MONDAY, DECEMBER 16, 2013
BUSINESS
Warba Bank widens base of its financing services Agreement with Aayan Kuwait concludes
Cofran summer promotion grand draw sends 2 to Paris KUWAIT: Al-Sayer Company held the raffle draw of Cofran Summer promotion mega prize. The promotion campaign had successfully ended the 3 months lubricant promotion on Nov 17, 2013. The grand draw of the 2013 Toyota Corolla, A trip for 2 to Paris, Gold Coins and many other fabulous prizes took place on Nov 20, 2013 at 6:00pm, in the presence of Ministry of Commerce at the Cofran center - Canada Dry Street. The draw was also attended by the GM, Krishna Kumar, Oil and Paint Manager, Vivek Kohli, and his support staff, Marketing Manager After Sales Nasimi. The draw was witnessed by many participants, who were enthusiastically hoping to win these fabulous prizes. Cofran Oil - has been in Kuwait with AlSayer for many years, and this promotion was supported by over 70 puncture and
Co-operatives shops all over Kuwait. AlSayer Group would like to thank each and every participant for their outstanding support and making this campaign a huge success. “We thank you very much for your support for the past many years and we look forward to the same support in future as well,” he said The promotion had officially started on August 18, 2013 and ended on Nov 17, 2013. The campaign offered for every 4 lifters or more purchase of Cofran 10W-40 or 20W50 oil, every customer got 1 coupon which entitled them for the draw on these fabulous gifts - Toyota Corolla 2013 and other valuable gift such as a trip for two to Paris, five gold coins, four iPhone5, four Galaxy S4 and two Galaxy Note II.
ABK’s unique daily interest account KUWAIT: Al-Ahli Bank of Kuwait’s daily interest account is the first account where the customer earns interest on a daily basis, thus enabling consistent growth and savings. With regards to the account Stewart Lockie, General Manager, Retail Banking mentioned, “At ABK we design products that will encourage our customers to save and invest their money well. Our Daily Interest Account is the first of its kind in Kuwait, where interest is earned every day, and it simply adds on to the present amount in the account. Besides, the customer enjoys flexibility, as he can withdraw from and deposit into the
account freely without any restrictions. The great news is that the percentage you earn as interest increases, as your savings grow.” Mr. Lockie further stated, “Our customers can open an account with KD 100 or with the equivalent amount using the US Dollar, Sterling Pound or Euro, provided you are minimum 21 years old.” For more details on this account you are welcome to visit any ABK branch, speak to the call center, Ahlan Ahli at 1899899 or you can access www.eahli.com, if you wish to speak to one of our account managers via the Ahli Chat Service.
Burgan Bank announces winners of Yawmi account KUWAIT: Burgan Bank announced yesterday the names of the five lucky winners of its Yawmi account draw, each taking home a prize of KD5,000. The lucky winners for the daily draws took home a cash-prize of KD 5000 each, and they are: 1. ABDULAZIZ JAMAL MARZOUQ ALRASHEEDI 2. SANAA ABDULAZIZ MUBARAK BIN NASER 3. MANSOUR AHMED TAHER BOKHAMSEEN 4. JASSIM RASHIM MANSOUR AL- ABOUDI 5. FATMA JAFAR MOHAMMED HUSSAIN MARAFI With its new and enhanced features, the Yawmi Account has become more convenient, easier, and faster for customers to benefit from. Now, customers will be eligible to enter the draw after 48 hours only from opening the account. Customers are also required to deposit KD 100 or equivalent only to enter the daily draw, and the coupon value to enter the draw stands at
KD 10. The newly designed Yawmi account has been launched to provide a highly innovative offering along with a higher frequency and incentive of winning for everyone. Today, the Yawmi account is a well understood product, where its popularity can be seen from the number of increasing account holders. Burgan Bank encourages everyone to open a Yawmi account and/or increase their deposit to maximize their chances to becoming a daily winner. The more customers deposit, the higher the chances they receive of winning the draw. Opening a Yawmi account is simple, customers are urged to visit their nearest Burgan Bank branch and receive all the details, or simply call the bank’s Call Center at 1804080 where customer service representatives will be delighted to assist with any questions on the Yawmi account or any of the bank’s products and services.
