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National Bank of Kuwait
10 ноября 2015, 12:01

Global Finance: 10 лучших банков мира

Raiffeisen Bank International лидирует в странах Центральной и Восточной Европы. Лидер Азиатско-Тихоокеанского региона – банк ANZ Group. На Ближнем Востоке лучшим банком стал National Bank of Kuwait. Как было указано выше, лучшим банком Африки был признан Standard Bank, а лучшим в Латинской Америке – BBVA.

10 ноября 2015, 11:25

Global Finance: 10 лучших банков мира

Издание Global Finance опубликовало победителей 2015 World’s Banks - лучших банков, предоставляющих услуги в разных регионах мира: Ближний Восток и Африка, Азиатско-Тихоокеанский регион, Северная Америка, Латинская Америка.

10 ноября 2015, 11:25

Global Finance: 10 лучших банков мира

Издание Global Finance опубликовало победителей 2015 World∎s Banks - лучших банков, предоставляющих услуги в разных регионах мира – Ближний Восток и Африка, Азиатско-Тихоокеанский регион, Северная Америка, Латинская Америка.

10 ноября 2015, 11:25

Global Finance: 10 лучших банков мира

Издание Global Finance опубликовало победителей 2015 World∎s Banks - лучших банков, предоставляющих услуги в разных регионах мира – Ближний Восток и Африка, Азиатско-Тихоокеанский регион, Северная Америка, Латинская Америка.

15 июля 2015, 17:25

4 ETFs in Focus As Iran Reaches Nuclear Deal - ETF News And Commentary

Iran deal has put the spotlight on many corners of the investing world with investors keeping a close eye on them for the coming days.

20 апреля 2015, 16:30

Middle East ETFs Set to Soar on Saudi Arabia's Foreign Access - ETF News And Commentary

The foreign direct investment in Saudi stocks will provide boost to Middle East ETFs.

