The Greenback rallied against the Swiss Franc over 8% on Tuesday, after the Swiss Central Bank has pegged the local currency Swiss Franc to the Euro. The Swiss Central Bank will no longer tolerate a lower exchange rate than 1.20 Swiss Franc for one Euro, which is the common currency of 17 European states. The strong Swiss currency, which is regarded as a safe haven during times of crises, had negative impacts on Swiss export companies and on the hotel sector in the country, which is not a member of the European Union. On August 5th, the Euro and the Swiss Franc almost reached parity. Swiss investors cheered the Central Bank’s move and sent the local stock market index SMI in Zurich up by 4.3% on Tuesday. Shares of firms depending on high export volumes such as watch producer Swatch (up 4.3%), Richemont (gaining 4.5%) and ABB (up 4.5%) gained in particular.Article » :Wednesday, September 07 - 2011 @ 07:33
The ratings reflect Trust Re’s strong level of risk-adjusted capitalisation, robust operating performance and developing business profile.
Whilst there has been a decline in Trust Re’s risk-adjusted capitalisation in 2010 driven by premium growth in excess …Article » Bahrain:Wednesday, September 07 - 2011 @ 08:59
The S6 and S7 use the 420 hp version of the new 4.0 TFSI. The twin-turbo V8 provides a constant 550 Nm of torque from 1,400 to 5,300 rpm. It accelerates the S6 and S7 …Article » United Arab Emirates:Wednesday, September 07 - 2011 @ 09:11
Iranian parliamentary member Mehrdad Lahouti has said that his country needs $5bn to buy planes and navigation equipment, Bloomberg has reported. Lahouti has clarified that Iran will need to earmark $4bn to replace 150 out of its 250 aircraft fleet in the coming five years, as well as $1bn for navigation equipment.Article » Iran:Wednesday, September 07 - 2011 @ 09:15
The board of Oman Air has asked its outgoing CEO Peter Hill to delay his departure from the company for a short time until a suitable candidate can be found to take over the reins, Muscat Daily has reported. Hill, who is supposed to leave the position at some point this month, has said that he would be staying on for a few months as CEO of Oman’s national airline while the board continues to search for his replacement.Article » Oman:Wednesday, September 07 - 2011 @ 09:20
QFIB CEO Emad Mansour, and QFIB Managing Director & Head of Corporate Finance Shadi Zubeidi will be among 60 expert speakers of CEOs, Chairmen and senior executives attending and participating in this Summit.
The Summit, …Article » United Arab Emirates:Wednesday, September 07 - 2011 @ 09:26
H.E. Ahmed Butti stressed that the Department gives much interest to strengthening trade and economic relations with Peru through providing all the necessary facilitations to the business community in Peru in order to multiply trade …Article » United Arab Emirates:Wednesday, September 07 - 2011 @ 09:29
Goldman Sachs has cut its price target on National Bank of Kuwait’s (NBK) stock, saying that low loan growth because of delays in implementing development projects could affect the lender in the near term, Reuters has reported. The brokerage has reduced the price target to KD1.39 ($5.07) from KD1.53, and said it expects asset quality trends for NBK’s international operations, especially in Egypt, to remain challenging. Goldman maintained its “neutral” rating on the stock, for which it started coverage earlier this year.Article » Kuwait:Wednesday, September 07 - 2011 @ 09:31
In his opening speech, HE Humid Al Qatami, Minister of Education, praised the ADEC initiative of organizing and hosting such an event to bring together all administrative and teaching staff members to discuss the modern …Article » United Arab Emirates:Wednesday, September 07 - 2011 @ 09:39
Habib Bin Mohammed Al Riyami, Secretary- General of Sultan Qaboos Centre for Islamic Culture has said that the centre will inaugurate two new schools for Islamic education in Salalah and Ibri this year, Oman Tribune has reported. He has added that there are already four schools being run by the centre in various parts of the Sultanate.Article » Oman:Wednesday, September 07 - 2011 @ 09:42