y
A
23
e niv rsar n
Years
SUNDAY, MARCH 27, 2011
business
Banker ME awards NBK ‘Best Premium Banking service’ Bank also wins ‘Best Business Internet Banking Service’ award KUWAIT: National Bank of Kuwait (NBK), the best bank in the Middle East, has been awarded the “Best Premium Banking Service” and “Best Business Internet Banking Service” in the Middle East for 2011 by the renowned regional financial magazine, “Banker Middle East”. Abdulla Al-Najran Al-Tuwaijri, NBK’s Deputy Group General Manager, and Kevin Turner, Assistant General Manager, Consumer Banking Group have received the awards on behalf of NBK in a ceremony held in Dubai. Turner said “the awards underscore NBK’s strong leadership among all the banks in the Middle East in providing the best services and quality products to its customers on both retail and corporate fronts”. “NBK was recognized as the Best bank in the Middle East by the leading global financial voices. This unprecedented global consensus underpins the excellence of NBK services and its pioneer in offering specialized and innovative products to its clients,” added Turner. Thahabi is NBK’s award winning
Abdulla Al Tuwaijri receives the award from “Banker Middle East”. Premium Banking package from NBK. It offers customers personalized and ‘best in class’ products and services delivered by professional Personal Banking Officers. Thahabi customers also enjoy many banking related dis-
Kevin Turner receives the award from “Banker Middle East”.
counts, fee waivers and value-added lifestyle benefits. Qualification for the Thahabi package is subject to criteria. For more information on how to apply for Thahabi call 1801801. NBK is the highest rated bank in
the Middle East by Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also enjoys the largest presence in Kuwait with 70 branches, as well as a growing regional and international network comprising an additional 107
branches covering 16 countries in both the MENA region and the world’s leading financial centers including London, Paris, New York, Singapore, Geneva, China and Vietnam.
GIC profits grow by 66% to $151 million Major investment projects executed KUWAIT: The Gulf Investment Corporation (GIC) announced a 66% percent increase in profits for the year 2010. Net income grew to $151 million in comparison to $91 million in 2009. The General Assembly meeting reviewed and approved the audited financial statement in the meeting that took place last Thursday 24th March 2011 in Kuwait.
Canon ME unveils new PowerShot, IXUS models DUBAI: Canon Middle East yesterday launched five stunning HS System cameras across its acclaimed PowerShot and IXUS ranges, fusing leading imaging quality, incredible performance and stand-out style. New to the PowerShot range are the PowerShot SX230 HS and PowerShot SX220 HS the perfect cameras to take on your travels, with the PowerShot SX230 HS featuring both GPS tagging and logging functionality. Joining the IXUS range today is the IXUS 310 HS, which offers an enhanced intuitive touch interface and an ultra-wide angle 24mm lens with a bright f/2.0 maximum aperture. The IXUS 220 HS, featuring an ultra-wide 24mm 5x optical zoom lens in a stunning, slim design, and the chic entry level IXUS 115 HS completes the lineup. These cameras introduce a series of exciting features across the range, including Full HD movies, high speed shooting and outstanding low-light performance thanks to Canon’s HS System. Unrivalled performance: The HS System and Canon lenses All of the new models feature Canon’s HS System - combining a high-sensitivity 12.1 Megapixel CMOS sensor and powerful DIGIC 4 processing. Canon’s HS System delivers consistently high image quality in all conditions even in low light. From stunning sunsets on holiday to group shots and portraits of friends on a night out in the city, users can capture beautiful pictures with less noise and blur. Each of the models feature genuine Canon lenses developed using the same high quality standards employed to manufacture Canon’s professional lenses. From the 24mm ultra wideangle f/2.0 large aperture lens in the IXUS 310 HS, to the PowerShot SX230 HS’s high quality 14x optical zoom, the range gives users the flexibility to shoot a variety of subjects with the high image quality and clarity that Canon is renowned for. Canon’s leading optical Image Stabilizer corrects camera shake to prevent image blur, especially at the tele-end of the zoom, or when shooting in low light - allowing users to capture sharp, detailed images when shooting handheld. Exceptional shooting The new range also features a greater choice of shooting functions - providing the perfect platform for users to experiment and create superb images and movies: ● Full HD movies with stereo sound and optical zoom1 allows users to record movies with superb clarity. An HDMI connector also enables the playback of movies and images to a compatible HDTV with no loss of quality ● Creative Filters add a new perspective to shots, including Fish-eye Effect which mimics the distortion of a fish-eye lens and Toy Camera Effect which allows users to recreate the effect of an older style camera. Also included are Poster Effect, Miniature Effect (available in stills and video), Monochrome and Super Vivid ● Manual Modes2 enable users to control the shutter speed and the aperture, ideal for more
