Kuwait bourse suspends 50 firms

The Kuwait Stock Exchange (KSE) yesterday suspended trading in the shares of 50 firms, about a quarter of those listed on the bourse, for not reporting their financial results on time. A statement posted on the KSE website said the companies failed to announce financial results for the July-September period within the stipulated 45 days. Twenty-two of the firms had already been suspended for not declaring results for previous periods. Most of the firms suspended are investment companies that have so far failed to recover from the fallout of the global financial crisis of 2008. Among the firms suspended are troubled Investment Dar, a leading Islamic investment company that has been reeling under the impact of the financial crisis. Egyptian bank EFG-Hermes reported a 64 per cent drop in third-quarter net profit yesterday after the political turmoil in the region hit markets and scared off investors. Net income was 32 million Egyptian pounds, down from 88 million pounds in the same quarter a year earlier, the bank said in a statement. Investment banking revenue slipped 38 per cent to 150 million pounds and commercial banking revenue dipped 4 per cent. Group operating expenses fell 12 per cent. Bank of America Bank of America, the second-biggest US lender by deposits, cut part of its top-ranked Merrill Lynch equities division in Europe and reduced its sales and trading team in Dubai by 40 per cent, people with knowledge of the situation said. The cuts in Europe yesterday affected specialist sales and generalist sales, said two people, who declined to be identified because the information isn't public. They didn't provide a number of positions affected. In Dubai, the bank reduced the group to six from 10, according to another person. Qatar Telecom Qatar Telecom has acquired a further 7.45 per cent of StarHub, Singapore's second biggest tele-com company, through its Asia Mobile Holdings joint venture with Singapore Technologies Telemedia. "We are pleased to have increased our holding in StarHub, in conjunction with our partners ST Telemedia and we will look to take advantage of further growth opportunities to develop our presence in South East Asia as they arise," Qtel Group chief executive Nasser Marafih said yesterday. The acquisition was completed through a share purchase agreement with Aranda Investments, a unit of Singapore state investor Temasek. No financial detail was given. ADCB Price guidance for Abu Dhabi Commercial Bank's five-year benchmark Islamic bond, or sukuk, was in the range of 275 basis points to 287.5 basis points over midswaps, according to a document from arranging banks, seen by Reuters. ADCB picked itself as well as Bank of America, J.P. Morgan Chase and Standard Chartered as joint lead arrangers and bookrunners for the debut dollar-denominated sukuk. Central Bank of Oman The Central Bank of Oman plans to sell 150 million riyals of five-year bonds with a a coupon of 3.25 per cent, state-run Oman News Agency reported. The subscription period for the so-called development bonds is from November 27 to December 7, and the auction will be on December 13, it said. IIG International Investment Group's (IIG) chief executive officer resigned just two months after being appointed to the position and has been replaced as acting CEO by board member Gassan Al Sultan, it said in a bourse statement yesterday. Faisal Ahmad Al Baseiri took the helm of the troubled Islamic investment firm in September. "Gassan Al Sultan was given special authorisation to manage the operations of the company until a new executive president will be appointed," the statement said. IIG, an Islamic investment firm, defaulted on two Islamic bond, or sukuk, payments last year and appointed KPMG to carry out an independent review of its business and make an assessment of its financial position.