25 июня 2014, 04:16

Iraq: A View from the Inside Out

Once again, Iraq is in the news. The Western media has interrupted its 24-hour Kardashian coverage to bring stories of fearsome insurgents who appeared from nowhere to launch a relentless offensive toward Baghdad. The past two weeks have been rife with images and stories of mass executions, geopolitical intrigue and general mayhem. One could be forgiven for thinking that we have slipped through a time warp back into the bad old days of regime change, Rumsfeld-style. I have been following Iraq for a long time and the only thing I am certain of anymore, is that the obvious explanation is inevitably the wrong one. The latest ISIS (Islamic State in Iraq and the Levant) offensive has accomplished an astonishing amount in just two weeks, having routed the Iraqi army and seized Mosul and Tikrit, notable for being Saddam Hussein's birthplace. To me it all seems too easy – how can this ragtag group of foreign fighters, who have been waging a low-intensity conflict in western Iraq and Syria for the past three years, suddenly overwhelm the Iraqi Army with greater ease than the US 3rd Infantry Division's 2003 "Thunder Run" into Baghdad? I've spent a fair amount of time slogging through conflict zones, and this isn't the first time that I have doubted the DC-approved narrative on a place that the current White House occupant doesn't like. Longtime readers will recall that in 2012 I was one of the first to openly dispute the Obama Administration's claim that the Benghazi attack was a reaction to an anti-Islamic film, for which I was quickly proven right. I've grown tired of reading about the issue, and it will be some time before my schedule frees up enough to squeeze in an Iraq trip. Instead, I turned to Suha Najjar of Akkadia Partners, a London-based asset management and corporate advisory firm specializing in Iraq. For the past year she has been managing the Iraq Gate Fund, which deals in Iraqi equities and pre-IPO investments. I met with Suha at Akkadia's Knightsbridge office to discuss her views on current events: Kevin: Suha, it's a pleasure to see you again. Can you provide us with a brief summary of your personal and work experience? Suha: Of course. My background is somewhat different; I am Iraqi-Egyptian and am part of the Christian minority in Iraq. I am from Mosul but have lived most of my adult life in the United Kingdom, where I studied economics at Sussex University and the University of London. After university I joined Flemings, which you may recall was one of the original "emerging market" banks. They were the first British financial institution to enter the Middle East, and they hired me to work as an equity analyst covering those markets. We did a lot of interesting work in those days; for example, we listed the first GDR (Global Depositary Receipt) in Lebanon. I was at Flemings for nearly ten years before moving onto positions at Nomura and National Bank of Kuwait, then a brief tenure with a private equity firm in Egypt, before founding Akkadia Partners in 2011. I normally spend as much as 70% of my time in Iraq with the remainder in London. Kevin: Tell us about your current company, Akkadia Partners. When did you decide to focus exclusively on Iraq? Suha: We formed the company in 2011 due to the high growth and surge in listed companies that we were seeing in Iraq. Akkadia has two functional areas; our corporate finance and advisory team works with Iraqi companies wishing to raise capital or with foreign investors seeking to enter the country. Our asset management team manages the Iraq Gate Fund, a long-only fund that invests in Iraqi-listed equities and also has a small mandate for private companies and pre-IPO opportunities. The IGF has been operating for nearly a year now, and we are +8% over that time in absolute terms with relative outperformance of +21% against our benchmark. Kevin: That's impressive given the ongoing uncertainty and difficulty of doing business there. How have recent events in Iraq impacted business sentiment? Suha: Our fund's performance was flat in May and we will likely be up slightly in June, barring any further negative events. One of our key positions, Baghdad Soft Drinks [comment: BSD, +101% in 2013, is frequently seen as Iraq's leading investment success story] has held up well since the ISIS offensive began earlier this month. Another of our positions, Bank of Baghdad, dropped to a price of 1.6 dinars (our entry point was 1.4) last week and has since recovered to 1.75. So for the most part the market has priced in the ongoing conflict. Kevin: Give us your assessment of what's currently happening with ISIS. Is the Western media's portrayal of events accurate? Suha: First of all, I completely agree that the conventional explanations offered by the media do not make sense. I find it impossible to believe that ISIS is what the media claims it to be. How could this group achieve such astonishing results after fighting inconclusive battles for the past several years. Look, in the Arab world we love to talk about conspiracy theories – if only because our culture is rife with them. Anyone can dream up these theories, and they are not helpful. So I won't speculate as to who is pulling the levers to enable these events to happen. But I am absolutely convinced that the only way that ISIS could have overcome its adversary so completely is for someone with influence over the Iraqi Army – and likely over the Maliki government – to decree that this offensive must be allowed to happen. However, I am confident on one thing: speculation of another "Sunni uprising" or of sectarian conflict between Sunni and Shia is simply untrue. This is not a home-grown insurgency; many, if not most, of these fighters are not from Iraq. Most of the bombings and attacks in Iraq – particularly in Baghdad – are not targeted, but seek to maximize collateral damage. For example, look at the recent car bombing in the affluent Karada Market in Baghdad. Both Sunni and Shia visit this area. Or look at the recent ISIS capture of Mosul, which has a majority Sunni population. If the Sunnis in Mosul welcomed ISIS – as the media has led us to believe – then why is the city's indigenous population now homeless? Over 500,000 people – most of whom are Sunnis – fled the city in recent days. Iraqis are not viewing this conflict from a sectarian perspective – only the Western media is promoting this narrative. They do not understand the intricacies of the Iraqi culture, and my experience has been that, in our country, the media often creates more problems than it solves. Kevin: That last statement is not unique to Iraq! Let's talk about the Kurds in northern Iraq. Last week the peshmerga (Kurdish armed forces) took control of the holy city of Kirkuk, long seen as the rightful capital of Kurdistan. Some say this is a critical step in their road to creating an independent state. Do you agree? Suha: Here is another point that the media does not grasp. Since Saddam’s fall the Kurds have created a semi-autonomous state in Northern Iraq. There is much rhetoric about "independence", but this is simply a ploy by the [Kurdish president Masoud] Barzani government to maximize Kurdish influence and power with the central government of Iraq. To put it bluntly, from an economic perspective the Kurds have not previously wanted independence.  They are currently allocated 17% of the national budget.  Remember that Iraq is one of the richest countries in the Middle East, with daily crude oil output of 3.5 million barrels per day (bpd).  The vast majority of that output originates in the super-giant fields of southern Iraq; the Kurdish regions only produce around 120,000 bpd.  Political intrigue aside, the powers that be in Kurdistan have done the math and known that they are better off if they tie their fortunes to the central government. However, last week’s seizure of Kirkuk might change this dynamic very quickly. Kevin: How so? Suha: Kirkuk and its surrounding areas contain more proven oil reserves than the rest of Kurdistan, and control over that region is going to provide a substantial boost to the KRG oil revenues, with estimates of up to 600,000 bpd routing through the Kirkuk pipeline when it is operating.  It’s too soon to tell, but this may change the entire dynamic between the KRG and the Iraqi central government.  I also note that, lately, Turkey’s position on an independent Kurdish state seems to be softening.  My best guess – and the situation is changing so quickly that this may be outdated by the time you print it – is that we may soon see a deal struck between the Kurds and the Turks, where an independent Kurdistan agrees to route all of its outbound oil transport through Turkey. Kevin: So then, in your opinion, what is really happening in Iraq right now? If it's not sectarian warfare, what do ISIS – or its controllers – want to accomplish? Suha: I believe that we are not seeing disruption of equilibrium between the Sunnis, Shia and Kurds, as the media might have you believe. It is my opinion that we are in the midst of a reset of Iraq's borders and interaction within the Middle East. Kevin: It sounds to me like you're describing a proxy war. Suha: I really and truly hope that this is not the case, but yes that is what this looks like at the moment. Look, historically Iraq has always been the crossroads of the Middle East. For centuries our cities were the centers of higher education and Arab culture. Now, unfortunately, we remain at the crossroads, but we are the territory that separates two powerful countries – Iran and Saudi Arabia – that are also bitter enemies. We also share a border with Turkey, which is in the midst of a long and bitter conflict with Kurdish separatists in the north. The commonly held belief in Iraq is that the recent success of ISIS has been facilitated. Again, this idea that the people of Mosul would welcome ISIS with open arms is simply inaccurate. In 2003, after Saddam was deposed many people in Mosul waved pro-Saddam flags and were promptly shot by ISIS. Of course alliances shift in the Middle East all the time, but it is unrealistic to believe that the people of Mosul would spontaneously welcome ISIS into their city. I believe that the main contributing factor in today's events is frustration and anger toward the Maliki government. He is widely reviled and in my opinion has destroyed Iraq. I hate to say this, but after eight years of Maliki the Iraqi people now believe that they were better off under Saddam. He must go in order for Iraq to improve; unfortunately he won the recent election and may soon be in position to serve another four-year term if he can gain enough seats in our parliament. He is completely corrupt; we have heard many accounts of how, during elections earlier this year, he sent armed troops into election centers to intimidate voters and stuff the ballot boxes. Love him or hate him, Saddam Hussein was a strong leader and his elimination created a vacuum that has still not been filled. Saddam was a dictator, but when he ruled the people had reliable water, power and infrastructure. All of that stopped when the Americans removed him. Think about how different the Middle East would be today if Saddam had not been forcibly removed. All of the catastrophes of the past ten years in Iraq would not have happened, and it is almost certain that Syria would not have descended into civil war. Kevin: That's an opinion I've heard many times before. So then, what is your outlook for Iraq – say on a five-year time horizon? Suha: Despite all of the negative events we have discussed, my outlook for Iraq is quite positive. We may be located in a difficult neighborhood, but we are blessed with a rich history and enormous wealth. You're well aware of the terrible perception that the world has of Iraq, as a sectarian war zone. I am telling you that this is not the case. I have been very encouraged by the talking I see between Iraqis of different faiths. No one in a position of influence, either in politics or government, truly believes that we are in the midst of a sectarian conflict. Most of the violence you see is perpetrated by the ignorant, who are manipulated by foreign influencers who stand to gain from chaos in Iraq. The vast majority of Sunnis are not supportive of what is happening, even if they hate Maliki. The world has assumed the worst about Iraq for decades now. You know, when Paul Bremer and the US Coalition Provisional Authority (CPA) ran the country in 2004 they expected the country to break into three parts and governed accordingly. They would issue licenses not at the national level, but based on the three regions – Kurdish north, Sunni central, and Shia south – that fit their worldview. But the country has still held together. Historically Iraqis have always been tolerant of other religious views – most tension today is directly attributable to media manipulation. You asked for my outlook, and it's this – Maliki must, and will, go. His replacement will have to be a Shia given the country’s Shiite majority and Iran’s influence. I don't yet know who this will be; many people expect to see [cleric Moqtada] al-Sadr assume the role, but he claims that he is retired from politics now. Of course he has made these claims before, so we shall see. Barzani in Kurdistan is regionally strong but does not have sufficient influence in Baghdad to rule. If we could create a real power-sharing agreement with Sunni and Kurdish participation then we will begin to see true and lasting change. Kevin: What are the key issues that must be addressed in order for Iraq to move beyond its problems? Suha: Kirkuk is now a top priority. The Kurdish have finally seized it after years of waiting, and they will never give it back. Maliki is too weak to challenge the KRG and some form of agreement must be reached to avoid further conflict over that city. And of course, ISIS must be neutralized. In order for that to happen, we must learn who is pulling the strings and supporting the insurgents. I am convinced that we will find this out soon. So many players stand to gain from de-stabilizing Iraq; the Kurds have already achieved their primary goal as they now control Kirkuk. The Saudis can prove to their Iranian enemies that they have the ability to influence insurgents in Iran’s backyard. And Iran can use ISIS as leverage in their ongoing nuclear negotiations with the West. Kevin: Let's talk about daily life for the "average" Iraqi. Do you spend your day dodging drones and car bombs? Suha: (Laughs) No, definitely not. Of course there is the occasional incident, but for 99% of the population our daily routine is quite normal. The Iraqi people have dealt with a lot since 2003 and I compare their outlook to that of the Lebanese. There are frequently problems in Beirut, but people choose not to worry and focus on living. This is how the "average" Iraqi thinks. Life in Baghdad can be quite pleasant. Our infrastructure is not that great – we routinely experience power and water shortages, and our roads are in bad shape. Plus, Baghdad drivers have to navigate through numerous checkpoints every day which can be quite frustrating. For the most part though, life there is like any other Middle Eastern city. Upscale neighborhoods like Mansour and Karada are now filling up with cinemas, bars and crowded restaurants. The security situation is much better than it was four years ago; back then people were normally home by 6pm, whereas now it is quite common to stay out until 10-11pm. As with any large city, there are neighborhoods that should be avoided. But, there are no longer really any "hot" areas in Baghdad as there were in 2006-08. Your "average Iraqi" is relatively wealthy and able to travel; I should point out that both Turkish and Malaysian Airlines have tripled their scheduled flights into Iraq in recent years. Kevin: Let's talk about the Iraq Gate Fund. What is your investment philosophy and what do you look for when evaluating companies? Suha: The IGF is a Cayman-domiciled, long-only equity fund. We are approaching the end of our first year of operations, and are up +8% since inception in absolute terms, and +21% against our benchmark index which is the Iraq Stock Exchange index. We look at the entire stock market, and pay a lot of attention to small-cap stocks, however most of our positions are with banks and industrials. Our investment process is somewhat different to what you will find here in the UK; when analyzing a stock the first thing we look at are the management team and shareholders. If we don't know who controls the stock, we don't invest – period. We are quite particular about whom we choose to work with. Our second step is to look at the company’s asset base and operating income. We stay away from companies that have significant non-core businesses, unless they make a commitment to divest those assets. Only after these steps are satisfactorily completed will we begin to employ fundamental analysis. Kevin: So what is your advice to those who may consider taking a contrarian punt on Iraqi equities now? Suha: Wait until the ISIS threat has been dealt with. Many Iraqi stocks have performed extremely well in recent years, and it may be tempting to buy after a market downturn. I probably shouldn't say this, given that I am seeking new investors for my fund, but I would prefer to see new investors wait until there is less uncertainty in the market. Yes, we may now be at a market bottom – but we could just as easily see a significant move downward if the current conflict becomes more serious. Of course, I would always recommend an investment with the Iraq Gate Fund! Kevin: Suha, it has been a pleasure. Thank you for your time. Suha: Thank you. ------------------------------------------------- Suha is an excellent resource on Iraq and on business in the broader Middle East (she and her fund were recently featured in a Financial Times profile on Iraq). With a minimum subscription of USD 250,000 it's mostly limited to institutions; contact me if you would like to be introduced. I have followed Iraq for years with the knowledge that like most post-war economies, the country needs to make enormous expenditures on infrastructure. However unlike most frontier markets, they have the financial resources to do so and an economic upturn is inevitable. When investing in frontier markets it's relatively easy to predict an economy's direction – the devil is in getting the timing right. Staying in touch with well-connected insiders like Suha is the right way to go about it. - Kevin   "CNN said that after the war, there is a plan to divide Iraq into three parts ... regular, premium and unleaded." - Jay Leno Disclosure: As of this writing, I am not invested with the Iraq Gate Fund, either personally or through my firm. I do own shares in certain Iraqi stocks; however, none of my holdings were mentioned in this article.    

