Currency
Selling
Buying
USA
102.60
102.40
UK
167.34
167.01
Euro
130.77
130.52
Canada
92.32
92.14
Switzerland
108.35
108.14
Australia
90.08
89.90
Sweden
14.24
14.21
Japan
0.9418
0.9400
Norway
16.03
16.00
Singapore
80.76
80.60
Denmark
17.57
17.54
Saudi Arabia 27.36
27.30
Hong Kong
13.23
13.20
Kuwait
356.56
355.86
Malaysia
31.46
31.40
Newzealand
81.35
81.19
Qatar
28.18
28.12
UAE
27.93
27.88
Kr. Won
0.0984
0.0982
Thailand
3.175
3.169
Austria targets 5bn euros in tax relief to boost growth V IENNA —Austria aims to put together a tax relief package worth at least 5 billion euros ($6.3 billion) next year, which could promote growth in a sluggish economy without boosting deficits and debt, officials said on Saturday. The Social Democrats (SPO) and their conservative People’s Party (OVP) coalition partners agreed on hitting that sum in talks due to wrap up by early 2015, but put off exact details on income tax cuts amid differences over how to finance them. The SPO had lobbied for more ambitious tax cuts to be financed in part via new wealth taxes, anathema to the OVP, whose leader Michael Spindelegger quit in August complaining of lack of support from his own party. SPO Chancellor Werner Faymann told reporters after a two-day cabinet meeting in the Alpine resort of Schladming that the 5 billion euro target was a minimum. “We are looking to see if a bigger sum is possible,” he said.—Agencies
Emirates NBD Properties showcases iconic projects D UBAI —Emirates NBD Properties featured its Control Tower, a commercial and business center strategically located in Business Park, near Green Community Motor City and Dubai Autodrome. Projects by Emirates NBD Properties featured at this year’s edition of Cityscape Global included Limestone House in Dubai International Financial Centre in addition to Terrace Apartments, Windsor Crescent Townhouses and Control Tower — all three projects located in Motor City. — Supplied photo Dubai — Emirates NBD Properties, a wholly owned subsidiary of Emirates NBD Group, showcased its award winning real estate portfolio at Cityscape Global 2014, the world’s largest networking exhibition and conference on property development. Projects by Emirates NBD Properties featured at this year’s edition of Cityscape Global included Limestone House in Dubai International Financial Centre; in addition to Terrace Apartments, Windsor Crescent Townhouses and Control Tower — all three projects located in Motor City. Limestone House, located adjacent to the Gate Precinct-Gate Boulevard District of DIFC offers its residents exceptional living space and amenities in a truly magnificent structure. Situated in Motor City, Windsor Crescent Townhouses and Terrace Apartments offer residents a unique blend of privacy and community living. The stunning residential projects are designed to emulate nature’s finest features to cultivate a healthy and nurturing environment, in an enviable location of beautifully landscaped parks, tranquil lakes and family-friendly facilities.—Agencies
China world’s biggest car consumer, producer I SLAMABAD —More than 24 million vehicles will be sold this year in the world’s largest auto market, the China Association of Automobile Manufacturers (CAAM) has forecast. China’s vehicle output is also expected to top 24 million units this year, which will account for a quarter of the world’s total production and make the country the world’s biggest car producer, said CAAM Vice President Dong Yang.
