"ITISALAT" defer a decision to gain a full communications Pakistani

Said Mohammed Hassan Omran, chairman of "contacts" that the company would take a decision on the purchase of the dominant share of the Pakistan Telecommunications Company end of 2008.

The "Meade" that the company rejected the Pakistani offer "contacts" bought 25% of the share which prevents double the share of "contacts" in the Pakistani company to 51%.

Purchased "contacts" 26% of the company's shares in 2005 b 2,59 million States.

Finance Minister announced the German Beer Saturday Steinbrook support for the European Central Bank to manage the financial crisis and he distanced himself from criticisms voiced by French President Nicolas Sarkozy in this regard.


Steinbrook said to reporters about the French president's statements on the sidelines of a meeting of European Finance Ministers in Porto, "I think that the policy of the European Central Bank appropriate."

He added that the "work of the European Central Bank greatly welcome here" in Porto, "I joined this positive assessment," adding that the European monetary institution was right in the banking system supplying additional liquidity to ensure functioning well.

German minister urged not to allow questioning the independence of the European Central Bank set out in the European treaties, which adheres Germany in particular.

Swiss bankers deny the existence of Arab funds «forgotten» The Swiss Bankers free banks from any funds for officials or wealthy Arabs died owners, or frozen funds, or were killed during the wars that have plagued the region during the past decades, in response to some press reports about Arab money «lost» or «forgotten» in Swiss banks. The Executive Chairman said the Bank «Levis Mirabaud» Swiss Giles Roulette in an interview to «life»: «I am sure that no Arab money lost in Benocna

UAE: Bankers excluded editor Dram momentum despite speculation on the currency

Bankers ruled yesterday that the Jordanian Central Bank UAE to liberalize the exchange rate of the national currency, despite the registration currency market speculation strong Dram amid increasing speculation imminent implementation of this step with the direction the Federal Reserve to reduce interest rates this month. He told «Middle East» Jean Christophe turnover, the Regional Director in the Gulf region for the Bank «BNP Paribas» French «when people start talking about this change in the currency exchange rate must exist momentum in this direction».
He said at a meeting in Dubai that the dollar weak, the more inflationary pressures but moving currency exchange rates «is a political decision ultimately». The turnover that postponing plans to launch the Gulf common currency is «resolution Saeb», adding that «this part of the world are well integrated with the world economy and two-thirds of reserves (cash) is one of the same coin». The central banks in the Gulf states, agreed last Saturday to develop individual policies for dealing with inflation increasing, but did not decide any change to the policy of linking the dollar currencies. Increased exchange rate Dram Emirates yesterday to its highest level since June 26 (July) because of past activities of speculators in the currency as record demand for the dollar exchange rate 3.6718 dirhams. The market expects that reduces the American reserve interest rates during its meeting scheduled next Tuesday, and any reduction of the interest that puts pressure on the most central banks since the Gulf do the same, which would increase inflationary pressures on their economies, which are suffering from high levels of inflation. For his part, told «Middle East» on Shihabi CEO of the investment bank capitalization in Dubai «I do not believe that the devaluation of the benefits to the economy, but the consequences would be extremely complicated». He said in a dialogue via telephone «should not rush things to address the short-term problem such as inflation». The economic stability enjoyed by the UAE and the countries in the region could be affected if the floating currency rates. The governor Sultan Nasser Swedish UAE Central Bank abstained last Saturday when asked to comment on the price change was studying the measurement of UAE dirhams. The fixed exchange rate Dram at 3.67275 against the dollar since November (November) 1997, with record inflation in the Emirates, 9.3% in 2006 result of the decline in the dollar exchange rate basically. He pledged the central bank in the UAE inappropriate, to continue linking the currency to the United States dollar commitment to the Gulf leaders to maintain the linked exchange rate fixed at the dollar.

Headed Emirates to convert part of the dollar reserves to the euro since last year when he said that the Central Bank intends to transfer 10% of these reserves to euros. In the Emirates started to rise in the cost of living since the banner year 2003 with the start of the march retreat dollar exchange rate against the euro reflected on the cost of imports to the United Arab Emirates.

The prices of some consumer goods imported specifically considerably. Also indicate the movement of the various components within the consumer price index to external influence on prices in the UAE.

Economists say that the devaluation of the dollar mean, in fact, a similar decline in the purchasing value of oil revenues in Gulf set up or converted to other global currencies. In their opinion, that oil revenues accounted for the bulk of government revenues in the Gulf region and the purchasing value of this revenue depends on the chances of the American currency on the basis of which are pricing crude oil sales. My residents of the Gulf citizens and foreigners alike impact on the American currency lower living costs, which rose rapidly record for the past four years or Thursday. According to bankers that inflation rates in most countries in the region recorded unprecedented levels affected mainly high housing prices and real estate prices, high dollar-denominated imports. But Gulf states are linking their currencies to the dollar to help stabilize the export earnings.

Saudi Monetary Institution again refers to the difficulty of adopting unified Gulf currency in 2010

AL Sayary said on the sidelines of a meeting of IMF governors institutions and central banks in the Gulf Cooperation Council that the "exceptional economic developments taking place in the Gulf States at the present time makes fulfill the timetable for the issuance of the previous Gulf unified currency on schedule in 2010 difficult."