17 сентября 2013, 22:50

Presidential Memorandum -- Presidential Determination on Traficking in Persons

  MEMORANDUM FOR THE SECRETARY OF STATE SUBJECT: Presidential Determination with Respect to Foreign Governments' Efforts Regarding Trafficking in Persons Consistent with section 110 of the Trafficking Victims Protection Act of 2000 (Division A of Public Law 106-386), as amended (the "Act"), I hereby: Make the determination provided in section 110(d)(1)(A)(i) of the Act, with respect to the Democratic People's Republic of Korea, the Democratic Republic of the Congo, Equatorial Guinea, Iran, Sudan, and Zimbabwe, not to provide certain funding for those countries' governments for Fiscal Year (FY) 2014, until such governments comply with the minimum standards or make significant efforts to bring themselves into compliance, as may be determined by the Secretary of State in a report to the Congress pursuant to section 110(b) of the Act; Make the determination provided in section 110(d)(1)(A)(ii) of the Act, with respect to Cuba, Eritrea, and Syria not to provide certain funding for those countries' governments for FY 2014, until such governments comply with the minimum standards or make significant efforts to bring themselves into compliance, as may be determined by the Secretary of State in a report to the Congress pursuant to section 110(b) of the Act; Determine, consistent with section 110(d)(4) of the Act, with respect to Algeria, the Central African Republic, People's Republic of China, Guinea-Bissau, Kuwait, Libya, Mauritania, Papua New Guinea, Russia, Saudi Arabia, Uzbekistan, and Yemen that provision to these countries' governments of all programs, projects, or activities of assistance described in sections 110(d)(1)(A)(i)-(ii) and 110(d)(1)(B) of the Act would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to the Democratic Republic of the Congo, that assistance and programs described in section 110(d)(1)(A)(i) and 110(d)(1)(B) of the Act, with the exception of foreign military sales and foreign military financing to the army of the Democratic Republic of the Congo, would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to Sudan, that assistance and programs described in section 110(d)(1)(A)(i) and 110(d)(1)(B) of the Act, with the exception of foreign military sales and foreign military financing to the Sudanese land forces, air forces, and popular defense force, would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to Syria and Eritrea, that a partial waiver to allow funding for educational and cultural exchange programs described in section 110(d)(1)(A)(ii) of the Act would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to Equatorial Guinea, that a partial waiver to allow funding for programs described in section 110(d)(1)(A)(i) of the Act to support programs to study and combat the spread of infectious diseases and to advance sustainable natural resource management and biodiversity and to support the participation of government employees or officials in young leader exchanges programming would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to Syria and Equatorial Guinea, that assistance described in section 110(d)(1)(B) of the Act would promote the purposes of the Act or is otherwise in the national interest of the United States; Determine, consistent with section 110(d)(4) of the Act, with respect to Zimbabwe, that a partial waiver to allow funding for programs described in section 110(d)(1)(A)(i) of the Act for assistance for victims of trafficking in persons or to combat such trafficking, and for programs to support the promotion of health, good governance, education, leadership, agriculture and food security, poverty reduction, livelihoods, family planning, and macroeconomic growth including anti-corruption, and programs that would have a significant adverse effect on vulnerable populations if suspended, would promote the purposes of the Act or is otherwise in the national interest of the United States; And determine, consistent with section 110(d)(4) of the Act, with respect to Zimbabwe, that assistance described in section 110(d)(1)(B) of the Act, which: (1) is a regional program, project, or activity under which the total benefit to Zimbabwe does not exceed 10 percent of the total value of such program, project, or activity; (2) has as its primary objective the addressing of basic human needs, as defined by the Department of the Treasury with respect to other, existing legislative mandates concerning U.S. participation in the multilateral development banks; (3) is complementary to or has similar policy objectives to programs being implemented bilaterally by the United States Government; (4) has as its primary objective the improvement of Zimbabwe's legal system, including in areas that impact Zimbabwe's ability to investigate and prosecute trafficking cases or otherwise improve implementation of its anti-trafficking policy, regulations, or legislation; (5) is engaging a government, international organization, or civil society organization, and seeks as its primary objective(s) to: (a) increase efforts to investigate and prosecute trafficking in persons crimes; (b) increase protection for victims of trafficking through better screening, identification, rescue and removal, aftercare (shelter, counseling), training, and reintegration; or (c) expand prevention efforts through education and awareness campaigns highlighting the dangers of trafficking in persons or training and economic empowerment of populations clearly at risk of falling victim to trafficking; or (6) is targeted macroeconomic assistance from the International Monetary Fund that strengthens the macroeconomic management capacity of Zimbabwe; would promote the purposes of the Act or is otherwise in the national interest of the United States. The certification required by section 110(e) of the Act is provided herewith. You are hereby authorized and directed to submit this determination to the Congress, and to publish it in the Federal Register. BARACK OBAMA

23 марта 2013, 18:17

China Puts Pressure On North Korea After Missile Tests

BEIJING -- China is trying to punish ally North Korea for its nuclear and missile tests, stepping up inspections of North Korean-bound cargo in a calibrated effort to send a message of Chinese pique without further provoking a testy Pyongyang government. Freight handlers and trading companies at ports and cities near the North Korean border complain of more rigorous inspections and surprise checks that are raising the costs to doing business with an often unpredictable North Korea. Machinery, luxury goods and daily necessities such as rice and cooking oil are among the targeted products, the companies said, and business is suffering. "Some business orders we don't dare take. We don't dare do that business because we fear that after the orders are taken, we will end up unable to ship them," said a Mr. Hu, an executive with Dalian Fast International Logistics Co. in the northeastern port city of Dalian, across the Yellow Sea from the North Korean port of Nampo. Hu said the company's business is off by as much as 20 percent this year. North Korea's economic lifeline, China is showing signs of getting tough with an impoverished neighbor it has long supported with trade, aid and diplomatic protection for fear of setting off a collapse. The moves to crimp, but not cut off trade with North Korea come as Beijing falls under increased scrutiny to enforce new U.N. sanctions passed after last month's nuclear test, Pyongyang's third. Targeted in the sanctions are the bank financing and bulk smuggling of cash that could assist North Korea's nuclear and missile programs as well as the luxury goods that sustain the ruling elite around leader Kim Jong Un. Pyongyang has reacted with fury and threatening rhetoric against South Korea and the U.S. U.S. officials in Beijing for two days of talks to lobby China on enforcement said Friday that they were heartened by Chinese expressions of resolve. Spurring Beijing to cooperate, the U.S. officials said, is a concern that North Korean behavior had begun threatening China's interests in a region vital to its economic and security. "There's reason to believe the Chinese are looking at the threat in a real way," Treasury Undersecretary David Cohen told reporters. China's change of tack with North Korea unlikely foreshadows a total end to Beijing's support. For Beijing, North Korea remains a pivotal strategic buffer between China and a U.S.-allied South Korea, and Chinese leaders worry that too much pressure could upend an already fragile North Korean economy and cause the Kim government to collapse, leaving Beijing with a security headache and possible refugee crisis. But North Korea watchers said between blind support and complete abandonment there's much Beijing is doing and can do to try to rein in Pyongyang. "We have to get away from the binary thinking that either they support North Korea or they pull the plug. That's not the way the world works," said Jonathan Pollack of the Brookings Institution, a Washington think-tank. "The interesting thing is not what happens at the UN but what happens beneath the radar in terms of what Chinese provide in economic aid and energy assistance." Over the past decade, as previous nuclear and long-range missile tests and other provocations saw the UN, the U.S., South Korea and Japan impose sanctions and reduce trade and assistance to North Korea, China has stepped into the breach. By 2011, China provided nearly all of North Korea's fuel and more than 83 percent of its imports, everything from heavy machinery to grain and electronics and other consumer goods, according to statistics from the International Trade Center, a research arm of the United Nations and World Trade Organization. Though Pyongyang could look to other trading partners like Russia, Iran or Kuwait for fuel and some other goods, China's proximity – their shared 1,400-kilometer (880-mile) border – makes it indispensable. Chinese companies, often with backed by the government, are enlarging North Korean ports and building roads, helping to underpin growth after more than a decade of famine and economic decay. Such was the Chinese support that U.S. politicians and UN experts complained that Beijing was failing to enforce previous rounds of sanctions, particularly on luxury goods. The $169,000 worth of pleasure boats imported by North Korea last year all came from China, the ITC data show, as did most of the liquor and cigarettes. As China upped its investment, it became disillusioned with Kim Jong Un. Since coming to power after the sudden death of his dictator father, Kim has refused to heed Beijing's prodding to engage in economic reform and return to negotiations over its nuclear program. Beijing's unhappiness began to show in December, around the time of North Korea's latest long-range rocket launch but before the nuclear test. It was then, traders and cargo companies said, that orders for tightened inspections appeared. At Complant International Transportation in the port of Dalian, customs inspectors began opening containers and packages with equipment or luxury goods or anything they deemed sensitive rather than just scan them, said a company executive who identified himself only by his surname, Zhang. "That was since the end of last year. Now they're even stricter," Zhang said. Companies in the border city of Dandong on the Yalu River said North Korean-bound goods have to be stored in bonded logistics centers for inspection by customs authorities. Banking restrictions mean North Korean traders have a hard time getting hard currency. "Due to the lack of cash, North Korean companies tend to pay with minerals or coal, but we only trade with those able to pay in cash," said Yu Tao, vice general manager of the Dandong Import and Export Co. Yu said the company trades daily consumer goods and has been reducing its trade with North Korea because of the risks. Banking is one area where China has been tightening controls, but the U.S. would like Beijing to do more. "China remains the name of the game when it comes to financial sanctions against North Korea," said Jo Dong-ho, an expert on the North Korean economy at Seoul's Ewha Womans University. In late 2011, Beijing forced the China Construction Bank to close accounts opened by the Korea Kwangson Banking Corp. in Dandong and the Golden Triangle Bank in Hunchun, another border city, to comply with previous U.N. sanctions. Still, with tens of thousands of North Koreans having fled to China, many just for short-term work, plus traders, the yuan is used inside North Korea, and smuggling of large amounts of the Chinese currency across the border has become common. Cohen, the U.S. Treasury official, said he urged China to follow the U.S. lead and impose sanctions on North Korea's Foreign Trade Bank. The bank serves as the main foreign exchange bank for North Korea, wiring and receiving funds to facilitate trade, most of which goes through China, so sanctions would in effect further force more North Koreans to turn to cash. "North Koreans will have no choice but to carry a large amount of cash by themselves," said Kim Joongho, a senior research fellow at South Korea's Export-Import Bank. That will cause "inconvenience on the Pyongyang elites' economic lives." ___ Associated Press researchers Zhao Liang and Yu Bing in Beijing and reporters Sam Kim and Youkyung Lee in Seoul, South Korea, contributed to this report.

22 марта 2013, 18:00

Нужно ли покупать кипрские банки?