BARCELONA: French Junior Minister for Transports and Maritime Economy Frederic Cuvillier (left) shakes hands with Spanish Transport Minister Ana Pastor (second left) as Spanish Interior Minister Jorge Fernandez Diaz (center), President of Spain’s state railway company RENFE Julio Gomez-Pomar Rodriguez (second right) and President of French railway company SNCF Guillaume Pepy stand next to a high speed TGV train connecting France to Spain, jointly operated by SNCF and RENFE, during the new rail line’s inauguration in Barcelona yesterday.— AFP
KUWAIT: Warba Bank yesterday announced concluding an agreement with Aayan Kuwait Auto Company, whereby Warba will provide its distinguished financing services to Aayan’s national and resident costumers. The agreement will cover various types of used cars showed at the company’s headquarters and branches. Commenting on this, Waleed Al-Mosallam, Personal Financing Manager - Retail Banking Group at Warba Bank said: “The agreement is a testament to the excellent and quick financing services offered by Warba to its customers. The banks offers Murabaha at competitive prices and discount rates, as well as other numerous added services for various segments of society.” Dedicated representative Al-Mosallam indicated that: “According to the agreement, a Warba dedicated representative will be available daily at Aayan’s premises in Al-Rai to provide Warba’s financing services to customers. Indeed, Warba seeks to offer diversified financing services through car agencies, relevant companies, promotional exhibitions of consumer and construction products, participation in different events and sponsoring various key events, besides launching advertising campaigns throughout the year on retail consumers finance.”
Competitive features Al-Mosallam reiterated that: “Warba offers competitive financing services with unique features including no advance payment required, fast processing, competitive profit rate and an insurance policy covering travel, road assistance and life insurance over a limited period, as well as other services offered to customers. Warba offers various competitive retail services, through which Warba seeks to enter into qualitative agreements that enhance the credit facilities offered to retail customers. Such services include, the agreements concluded with other car agencies, as well as diverse promotions and exhibitions.” Financing products Al-Mosallam said: “Warba is always keen to build solid business relations with its customers, so as to familiarize them with Warba’s financing products, i.e., the Qardh Hasan of up to KD 1500; the financing facilities of up to KD 15,000 for cars, boats, marine equipment, furniture, electronics, and consumer goods; and the financing facilities of up to KD 70,000 for construction materials, with flexible repayment period of up to 15 years.” Financing features Al-Mosallam explained: “Warba’s financing services mark Sharia compliance, quality service, fast processing, and competitive profit
Waleed Al-Mosallam, Personal Financing Manager ñ Retail Banking Group
rate. In addition, such features do not require salary transfer to Warba, and fulfill the needs of the society segments of both nationals and residents.” In conclusion, Al-Mosallam said: “Warba’s professionals and efficient staff members are capable of providing the bank’s financing services related to its various agreements through Warba’s branches located in Kuwait governorates, or branches of companies with which Warba has concluded financing agreements.”