According to the CAAM, 21.98 million vehicles were sold in China in 2013, up 13.87 percent year on year. Output last year stood at 22.12 million units, up 14.76 percent, Xinhua reported . In the January-August period, both sales and output topped 15 million units, even though the growth rates moderated to 7.67 percent and 8.61 percent, respectively. During an exhibition in Beijing
showcasing joint ventures between Chinese and foreign car companies, Dong said that such cooperation has made enormous contributions to China’s auto industry, helping it to foster talent and master advanced manufacturing technologies. China will use this joint-venture experience to build home grown brands, while deepening cooperation with foreign firms in research and development, he added.—APP
Preparing for oil market fluctuations W ASHINGTON —The recent country report from the International Monetary Fund (IMF) was upbeat about the Kingdom’s economy pointing out that the main risk facing this economy is the fluctuation of the global oil market and that diversification remains the main challenge facing the Kingdom’s economic planners. It reiterated its previous verdict that Saudi Arabia has one of the best performing economies among the G-20 and that is attributed mainly to the continuous high oil prices, high government spending, an active private sector all supported with carefully designed fiscal policies that kept inflation at bay. However, the drop in oil market to its lowest level in more than 14 months that prompted the Kingdom and other oil producers to trim their output is a clear demonstration of what the IMF warned of. The unique nature of oil is that it is still a commodity affected by sup-
ply and demand and in this particular case producers don’t have control on the other end of the chain: consumption. Over the years, Riyadh has developed an oil strategy that took into consideration both its role as the world main residual supplier and at the same time work toward adding value to the crude it exports. That explains why the Kingdom worked on securing supplies through a comprehensive strategy of investing heavily to tap its oil reserves to enable it produce up to 12.5 million barrels per day (bpd) and maintain between 1-2 million bpd in spare capacity in case supplies were cut for one reason or another as has been demonstrated several times in the past. Along with providing secured supplies, the Kingdom developed two main outlets through the Gulf and the Red Sea export terminals in addition to the Sumed pipeline.—Agencies
IGATEX Pakistan 2014 to start from 21st October LAHORE—The 8th International Garment, Textile & Leather Machinery and Accessories Exhibition and Conference (IGATEX) Pakistan is scheduled from 21st to 24th October 2014 at Expo Centre, Lahore. It is an international event recognized for its quality of exhibitors and visitors. IGATEX Pakistan 2014 introduces high level machinery, equipments and accessories which provide business opportunities and add value to our exports and hence, will increase the product worth that will positively effect on economic well being of Pakistan. The event is known to not only introduce newest expertise, but also improvise trade benefits and increase foreign investments and spending through business visits by international delegates. This year IGATEX Pakistan will feature over 550 exhibitors from 35 countries including China, Germany, India, Italy, Japan, Turkey, Taiwan and Switzerland etc. This is highest number of exhibitors participating at an exhibition in Pakistan. The event is expected to host record visitor ship for any business event in Pakistan engaging textile industry professionals from related
industries to witness the modernized and state-of-the-art textile machinery exhibited by leading market players from diverse regions. ICADEX Pakistan - The 2nd International Chemical and Dyes Exhibition & Conference is being organized in conjunction with IGATEX Pakistan to maximize the exhibitor and visitor experience. Since its inception in 2002, the event has played a pivotal role in the development of textile industry, by introducing efficient machinery to local manufacturers. IGATEX Pakistan 2014 is a leading show with strategic partners such as Textile Machinery Manufacturer’s and Supplier’s Association of Pakistan (TEXMAP), All Pakistan Textile Manufacturers Association (APTMA), Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and Pakistan Textile Journal (PTJ) etc. IGATEX Pakistan is organized by FAKT Exhibitions (Private) Limited. The event facilitates the textile industry by creating business opportunities by significantly providing networking opportunities.— Online
PIMCO, DoubleLine, TCW big winners from Fed’s QE3 assault NEW YORK—The Federal Reserve’s move to stimulate the economy by buying mortgage securities is proving to be manna from heaven for three of the biggest players in the bond fund business: Pacific Investment Management Company, DoubleLine Capital and TCW. The three investment firms all manage mutual funds that loaded up on mortgagebacked securities well before the Fed announced that it would start buying $40 billion in government-backed mortgage debt each month until there’s a sharp improvement in the job market. With U.S. Treasury yields at extraordinary low levels, bond investors like TCW, PIMCO and DoubleLine have migrated toward mortgage-backed securities as those securities not only provide higher yields but they perform well when interest rates are stable. It is TCW’s flagship fund that is outperforming the ones managed by PIMCO co-founder Bill Gross and DoubleLine founder Jeffrey Gundlach - the two money managers seen as the reigning kings of the bond investing world. The $7.4 billion TCW Total Return Bond Fund, which has more than 80 percent of its assets invested in mortgage-