However, the AL Sayary emphasized that a decision to postpone the adoption of unified Gulf currency and financial institutions in the GCC countries are still striving to achieve this goal on schedule.

He said in this context, "In spite of these difficulties, there was agreement among all the Gulf Cooperation Council states on the importance of issuing currency in the Gulf time (..) and the technical committees continued to work in accordance with the schedule previously."

He considered that "it is premature to talk about postponing the date of issuance of currency AAA Standard."

The AL Sayary said during a conference held in the Gulf banks in May in Kuwait that the timetable for the adoption of monetary union and common currency "narrow and needs to extraordinary efforts to achieve it."

The Gulf leaders had taken a decision to adopt the single currency in 2010 and identified a number of financial criteria necessary They also decided to link all Gulf currencies, the dollar prelude.

However, the project shaken when the Sultanate of Oman announced that it will not be able to ride the train unified currency in 2010 to go back and say at a later stage it may abandon completely the idea of joining the project.

Increased speculation about the inability of the Gulf Cooperation Council states to adopt the common currency according to schedule after the announcement of Kuwait last May disengagement dinar dollar linked to a basket of currencies, although they stressed that the disengagement dinar dollar does not mean the withdrawal of the draft unified currency.

Emirates Airlines plans to double Talpitha Airbus planes "Any 380"

Said Tim Clark told reporters, "I want to double" the number of aircraft to be purchased from the European manufacturing company.

He added occasion trip devoted to reporters in a plane + Boeing 777-200 of TR + received Airline "Emirates" just "But 55 is the largest number that we received at the present time."

Added Clark told Agence France Presse that the Emirates Airline may buy "more" of the aircraft "no 380," saying that the international airport in Dubai, the largest in the Middle East "can not receive more of them" at the present time.

He believed that the opening of a second airport being built in the Principality experiencing real big leap utility Emirates airline company at the height of their expansion and thus will be able to possess the largest number of aircraft.

The Emirates Airline owned by the Principality of Dubai, one of the seven Emirates that make up the United Arab Emirates is the largest customer for Airbus aircraft giant "no 380." The fleet consists of Boeing and Airbus aircraft.

It is expected to receive the first model of the 55 aircraft requested purchased in the first quarter of 2008.

The airline Emirates fleet, which is currently 108 aircraft received Wednesday aircraft, "Boeing 777-200 of TR" is the first under the Order to buy ten planes of the same type had been signed in 2005 with the American Manufacturing Company.

The plane will conduct new journey directly as of the first of October between Dubai and Sao Paulo, Brazil thereby achieving the first flight without interruption between the Middle East and Latin America.

Middle East survives credit crunch

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Abdel-Wadood: there has been a slight loss of risk appetite in some local banks.

The tightening in global credit markets last month has had some negative effects for Middle East borrowers, but has created opportunities for many of the region's private equity firms.

Stock markets in Europe, the US and the Far East were hit as many banks revealed the extent of their exposure to sub-prime loans.

Dubai Financial Market and the Abu Dhabi Securities Market were the only GCC stock exchanges to lose substantial value in the ensuing sell-off, as some international investors moved their money out of markets perceived to carry a higher risk.

Dollar Drops After Soft Jobs Data, ISM Services

NEW YORK (MarketWatch) -- The dollar fell against other major currencies Friday after a government report showed the U.S. economy created fewer jobs last month than expected.

Nonfarm payrolls grew by a lower-than-expected 92,000 in July, the least seen since February, the Labor Department said. The nation's unemployment rate rose to 4.6%, up from 4.5% in June and the highest reading since January.

Economists had been expecting payroll growth of about 133,000, according to a survey conducted by MarketWatch. The jobless rate was expected to remain at 4.5%.

"The market reaction has so far been minimally dollar negative, as would be expected with a lower nonfarm payrolls reading," said Brian Dolan, chief currency analyst at Forex.com, a division of Gain Capital. "But given all the focus on the equity markets, it's probably more important how the equity market reacts."

In New York trading, the dollar was quoted at 118.59 yen, compared with 119.23 yen late Thursday. The euro stood at $1.3740, compared with $1.3701.

The British pound traded at $2.0379, compared with $2.0355. The dollar fetched 1.1980 Swiss francs, vs. 1.2044 francs

The euro was at 162.98 yen, compared with 163.12 yen.

U.S. stock losses mounted Friday after the latest employment report showed weaker-than-expected jobs growth and higher unemployment last month.

Kathy Lien, chief strategist at DailyFX.com, said the weaker jobs report "should push the Fed to seriously consider what the market has already decided for them, which is to lower rates at the end of the year."

"There were plenty of signs that payrolls were going to be weak," she said. "August will only be a tougher month given the tightening of credit and the blowup in the subprime sector."

"There is never just one cockroach in the closet, so we expect more hedge funds and home lenders to report major losses which cannot be positive for the labor market going forward," she said. "Today's news should be negative for both the U.S. dollar and the U.S. stock market."

Adding to the dollar's woes was a report showed nonmanufacturing sectors of the U.S. economy expanded at a slower pace during July.

The Institute for Supply Management said Friday that its nonmanufacturing index fell to 55.8% from 60.7% in June. Economists were looking the index to decline to 58.8%.

Source ; forex.com