IMF warns of collapse of major banks because of Basel 3

International Monetary Fund warned that the standards "Basel 3", which was approved in Switzerland recently may result in more of the world's major banks to collapse, rather than protecting the light of the global economic crisis.

It is supposed to start banks in the world adhere to these new standards as of the year 2015, which include extensive structural reforms of the banking sector in the world, including with regard to precautions mandatory for banks.

The newspaper "Financial Times" Wednesday 09/26/2012 British report issued by the International Monetary Fund that the standards "Basel 3" approved by lawmakers Financial Aalmeon may cause aggravation of the crisis of major financial institutions, leading each to collapse, while governments are struggling to save financial institutions from the financial crisis.

Analysts said the International Monetary Fund said that "major banking groups have features that make them better able to absorb the costs of new regulatory standards, these groups might become more famous and privilege in the markets, and the markets themselves will become more focused."

The decision-makers in the economic and financial Basel had discussed forcing companies and financial institutions with financial and capital reserves more to become better able to recover from any crisis facing financial markets in the future.

Moreover, analysts added in the latest report on global financial stability issued by the International Monetary Fund "that banks that have a large share in the fixed-income activities, and in the currency, and commodity markets will become more dominant on the market."

The International Monetary Fund warned that the standards "Basel 3" will also raise the motivation of a lot of financial institutions in order to circumvent the natural frameworks applicable in the banking systems.

The report warned a clear tone of "forcing banks to raise their capital growth may put in an awkward situation."

The IMF said in a report that the global financial system remains fragile four years after the collapse of Lehman Brothers in the United States fall of 2008.

He continued: "reforms in the global financial system, including the Basel 3, moved" a bit in the right direction but not enough. "

The IMF said, "Although there are some reforms, but some of the economy still has not seen significant changes."

UAE banks cut lending companies AED 9 billion

Down bank lending to local companies during the first five months of this year increased by more than 2%, equivalent to 9.3 billion dirhams, up to 407 billion dirhams end of May / May, compared to more than 3.416 billion dirhams end of December / December 2011 , according to statistics issued by the Central Bank.

And distributed the decline in business and finance projects during the period in question, between six economic areas, the agriculture sector, which fell funded $ 1 .0 billion dirhams, mining worth 7 .2 billion, power 2 1 billion, contracting 9 .2 billion, Commerce 8 .3 billion dirhams, and finally funding 2 .2 billion dirhams.

In exchange fell lending banks in the five areas earlier, saw industry experienced modest growth in finances, and grew facilities transport sector worth 7.1 billion dirhams, in addition to the growth of loans to the government more than $ 9 billion to AED 4.111 billion, and the growth of personal loans including more than 4 billion, according to the newspaper "Gulf," the UAE.

The banking sources that the decline in bank financing for local companies does not necessarily mean retreat sector projects and works, or in other words does not necessarily mean the downturn, which is experiencing a market fierce competition between domestic and foreign companies, which enjoys a sheet good financial or financed by foreign banks.

Baluchi: 31 billion UAE AED bonds in 6 months

Confirmed Rashid Al Balushi, CEO of Abu Dhabi, the UAE leads the region in bond issues through 51 version, represented 58% of the number of versions that have been in the GCC during the first half of 2012, by 22.6%, totaling $ 8.5 billion(equivalent to 31.2 billion dirhams).

Baloch pointed out that the bond market to diversify sources of funding for companies and strengthen their transparency requirements, credit rating companies and investors.

Baloch's remarks came during the post Abu Dhabi Securities in the third financial summit in Istanbul which was held in the Turkish city of Istanbul during 24-25 September, according to the newspaper "the statement" the UAE.

Baloushi said "represents the summit and means of communication between us and those who on the world of finance and business in different countries, and we can through our participation to reflect the face of economic outstanding and unique investment opportunities available to the disposal of investors and in Abu Dhabi in particular and the UAE in general."

