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HSBC prepares AED66 billion cash call

HSBC prepares AED66 billion cash call

Plus, Western expatriates are Dubai’s highest earners; Opec may impose more production cuts; Saudi banks announce net profits for 2008; Emirates keen on fighting human trafficking

March 1, 2009 7:45 by



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Title: HSBC prepares AED66 billion cash call

Abstract: HSBC, Europe’s largest bank, is planning a share sale…

HSBC, Europe’s largest bank, is planning a share sale of up to GBP12.6 billion (AED66 billion) in a bid to raise capital, claims Arabian Business, based on a report by London’s Sunday Telegraph. According to the report, Dubai International Capital and Saudi Arabia’s Saad Investments, some of HSBC’s major shareholders in the Middle East, are expected to take up their rights when the bank begins its share sale. <p>

<p>The bank is expected to announce the share sale on Monday, after it publishes its results.<p>

http://www.arabianbusiness.com/548193-hsbc-set-for-p12bn-cash-call-

Title: Western expatriates are Dubai’s highest earners

Abstract: Western expatriates, followed by Emiratis…

Western expatriates, followed by Emiratis, Gulf Arabs and Asians, are Dubai’s highest earners, states a report by the Dubai Statistics Center. The average income for expatriates from European and North American nations is AED180,000, compared with AED113,000 for nationals and AED68,000 for Arabs and AED60,000 for Asian expatriates.

Conversely, Asian expatriates are the highest spenders, comprising 38.6 percent (AED14.6 billion) out of an AED27.9 billion total spend on consumers goods of in 2008, reports Arabian business.

http://www.arabianbusiness.com/548201-western-expatriates-earn-most-in-dubai—data

Title: Opec may impose more production cuts

Abstract: Opec may enforce more output cuts to help boost the falling…

Opec may enforce more output cuts to help boost the falling the price of oil, reports The National. Opec, which supplies 40 percent of the world’s oil, has already reduced production by 4.2 million barrels per day since September 2008.

“An additional production cut is very likely,” Chakib Khelil, the Algerian oil minister, was quoted as saying yesterday in Algiers.

Oil prices have fallen by 70 percent since July 2008, from $147.27 to $44.

http://www.thenational.ae/article/20090228/BUSINESS/701472599

Title: Saudi banks announce net profits for 2008

Abstract: The Kingdom’s commercial banks posted a…

The Kingdom’s commercial banks posted a 17.3 percent rise in net profits in the fourth quarter of 2008, reports Gulf News. The increase, amounting to SR 4.4 billion (AED4.3 billion), brings the banks’ recorded net profit to SR29.9 billion (AED29.3 billion). <p>

<p>The banks also showed a 1.1 percent fall in their average annual growth rate.<p>

http://www.gulfnews.com/business/Banking_and_Finance/10290134.html

Title: Emirates keen on fighting human trafficking

Abstract: The UAE is taking steps, and implementing strategic plans to curb…

The UAE is taking steps, and implementing strategic plans to curb human trafficking in the Emirates, the Minister of State for Foreign Affairs and Chairman of the UAE National Committee to Combat Trafficking, Dr Mohammed Anwar Gargash, said on Saturday. <p>

<p> “It is important to show the whole world that the Arab region is serious in combating human trafficking and many efforts are being taken to attain this objective,” the minister added, reports Khaleej Times. <p>

<p>He also said that human trafficking is against Islam as well as the ethics of Emirati society.<p>

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theuae/2009/March/theuae_March4.xml&section=theuae&col



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