Одна из тем в переговорах, которые Никосия ведет для получения финансовой поддержки, - предоставление помощи кипрским банкам. Информационно-аналитическая служба Банки.ру подготовила краткий обзор банковской системы Кипра, дающий представление о ее масштабах, состоянии по последней имеющейся отчетности и о перспективах на текущий момент. Участников банковской системы Кипра условно можно подразделить на три группы: 1. Местные банки. В группу входят наиболее крупные по размеру активов универсальные банки, составляющие фактически ядро банковской системы острова. Все банки контролируются либо правительством Кипра, либо кипрскими компаниями. В группу входят Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank, Co-operative Central Bank, Housing Finance Corporation и Cyprus Development Bank. Два первых банка из группы считаются наиболее пострадавшими от кризиса. 2. Иностранные банки. В группу входят дочерние банки, работающие на Кипре, контролируемые иностранными акционерами (как правило, банками). Доминируют как по размеру активов, так и по числу банков греческие «дочки» - Αlpha Bank Cyprus, National Bank of Greece, Piraeus Bank (Cyprus), Emporiki Bank Cyprus, Eurobank Cyprus, а также USB Bank (Ливан), Societe Generale Bank - Cyprus (Франция) и российский Russian Commercial Bank (Cyprus) (входит в группу ВТБ). 3. Филиалы. В группу входят подразделения иностранных банков, которые не являются независимыми банками и работают как структурные подразделения банков, находящихся за пределами страны. Данная группа (28, включая одно представительство), в свою очередь, подразделяется местным Центробанком на филиалы банков из стран ЕС (12 подразделений) и филиалы банков стран, в ЕС не входящих (16 подразделений). Наиболее полно на Кипре в виде филиалов представлены банки Ливана (9 филиалов), Латвия и Иордания (по 3 филиала). Российские банки представлены филиалами Промсвязьбанка и Автовазбанка (Банк АВБ) и косвенно Экспобанка (через подконтрольный ему латвийский Expobank). Все участники банковской системы управляются Центральным банком Кипра. ЦБ Кипра был основан в 1963 году и выполняет типичные для центробанка страны функции: в частности, планирование и реализацию кредитной и монетарной политики в республике и управление золотовалютными резервами. Согласно данным ЦБ, его активы на конец января 2013 года составили 14,7 млрд евро, незначительно сократившись за 2012 год - всего на 1,1 млрд евро. Объем международных резервов на начало 2012 года страны составил 1,2 млрд евро. Финансовые показатели банков Кипра на 01.01.2012, млн евро (часть 1) Место Банк Статус Активы Изменение Капитал Изменение Прибыль/убыток 1 Bank of Cyprus PLC местный 42 637,1 12% 2 342,6 -17% -1 366,5 2 Cyprus Popular Bank PLC* местный 33 762,0 -26% 600,6 -84% -3 646,3 3 Hellenic Bank PLC местный 8 279,0 1% 545,7 69% -99,5 4 Αlpha Bank Cyprus Ltd иностранный 6 234,1 -35% 316,1 31% 2,1 5 National Bank of Greece иностранный 4 688,8 17% 133,9 58% 48,8 6 Co-operative Central Bank Ltd местный 4 552,7 1% 209,2 -13% -37,6 7 Piraeus Bank (Cyprus) Ltd** иностранный н. д. н. д. н. д. н. д. н. д. 8 Housing Finance Corporation местный 1 599,1 7% 103,4 7% 5,9 9 USB Bank Plc иностранный 705,0 23% 26,3 10% -9,0 10 Cyprus Development Bank PLС местный 554,6 21% 37,1 -12% -6,4 11 Societe Generale Bank-Cyprus LTD** иностранный н. д. н. д. н. д. н. д. н. д. 12 Emporiki Bank Cyprus Ltd*** иностранный н. д. н. д. н. д. н. д. н. д. 13 Russian Commercial Bank (Cyprus) Ltd*** иностранный н. д. н. д. н. д. н. д. н. д. 14 Eurobank Cyprus Ltd*** иностранный н. д. н. д. н. д. н. д. н. д. * До апреля 2012 г. имел название Marfin Popular Bank Public Co Ltd (торговая марка на Кипре - Laiki Bank) ** Данные на 1 января 2010 года *** Отчетность банков не раскрывается Как видно из финансовых показателей кипрских банков, банковская система страны сильно сконцентрирована на нескольких крупнейших банках (топ-5). На их долю приходится до 80-90% всех активов банковской системы (данные приведены без учета доли дочернего банка ВТБ, который не раскрывает отчетность и является на текущий момент, по ряду косвенных признаков, одним из крупнейших в стране). Несмотря на все мероприятия властей Кипра по докапитализации банков в период 2009-2011 годов, крупнейшие банки продолжают показывать очень существенные потери капитала в 2011 году: Cyprus Popular Bank - утратил 84% собственного капитала и находится на грани банкротства, Bank of Cyprus - 17% капитала). Крупные внешние вливания получили в 2011 году Hellenic Bank, Αlpha Bank Cyprus, два последние - дочерние банки с корнями из Греции, которой средства на докапитализацию банковской системы были предоставлены Евросоюзом. Основная причина проблем крупных кипрских банков - их потери от так называемой реструктуризации греческих долговых обязательств (как суверенных, так и банковских), а также периодическое обнаружение на балансах банков все новых и новых «токсичных» активов. Финансовые показатели банков Кипра на 01.01.2012, млн евро (часть 2) Место Банк Статус Кредитный портфель Обесценение Доля (%) Депозиты клиентов 1 Bank of Cyprus PLC местный 27 366,9 2 951,0 10,8% 28 872,4 2 Cyprus Popular Bank PLC местный 17 615,2 3 721,5 21,1% 20 694,9 3 Hellenic Bank PLC местный 4 986,8 720,1 14,4% 7 106,5 4 Αlpha Bank Cyprus Ltd иностранный 4 277,4 657,9 15,4% 2 602,9 5 National Bank of Greece иностранный 1 118,8 234,3 20,9% 1 100,1 6 Co-operative Central Bank Ltd местный 1 868,4 73,9 4,0% 3 853,1 7 Piraeus Bank (Cyprus) Ltd* иностранный 744,30 29,60 4,0% 1 035,00 8 Housing Finance Corporation местный 1 330,4 н. д. н. д. 964,7 9 USB Bank Plc иностранный 385,1 94,4 24,5% 522,3 10 Cyprus Development Bank PLС местный 383,4 296,3 77,3% 468,9 11 Societe Generale Bank-Cyprus LTD* иностранный 254,70 83,30 32,7% 250,50 12 Emporiki Bank Cyprus Ltd** иностранный н. д. н. д. н. д. н. д. 13 Russian Commercial Bank (Cyprus) Ltd** иностранный н. д. н. д. н. д. н. д. 14 Eurobank Cyprus Ltd** иностранный н. д. н. д. н. д. н. д. Обращает на себя внимание низкое качество активов банков. Кредитный портфель по МСФО на 1 января 2012 года кипрских банков имеет долю обесценения (impaired loans) на уровне 11-77% (в среднем 22,5% портфеля), что является очень высоким показателем. Важный момент: приведенные цифры - на 1 января 2012 года, ситуация на конец 2012 - начало 2013 года предположительно ухудшилась. Отчетность на 1 января 2013 года кипрские банки пока не раскрывают. Филиалы иностранных банков, работающих на Кипре: Название Страна Статус Barclays Bank PLC Англия Филиал Central Cooperative Bank PLC Болгария Филиал First Investment Bank Ltd Болгария Филиал Emporiki Bank of Greece S. A. Греция Филиал National Bank of Greece S. A. Греция Филиал Saxo Bank A/S Дания Филиал Arab Jordan Investment Bank SA Иордания Филиал Jordan Ahli Bank plc Иордания Филиал Jordan Kuwait Bank PLC Иордания Филиал AS Expobank Латвия Филиал Baltikums Bank AS Латвия Филиал Trasta Komercbanka Латвия Филиал Bank of Beirut SAL Ливан Филиал BankMed s.a.l. Ливан Филиал Banque BEMO SAL Ливан Филиал BBAC SAL Ливан Филиал BLOM Bank SAL Ливан Филиал Byblos Bank SAL Ливан Филиал Credit Libanais SAL Ливан Филиал IBL Bank sal Ливан Филиал Lebanon and Gulf Bank SAL Ливан Филиал АКБ Автовазбанк Россия Филиал АКБ Промсвязьбанк Россия Филиал Banca Transilvania S. A. Румыния Филиал FBME Bank Ltd Танзания Филиал АКБ ПриватБанк Украина Филиал Banque SBA Франция Филиал Atlasmont Banka A. D. Черногория Представительство Финансовое положение дочерних банков с иностранным капиталом и филиалов иностранных банков, действующих в стране, во многом определяется финансовым положением материнских структур и их способностью предоставлять «дочкам» дополнительное финансирование извне. На фоне собственно кипрских (местных банков) ситуация существенно лучше, не считая «греческих» банков, находящихся в стадии санации их греческим правительством на деньги ЕС. Ситуация может ухудшаться с учетом банковских «каникул» («заморозка» банковских платежей по стране), введенных властями, и массовыми неплатежами компаний и населения по своим кредитам. Отметим, что все финансовые показатели представлены по отчетности МСФО за 2011 и 2010 годы. Финансовая отчетность за 2012-й и более поздняя по кипрским банкам еще недоступна. В сообщениях ряда банков либо стоит отказ в публикации результатов 2012 года до их проверки Центробанком Кипра, либо просто указано, что отчетность пока не готова. Тотальное отсутствие информации о результатах деятельности кипрских банков за 2012 год, с одной стороны, может объясняться неготовностью отчетности МСФО (обычно период раскрытия отчетности - с февраля по июль года, следующего за отчетным). С другой стороны, наиболее вероятная, по нашему мнению, причина - неготовность ЦБ Кипра раскрывать истинное и подтвержденное аудиторами положение банковской системы до переговоров с потенциальными инвесторами (в том числе с Россией). То есть имеется попытка продать «кота в мешке». По результатам экспресс-анализа можно сделать следующие выводы: - банковская система Кипра за 2011 год демонстрирует утрату крупнейшими банками значительной части собственного капитала и рост обесценения кредитных портфелей банков; - аудированные результаты деятельности в 2012 году не раскрываются (несмотря на наступление предусмотренных законодательством Кипра сроков); - с учетом последних событий (банковские «каникулы», утрата доверия иностранных вкладчиков из-за планов конфискации части вкладов, ожидаемый массовый отток депозитов из страны) высока вероятность массового дефолта кипрских банков. В такой ситуации решение о вхождении инвесторов в капиталы крупных банков страны в обмен на инвестиции (читаем: вложения в этот капитал) как минимум нецелесообразно. Вячеслав ПУТИЛОВСКИЙ, Рамиль ШАРАПОВ, Сабина ХАСАНОВА, Banki.ru

