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Egypt IT spending projected to reach $1.9bn by 2013
November 24, 2009--IT spending in Egypt is projected to reach highs of $1.9bn by 2013, reflecting a significant jump from its 2008 levels at $1.2bn, according to statistics released by Business Monitor International (BMI) in its 'Egypt Information Technology Report Q3 2009'.
With factors such as growing foreign investment and government spending expected to bolster the growth over the forecasted period, SAS, the leading provider of business advisory and analytical intelligence, is confident that better risk management is vital to fuel the development of local businesses in the country.
'Iran gains $5 bln in shift to euro'
November 23, 2009--Iran’s central bank governor says the country gained about $5 billion by shifting its foreign currency reserve basket from the US dollar to the euro.
Mahmoud Bahmani was quoted Monday by Iran’s state television as saying that “so far, we have seen a $5 billion benefit from shifting the [currency] basket to the euros from the dollar.” He did not elaborate. Earlier this year, Iran said it was switching to the euro for its crude oil sales, which account for about 80 percent of its foreign income.
UAE to keep dollar peg, says central bank chief
November 23, 2009--The UAE is not planning to delink its currency from the dollar as the 'US dollar is the best medium of exchange in the international trade and we will continue to use it',
Central Bank Governor Sultan Nasser Al Suwaidi was cited as saying by state-run Wam news agency. The UAE's economy has overcome the liquidity problem and time is needed to absorb liquidity, the governor added.
Dubai Gold And Commodities Exchange Weekly Views -November 22, 2009 DFM falls slightly Qatar bond issue given AA rating UAE: Basel II system in place UAE money supply growth slowing New Qatar income tax 'for corporations only' Exchange-traded notes to come under supervision similarly to mutual funds In addition, the amendment paves the way for launching exchange-traded funds in Israel, to compete with mutual funds that track indexes. ETFs currently do not exist on the Israeli market.
November 22, 2009--Commodities Overview
Commodities prices have continued to show strength which has surprised many market participants. Gold has moved to new rd levels, in part due to investor uncertainty about currency market trends, and in part due to concerns that the emerging al economic recovery could falter and send the world into a new recession.
In this environment, investors continued to view gold favourably, as a safe haven, portfolio diversifier, and hedge against all forms of economic and financial uncertainties.Silver has also risen sharply, but has not matched
gold’s move. This most likely reflects the fact that gold is universally
seen as a financial hedge, while silver has a more select following. Other commodities meanwhile have risen as investors see them
as likely to rise further as economic recovery becomes more
definitive.
The U.S. dollar has been moving sideways over the past few weeks. It has bounced off of recent lows against the euro and other
currencies, as well as on an indexed basis, unable to continue its
decline since the second quarter. It has also bounced off of recent
highs, unable to forcefully signal a definitive shift in trends toward
a higher dollar against these currencies. This trend may continue
this week, as the market seeks direction. Direction could come
during December. At some point over the next few weeks, the
dollar may break into a higher range, signaling a period of relative
strength against the euro and other major currencies. Seemingly
ironically, the trigger may well be a significant official revaluation
of the Chinese yuan against the dollar, perhaps on the order of
10% - 12%.
November 19, 2009--The Dubai Financial Market (DFM) fell 0.81% to 2,129.75. Only four stocks; DIB (2.55%, to Dhs2.82), Alsalamsudan (2.48%, Dhs2.48), EmiratesNBD (1.54%, Dhs4.62)
and Masq (0.55%, Dhs91.00) rose, while 19 fell and four held steady. [AMEInfo.com]
November 19, 2009--Standard & Poor's Ratings Services has assigned its 'AA-' senior unsecured debt rating to Qatar's (AA-/Stable/A-1+) $7bn global bond issue
'The ratings on Qatar are supported primarily by the country's solid fiscal and external balance sheets, its prosperous economy and strong growth prospects, and its prudent long-term policies,' the rating agency said.
November 19, 2009--The Central Bank of the UAE has said the Basel-II system has been implemented, asking for tougher capital adequacy levels for a sound banking industry, Khaleej Times has reported. Under the new system, lenders have been directed to maintain a minimum capital requirement of 11% at all times, which would be increased to 12% by June 30, 2010.
Furthermore, main banks in the country are expected to migrate to the Foundation Internal Ratings Based approach, in due course.
November 18, 2009--According to data by the UAE's central bank, the country's M3 money supply in October grew 10.9%, compared with 13.4% in September, Bloomberg has reported.
M2 money supply, which excludes government deposits, rose 11%, up from 7% in September. M1 money supply, a narrower measure, had contracted 0.2% in October, compared with shrinkage of 6% the month before.
November 18, 2009--A Qatari government official has said that the country's new income tax law would apply to revenues of corporations and not that of individuals,
Reuters has reported. The new tax will take effect as of January 1, 2010 - but there have been no specifics on the type of income to be taxed.
November 17, 2009--The Israel Securities Authority approved an amendment to the mutual funds law on Monday that will impose regulation on exchange-traded notes. ETNs are Israel's predominant version of index funds.
Under the new amendment, exchange-traded notes will be supervised and regulated much as mutual funds are.
