’t be investing in steady may win the race. per cent to dhs1.85,
The bank, which wrote off The full amount of that our good businesses, such Utilities, however, went followed by Al Salam Bank
dhs780 million worth of money hasn’t been as trade finance,” he added. surging ahead 8.11 per Sudan, down 1.48 per cent
non-performing loans last replaced,” Tomalin said, Shares of NBAD have risen cent, while real estate to dhs1.99 and Emirates
year, posted a 12 per cent adding the loan-to-deposit around 16 per cent since added 2.86 per cent and NBD, which took a 0.35 per
drop in first-quarter mismatch was improving. the bank released first- transport 1.2 per cent. cent stumble to dhs2.80.
earnings and said a market He said the bank’s plans quarter results on April 27.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31