26 февраля 2013, 15:30

Egypt hot air balloon crash kills 19 tourists

British tourist and Egyptian pilot only people to survive after balloon catches fires and plummets 1,000 feet to the groundEgyptian authorities have launched an investigation after a hot air balloon crashed 1,000 feet to the ground, killing 19 tourists who had taken a sunrise flight near the ancient city of Luxor.Witnesses described seeing people leaping out of the balloon as it was on fire. The casualties included British, French, Belgian, Hungarian and Japanese nationals and nine tourists from Hong Kong, the Luxor governor, Ezzat Saad, told reporters.Yvonne Rennie, from Perth in Scotland, died and her husband Michael was being treated in hospital in Luxor, where he was said to be in a stable condition. Another Briton, Joe Bampton, 40, and his Hungarian-born girlfriend Suzanna Gyetvai, 34, were among those who died in the crash, in what appears to be the worst hot air balloon disaster on record.A British tourist and the Egyptian pilot, named locally as Momin Mourad Ali, who survived with 70% burns, were the only people to have survived.The balloon is believed to have caught fire as it was coming in to land at about 7am on Tuesday. The pilot and a British passenger jumped out, before the ballon ascended swiftly. Flames spread quickly and ignited a gas canister, which exploded. The balloon then plunged 1,000 feet into into a sugar cane field west of Luxor, which is 320 miles (510km) south of the capital, Cairo.The tragedy is thought to be the world's worst ballooning accident. It dealt a fresh blow to Egypt's tourism industry, which is reeling after two years of political unrest since protests that led to the ousting of President Hosni Mubarak in 2011.A Foreign Office spokesman said: "We can confirm the tragic deaths of two British nationals and one British resident following a hot air balloon crash in Luxor, Egypt earlier today."The next of kin have been informed and our thoughts are with them and their families at this difficult time. We are providing them with consular assistance. We can also confirm that one other British national was involved and is in a stable condition."We have had consular officials in Luxor since early this morning who have been focused on providing consular assistance and supporting the Egyptian authorities. Our Ambassador to Egypt has met the injured British national and has offered our assistance.""What happened in Luxor this morning is a terrible tragedy and the thoughts of everyone in Thomas Cook are with our guests, their family and friends," said Peter Fankhauser, chief executive of Thomas Cook UK and Continental Europe. He said the firm was providing "full support" to the victims' families. The UK Foreign Office said it was making urgent inquiries.Egypt's civil aviation minister, Wael el-Maadawi, suspended hot air balloon flights and flew to Luxor to lead the investigation into the crash.The Egyptian pilot was also being treated in hospital on Tuesday. Rescue workers gathered the remains (video) of the dead from the field where the charred remnants of the balloon, gas canisters and other pieces of wreckage landed.Mohamed Youssef, a pilot with Luxor-based Alaska Balloons, said his own balloon was airborne 100 metres from the crash, three or four minutes from landing.He told the Guardian the fire started when the balloon was 3 metres from the ground and was caused by a leak in one of the four gas cylinders. Once the fire had begun, the pilot and one British passenger leapt to safety. This affected the balance of the balloon, which in turn sent more heat into the balloon's "envelope" and caused it to rise rapidly into the air, he said."When the balloon was at about 100 feet, I saw people jumping. I saw about five or six people jumping," he said. Youssef said some of the passengers were killed on contact with land, while others died from burns.The balloon began to descend again and on reaching the ground there was a pause of around 15 seconds before one of the remaining four cylinders exploded, causing a loud blast.Youssef said he was a close friend of the pilot whom his father had visited in hospital and been told by a doctor that he had suffered from 70% burns. The pilot could talk and said his head hurt and there was a problem with his leg.Youssef's uncle, Alaa Mahmoud, sales manager of Luxor-based balloon company Magic Horizon, said he believed the explosion happened when ground crews tried to anchor the balloon and the ropes hanging from the basket became entangled in the leads of the gas cylinders. The sharpness of the ropes, he claimed, caused the leads to be severed, which in turn sparked the fire.Associated Press quoted a state prosecutor saying a landing cable got caught around a helium tube causing the fire to start.Cherry Tohamy, an Egyptian living in Kuwait who was on holiday in Luxor, told the BBC her balloon was landing when she heard an explosion and saw flames from a balloon above."Our pilot told us that the balloon had hit a high pressure electrical cable and a cylinder on board exploded," she said. "People were jumping out of the balloon from about the height of a seven-storey building."Luxor, which stands on the banks of the river Nile and on the site of the ancient city of Thebes, is a major destination for tourists visiting its many remains and monuments. But tourism is down by 22% since 2010, and brings in 25% less revenue than it did that year. Luxor's hotels are currently about 25% full in what is supposed to be the peak of the winter season.Balloon trips, usually at sunrise over the Karnak and Luxor temples as well as the Valley of the Kings, are popular with visitors but concerns have been raised previously about their safety.In April 2009, 16 people were hurt, including two British women, when a balloon crashed during a tour of Luxor. The balloon was believed to have hit a mobile phone transmission tower near the banks of the Nile. After the crash early morning hot air balloon flights over the Valley of the Kings were suspended for six months while safety measures were tightened up. There were at least four other non-fatal crashes that year involving tourists, including three on one day, and there were also crashes in 2007 and 2008.EgyptMiddle East and North AfricaAfricaEgyptAfricaAir transportHaroon SiddiquePatrick Kingsleyguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. 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05 февраля 2013, 23:32

Guest Post: How I Reached My Breaking Point Ten Years Ago

Submitted by Simon Black of Sovereign Man blog, Exactly ten years ago to the day, I was in the Kuwaiti desert waiting for George W. Bush to ‘make his decision’. You may remember the circumstances. Ever since labeling Iraq, Iran, and North Korea the ‘Axis of Evil’ in January 2002, the President had been gradually advocating war with Iraq based on the threat of nuclear weapons. We knew it was going to happen. At the time, I was a rising intelligence officer, my head still filled with ideals of national duty from my time at West Point. One of the generals that I served under gathered together his officers in early 2002 and said, “We’re going to war. It’s not a question of IF, but WHEN.” By late summer of that year, my unit was ordered to Kuwait to pre-position assets and begin gathering boots on the ground intelligence. So every time Mr. Bush would say “I haven’t made a decision yet,” I winced from the heavy stench of his BS. But still, I held out hope. It all came crashing down ten years ago today. On February 5, 2003 Colin Powell, four-star general turned US Secretary of State, made a case to the United Nations that Saddam Hussein had weapons of mass destruction. Now, I won’t bother delving into the inaccuracies of the intelligence he presented. In Powell’s own words, making that presentation to the UN was “the lowest point in [his] life” and a “lasting blot on his record.” For me, it was pivotal. At that instant, I knew without doubt that my government had reprehensibly lied through its teeth. And if they were lying about this... what else were they lying about? Everything, it turned out. The event set me down a path on which I never looked back. The fraud of the Iraq War soon led to the frauds of previous wars, our monetary system, taxes, the global banking system, the national balance sheet, the police state, etc. It all unraveled so quickly, and I soon realized that I was not living in a free country... that all the loud, bombastic nonsense and pledges of allegiance were illusions masking modern day serfdom. The subsequent ten years have only reinforced this trend. The political and banking elite have given us more war, inflation, and epic financial crises. They’ve turned Western civilization into a giant police state. And they’ve managed to brainwash the great masses so effectively that the people are crying out for more. And yet, there are solutions. After an emotional, gut-wrenching awakening, I traveled to more than 100 countries looking for freedom and opportunity. I learned that awareness, prudent planning, and global thinking can rebuild much of our stolen liberty. Quite simply, you don’t put all of your eggs in one basket. History shows that when governments enter a period of terminal decline, they try to control EVERYTHING– wages, prices, borders, money supply, foreign exchange, private property, etc. Of course, these tactics never work and only hasten the decline, as everyone from Emperor Diocletian of ancient Rome to Argentina’s modern day President Cristina Fernandez [will] have learned. As destructive as these politicians are, though, they’re easy to defeat. Individuals who take action early have plenty of options to buy precious metals, move a portion of their savings abroad to a stable banking jurisdiction, and scout out locations overseas in case they ever need to get out of dodge. These steps make sense no matter what. It’s hard to imagine that you’ll be worse off for shipping a few physical ounces of gold abroad, having some savings stashed away in a healthy foreign bank, or taking control of your retirement account. However if it’s a bumpy road ahead– gold criminalization, capital controls, pension fund confiscation, etc.– you’ll be well ahead of the crowd. I had to reach my breaking point before taking these steps. Fortunately I was early. Most people either ignore the writing on the wall… or they won’t do anything until it’s too late and there are no more options. I’m willing to bet that you’re different.