backed securities, is up 10.68 percent for the year. The TCW fund is besting the 8.61 percent year-to-date return for the $272.5 billion PIMCO Total Return Fund - the world’s biggest bond fund - and the 7.89 percent return posted by the $32 billion DoubleLine Total Return Bond Fund In the week since the Fed’s announcement of new round of bond buying, known as quantitative easing, Lipper reports that the TCW fund has gained 0.59 percent, while PIMCO has gained 0.565 percent and DoubleLine 0.53 percent. Bond industry experts say the funds that may generate the best returns are ones with heavy exposure to so-called “private label” mortgage-backed securities, as opposed to mortgage debt backed by government-sponsored mortgage agencies Fannie Mae and Freddie Mac. These private label mortgage securities have no government guarantee of principal repayment, which distinguishes them from mortgage securities supported by Fannie Mae and Freddie Mac. The mortgages that back private label securities do not have the support of the government and as a result carry default risk, also called credit risk, a hazard absent in securities
BoA cutting 16,000 jobs by year end in cost-plan acceleration: WSJ W ASHINNGTON —Bank of America Corp the financial crisis, largely due to mortgage(BAC) is planning to cut 16,000 jobs by year end as it speeds up a company-wide costcutting initiative amid declining revenues, the Wall Street Journal reported. The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank’s workforce below that of rivals JPMorgan Chase & Co (JPM) and Wells Fargo & Co (WFC). The reductions were outlined in a document given to top management, the Journal reported. Since taking the helm in 2010, Chief Executive Brian Moynihan has been working to streamline and reduce risk at a company that has lagged rivals in recovering from
related losses. Bank of America spokesman Larry Di Rita declined to comment. The bank had 275,460 employees at the end of the second quarter. Under Project New BAC, Bank of America has said it planned to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013, largely through cuts in consumer and technology areas. A second phase is expected to eliminate $3 billion in annual expenses by mid-2015 by making undisclosed cuts in capital markets, commercial banking and wealth management areas. In the second quarter, cost savings from the first phase were running at an annual pace of $970 million, behind a goal of $1 billion, the Journal said, citing the document.—DNA
German 2014 economic growth could be lower than forecast
Chairman, Board of Directors, German National Electronic Research Centre, DESY, Prof Dr. Helmut Dosch and a team of Scientists briefing Pakistan’s Ambassador to Germany, Syed Hasan Javed during his visit to the centre near Hamburg. DESY, one of world ‘s leading centres for the investigation of the structure of matter, will welcome Pakistani Scientists to DESY facilities for their research works.
B ERLIN ,
Germany— Germany’s economy could grow less in 2014 than the 1.8 percent predicted by the government, but it still remains in good shape compared to its EU partners, the economy minister said Sunday. Sigmar Gabriel, economy minister of Europe’s top economy, told Deutschlandfunk radio that the Ukraine crisis had hit the investment climate and not just for those companies with direct trade ties with Russia. “It can be that in the end the growth figures are still a bit below our forecast of 1.8 percent,” Gabriel said according to a published version of the interview. “Nevertheless Germany will still have, in terms of a European comparison, markedly good economic activity,” he said, adding the labour market was “robust”. In April the government said the German economy was set to grow by 1.8 percent this year.—AFP
LAHORE: Women buying jeweller from a stall at Shadman Sunday Bazaar.
China industrial profits fall in August in latest weak data S H A N G H A I —China’s industrial profits fell 0.6 percent in August from a year earlier, reversing from July’s 13.5 percent annual rise, the government said on Saturday, the latest in a series of weak data from the world’s second-largest economy. Industrial companies made profits of 3.83 trillion yuan between January and August, 10 percent higher than the same period last year. China’s National Bureau of Statistics did not give a reason for the August decline. The monthly decline adds to recent weak figures that have fuelled fears that China is at risk of a sharp slowdown if it does not make fresh stimulus measures. China’s factory output grew at its weakest pace in nearly six years in August while growth in other key sectors such as retail sales and imports also cooled. China’s economy has had a difficult time this year as a slowdown in the housing market weighs on economy activity. This was further exacerbated by unsteady foreign demand which dragged on exports, factory output and domestic investment.—Agencies
Experts call for better use of bank cash assets RIYADH—A group of financial experts have called for better use of the accumulated cash assets of local Saudi banks, the media said. Cash assets of local banks reportedly grew by 73.1 percent to SR4.24 trillion ($1.13 trillion) by the end of last August, compared to SR2.46 trillion in August 2009, according to data released by the Saudi Arabian Monetary Agency. The cash growth in Saudi banks reflects the decrease of lending in the said period whereas the inflated real estate prices have also minimized demand for property loans, experts told Asharq Al-Awsat newspaper.—Agencies
KARACHI: Former Judge Lahore High Court Justie (Retd) Raja Shafqat Abbasi speaks during a workshop on Inter Governmental Relations organized by Forum of Federations at a local hotel. Dr Syed Jaffer Ahmad of Pakistan Study Centre Karachi University, Advisor Forum of Federations Dr Leslie Seidle, Prof Roberta Ryan from Australian Centre of Excellence for Local Government and program Manger forum of Federations Canada Phillip Gonzalez, are also seen sitting on the stage.