During the summit, discuss the situation of the financial sector in the world and the future of the global economy next to the economic developments in Turkey and the world, monetary policy and financial stability, next to propose alternatives to financial liquidity.

Warning central Spanish restores the euro to its lowest level

Euro fell to its lowest level in two weeks against the dollar on Wednesday, after Spain's central bank said that the available data consistently predict GDP deflator "great rate" in the third quarter of the year.

The euro fell 0.4% to 1.2848 dollars on any trading platform. B. S, recording the lowest price since September 12, before declaring the Federal Reserve (the U.S. central bank) for strong quantitative easing measures.

The further losses to pay currency to target an average of two hundred-day moving at 1.2826 dollars, with the growing concern over how long would ask Spain for international help.

The single currency fell to its lowest level in nearly two weeks against the yen at 99.71 yen on IE. B. S.

Euro gains helped the dollar to rise against a basket of currencies as the currency index highest level in two weeks at 79.90, but scored the lowest level in nearly two weeks against the yen, which is considered a safe haven and at 77.60 yen on IE. B. S.

Egyptian Stock Exchange on the eve of the 6000 point barrier

As the market awaited the Egyptian announcement of positive incentives paid to break the barrier of 6 thousand points, and continued its upward trend indicators which started two days ago, to end the day on a collective high.

Analysts said the traders in the market that the purchasing power that appeared on the market a few days ago pushed stock prices to rectify its bearish trend upward, noting in an exclusive statement to "Arab. Net" to the Arabs and foreigners are still continuing their policy of purchasing which confirms expectations continually rise market during future meetings.

The capital gain market shares of listed companies, about 700 million pounds to about 412.2 billion pounds at close of trading today compared to about 411.5 billion pounds at the close of trading yesterday Tuesday.

The main index of the Stock Exchange main "Eiji X 30" by 0.2% to reach the level of 5969 points, as the index of "Eiji X 70" by 0.9% to reach the level of 574 points to close the day. The index also rose "Eiji x 100" 0.57% to trade at the level of 941 points.

The director of trading company Tim Securities, Amani Abdul Muttalib, in an exclusive statement to "Arab Net", hikes continuing stock paid to the need to reconsider the precautionary measures that have already established the Stock Exchange during the periods that were experiencing tumble proportions record and that fear of collapse.

She explained that the reconsideration of these actions may push to attract more liquidity, whether Arab or foreign and also domestic, which will support the rise of the market and higher earnings.

She explained that the projections indicate a steady rise of stock market though the barrier of 6 thousand points is the most important in the coming period, but more difficult, confirmed the possibility of the main index exceeded this level in the event of continued foreign demand and the Arabs on the purchase.

She said that the profit taking witnessed by the market was the most important obstacle to overcome the main index to 6 thousand point barrier, where he soon emerged profit taking soon surpassed. Noting that today's session saw strong buying by institutions and investment funds Egyptian and foreign stocks selected in the corporate sector and leadership, owner buying from individual investors on some speculative stocks.

U.S. stocks closed lower on the problems of Europe

U.S. stocks fell the end of trading Wednesday, it sparked protests in Spain and Greece over austerity measures in the euro zone fresh concerns about Europe's ability to contain its debt crisis.

The Dow Jones industrial average closed the DJI was down 43.96 points, or 0.33%, at 13413.59 points, according to the Reuters news agency.

The benchmark Standard & Poor's 500 was up 8.26 points, or 0.57% to 1433.33 points.

The Nasdaq Composite Index lost, Composite IXIC technology, 24.03 points, or 0.77%, to close at 3093.70 points.

High Algeria's trade surplus to 4.6%

Increased trade surplus achieved by Algeria during the first eight months of this year to $ 19.7 billion versus $ 15.1 billion during the same period of last year, and added the customs that the country's exports Nahzat 49.8 billion dollars during the period mentioned against 47.6 billion dollars last year, an increase of 4.6%.

