Posts Tagged ‘ Economy

Global shareholders.. get ready for more

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 Agrees to Buy Palm. 1hr ago

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.

NY Times

Agility vs US case: Agreement reached?

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:

تسوية أجيليتي بـ 600 مليون دولار
أحمد فتحي

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’.

Aljarida

Only in Kuwait

الأول من نوعه في الكويت
حكم ببطلان الفوائد وفقاً للشريعة الإسلامية!
في اول حكم من نوعه تصدره المحاكم الكويتية، اصدرت الدائرة التجارية المدنية برئاسة المستشار خالد العثمان حكما يقضي بعدم احقية البنك في تقاضي الفوائد المتفق عليها بعقد القرض بحجة {تجريم الفوائد الربوية على القرض وفقا للشريعة الاسلامية، وما نص عليه الدستور الكويتي من ان دين الدولة الاسلام، وان الشريعة الاسلامية مصدر رئيسي للتشريع، وكل من القرآن الكريم والسنة النبوية المطهرة}.
They should shutdown all the banks including the Central bank cause they are all built on the same system! this will be overruled soon.. but for sure it’ll cause some bad consequences especially with bu ramya

U.S. v. Public Warehousing Co. “Agility”

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.”

the word that killed King Faisal of Saudi Arabia

add to that his threat to cut off oil supply..

“Prince seized

King Faisal had bent forward to kiss his nephew but Prince Musaed was reported to have pulled out a pistol and shot him under the chin and then through the ear.

One of the king’s bodyguards hit the prince with his sword, although it was still sheathed.”

BBC NEWS, March 25th 1975

another interesting article about King Faisal on somecontrast

Agility, no more US contracts?

agility

“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.”

Reuters

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.

 

looks like the BB & iPhone hype had more impact than expected

nokia-bleed-smartphone-prints

“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:

bloomberg, Engadget

How the Stock Market Really Works

stock-market

source

Bankruptcy ?

bruptcy

 

 

        2007                               2008                                                                

ادنك

اجمالي حقوق المساهمين           29.790.138          57.246.081‏

*************

مركز مالي

اجمالي حقوق المساهمين          76.727.000          131.236.000

*************

انابيب

اجمالي حقوق المساهمين           43,791,315            86,900,518

*************

اسمنت

اجمالي حقوق المساهمين        133,339,326           302,710,562

*************

ايكاروس

اجمالي حقوق المساهمين        62,478,595             188,279,168 

 

 

these are just some announcements and i believe we’ll soon see some bankruptcy announcements in the second quarter, if not within the next few days.

 

In my opinion, if the government did not move to help the companies and admit  that the companies are facing real problems and by companies i mean all the other sectors and stop acting as the private sector is only in banking, almanakh crisis would sound like  good old days.