04 февраля 2013, 11:19

10 самых надежных банков на развивающихся рынках

10 самых надежных банков на развивающихся рынках         Неопределенные перспективы роста в развитых странах мира заставляют все большее число компаний и инвесторов обращать внимание на развивающиеся рынки для лучшей выгоды. Насколько безопасны финансовые системы в этих быстроразвивающихся экономиках? Перед читателем 10 самых надежных банков на развивающихся рынках по версии журнала Global Finance. Рейтинг составлен с учетом рейтингов, присвоенных крупнейшими рейтинговыми агентствами. 10. Bank of Taiwan Страна: Тайвань Активы: $ 129,800 млрд Банк Тайваня имеет самый высокий рейтинг среди тайваньских банков на развивающихся рынках. Банк был основан в 1946 г. как первый государственный банк. В первые годы своего существования банк Тайваня исполнял многие функции центрального банка, например выдачу валюты, пока Центральный банк Китая в Тайване не был восстановлен в 1961 г. В конце 2011 г. активы банка составили $131 млрд, но с тех пор упали до менее чем $130 млрд по состоянию на ноябрь 2012 г. И тем не менее по объему активов он остается первым банком. 9. BancoEstado Страна: Чили Активы: $ 40 млрд BancoEstado является единственным латиноамериканским банком, который попал в топ-10. Банк является единственным государственным коммерческим банком в Чили. Это также третий по величине банк страны по объему кредитов и филиальной сети, однако первый по объему депозитов. BancoEstado тесно связан с правительством с целью расширения доступа к банковским услугам и для граждан с низким доходом. Все рейтинговые агентства отметили, что есть высокая вероятность того, что чилийское правительство вмешается и окажет поддержку банку в случае стрессовой финансовой ситуации. На волне экономического роста в Чили, который, как ожидается, составит 5,5%, BancoEstado показал хорошую работу, обслуживая средний класс Чили. Комиссионные доходы банка выросли почти на 13% в годовом исчислении в III квартале 2012 г. 8. Samba Financial Group Страна: Саудовская Аравия Активы: $ 51,400 млн Samba Financial Group является вторым по величине банком Саудовской Аравии по рыночной стоимости. Основанная в 1980 г. финансовая группа начала с "захвата" отделений Citi в Саудовской Аравии в городах Джидда и Эр-Рияд. Теперь банк имеет около 70 филиалов, в том числе международных в Лондоне, Катаре и Дубае, наряду с присутствием в Пакистане через дочернюю компанию. Агентство Fitch отмечает, что доля правительства в банке составляет 50%, что негативно влияет на его эффективность. Последние показатели доходов показывают, что банк Samba потерял в IV квартале почти 8% чистой прибыли, сократив ее до $ 231,7 млн по сравнению с предыдущим годом 7. Qatar National Bank Страна: Катар Активы: $ 82,900 млн Qatar National Bank (QNB) не только самый безопасный в стране, но и самый крупный. На него приходится более чем 50% активов банковской системы и вкладов. Основанный в 1964 г. банк принадлежит государственному коммерческому банку. Половина принадлежит Qatar Investment Authority, государственному фонду Катара, который занимает почти пятую часть общей капитализации фондового рынка страны. Банк имеет доли в банках Индонезии, Иордании, Туниса и Объединенных Арабских Эмиратов (ОАЭ) и теперь присматривается к покупке контрольных пакетов акций турецкого банка и египетского филиала Societe Generale. Чистая прибыль банка выросла на 11% до $ 2,2 млрд в 2012 г. по сравнению с показателем предыдущего года. Между тем совокупные активы выросли более чем на 21% до $ 100,8 млрд за тот же период, что стало рекордом для банка. 6. Korea Finance Corp. Страна: Южная Корея Активы: $ 157 млрд Государственный банк Korea Finance Corp. является одним из девяти южнокорейских финансовых институтов, которые попали в топ-50 самых надежных банков на развивающихся рынках. Основанный в 2009 г. банк реализует политику правительства, направленную на поддержку роста в экономике. В октябре государственный кредитор стал предлагать кредиты судостроителям. В 2013 г. банк планирует увеличить кредитование малого и среднего бизнеса до 62% от общего объема финансирования в год до $7,1 млрд по сравнению с 53% в 2012 г. 5. Industrial Bank of Korea Страна: Южная Корея Активы: $ 161 млрд Промышленный банк Кореи (IBK) является третьим по величине банком по размеру активов ($161 млрд), входящим в топ-10 рейтинга. Государственный банк был основан в 1961 г. и в настоящее время является пятым по величине банком в Южной Корее по размерам активов и располагает около 4% внутренних активов. IBK имеет сильные позиции на рынке кредитования мелких и средних предприятий, на которые приходится более одной пятой доли рынка. К концу первой половины 2012 г. около 78% кредитов IBK были выданы бизнесменам и около 20% домашним хозяйствам. 4. National Bank of Kuwait Страна: Кувейт Активы: $ 48,900 млн Национальный банк Кувейта является крупнейшим банком в богатой нефтью стране. Один из четырех банков Ближнего Востока, попавший в топ-10. Основанный в 1952 г. он действует в настоящее время в 16 странах. Он был назван лучшим банком на Ближнем Востоке журналами Global Finance, Euromoney и The Banker в 2011 г. Чистая прибыль банка в IV квартале превзошла ожидания инвесторов, составив $271 млн. Аналитики прогнозировали показатель в $220 млн. Генеральный директор банка Ибрагим Дабдуб тем не менее отметил, что 2012 г. был тяжелым для банка и финансового сектора в целом, описав времена как "застойные". Он отметил, что политические проблемы негативно влияют на показатели банка и экономический рост в стране. Кувейт страдал от политической нестабильности, состоящей в борьбе между избранным парламентом и правительством правящей семьи. Банк ожидает, что политическая стабилизация приведет к возобновлению инвестиций в инфраструктуру. 3. National Bank of Abu Dhabi Страна: Объединенные Арабские Эмираты Активы: $ 69,600 млн Уже второй год Национальный банк Абу-Даби является самым надежным среди ближневосточных кредитных учреждений. Правительство владеет 70% Национального банка Абу-Даби, что делает его вторым по величине в ОАЭ по размеру активов и имеет представительства в 14 странах мира. В 2010 г. он стал первым банком в ОАЭ, который смог достичь $1 млрд чистой прибыли. В октябре банк объявил, что планирует утроить вклад в исламский банкинг путем введения шариатских услуг в Египте, Омане и Малайзии. От операционной деятельности исламского банкинга National Bank of Abu Dhabi планирует получить до 10% своих доходов к 2020 г. по сравнению с 3% в настоящее время 2. Agricultural Development Bank of China (ADBC) Страна: Китай Активы: $ 310 млрд ADBC основан в 1994 г. и является ответственным за финансирование сельского хозяйства и его развитие. Правительство окажет поддержку банку в случае стрессовой финансовой ситуации. Прибыль ADBC в 2012 г. увеличилась более чем на 16% по сравнению с прошлым годом до $7,79 млрд. Между тем доля просроченных кредитов снизилось до ниже 1%. 1. China Development Bank Страна: Китай Активы: $ 992 млрд Находясь на первом месте с 2011 г., Банк развития Китая (CDB) считается самым безопасным банком на развивающихся рынках в этом году. Основанный в 1994 г. в качестве одного из трех системообразующих банков Китая CDB находится под прямым контролем правительства и является крупнейшим кредитором в стране. Кредиты, выданные CDB, гарантируются правительством Китая, а банк принимал участие в финансировании крупных инфраструктурных проектов, в том числе высокоскоростной железной дороги Пекин - Шанхай. С общим объемом активов в $992 млрд он более чем в три раза опережает своего ближайшего конкурента - Банк сельскохозяйственного развития Китая (на $310 млрд). Банк ведет активную деятельность как внутри страны, так и за рубежом. CDB подписал контракт на $20 млрд с ZTE, одним из крупнейших производителей телекоммуникационного оборудования в мире. Еще один заметный шаг: предоставление кредита Судану на $1,5 млрд в январе.