experienced users who want to enhance their creativity using the manual controls ● Movie Digest mode records up to four seconds of video footage before every still image is captured and combines them to create a movie of the day’s events - capturing the story behind the pictures ● Super Slow Motion Movie mode provides a great way to slow down fast-paced sports action, adding drama and atmosphere to fast paced action scenes ● PureColor II G LCD screens3 incorporate a protective tempered glass layer, offering increased strength and enhanced contrast for clear viewing in all conditions ● Smart Auto can detect 32 different scenes automatically selecting the settings to achieve the best result, meaning photographers can take great photos and videos without having to worry about the settings ● Smart Auto in Movie4 can recognize and choose the optimum settings for movie recording from 21 different variables, enabling users to make great movies with the minimum of fuss ● GPS tagging and logging5 offers the ability to tag location information onto pictures and log travels, allowing users to review their journey after they have returned home ● Touch UI6 allows full camera control and operation by using only simple gestures and motion ● iFrame video7 format from Apple(r) offers a simple way to work with video on users’ computers. It’s designed to work with Mac and PC video applications and can dramatically speed up the process of importing, editing and sharing movies across multiple platforms and devices. ● High-speed Burst shoots a continuous burst of images when the shutter is pressed, capturing a sequence of photographs so every moment of a fast paced action scene is captured ● Best Image Selection automatically selects the best image from a sequence of high speed shots, so users don’t need to waste time trying to find the best image from the burst before deleting the unwanted versions ● Handheld Night Scene captures a high speed sequence of shots and combines them into a single image, therefore capturing scenes in very dark conditions with the least possible blur and the best possible exposure Class-leading design In addition to exceptional image quality, all models also offer incredible style. The signature IXUS elegance of the IXUS 310 HS, IXUS 220 HS and IXUS 115 HS makes these models stand out from the crowd, whilst the compact and practical designs of the PowerShot SX230 HS and PowerShot SX220 HS offer truly portable cameras combining a host of shooting features with super-zoom performance. The PowerShot SX230 HS is available in pink, blue and black and the sleek metal body of the PowerShot SX220 HS comes in purple and grey. The IXUS 310 HS’s stainless steel body is offered in silver, brown, pink and gold, whilst the IXUS 220 HS comes in a choice of silver, black and red, and the IXUS 115 HS’s chic metal body is available in silver, grey, pink and blue.
The Chairman of the Board Dr Zakaria Ahmed Hejres commended the solid performance saying: “In 2010, GIC achieved well on multiple dimensions that include increased profitability, enhanced capital base, improved liquidity and leverage levels and better risk profile. In tandem with these improved financial performance indicators, GIC successfully executed important principal investment projects in the GCC region, and completed several initiatives that contributed to optimizing asset allocation, strengthening risk controls and enhancing overall corporate governance. These achievements distinguish GIC as a winner in the region. GIC’s solid financial strength and established regional franchise provide a platform for future growth. I see a bright future for GIC. “ Net Operating revenues grew by an annual 46% to $223 million, driven by revenues from GIC’s core business activities. The corporation’s capital base was further strengthened through revaluation gains and realized profits. As of 31st December 2010, total shareholders’ equity stood at $2,117 million, a year-on-year increase of $367 million, representing a 21% growth. The enhanced capital base, combined with improved overall asset quality, augmented capital adequacy ratios resulting in a Tier 1 capital ratio of 30%. Noteworthy,
the balance sheet continues to be conservatively leveraged at about 2.7 times, reflecting a lower risk profile. At the year-end 2010, GIC maintained ample liquidity, with cash and equivalents of $654 million, on top of other
Hisham A. Al-Razzuqi, Chief Executive Officer liquid assets of nearly $3,000 million. Commenting on the Corporation’s notable performance, Hisham A. Al-Razzuqi, Chief Executive Officer, stated that “The year under review was an excellent one for GIC in several
aspects. The sustained improvement in profitability and financial strength over the past two years reaffirm the corporation’s success in overcoming challenging operating environments and reflect GIC’s inherent resilience. It is gratifying to note that all business lines performed well during 2010, exceeding revenue targets, while conforming to desired risk profiles. Whilst steadily improving all key financial performance indicators, we are also able to expand our business and regional franchise. Going forward, I am confident that the strong foundations which we have anchored will enable us achieve our objectives and goals to the benefit of our shareholders and to the region we serve.” Established in 1983, GIC is a regional financial institution owned by equally by the six GCC states. It strives to provide a comprehensive range of financial services that support the development of private enterprise and economic growth in the region. GIC managed to achieve a number of major projects throughout GCC countries with diversified activities covering different sectors via financial, petrochemical, steel, power, communications amongst others. For any additional information, please contact Qais Al-Shatti, Corporate Communications, Gulf Investment Corporation, at (965) 2222 5430.