While value of imports declined Algeria rose 7.44% to $ 30.06 billion against $ 32.4 billion during the first eight months of 2011. And these numbers are exports covered imports by 166% during the reference period of the current year compared to 147% in the past year.

Algerian Customs attributed the rise in the trade surplus to the rise of the country's exports of fuel by 5%, with the continued decline in imports, especially food and agricultural and industrial gear. And petroleum products remain the dominant item on the structure of Algerian exports by more than 97% of the total value.

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Head of the largest union of businessmen in Algeria said that the volume of trade is structured (their owners do not pay taxes) in the Algerian economy between 30% and 70%, depending on sectors
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Trade unstructured
In a related development, the head of the largest union of businessmen in Algiers that the volume of trade is structured (their owners do not pay taxes) in the Algerian economy between 30% and 70%, depending on sectors.

The President of the Forum of Presidents of companies Reza Hamiani in remarks broadcast that trade is structured strongly present in the textile, footwear and software, cosmetics, and considered the same speaker that this trade is organized is unfair competition for trade organization because workers in the first do not pay any taxes.

He praised Hamiani campaign waged by the Algerian authorities to eliminate street vendors in the streets, but he cautioned that these make up only "weak link" of the trade sector is structured, pointing to the existence exporters working in various sectors of the state do not pay their duties tax.

Kurdistan region gets 147 thousand barrels agreement Baghdad

Said the Kurdistan region of Iraq's semi-autonomous day he will get 147 thousand barrels per day of petroleum products, in the framework of an agreement with Baghdad to end a dispute over oil dues.

The agreement does not solve which was announced last week, but some aspects of the wider conflict between Baghdad and the Kurdistan on oil exports and energy policy, and land, topics become interesting for the growing controversy, according to the agency "Reuters".

Barzani said the Kurdish prime minister in a statement posted on the website of the Kurdistan Regional Government on Thursday this agreement can not address all the problems, but is a good step.

The statement said that under the agreement will be sent the central government in Baghdad, 17% of oil derivatives to Kurdistan, which is equivalent to 147 thousand barrels per day.

Is at loggerheads with Baghdad and Kurdistan on big oil companies like Exxon Mobil and Chevron, which have signed exploration agreements with the Kurdish government, which Baghdad considers illegal.

And gets the semi-autonomous Kurdistan region, which has government and its armed forces since 1991 on funding from the central government and national uses pipelines to export ore.

Baghdad says that the central government is the only one that has the right to export oil and gas.

Barzani said the Kurdistan region has formed a committee to calculate the contract revenue and expenses of the region's oil and the Commission's report will be published at a later time.

Kurdistan's government said it would keep its oil production for export at 140 thousand barrels per day this month and then submit it to the 200 thousand barrels per day to the end of the year.

She also said that Baghdad will pay trillion Iraqi dinars, or about $ 857 million for foreign companies operating in the region. The Kurdistan halted oil shipments in April because of what it said was a delay in Baghdad in the payment of dues to companies. Shipments resumed later but threatened to suspend exports again by September 15 failed to reach an agreement with Baghdad over payments.

$ 2.8 billion revenue Saudi summer festivals

Achieved festivals and tourist activities witnessed by Saudi Arabia this summer financial returns of 10.8 billion riyals (2.88 billion dollars) through more than 10.6 million visitors, tourists form of whom 4.02 million tourists, while the majority of visitors complained of high prices festivals hotel facilities.

According to the newspaper "Life", explained, "Information and Research Center Tourist" (MAS) of the Public Authority for Tourism and Antiquities, in a report on tourism activities during the summer season include the results of field surveys for 20 festival, the majority of visitors to festivals were families.

The report pointed out that the length of stay for visitors to festivals ranging from four nights and nine with an average stay for six nights, and focus spending on accommodation, transportation, eating, drinking and entertainment.