‘Taper’ again on table at Fed’s final 2013 meeting First anniversary of $85bn a month QE WASHINGTON: Steady economic gains, including a sharp fall in the unemployment rate, should stir the US Federal Reserve to begin trimming its stimulus program at its policy meeting on Tuesday and Wednesday. But economists say there is a chance the Fed will still hold off the long-awaited taper of its huge bond purchase program, which aims at holding down interest rates to spur investment and hiring. With inflationary pressure absent, outgoing Fed Chairman Ben Bernanke and his successordesignate, Vice Chair Janet Yellen, could very well wait another month to be sure the economic data holds up. The Federal Open Market Committee (FOMC) holds its final meeting of the year on December 17-18, marking the first anniversary of the $85 billion a month QE3, the latest edition of the crisis-era “quantitative easing” operations. Since Bernanke began talking about reducing the program in May, markets have expected the start of the taper, with bond yields and lending rates, especially mortgage rates, jumping more than one percentage point in anticipation. Since then, FOMC meeting minutes show a reticence to take the first step, amid concern over Washington policy battles and mixed indicators on the economy’s health. Tapering QE3 would signal the beginning of the end of the Fed’s five-year crisis stance, a major step toward the normalization of monetary policy, including, eventually, higher base interest rates. But analysts think that move could be held
off for Yellen to put her stamp on policy. The US Senate will almost certainly approve her nomination next week, after which she will take over on February 1. The Fed’s next two reviews will come on January 29-30 and then March 19-20. “Policymakers will probably wait a little while longer in order to feel secure that these improvements are sustainable,” said IHS Global Insight in a report. One reason for QE3 last year was the need to offset the drag on economic growth of looming tax increases and steep cuts in government spending that were to come into place from the beginning of 2013. In addition, there was the turmoil of constant fights over raising the debt ceiling, including the 16-day government shutdown in October. This time, however, the budget and debt brinksmanship appears to be out of the way. A RepublicanDemocrat deal on the budget over the next two years passed the House of Representatives Thursday, and will likely pass the Senate next week. The economic numbers are increasingly supportive of ending QE3. In November the unemployment rate sank unexpectedly sharply to 7.0 percent, a five-year low. While some of the drop could be explained by reconciliation of distorted figures the previous two months, the bottom line is that the rate has steadily fallen: It was 8.5 percent at the end of 2011 and 7.8 percent at the end of last year. Other data is also fairly good on industrial production, consumer spending, exports and investment. The Fed’s most recent regional survey found few weak points. Growth overall
remains “modest to moderate.” On the other hand, inflation remains so weak that some policy makers have fretted about deflation. The official consumer price index was rising 1.0 percent annually in last month’s read, well below the Fed’s target level of 2.0 percent. And on Friday the producer price report for November suggested more of the same: it was up a bare 0.7 percent year-on-year and core prices-excluding energy and food-were up just 1.3 percent. “There remain no signs of price pressures anywhere in the system,” said Michael Montgomery, US economist at IHS Global Insight. “ The downward shove from malaise in Europe may be ending, but there is no upwards shove from their recovery yet.” John Silvia, chief economist at Wells Fargo, said that Yellen, more worried about employment, is more likely to take advantage of soft prices and keep QE3 spending in place to further boost the jobs market. And when it comes, he added, the taper would be modest. James Bullard, the head of the St. Louis branch of the Fed, gave a plausible argument recently for FOMC action without too much commitment. “A small taper might recognize labor market improvement, while still providing the committee the opportunity to carefully monitor inflation during the first half of 2014,” he said. “Should inflation not return toward target, the committee could pause tapering at subsequent meetings.” — AFP
