Archive for the ‘ Stock Exchange ’ Category
om9edda‘s blog has revealed some crystal clear details on global’s scandal that occured one year ago with “mazaya KSA”.
I do recommend reading it since it is totally unbiased information regarding a company that weights just too much in our little economy.
Hewlett-Packard has agreed to acquire Palm for $1.4 billion in cash, uniting two companies that have failed to make much recent headway in the smartphone business.
H.P. announced its all-cash purchase of Palm just after the financial markets closed on Tuesday, saying it would pay $5.70 a share.
There is an info circulating around regarding agility’s case that it has reached an agreement with the US gov. over a settlement which will be around $600 million that will be paid on 3yrs plus getting back on all the US gov. contracts again.
nothing is confirmed and I couldn’t find any related news neither on reuters nor bloomberg so it might be just a rumor or the deal is not sealed yet.
* UPDATE: another msg claims that the news we got yesterday is true and it is expected to be announced on sunday morning.
* UPDATE:
كشفت مصادر مطلعة لـ ‘الجريدة’ أن شركة المخازن العمومية (أجيليتي) توصلت إلى تسوية مبدئية مع الحكومة الأميركية، تدفع الشركة بموجبها غرامة بقيمة 600 مليون دولار أميركي على مدى ثلاث سنوات مقابل عودة العقود الحكومية الأميركية التي جمدت بعد اكتشاف البنتاغون تلاعباً في أسعار الإمدادات.
وأوضحت المصادر أن هذه التسوية ‘من المتوقع إعلانها خلال يوم أو يومين، وقد تحتوي بعض التعديلات البسيطة، خصوصاً في ما يتعلق بعودة جميع العقود أو الجزء الأكبر منها’.
The case was postponed from Jan. 29 to Feb. 8 to negotiate over the settlement. so its scheduled for today in Atalanta timezone
I’ll add any updates we get.
*UPDATE*
DUBAI (Zawya Dow Jones)–Kuwait’s logistics firm Agility (AGLTY.KW) said Monday a U.S. court entered a not guilty plea on its behalf as the company continues talks to settlement a case over allegations it overcharged on about $8.5 billion worth of contracts.
“The court agreed to assign the case for purposes of setting a briefing schedule and entered a plea of ‘not guilty’ on the company’s behalf to allow the case to move forward,” Agility said in an emailed statement after the court session.
“The request for a briefing schedule is intended to preserve PWC’s rights while the company and the Department of Justice conduct discussions aimed at a resolution of the case.”
“DUBAI, Nov 17 (Reuters) – Kuwaiti logistics firm Agility (AGLT.KW) on Tuesday said a U.S. indictment would prevent it from getting contract awards until the issue was resolved but would not impair existing contracts with the U.S. government. On Monday, a U.S. grand jury indicted Public Warehousing Company, K.S.C. (PWC), also known as Agility, charges of fraud and conspiracy alleging that it overcharged the U.S. Army on $8.5 billion worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan. [ID:nN16518906]
“PWC has been debarred from future contract awards until such time as a determination has been made about the company’s current responsibility as a contractor. These allegations should have no impact on any current contracts with the U.S. government,” Agility said in a statement on the bourse website.
The grand jury in Atlanta indicted PWC on multiple charges of fraud and conspiracy in connection with contracts issued by the U.S. Department of Defense between 2003 and 2005.
“An indictment and a complaint are merely allegations. PWC is confident that once these allegations are examined in court, they will be found to be without merit,” the Agility statement said.”
this is a really bad time for this kind of news to hit the market, since the market’s trend is heading down, i think this news will push it down even further than what we speculated.
“Oct. 15 (Bloomberg) – Nokia Oyj, the world’s biggest maker of mobile phones, had its first net loss since the company began reporting quarterly in 1996, hurt by costs related to a joint venture with Siemens AG and weaker demand.
The net loss totaled 559 million euros ($834 million), after a profit of 1.09 billion euros a year earlier.”
Nokia also said that its smartphone market share dropped to 35% versus 41% in the previous quarter. 6% drop within the last 3 months is not normal at all.. its like 6% of the Nokia smartphones owners switched to another brand.
sources:
مجلس الوزراء يقر مرسوم ضرورة لقانون
تعزيز الوضع الاقتصادي
Kuwaitnews SMS
It took them long time to take this step! as I know this will help all the banks to give more loans out to circulate the huge amount of cash they have now and cant even pay it’s interest by the end of 2009. so we may expect a new large volume wave on the banks with their undervalued prices it’ll sure jump back up.. and again im mentioning the banking sector only. since most of the companies which are not under the supervision of the CBK will not benefit from it unless it accepts all the restrictions that the Central bank and “dewan elmo7asiba” will impose on them.
UPDATE:
مصدر حكومي: قانون تعزيز الاستقرار الاقتصادي لا يتضمن تعديلات “الشعبي”
The problem is we never learn from our mistakes.. here is a pdf file of Alqabas article which was published in 19/11/2008 with the officials announcements back then.. same words different people.
Rumor circulating:
The higher management of Investment-Dar requested each department head to decrease the number of their employees. Starting last week they’ve informed some employees to find alternative jobs.
Thanks Khaled