Shoppers flood GITEX halls to look at latest gadgets SHOPPING FRENZY—Thousands of eager shoppers queued outside the Dubai World Trade Centre Saturday morning, awaiting the official opening of GITEX Shopper 2014, conducted by Helal Saeed Almarri, director general, Dubai Department of Tourism and Commerce Marketing (DTCM) and CEO, Dubai World Trade Centre. Described as the largest and most popular consumer IT and electronics show in the Middle East, GITEX Shopper runs until Oct. 4. Excitement was high as shoppers flooded the halls on the opening day, eager to take advantage of the 30,000 products and latest deals on smartphones, digital cameras, HD TVs, tablets and a broad spectrum of the latest electronic gadgets.
The fun festival atmosphere saw visitors enjoying live music and entertainment, interactive product trials and a host of incredible giveaways. A wide choice of casual dining options added to a great day out for the family. “Thanks to the commitment of the best brands and biggest retailers in the region, we are expecting another incredibly busy and successful show,” said Trixie LohMirmand, SVP, Dubai World Trade Centre (DWTC). “There is no better place to find the widest range of the latest technology, and we believe visitors will be delighted with what’s on offer this week.” Mahesh Chotrani, assistant vice president of Jacky’s Electronics, sees GITEX Shopper as an im-
portant platform for engaging with and delighting their customers: “Our ‘Dreambox: Shop, Unlock, Win’ promotion, in partnership with Hisense, invites visitors to participate in an interactive raffle to win 4K Ultra-HD and LED TVs every hour of the show. We are also giving away two MINI Coopers, which will be displayed at our stands along with exclusive bundle offers and discounts that are bigger than ever. Among the products that will be highlighted at the show are the new iPhone 6 and iPhone 6 Plus, which are also available in all our stores. There will also be exclusive offers across the UHD and 4K LED TVs in big screen sizes ranging from 65-inch, 75-inch and above.”—Agencies
DP releases more units on demand DUBAI—Real estate developer, Dubai Prop- performance and ongoing sales successes to erties, or DP, has issued a performance summary showing delivery of 36,000 residential units, 2.8million sqft of office space and over 1.2 million sqft of retail space to the market across key areas of Dubai.The developer said that strong investor demand for new residential projects has pushed many of its new developments to sellout success and prompted the release of additional units in some projects. From luxury waterfront apartments in the creek-side Manazel Al Khor and Dubai Wharf developments, to family villas in Mudon, ready-to-live apartments in Remraam and downtown living in Maram Residences, DP says it will continue to focus on the development of a growing portfolio of residential, mixed-use and hospitality projects to create opportunities for Dubai’s real estate investors and residents. DP attributes its recent
the variety of property choices it offers consumers along with dedicated initiatives to improve the customer experience including competitive financial packages, early online sales registration, reducing response times to customer queries and transparent communication with investors. Mohammed Al Habbai, chief officer for Urban Planning and Infrastructure at Dubai Properties Group, said: “From design and development to sales and handovers, DP’s has consistantly delivered projects that create real estate opportunities for Dubai’s end-users and investors. Our recent market performance and new launches at Cityscape are both testament to the success of this approach, and we will continue to support Dubai’s growing real estate industry by launching new projects that provide strong investment opportunities across every sector.—Agencies