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Qatar gives Egypt $3bn aid package in return for bonds
After short negotiations, Qatar has agreed to buy Egyptian bonds worth $3bn, part of an aid package that will help Egypt from sinking into financial turmoil. The announcement was made after an unexpected trip to Egypt by the Qatari premier Sheikh Hamad bin Jassem al-Thani, and has surprised many observers. Qatar’s bond purchase comes on top of an already agreed aid package worth $5bn. Egypt will receive from its oil-rich neighbour an outright grant of $1bn and $4bn in bank deposits. The sheikh, whose government is the main financial backer of Mohamed Morsi’s Islamic-led government of Egypt, reiterated that Qatar did not expect anything in... -
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Cypriot parliament agree on controversial bailout deal
The Cypriot parliament, the EU and the IMF have agreed to a €10bn bailout after a tense week of negotiations. The deal will spare depositors from a controversial levy, but will force substantial losses for large-scale depositors in two of the country’s biggest lenders. The last minute aims at preventing a collapse of the island’s banking system and protecting Cyprus’ EU membership. The deal, which does not require approval from the local parliament, involves the closure of Laiki Bank, the country’s second largest financial institution. It banks current €4.2bn worth of deposits over €100,000 will go into a ‘bad bank’ and coul... -
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Anticipation for “Gatsby” builds thanks to Jay-Z
Jay-Z’s got a lot to keep himself busy these days. As if becoming a part-owner of the Brooklyn Nets while maintaining his place as one of the biggest names in hip-hop industry wasn’t enough, he also signed onto Baz Luhrmann’s highly anticipated film adaptation of The Great Gatsby as the film’s soundtrack producer. Jay’s responsibilities for the film include “procuring, performing, producing and arranging for a soundtrack featuring some of the world’s top musical artists.” Jay-Z became involved with the project after being introduced to Luhrmann by “Gatsby” star Leonardo DiCaprio. Jay was immediately attracted to th... -
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Fundamental profitability comes full circle
The year 2012 began with multiple headwinds for the Gulf Cooperation Council (GCC) markets, which raised concerns over provisions pertaining to the financial sector, corporate growth and profitability. The equity markets remained under the dark shadow of geopolitical situations which were persistent in the Middle East, especially Iran and the on going unrest across other countries. Uncertain times From the figures pre and post the financial crisis, we can see that earning prospects have been constantly improving since 2008. A pool of 585 listed entities across the seven GCC markets demonstrates that earnings in 2007 – which rose to $62.95bn... -
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Kirchner’s diminishing returns
First elected as Argentinian President in 2007, Cristina Fernández de Kirchner began her term riding a wave of popularity. The election wasn’t even close, with Kirchner winning 45.3 percent of the vote, over double that of her nearest rival. Her husband, the late president Néstor Kirchner, had appeared to successfully steer the country through the fallout from its 2001 default, and the economy grew at an impressive 7.7 percent average between 2003 and 2011. Things were looking good. But behind the Perónist populism and official statistics, trouble was brewing. Under Néstor Kirchner, public spending had soared and the economy was overhea... -
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Burj Bank cement strong reputation
Founded in 2007, Burj Bank – formerly known as Dawood Islamic Bank – has a distinguished history, spanning more than five years, as a central pillar of Pakistan’s Islamic Banking landscape. In 2011, Burj Bank’s board of directors became concerned about the slow growth and concentration of the bank’s financing portfolio in areas of the economy that were showing signs of strain. At this time, the major shareholders of the bank initiated a re-profiling of ownership and subsequently a rebranding. On 11th July 2011, the bank was renamed and launched as ‘Burj Bank Limited’, following a massive capital injection by some Middle Eastern ... -
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The year ahead – a GCC perspective
2012 was an eventful year, with the key global central banks announcing fresh stimulus measures, bringing in a much-needed respite for asset markets. Globally, economic data remained mixed, with pockets of strength in the US, while eurozone data was broadly disappointing. Moreover, the fiscal cliff overhang in the US weighed on investor confidence. The year also saw a change in leadership in China, while the US witnessed a close fight for the presidency. The standoff between China and Japan over a territorial dispute led to geopolitical worries, which continue as this article is being written. While the MENA region also had its share of geopo... -
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Boubyan Bank building on successful strategy
By the end of 2012, we at Boubyan Bank had completed the first three years of our Five-Year Strategy (2010-2014). The strategy has certainly realised many of its objectives; last year, we returned to profitability and were even able to pay dividends to our shareholders. The realisation of these strategic objectives can be attributed to a key set of factors: our return to core banking activities; and expansion within the Kuwaiti market by providing our corporate and individual products and services in a fresh manner. The latter, in particular, led to our becoming more competitive and resulted in a rise in our market share. In 2010, we set ours... -
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The innovation equation
When George Stephenson invented the steam locomotive and then went on to build the Stockton and Darlington railway in 1821, he changed the way people and merchandise got around for good. Less than 100 years later airplanes were crossing the Atlantic, and another 40 years after that the Boeing 707 was in operation. According to Robert Gordon’s study on innovation published by North-Western University “the audacious idea that economic growth was a one-time-only event has no better illustration than transport speed. Until 1830, the speed of passenger and freight traffic was limited by the ‘hoof and sail’, and increased steadily until the... -
Social 0
Presenting like the Stand-Up Comic
What does a comedian have in common with a business entrepreneur? In terms of presentation, a comic has to deliver a message and connect with his audience. He faces similar problems as the business presenter: rowdy crowds with little interest and a lack of audience engagement are problems both at the mic and in front of the board of directors. Here are some things you can learn from your comedic counterparts. 1. Strong StartOften, the first joke in a set can make or break the entire presentation. Carefully pick the tone and run with it—sudden changes in expression or mood can mean a confused audience. Make sure everything you...
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