Gabriel, Merkel’s new leftist deputy and energy tsar BERLIN: Germany’s Social Democrats leader Sigmar Gabriel, Angela Merkel’s next vice chancellor, is a canny political operator whose aim will be to shift government policy to the left. As head of a new economy and energy “super ministry”, he will also be tasked with steering Germany’s ambitious transition from nuclear to renewable power while containing its cost. Gabriel, 54, led tough negotiations with Merkel’s conservatives on forging their left-right coalition and used a high-stakes gamble to win key concessions, including a national minimum wage. As they haggled over their power pact, Gabriel allowed his skeptical party members to vote on whether to govern with Merkel or stay in opposition, an all-or-nothing gambit that paid off. As a result, the former teacher from the left wing of his Social Democratic Party (SPD) has snatched a personal victory from the jaws of the party’s devastating defeat in September elections. While the SPD candidate in that vote, Peer Steinbrueck, has all but vanished from view, Gabriel will now play a key role in Merkel’s third-term government for Europe’s biggest economy. Many expect the unlikely partners are headed for a bumpy ride. Gabriel, a good orator known to often shoot from the hip, has harshly criticized Merkel in the past and is expected to do so again as the next elections near, expected in 2017. Blasting her drive for fiscal belt-tightening in crisishit euro-zone countries, Gabriel compared Merkel to “a skinflint aunt clutching her handbag” who was refusing to help out neighbors. The stocky father of two has first-hand experience of a Merkel cabinet. He served as environment minister in the 2005-2009 grand coalition between her Christian Democratic Union (CDU) and the SPD, in what proved a loveless forerunner to the latest tie-up. From within Merkel’s cabinet, Gabriel faces the challenge of breathing new life into his 150-year-old party after it suffered its second worst trouncing at the polls since the war. It is a difficult balancing act as many members of the party, which traditionally stands for the values of Germany’s working class, had been reluctant
to again govern in the shadow of Merkel. Under the previous grand coalition, the SPD was overshadowed by her conservatives who took credit for government successes. When Gabriel was elected head of the party in 2009, he sought to rally the troops after morale plummeted following its worst-ever showing of 23 percent at the ballot box. “Our SPD is in a catastrophic situation,” Gabriel said at the time and embarked on a plan to better integrate the party base into decision-making while attempting to be closer to voters. On his watch, the SPD has pushed to soften the impact of its own Agenda 2010 raft of tough labor and welfare reforms, instigated by former SPD chancellor Gerhard Schroeder from 2003. He imposed a marked left-ofcentre program during the last elections and successfully pushed for a national minimum
wage which had been the SPD’s deal-breaker in the negotiations. Nevertheless Gabriel did not succeed in raising the party’s fortunes at the national level and it scored 25.7 percent in September. But the party’s debacle was laid squarely at the door of ex-finance minister Steinbrueck, who ran a gaffe-prone campaign. Gabriel, at times, appears to spontaneously pull new ideas out of his hat, such as a call for a 120-kilometre (75-mile) per hour motorway speed limit in a country passionate about its cars. Born September 12, 1959 in the northern town of Goslar, he had a complicated childhood, which he revealed in a 2012 book that detailed his difficult relationship with his father who remained a convinced Nazi even after the war. Gabriel, who is a bicycle fan and likes sailing, has two daughters, one grown-up and the other aged one, from his second marriage. —AFP
Decision on Greek debt reduction in spring: PM ATHENS: Greek Prime Minister Antonis Samaras urged the euro-zone to confirm early next year it would again write-down part of his country’s huge debt, in a Sunday interview to liberal daily Kathimerini. “We insist that a decision for another reduction of our debt should be taken in the spring, as soon as our amount of primar y surplus has been announced,” Samaras said. In November last year, euro-zone finance ministers agreed that a new write-down of Greece’s huge debt would be possible if the heavily indebted country fulfilled the terms of its bailout deal and achieved primary surplus. Greece has been relying on EU-IMF rescue loans for its economic survival since 2010. After six years of continuous recession, the indebted country has predicted a slight primary surplus-not including debt servicing costs-for 2014. A tough 2014 budget
approved last week by the parliament foresees a 0.6 percent GDP growth. But Greece is still negotiating with its troika of EU, IMF and European Central Bank creditors, and the two sides disagree on the level of a forecasted financing gap for 2014 and the measures that need to be taken to cover it. An agreement with the troika is necessary to unblock a vital one-billion-euro slice of financial aid. Other thorny issues include seized property auctions, a new property tax, state jobs layoffs and the slow pace of privatization. In the interview, Samaras talked about possible disagreements between the creditors. “We are negotiating with three different entities.... They all agree on helping us, but they have not yet reached an agreement, between them, on how to help us. We want no involvement in this disagreement,” he said. —AFP