Kuwait profits drive 2010 GCC earnings Markaz Economic Report
Joyalukkas announces winners of ‘Easy Gold Plan’ in Kuwait KUWAIT: Joyalukkas has announced the winners of their ‘Easy Gold Plan’ for the month of February. The Joyalukkas ‘Easy Gold Plan’ is a unique installment-based initiative for customers to save and buy jewelry of their choice in easy installments. The plan assures the customers of more value than other savings, since Gold is considered as one of the safest investment options today. Under the Joyalukk as ‘Easy Gold Plan’, customers can choose a monthly payment option starting from KD 10 and retain it for a period of 12, 18 or 24 months. At the end of the period customers can pick the jewelry of their choice from the Joyaluk k as showrooms based on the value saved. Most customers who have participated in the scheme have endorsed that the Joyalukkas Easy Gold Plan’ has given them much better returns than Fixed Deposits. “Joyalukkas is committed to giving customers convenience, value, choice
and excellent service. The ‘Easy Gold Plan’ is part of our convenience initiative to make the purchase of jewelry ver y easy and secure for our customers. We assure their returns and we give them the flexibility of picking the jewelry they like and would love to own”, said Joy Aluk k as, Chairman, Joyalukkas Group. The two winners for the month of February under the Joyalukkas ‘Easy Gold Plan’ are Tomson Jose, EGP card no 1491000955 and Thomas P Mathew, EGP card No 1491002076. They each get to win gold coins from Joyalukkas. Joyalukkas is one of the first ISO certified jewelry retailers in the Middle East and has also recently won the status of Superbrand in the UAE. In addition to this, Joyalukkas has been reco gn i ze d w i t h t h e D u b a i Q u a l i t y Awards certificate for its best practices in all aspects of jewelry retailing and has also been awarded with the status of Middle East’s Retailer of the Year, by Retail ME.
KUWAIT: As of third week of March 2011, we have 90% visibility in terms of market cap and 72% visibility in terms of number of companies to measure performance in GCC corporate earnings, according to a recent report by Kuwait Financial Centre “Markaz”... Saudi Arabia enjoys 100% market capitalization visibility while Bahrain lags at 69%, the lowest in the GCC region. In terms of GCC Corporate Earnings visibility, Saudi Arabia leads the region with 95% visibility while Kuwait lags at 37%. During 2010, GCC Corporate earnings grew by 25% YoY to $43.1bn. The earnings were driven by an increase in the region’s commodities, telecom and banking segments’ earnings. Saudi Arabia Saudi Arabia (at 100% coverage) reported 34% YoY growth in corporate earnings to $20.8bn in 2010 aided by commodities sector. KSA’s earnings received a boost from the commodities sector led by SABIC, which reported earnings of $5.7bn in 2010. However, the real estate sector’s profits contracted 38% in YoY in 2010. The banking sector was flat as high provisioning continued to erode the bottom line amidst a slow lending scenario. Kuwait After two consecutive years of losses, corporates returned to positive growth in 2010. Kuwait recorded one of the fastest growths in earnings to $7.1 bn versus a loss of $438mn in 2009. Banks and Telecom led the surge. NBK and Zain are notable performers, though in the latter it was due to extraordinary earnings from the sale of its African assets to Bharti Airtel. UAE During 2010, UAE posted a 47% YoY decline in corporate earnings to $4.8 bn, marred by poor performances in real estate sector. UAE real estate sector was dragged by Aldar Properties PJSC that posted a loss of $3.5bn in 2010 compared to profit of $228mn in 2009. Other markets Qatar’s corporate earnings fell nearly 20% YoY in 2010 relative to the 26% YoY growth in 2009, mainly due to $2.3bn gain booked by Ezdan real estate during Q4 2009. Oman’s earnings increased 15% YoY in 2010, led by financial services sector. The banking sectors of Bahrain, Oman and Qatar posted YoY growths of 72%, 29% and 11%, respectively, during 2010, confirming the recovery trend.