03 февраля 2013, 12:00

10 самых надежных банков на развивающихся рынках

Неопределенные перспективы роста в развитых странах мира заставляют все большее число компаний и инвесторов обращать внимание на развивающиеся рынки для лучшей выгоды. Насколько безопасны финансовые системы в этих быстроразвивающихся экономиках? Перед читателем 10 самых надежных банков на развивающихся рынках по версии журнала Global Finance. Рейтинг составлен с учетом рейтингов, присвоенных крупнейшими рейтинговыми агентствами. 10. Bank of Taiwan Страна: ТайваньАктивы: $ 129,800 млрдБанк Тайваня имеет самый высокий рейтинг среди тайваньских банков на развивающихся рынках. Банк был основан в 1946 г. как первый государственный банк. В первые годы своего существования банк Тайваня исполнял многие функции центрального банка, например выдачу валюты, пока Центральный банк Китая в Тайване не был восстановлен в 1961 г. В конце 2011 г. активы банка составили $131 млрд, но с тех пор упали до менее чем $130 млрд по состоянию на ноябрь 2012 г. И тем не менее по объему активов он остается первым банком. 9. BancoEstado Страна: ЧилиАктивы: $ 40 млрдBancoEstado является единственным латиноамериканским банком, который попал в топ-10. Банк является единственным государственным коммерческим банком в Чили. Это также третий по величине банк страны по объему кредитов и филиальной сети, однако первый по объему депозитов. BancoEstado тесно связан с правительством с целью расширения доступа к банковским услугам и для граждан с низким доходом. Все рейтинговые агентства отметили, что есть высокая вероятность того, что чилийское правительство вмешается и окажет поддержку банку в случае стрессовой финансовой ситуации.На волне экономического роста в Чили, который, как ожидается, составит 5,5%, BancoEstado показал хорошую работу, обслуживая средний класс Чили. Комиссионные доходы банка выросли почти на 13% в годовом исчислении в III квартале 2012 г. 8. Samba Financial Group Страна: Саудовская АравияАктивы: $ 51,400 млн Samba Financial Group является вторым по величине банком Саудовской Аравии по рыночной стоимости. Основанная в 1980 г. финансовая группа начала с "захвата" отделений Citi в Саудовской Аравии в городах Джидда и Эр-Рияд. Теперь банк имеет около 70 филиалов, в том числе международных в Лондоне, Катаре и Дубае, наряду с присутствием в Пакистане через дочернюю компанию. Агентство Fitch отмечает, что доля правительства в банке составляет 50%, что негативно влияет на его эффективность. Последние показатели доходов показывают, что банк Samba потерял в IV квартале почти 8% чистой прибыли, сократив ее до $ 231,7 млн по сравнению с предыдущим годом 7. Qatar National Bank Страна: КатарАктивы: $ 82,900 млнQatar National Bank (QNB) не только самый безопасный в стране, но и самый крупный. На него приходится более чем 50% активов банковской системы и вкладов.Основанный в 1964 г. банк принадлежит государственному коммерческому банку. Половина принадлежит Qatar Investment Authority, государственному фонду Катара, который занимает почти пятую часть общей капитализации фондового рынка страны. Банк имеет доли в банках Индонезии, Иордании, Туниса и Объединенных Арабских Эмиратов (ОАЭ) и теперь присматривается к покупке контрольных пакетов акций турецкого банка и египетского филиала Societe Generale.Чистая прибыль банка выросла на 11% до $ 2,2 млрд в 2012 г. по сравнению с показателем предыдущего года. Между тем совокупные активы выросли более чем на 21% до $ 100,8 млрд за тот же период, что стало рекордом для банка. 6. Korea Finance Corp. Страна: Южная КореяАктивы: $ 157 млрдГосударственный банк Korea Finance Corp. является одним из девяти южнокорейских финансовых институтов, которые попали в топ-50 самых надежных банков на развивающихся рынках.Основанный в 2009 г. банк реализует политику правительства, направленную на поддержку роста в экономике.В октябре государственный кредитор стал предлагать кредиты судостроителям. В 2013 г. банк планирует увеличить кредитование малого и среднего бизнеса до 62% от общего объема финансирования в год до $7,1 млрд по сравнению с 53% в 2012 г. 5. Industrial Bank of Korea Страна: Южная КореяАктивы: $ 161 млрдПромышленный банк Кореи (IBK) является третьим по величине банком по размеру активов ($161 млрд), входящим в топ-10 рейтинга.Государственный банк был основан в 1961 г. и в настоящее время является пятым по величине банком в Южной Корее по размерам активов и располагает около 4% внутренних активов. IBK имеет сильные позиции на рынке кредитования мелких и средних предприятий, на которые приходится более одной пятой доли рынка.К концу первой половины 2012 г. около 78% кредитов IBK были выданы бизнесменам и около 20% домашним хозяйствам. 4. National Bank of Kuwait Страна: КувейтАктивы: $ 48,900 млнНациональный банк Кувейта является крупнейшим банком в богатой нефтью стране. Один из четырех банков Ближнего Востока, попавший в топ-10.Основанный в 1952 г. он действует в настоящее время в 16 странах. Он был назван лучшим банком на Ближнем Востоке журналами Global Finance, Euromoney и The Banker в 2011 г. Чистая прибыль банка в IV квартале превзошла ожидания инвесторов, составив $271 млн. Аналитики прогнозировали показатель в $220 млн.Генеральный директор банка Ибрагим Дабдуб тем не менее отметил, что 2012 г. был тяжелым для банка и финансового сектора в целом, описав времена как "застойные". Он отметил, что политические проблемы негативно влияют на показатели банка и экономический рост в стране. Кувейт страдал от политической нестабильности, состоящей в борьбе между избранным парламентом и правительством правящей семьи. Банк ожидает, что политическая стабилизация приведет к возобновлению инвестиций в инфраструктуру. 3. National Bank of Abu Dhabi Страна: Объединенные Арабские ЭмиратыАктивы: $ 69,600 млнУже второй год Национальный банк Абу-Даби является самым надежным среди ближневосточных кредитных учреждений. Правительство владеет 70% Национального банка Абу-Даби, что делает его вторым по величине в ОАЭ по размеру активов и имеет представительства в 14 странах мира. В 2010 г. он стал первым банком в ОАЭ, который смог достичь $1 млрд чистой прибыли. В октябре банк объявил, что планирует утроить вклад в исламский банкинг путем введения шариатских услуг в Египте, Омане и Малайзии. От операционной деятельности исламского банкинга National Bank of Abu Dhabi планирует получить до 10% своих доходов к 2020 г. по сравнению с 3% в настоящее время 2. Agricultural Development Bank of China (ADBC) Страна: КитайАктивы: $ 310 млрдADBC основан в 1994 г. и является ответственным за финансирование сельского хозяйства и его развитие. Правительство окажет поддержку банку в случае стрессовой финансовой ситуации. Прибыль ADBC в 2012 г. увеличилась более чем на 16% по сравнению с прошлым годом до $7,79 млрд. Между тем доля просроченных кредитов снизилось до ниже 1%. 1. China Development Bank Страна: КитайАктивы: $ 992 млрдНаходясь на первом месте с 2011 г., Банк развития Китая (CDB) считается самым безопасным банком на развивающихся рынках в этом году. Основанный в 1994 г. в качестве одного из трех системообразующих банков Китая CDB находится под прямым контролем правительства и является крупнейшим кредитором в стране. Кредиты, выданные CDB, гарантируются правительством Китая, а банк принимал участие в финансировании крупных инфраструктурных проектов, в том числе высокоскоростной железной дороги Пекин - Шанхай. С общим объемом активов в $992 млрд он более чем в три раза опережает своего ближайшего конкурента - Банк сельскохозяйственного развития Китая (на $310 млрд).Банк ведет активную деятельность как внутри страны, так и за рубежом. CDB подписал контракт на $20 млрд с ZTE, одним из крупнейших производителей телекоммуникационного оборудования в мире. Еще один заметный шаг: предоставление кредита Судану на $1,5 млрд в январе.

14 января 2013, 02:13

Natalie Pace: Thank You, Secretary Clinton

Secretary of State Hillary Clinton is stepping off the fast track this year, and, though it has not been well-publicized (yet), her turn as Secretary of State may well be regarded as one of the most important periods for women the world has ever known. One of the first actions Secretary Clinton took as Secretary of State was to create the position of United States Ambassador-at-Large for Global Women's Issues. Melanne Verveer was appointed as the first U.S. Ambassador for Global Women's Issues on April 6, 2009, by President Barack Obama. The office was set up to ensure that women's issues are fully integrated in the formulation and conduct of U.S. foreign policy. Ambassador Verveer works with governments around the world, including those in the Middle East, to ensure that women's rights are a priority. The Office of Global Women's Issues also promotes stability, peace and development by empowering women politically, socially and economically, through public and private partnerships. As just one recent example, Melanne's team recently brought together the Cherie Blair Foundation for Women, ExxonMobil Foundation, Goldman Sachs 10,000 Women, Inter-American Development Bank (IDB), Kauffman FastTrac, Thunderbird School of Global Management, Vital Voices, Walmart Foundation, and WEConnect International to promote women-owned small and medium-sized businesses in the Americas. Ambassador Verveer is also at the forefront of empowering women in Afghanistan. She and former Secretary of State Madeleine Albright have signed a letter urging President Obama and President Karzai to enact an eight-point plan to protect Afghan women. Verveer works tirelessly to connect women's rights champions in Afghanistan with policymakers, NGOs and philanthropists who are committed to making sure that the Afghanistan does not return to the dark rule of the Taliban, as the U.S. military presence in the country draws down. Secretary of State Clinton put women at the heart of the efforts of the State Department because she was sure that doing so would yield the greatest returns for U.S. national security. According to Secretary Clinton, speaking at the Clinton Global Initiative in 2009, "We have seen again and again -- in microfinance and other programs -- that women are entrepreneurial, accountable, and practical. They invest their earnings directly in their families and communities. And they pay back loans at a higher rate than is the norm." Another piece of the puzzle is food security because people who are starving and angry are more prone to rioting and violence. In the developing world, women are the farmers. Empowering women in countries where women are just gaining the right to vote is a tricky proposition. However, because her commitment is now decades deep, Secretary Clinton has written the road map for a National Action Plan on Women, Peace and Security for State Department officials and ambassadors worldwide. Through diplomacy and corporate-supported programs, women participate in national and community level dialogues in Afghanistan, South Sudan and Burma; engage politically and in the reform of the security sector as Arab Spring countries transition; and promote access to justice for survivors of gender-based violence from the Democratic Republic of the Congo to Nepal to El Salvador. One example of this is the U.S.-Pakistan Women's Council with a mission to promote the economic advancement of women in Pakistan. The Council will connect U.S. and Pakistani corporations, foundations, universities, and individual donors with programs in Pakistan that support economic opportunities for women. Alyse Nelson, president and CEO, Vital Voices, is another ally in Secretary Clinton's commitment to women. Vital Voices was founded by then-First Lady Hillary Rodham Clinton and Melanne Verveer in 1997. Today, under the leadership of Alyse Nelson, the Vital Voices international staff and team of over 1,000 partners, pro bono experts and leaders, including senior government, corporate and NGO executives, have trained and mentored more than 12,000 emerging women leaders from over 144 countries in Africa, Asia, Eurasia, Latin America, the Caribbean, and the Middle East since 1997. These women have returned home to train and mentor more than half a million additional women and girls in their communities. In the new book Vital Voices, written by Alyse Nelson and Hillary Rodham Clinton, you will learn the dramatic, compelling stories of these leaders, who were moved to improve the economic, political and social lives of their sisters, despite daunting personal odds. You will meet Kakenya Ntaiya, who found a clever way to convince her father to let her go to college and graduate school, instead of becoming a child bride. After being educated in the United States, Ntaiya went home to Kenya to open a girl's school -- where 90 girls are getting educated today. Lubna Al-Kazi helped women get the right to vote in Kuwait, in 2005. Sunitha Krishnan is saving young girls from sex traffickers in India. There are countless stories in Vital Voices to be moved by, including Alyse's own inspiring story of how she broke through personal and governmental barriers to attend the United Nations Fourth World Conference on Women in Beijing, China in 1995, and how that commitment launched her career today. As Secretary Clinton ponders her next move (which many hope will be another run at president), women worldwide have a lot to thank her for. And if her programs continue under the new Secretary of State, and, as a result, the world moves to greater food security, equality and peace, then history should remember her as one of the most important Secretary of States the U.S. has ever known.

