Saudi stocks hit six-month high on US cue
Riyadh: Saudi stocks rose to the highest in almost six months, led by Saudi Basic Industries Corp, after improved consumer confidence figures pushed US stocks higher.
Saudi Basic Industries, the world's biggest chemical maker, also known as Sabic, climbed to the highest since April 18.
The US Standard & Poor's 500 Index increased to its highest since January yesterday after the Reuters/University of Michigan final index of consumer sentiment rose to 65.1, the second straight gain, from 57.3 in March.
"We expect the Saudi stock market to continue its step-wise rise during the coming period," the Riyadh-based Bakheet Investment Group said in its weekly market report on April 29. "We advise investors to trade based on the financial results and expectations of earnings growth."
Sunday, May 3, 2009
Commercial property sales plunge worldwide
New York: Global sales of investment grade real estate plunged 73 per cent to $47 billion (Dh172.5 billion) in the first quarter from a year ago, or just one-sixth of the level two years ago, according to real estate research firm Real Capital Analytics on Friday.
A total of 1,014 properties, each worth more than $10 million, sold worldwide from January through March, the firm said in a monthly report, noting that the slump affected all property types and just about every market.
Making things worse, the number of properties that need to refinance or need capital infusions is soaring. New reports of defaulted mortgages and failed commercial property companies surpassed $55 billion in the first quarter, bringing the total known distressed commercial properties to $153 billion.
New York: Global sales of investment grade real estate plunged 73 per cent to $47 billion (Dh172.5 billion) in the first quarter from a year ago, or just one-sixth of the level two years ago, according to real estate research firm Real Capital Analytics on Friday.
A total of 1,014 properties, each worth more than $10 million, sold worldwide from January through March, the firm said in a monthly report, noting that the slump affected all property types and just about every market.
Making things worse, the number of properties that need to refinance or need capital infusions is soaring. New reports of defaulted mortgages and failed commercial property companies surpassed $55 billion in the first quarter, bringing the total known distressed commercial properties to $153 billion.
Kuwait funds take beating
Dubai: When the Prime Reserve Fund in the United States fell below its par value due to Lehman Brothers' collapse last September, the world's fund industry broke into a cold sweat.
It was after all a money market fund, which by definition is expected to be stable and almost never falls below its par value.
While news of the Prime Reserve Fund made headlines for days and turned out to be symptomatic of the crisis befalling the global economy, here in the region, we have had our own money market drama, with far less coverage.
Zawya data shows that three Kuwaiti money market funds have seen a sudden drop in their net asset values (NAV), suggesting something is amiss in the generally quiet world of money market funds.
Dubai: When the Prime Reserve Fund in the United States fell below its par value due to Lehman Brothers' collapse last September, the world's fund industry broke into a cold sweat.
It was after all a money market fund, which by definition is expected to be stable and almost never falls below its par value.
While news of the Prime Reserve Fund made headlines for days and turned out to be symptomatic of the crisis befalling the global economy, here in the region, we have had our own money market drama, with far less coverage.
Zawya data shows that three Kuwaiti money market funds have seen a sudden drop in their net asset values (NAV), suggesting something is amiss in the generally quiet world of money market funds.
National Bonds announces major changes to draw format
Dubai: National Bonds Corporation, the UAE’s innovative Sharia compliant National Saving scheme, has announced a major revamp to the draw format of its popular saving scheme by changing the draw from a monthly to a weekly format. This new structure is aimed to encourage more people to save and reward them by becoming Millionaires every week.
The first weekly National Bonds Millionaire will be announced on May 9 and from then on, every Saturday of the week. At present, National Bonds has a customer base of over half a million bondholders across 91 nationalities, and expects sales to grow by 100 per cent in 2009. Under the new format, there will be 101 prizes every week and will be distributed across different prize categories Dh1 million, Dh10, 000, Dh5, 000, Dh1, 000 Dh500.
This amounts to an impressive Dh1, 155,000 in total prize money each week. Bondholders eligible to win the grand prize of Dh1 million every week are those with minimum savings of Dh10, 000. While all bondholders regardless of their savings amount, are eligible for the remaining 100 prizes.
Dubai: National Bonds Corporation, the UAE’s innovative Sharia compliant National Saving scheme, has announced a major revamp to the draw format of its popular saving scheme by changing the draw from a monthly to a weekly format. This new structure is aimed to encourage more people to save and reward them by becoming Millionaires every week.
The first weekly National Bonds Millionaire will be announced on May 9 and from then on, every Saturday of the week. At present, National Bonds has a customer base of over half a million bondholders across 91 nationalities, and expects sales to grow by 100 per cent in 2009. Under the new format, there will be 101 prizes every week and will be distributed across different prize categories Dh1 million, Dh10, 000, Dh5, 000, Dh1, 000 Dh500.
This amounts to an impressive Dh1, 155,000 in total prize money each week. Bondholders eligible to win the grand prize of Dh1 million every week are those with minimum savings of Dh10, 000. While all bondholders regardless of their savings amount, are eligible for the remaining 100 prizes.
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