12. February. 2010
DUBAI: Dubai Islamic Bank (DIB) announced on Thursday its financial results for the 12 months ending Dec. 31, 2009, demonstrating the bank’s resilience in the face of challenging global conditions, which continue to impact the performance of financial services firms worldwide. For the full year 2009, DIB reported a net profit of AED1.2 billion.
Emaar swings to Q4 profit
DUBAI: Dubai’s Emaar Properties said on Thursday it would focus on developing middle income housing in emerging markets in 2010 after returning to profit in the fourth quarter, but missing most analysts’ forecasts. Net profit in the three months to Dec. 31 was 720 million dirhams ($196.1 million) compared to a loss of 2.4 billion dirhams in the fourth quarter of 2008, it said in a statement.
S&P puts GFH on ‘selective default’
MANAMA: Standard & Poor’s has lowered Bahrain-based Gulf Finance House (GFH) to a selective default (SD/SD) on partial debt extension. GFH announced on Wednesday that it had got extension in its debt upon the maturity of $100 million of its $300 million syndicated loan for six months. “Because we consider the partial debt maturity extension a ‘distressed exchange’, we are downgrading GFH to selective default from CC/C,” Standard & Poor’s Ratings Services said in a statement.
Oman sees no bonds in 2010
MUSCAT: Oman has no plans to issue government bonds this year and banks remain liquid despite the impact of the global financial crisis, the Gulf country’s central bank head said on Thursday. The global economic downturn slashed growth rates and froze credit in the world’s top oil exporting region last year, forcing governments to embark on massive fiscal spending. “There is no plan to issue government bonds in 2010,” Central Bank of Oman Executive President Hamood Sangour Al-Zadjali told Reuters in a brief telephone interview.
Volkswagen recalls 193,000 vehicles
WASHINGTON: German carmaker Volkswagen announced Thursday a recall of more than 193,000 vehicles in Brazil for malfunctions in the rear wheels of its Novo Gol and Voyage models. The company said it had determined the component had not been sufficiently lubricated, which could cause the rear wheels to seize up or even fall off.
Credit Suisse posts $6.3bn profit
GENEVA: Switzerland’s banking giant Credit Suisse reported Thursday 2009 net profits of 6.7 billion francs ($6.3 billion) — but also unveiled lower-than-expected fourth quarter results. Profit for the final quarter of last year stood at 800 million francs.
[arab news]
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