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Posts tagged: Gains

Zain Profits Up on Gains in Iraq, Kuwait

By , April 22, 2014 2:46 pm

Zain Profits Up on Gains in Iraq, Kuwait

By John Lee.

Kuwait-based Zain reported an 8 percent rise in first-quarter profit on Monday, as earnings from Iraq and its domestic business rose. According to the company’s report:

Zain Iraq … performed exceptionally well in the first quarter of 2014 with revenues of US$ 432.3 million, EBITDA of US$ 167.8 million and net income of US$ 78.3 million reflecting Y-o-Y growth of 3%, 3% and 24% respectively compared to Q1-2013.

“The operation performed remarkably well and we expect Zain Iraq to be one of the Group’s major growth drivers in all facets of the business during the course of the year. The 18% growth in customer numbers Y-o-Y to reach 16 million bodes well for the on-going development of the company given the imminent granting of 3G spectrum this year.

“Zain Iraq is the largest contributor to Zain Group’s customer base with 35% of all customers and Zain Iraq’s revenues represents 40% of total Group consolidated revenues.

Referring to the business as a whole, Zain Group CEO Scott Gegenheimer (pictured) noted:

Across many of our markets, we are witnessing growth in key financial indicators as we drive efficiency and innovation.

“The healthy 27% annual growth rate in data revenues with data now reflecting 15% of all Zain Group’s service revenues, emphasizes the appeal and quality of our product and service offerings and justifies the huge investment we continue to make in our 3G and 4G networks.

(Sources: Zain, Reuters)

Iraq Business News

UK Retail Sales Lead to Fourth Day of Gains for GBP/USD

By , March 27, 2014 4:27 pm

A fan of 20-pound billsThe Great Britain pound advanced today, rising for the fourth straight session versus the US dollar, as growth of retail sales exceeded forecasts by more than three times, supporting the view that the nation’s economy is strong enough to continue expansion with tighter monetary policy.

Britain’s retail sales grew as much as 1.7 percent in February from the previous month, topping the analysts’ estimate of 0.5 percent. Tomorrow’s reports are expected to show a fall of the current account deficit and stable growth of the UK economy. The positive data supports the outlook for an interest rate hike from the Bank of England next year.

The positive macroeconomic fundamentals and the tightening bias of policy makers in the United Kingdom contrast to poor data and talks about monetary stimulus in the eurozone. This means that the sterling may gain additional attractiveness as a refuge from Europe’s problems.

GBP/USD advanced from 1.6581 to 1.6607 and GBP/JPY went up from 169.16 to 169.72 as of 22:16 GMT today. EUR/GBP tumbled from 0.8309 to 0.8272.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Norway’s Interest Rates Remain Stable, Krone Gains

By , March 27, 2014 11:01 am

Focus on 100-krone noteThe Norway krone climbed today after the nation’s central bank kept interest rates unchanged and signaled that borrowing costs may start rising next year.

The Norges Bank kept its key interest rate at 1.5 percent. The bank said in the accompanying statement:

The projections for the Norwegian economy show that growth will pick up somewhat further ahead.

As of the future monetary policy, Governor Oeystein Olsen explained:

The analyses imply an unchanged key policy rate in the period to summer 2015, followed by a gradual increase.

USD/NOK went down from 6.0529 to 5.9904 as of 15:31 GMT today after reaching the daily high of 6.0734.

If you have any questions, comments or opinions regarding the Norwegian Krone, feel free to post them using the commentary form below.

Forex News

Loonie Clings to Gains Along With Other Commodity Currencies

By , March 27, 2014 8:19 am

Canadian 50- and 100-dollar billsCommodity currencies are still clinging to gains, even after a bit of a pull back following yesterday’s commodity-fueled run. Canadian dollar is one of those that remains mostly higher against its major counterparts, logging gains against the US dollar.