The report pointed out that the shopping accounted for 35% of spending. And between statistics that the majority of visitors to festivals in Abha, Taif and Baha and Medina stayed in furnished residential units, while set up the majority of visitors to Riyadh, Jeddah and Dammam and Hail, Buraidah in the homes of relatives or friends.

According to the report saw the majority of visitors to festivals that the prices of accommodation facilities was high, and the visitors summer festival in Riyadh, provided 97%, while visitors to the festival Hollow at least 52% of those surveyed.

The report noted many of the proposals recommended by the visitors for the development of festivals, the most important provision of public services and facilities, and the creation of more centers and cities entertainment, and create special places for prayer, and increase the number of parking, garden, and provide more restaurants with high quality, attention to gardening and follow-up, and to allow people with special needs to participate in the activities, and attention to quality and quality of activities.

Traveller rise Jazeera Airways 25% in August

Jazeera Airways recorded an increase of 25% in passenger traffic during the month of August, compared to passenger traffic in the corresponding period of last year, in conjunction with the rise in passenger traffic at Kuwait International Airport during the same month by 23%.

A report Jazeera Airways operational for the month of August, the increase in passenger traffic was concentrated in Amman travel, Bahrain, Dubai and Istanbul, Riyadh and Sohag compared to the same period last year, according to the newspaper "Union" the UAE.

The report, based on statistics the General Administration of Civil Aviation of Kuwait, which is published monthly, that Jazeera Airways was the largest tanker Kuwaiti lines Hot from Kuwait such as Dubai, Bahrain, Beirut and Amman, in addition to the realization of a new higher rate of commitment dates travel compared to other companies in the Middle East, according to the report of the American Center and independent to track and monitor flights, the "flight ستاتس".

The percentage commitment Jazeera Airways travel dates schedule 96% during the month of August.

Minister: Spain banks need 60 billion euros

Said Spanish Economy Minister Luis de Guindos that Spain will not rush to request additional help to finance its debt, he said, adding that Spanish banks will need about 60 billion euros to bring down the bad real estate assets from their books.

The de Guindos said in remarks carried by the Reuters news agency, that the efforts to reduce the deficit will remain within the government's priorities, which will be announced this week a draft budget plan for 2013 and new structural reforms and the results of stress tests for the ailing banking sector.
Spain is at the center of the euro zone debt crisis, which has now entered its third year and investors believe that the rising deficit and worsening debt and banking sector fell on the real estate bubble burst and deepen the economic downturn will force the Madrid eventually to seek assistance from abroad.

The government asked European line of credit worth 100 billion euros to recapitalize troubled banks in June and is in talks for weeks on a program of bond purchases by the European Central Bank and eurozone rescue Funds but is hesitant to concerns of difficult conditions.

De Guindos said when asked about the possibility of requesting such assistance in the next few days "It's not about saving Spain, but to ensure that the draft of the euro project for all. Spain will what they should be doing, but without haste".

Germany was the largest financier of the European Union said on Friday that Spain does not need to save the European, which is inconsistent with the French pressure on Madrid to get the help the European Central Bank.

De Guindos predicted that comes tolerance test results independently of the Spanish banking sector conducted by Oliver Wyman consultancy in line with preliminary estimates issued in June and volume of 60 billion euros.

He added that he will not be possible to monitor the untapped resources of the line of credit amounting to $ 100 billion euros for other needs such as government funding.

He told reporters after a meeting with party officials ruling People in Madrid "line of credit that we got is for banks only ... Sttalon on the results of the Oliver Wyman at the end of the week. Believe that it will not stray from the maximum, which appeared in its estimates first, or about 60 billion euros ".

Wall Street awaits a violent jolt because of "Goldman Sachs"

Revealed the newspaper "Sunday Times" that the British more than a hundred of the top investors and partners, "Goldman Sachs" intend left, which is expected to cost the bank a decline in its operations by about 20%, including cost the bank at the end between 1.5 and 2 billion dollars annually.