28 августа 2012, 18:36

European Bank Run Watch: Swiss Edition

On July 23, 2011 I penned The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs! which detailed for my readers and subscribers the mechanics of the modern day bank run, particular as I see (saw) it occurring in Europe.  image015 Those that follow me know that I have been warning on Europe and its banking system years before the sell side and mainstream financial media (reference the Pan-European Sovereign Debt Crisis series).  A reader has convinced me to consult with him on a specific situation, regarding overseas monies and the (lack of) safety of those funds, which prompted me to dig up the Sovereign Contagion Model that we developed n 2010. In a nutshell, the Swiss banking industry was built upon impenetrable bank privacy for high net worth clients. Once the US decided it needed to boost its tax revenues during hard times, it literally collapse the Swiss hegemony in secret banking and left that banking industry to compete in actual banking versus asset concealment. This left Swiss banks naked, for they don't appear to me to truly be able to compete aggressively and successfully in other areas.  Add to this mix potential contagion issues for the Swiss banking industry due to the fact that Switzerland has a veritable cornucopia of exposure all over the soon (if not already) serial recession ridden world, and well... The first chart is raw contagion exposure as a % of GDP. The 2nd chart is the same exposure ran through our “reality” model. Food for thought. The BoomBustBlog Sovereign Contagion Model Nearly every MSM analysts roundup attempts to speculate on who may be next in the contagion. We believe we can provide the road map, and to date we have been quite accurate. Most analysis looks at gross claims between countries, which of course can be very illuminating, but also tends to leave out many salient points and important risks/exposures. Description: foreign claims of PIIGSforeign claims of PIIGSforeign claims of PIIGS In order to derive more meaningful conclusions about the risk emanating from the cross border exposures, it is essential to closely scrutinize the geographical break down of the total exposure as well as the level of risk surrounding each component. We have therefore developed a Sovereign Contagion model which aims to quantify the amount of risk weighted foreign claims and contingent exposure for major developed countries including major European countries, the US, Japan and Asia major. image002 copy I.          Summary of the methodology ·         We have followed a bottom-up approach wherein we have first identified the countries/regions with high financial risk either owing to rising sovereign risk (ballooning government debt and fiscal deficit) or structural issues including remnants from the asset bubble collapse, declining GDP, rising unemployment, current account deficits, etc. For the purpose of our analysis, we have selected PIIGS, CEE, Middle East (UAE and Kuwait), China and closely related countries (Korea and Malaysia), the US and UK as the trigger points of the financial risk dissemination across the analysed developed countries. ·         In order to quantify the financial risk emanating in the selected regions (trigger points), we looked into the probability of the risk event happening due to three factors - a) government default b) private sector default c) social unrest. The probabilities for each factor were arrived on the basis of a number of variables determining the relative weakness of the country. The aggregate risk event probability for each country (trigger point) is the average of the risk event probability due to the three factors. ·         Foreign claims of the developed countries against the trigger point countries were taken as the relevant exposure. The exposures of each developed country were expressed as % of its respective GDP in order to build a relative scale for inter-country comparison. ·         The risk event probability of the trigger point countries was multiplied by the respective exposure of the developed countries to arrive at the total risk weighted exposure of each developed country. ·          Sovereign Contagion Model - Retail - contains introduction, methodology summary, and findings ·          Sovereign Contagion Model - Pro & Institutional - contains all of the above as well as a very detailed methodology map that explains what went into the model across dozens of countries. The bank run in other European nations: As Predicted Last Year, The French and the Greeks Are In A Race ...Jun 13, 2012 – On Saturday, 23 July 2011 I penned "The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run ... Most Headlines Now Show French Bank Run Has ... Sep 20, 2011 – Roughly two quarters ago, I warned subscribers that markets were overlooking a distinct concentration of risk in France. Interestingly enough ... Watch The Pandemic Bank Flu Spread From Italy To France To ...Nov 18, 2011 – The central bank tightened rules last year to force lenders to aside more.... BoomBustBlog Susbscribers, if you're paying attention, this was the one year ... of a French bank run - with the largest of the French banks running the ... The French Government Creates A Bank Run ... Aug 11, 2011 – The professional level subscription document detailing the likely causes of a run on our primary bank run candidate is now available for ... Just As Predicted Over The Past Month, The French Bank Run ...Aug 10, 2011 – Attention subscribers! The French Bank run has BEGUN! Below is grab of the CDS chart of just one our subject banks as run candidate featured ... Bank Run! Italiano Style? Jun 11, 2012 – In March of 2010, or roughly 2 and quarter years ago, I ridiculed Italy's public proclamations of austerity and fiscal responsibility. I put out a rep... No Capital Controls In The EMU? Liar Liar Pants ...Jun 25, 2012 – I have outlined the upcoming EU bank runs up to two years in advance (see the many ... Whenever one expects a bank run, the first things TP... Yes, The BoomBustBlog Forecast Pan-European Bank Run Has ...Dec 1, 2011 – In the post "The Ironic, Prophetic Nature of the MF Global Bankruptcy Filing and It's Potential Ramifications" I identified the MF Global event as ... The Inevitability of Another Bank Crisis - BoomBustBlog How To Prevent Bailouts, Bank Runs & Other Fun ...Jan 4, 2012 – bamboozled_copyThe setting of the infamous "Bamboozled" speech delivered by Malcom X on 125th Street in Harlem. Take careful note of the ...   Related Pan-European Sovereign Risk Non-bank Subscription Research Archives ·         Ireland public finances projections_040710 ·         Spain public finances projections_033010 ·         UK Public Finances March 2010 ·         Italy public finances projection ·         Greece Public Finances Projections Follow me:  

03 июля 2012, 18:11

An Additional US$22.3 Million in Budget Support

  Washington, July 3, 2012 – The World Bank transferred on June 28, 2012 a US$22.3 million to the Palestinian Authority from the Palestinian Reform and Development Plan Trust Fund (PRDP-MDTF), a multi-donor budget support mechanism administered by the Bank. The funds contributed by the governments of Australia and the United Kingdom will help support the urgent budget needs of the Palestinian Authority (PA), providing inter alia support for education, health care and other vital social services for the Palestinian people and for the economic reforms currently underway.  The World Bank PRDP MDTF was established on April 10, 2008, when an agreement was signed between the World Bank and the Palestinian Authority during the 2008 World Bank-IMF Spring Meetings.  It is a central component of a World Bank effort to support the ongoing Palestinian Reform and Development Plan and the National Development Plan.  Currently, the PRDP-MDTF donors are the governments of Australia, France, Kuwait, Norway, and the UK. With the new tranche release, the PRDP-MDTF will have disbursed US$834 million. For further information on the PRDP MDTF and the World Bank’s program in the West Bank and Gaza, please visit:  www.worldbank.org/we Contacts:  In Washington: Dale Lautenbach, (202) 4588517, [email protected] In West Bank and Gaza: Mary Koussa, (972) 2-2366500, [email protected]

03 июля 2012, 18:11

An Additional US$22.3 Million in Budget Support

  Washington, July 3, 2012 – The World Bank transferred on June 28, 2012 a US$22.3 million to the Palestinian Authority from the Palestinian Reform and Development Plan Trust Fund (PRDP-MDTF), a multi-donor budget support mechanism administered by the Bank. The funds contributed by the governments of Australia and the United Kingdom will help support the urgent budget needs of the Palestinian Authority (PA), providing inter alia support for education, health care and other vital social services for the Palestinian people and for the economic reforms currently underway.  The World Bank PRDP MDTF was established on April 10, 2008, when an agreement was signed between the World Bank and the Palestinian Authority during the 2008 World Bank-IMF Spring Meetings.  It is a central component of a World Bank effort to support the ongoing Palestinian Reform and Development Plan and the National Development Plan.  Currently, the PRDP-MDTF donors are the governments of Australia, France, Kuwait, Norway, and the UK. With the new tranche release, the PRDP-MDTF will have disbursed US$834 million. For further information on the PRDP MDTF and the World Bank’s program in the West Bank and Gaza, please visit:  www.worldbank.org/we Contacts:  In Washington: Dale Lautenbach, (202) 4588517, [email protected] In West Bank and Gaza: Mary Koussa, (972) 2-2366500, [email protected]