Canadian dollar remains mostly higher today, even though it is slipping against the UK pound. Against the US dollar and euro, though, the loonie retains the upper hand. Yesterday, commodity currencies rallied, even after worries about China persisted. The reality that China’s growth may not be as spectacular as expected is sinking in, and impacting commodity currencies — especially as rumors swirl that the yuan will likely float more freely in years to come.

Loonie, though, is still managing to cling to some of its earlier gains. Even though risk appetite is fading, the high beta currency is doing reasonably well. Gold might be dropping, but oil prices are a little higher, and oil is influential when it comes to the Canadian dollar.

Some analysts think that the loonie will remain mostly stable, unless the Bank of Canada makes an unexpected interest rate cut; in that case the Canadian dollar would struggle.

At 12:55 GMT USD/CAD is down to 1.1091 from the open at 1.1102. EUR/CAD is down to 1.5269 from the open at 1.5298. GBP/CAD is up to 1.8445 from the open at 1.8410.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Forex News

Pound Gains with Help of Weale’s Comments

By , March 26, 2014 6:41 pm

20-pound banknotesThe Great Britain pound rallied yesterday as Monetary Policy Committee member Martin Weale talked about a potential increase of interest rates. The currency kept most of its gains versus the US dollar but retreated against the Japanese yen today.

Weale said in an interview to the Reading Post that interest rates should not remain low indefinitely and will rise as the economy normalizes. He explained:

While my best guess is any rises will be relatively gradual, the committee can’t give any guarantees about where interest rates will be in the future because, fairly obviously, it’s not possible to say what will happen in the future.

The sterling rose on the comments but had hard times keeping gains against the yen as the Japanese currency was strengthening on concerns about rising tensions between Russia and Ukraine.

GBP/USD climbed from 1.6528 to 1.6580 yesterday and traded at 1.6572 as of 1:34 GMT today. GBP/JPY slipped from 169.16 to 168.88.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Assyrian Congressional Candidate Gains Endorsement

By , March 24, 2014 9:46 am

Assyrian Congressional Candidate Gains Endorsement

Posted 2014-03-23 22:22 GMT

(AINA) — Paul Hannosh, a veteran, teacher, school board trustee is a candidate for the 8th California Congressional seat (north San Bernardino, Inyo and Mono County).Paul Hannosh, A veteran, teacher, school board trustee and candidate for the 8th California Congressional seat (north San Bernardino, Inyo and Mono County) has just been endorsed by the American Mesopotamian Organization (AMO) for his advocacy on behalf of the world’s most persecuted group, Christians from the Middle East.

“As it was for the Puritans and Pilgrims of old, America was also a beacon of hope and religious freedom for my father who came to America to be free from Islamic oppression in Iraq. Therefore to remain the world’s champion for the oppressed it is our historical and moral duty to advocate for persecuted believers throughout the world. I agree with Rand Paul that we must end foreign aid, especially to countries that are viciously persecuting Christians,” said Mr. Hannosh.

Mr. Hannosh founded the Pasadena City College Coalition for Peace in the Middle East and has been working towards peaceful coexistence in the Middle East since his college days. “While I recognize the institutional discrimination practiced by Muslim nations against Christian minorities, I also believe that war is too often the first response by the bureaucrats in our State Department, the President and some members of Congress. America is tired of neo-con wars and foreign lobby groups dictating our foreign policy. “We need a foreign policy that puts America’s interest first,” points out Mr. Hannosh.

Mr. Hannosh has met with Assyrian leaders in Los Angeles as well as Chaldean leaders in San Diego to help bring attention to the fact that Iraq has seen its Christian population reduced from over 1.2 million to less than half of that in a 20 year time span due to persecution, forced deportations, death threats, kidnappings and beheadings. He has issued a number of press releases condemning injustices committed by those terrorizing Christians still remaining in Iraq and Syria.

The AMO is a grassroots political organization dedicated to helping elect candidates, regardless of their political party affiliation, to all levels of government that will support the Assyrian nation in its struggle to attain its cultural and political rights on its ancestral lands.