The newspaper said, in its edition today Sunday, September 23, 2012, it is expected to be announced officially in the coming weeks for a decision about a hundred of senior partners, bankers and investors decipher their association with "Goldman Sachs," but that the bank's management is making efforts now to persuade them to reverse their decision .

And "Goldman Sachs" represents one of the most important investment channels in the "Wall Street," as it is one of the largest investment banks in the world, and says, "Sunday Times" that in the event leaving hundred of its partners it - any Goldman Sachs - will have been shaken strong, The U.S. stock market itself would have received a severe blow.

The partnership "Goldman Sachs" among the most important and effective in the "Wall Street", where attract many central banks in the world, as well as major investors and international investment companies, also has "Goldman Sachs" Many investment funds Arab sovereign, and Arab central banks , as well as the largest banks and the largest investment companies in the Arab world.
Arab investments
It is supposed to be affected Arab investments in "Goldman Sachs" in the event was announced withdrawal of partners Alastosmarien percent, whether Arab investments of between retreating or not, where will have been shaken will be affected by revenues and profits and will not necessarily in investment returns Arab's "Goldman Sachs. "

According to information gathered by the "Arab. Net" from various sources it at the end of the first quarter of 2012 were sovereign investments to the Libyan government in the "Goldman Sachs" and "HSBC" alone exceed $ 22 billion.

According to the same information, the Abu Dhabi government also invested heavily in "Goldman Sachs", including investments worth $ 475 million in real estate portfolio was founded by "Goldman Sachs" recently.

It is said that the "Goldman Sachs" 483 of the largest investment partner investors and banks in the world, is supposed to air this figure by about 100 partners, in the event of failed management "Goldman Sachs" to persuade investors to reverse their decision.

And "Goldman Sachs" 32 thousand employees working in different parts of the world, including 5,500 employees in his office in London, which is the regional administration of the bank, and administers its operations in Europe.

772 billion riyals Qatar banks assets in August

Group offers Securities detailed reading of what occurred in the consolidated balance sheet of Qatari banks from changes in the month of August, compared to what was the case in the month of July, and given that such data help to understand the reality of domestic liquidity.

The budget figures show that the bank's assets (and liabilities) rose in August by 1.2 billion riyals and only 0.16% to a level of 772.6 billion riyals, compared to 771.4 billion riyals at the end of July, according to the newspaper Asharq al.

The bank developed its monthly report came more detailed especially with regard to the types of deposits and credit facilities.

The group focuses on the change in the statement centers of the key players are the central bank and the government, and the public sector, the private sector, and the external sector, and the interbank sector, as follows:

Decreased total bank deposits at the Central Bank of Qatar by 1.1 billion riyals to reach 33.3 billion riyals.

Deposits also decreased the government and the public sector by about 9.3 billion riyals to reach by the end of August to 140.2 billion riyals. The breakdown of these deposits between 22.8 billion riyals to the government and 89.6 billion riyals for government institutions, and 27.8 billion riyals for the quasi-governmental institutions that the government's share of less than 100% and more than 50%. On the other hand, total loans increased government and public sector by about 3.8 billion riyals to reach 200.9 billion riyals.

In addition to the above, the increased balance of bonds and permissions government with banks $ 6.5 billion riyals to reach 112.4 billion riyals at the end of August, bringing the total government debt local about Rls 10.8 billion to about 147.8 billion riyals, and rose overall domestic public debt to a level 313 800 000 000 Real.

And total deposits increased private sector banks by 4.8 billion riyals to 253.6 billion riyals, and deposits were distributed between individuals and corporations by 120.3 billion riyals for individuals and 133.3 billion riyals for institutions and private companies.

The total loans and increased credit facilities provided by banks to the private sector in the month of August by about 2.7 billion riyals to reach 250.1 billion riyals.