Assyrian International News Agency

Pound Gains After Employment Report

By , March 19, 2014 12:32 pm

Focus on 5-pound noteThe Great Britain pound gained today after positive employment report reinforced the favorable outlook for Britain’s economy. The currency retained strength even as the central bank voiced concerns about the sterling’s appreciation.

Unemployment claims fell by 34,600 in February from the previous month, exceeding the forecast of 23,300 drop. The unemployment rate stayed at 7.2 percent. The Bank of England released the minutes of its March policy meeting, voicing opinion that the impact of the sterling’s appreciation may have a limited impact on the economy:

Despite sterling’s gradual 10% appreciation over the past year, the Committee judged it most likely that the contribution to CPI inflation from imported prices remained slightly positive, reflecting the pass-through of past increases in world prices.

GBP/USD rose from 1.6591 to 1.6632 and GBP/JPY advanced from 168.30 to 168.91 as of 17:12 GMT today.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Thai Baht Gains as Geopolitical Risks Decline

By , March 18, 2014 3:53 am

Thai baht banknotesThe Thai baht climbed today as political tensions in Thailand were easing, making the country attractive for overseas investors yet again. The general risk-positive sentiment on the Forex market also played in favor of the currency.

Deputy Prime Minister Yukol Limlamthong announced that the emergency decree, which was imposed on January 22, will be lifted before the planned expiration date of March 23. At the same time, the government will continue to use the Internal Security Act to control anti-government protests. The news helped the baht, which also profited from speculations that the conflict between Ukraine and Russia will not affect the global economy to a great degree.

USD/THB declined from 32.2450 to 32.1600 as of 10:16 GMT today and its daily low was at 32.0800.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Forex News

EUR Gains vs. USD & GBP, Unable to Beat JPY

By , March 14, 2014 6:15 pm

Euro sign monument with ECB on backgroundThe euro ended today’s trading session with gains against the US dollar as European macroeconomic data was good in contrast to US reports that were disappointing. The currency also gained on the Great Britain pound but was unable to outperform the Japanese yen.

The German Consumer Price index rose 0.5 percent in February according to the final estimate, unchanged from the preliminary projection. Employment in both eurozone and the European Union rose 0.1 percent in the fourth quarter of 2013, while specialists have expected no growth. As a bit of bad news, employment contracted on a year-over-year basis.

The data allowed the euro to gain on the dollar, which was hurt by poor US economic indicators, and the pound, which was also weak. The yen was too strong and managed to outperform the shared European currency.

EUR/USD gained from 1.3867 to 1.3905 and EUR/GBP advanced from 0.8341 to 0.8358 today. At the same time, EUR/JPY dropped from 141.22 to 140.87.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Peso Gains Even as Chilean Central Bank Lowers Main Rate

By , March 14, 2014 10:07 am

10,000-peso bills fanThe Chilean peso managed to log gains today even after the nation’s central bank cut its monetary policy interest rate yesterday for the fourth time in six months.

The Central Bank of Chile lowered its key interest rate by 25 basis points to 4 percent. The bank said about the state of the global economy:

Internationally, incoming information confirms the outlook of gradual recovery of the developed economies, while projections for emerging markets, particularly Latin America, have receded.

Regarding the domestic economy, the central bank was rather pessimistic:

The Chilean economy has continued to lose strength. Domestic output and demand have grown less than assumed in the Monetary Policy Report, particularly in investment-related sectors.

The bank also suggested that additional interest rate cuts are possible:

The Board will consider the possibility of making additional cuts to the policy rate in line with the evolution of domestic and external macroeconomic conditions and its implications on the inflationary outlook.

USD/CLP was down from 574.50 to 572.80 as of 12:28 GMT today and its daily low was at 571.20.

If you have any questions, comments or opinions regarding the Chilean Peso, feel free to post them using the commentary form below.

Forex News