10 Established 1961 Business Tuesday, January 12, 2021 Gulf Bank’s ‘WISE’ Investments rolls out two new investment portfolios Islamic portfolios designed to meet customers’ goals and preferences

KUWAIT: Gulf Bank is celebrating the fourth portfolios, which we have launched to suit our and volatile markets due to COVID-19, Gulf Bank’s build a uniquely tailored anniversary of its digital investments’ platform, clients’ growing goals and preferences. Through our WISE portfolios continued to exceed the returns of Investment Policy WISE Investments, and is introducing new invest- two new portfolios, the ‘Islamic’ portfolio and the some of the major markets in the past three years. Statement (IPS) that ment portfolios and saving plans to meet customers’ ‘Income’ portfolio, we are proud to offer our cus- WISE portfolio with a conservative strategy posted clearly states each cus- growing financial needs. tomers with a Sharia-compliant opportunity, as well 23 percent total return since inception in 2017, with tomer’s financial goal, Gulf Bank’s WISE Investments is an advisory and as provide new asset classes, including gold. We an average annualized return of 7.1 percent. In turn, investment horizon and portfolio management service that follows an award strive to offer only top, hand-picked securities from WISE’s aggressive investment strategy has risk appetite in order to winning investment strategy, providing Gulf Bank leading fund providers in the world such as “iShare achieved a return of 38 percent since its inception assist and guide our cus- clients with the opportunity to invest in internation- by BlackRock” to guarantee the satisfaction of our with an average annualized return of 10.8 percent. tomers in attaining their al markets in an easy, transparent and cost-efficient growing client base, while fulfilling their unique Al-Qassem continued: “We would also like to investment goals and way. The principle of WISE Investments is to invest financial requirements.” take this opportunity to thank our loyal customers grow their wealth.” through international, diversified portfolios while As a low-cost investment solution, the WISE for their confidence and trust in the WISE platform To learn more about achieving the ideal risk-adjusted return in the long platform continues to prove its advantages over during the most challenging times of the pandemic WISE Investments with term. Gulf Bank’s new WISE portfolios will serve other investment alternatives in the long term. Aside and unpredictable economic development sur- Gulf Bank, customers can customers that prefer Sharia-compliant investments from robust returns, WISE customers enjoy a high rounding international markets. We promise to keep visit one of Gulf Bank’s Dalya Al-Qassem and clients that favor high-yielding portfolios, capi- level of transparency and constant flexibility with enhancing our investment solutions to provide our branches or log onto talizing on the current platform’s technology that their portfolios which inspired us to introduce new clients with only the finest, cutting-edge investment https://www.e-gulfbank.com/en/personal/invest- has shown real value to existing customers. varied saving plans. The objective of the new plans tools and alternatives. Gulf Bank’s CMA-certified ment/wise. Customers can also use the WhatsApp Commenting on the new products and plans, is to encourage the youth to actively manage their Investment Advisors, who are experienced in the service on 1805805 for round-the-clock assistance Dalya Al-Qassem, Head of Investment Management finances in an effort to safeguard their futures. local and global markets, will always place their from Gulf Bank representatives, or call the at Gulf Bank, said: “We are thrilled to share our new It is worth noting that despite the uncertainty clients’ interests as their utmost priority. They will Customer Contact Center on the same number. Corruption trial of CBK bonds and Israeli magnate related Tawarruq opens in Switzerland KUWAIT: The Central Bank of Kuwait (CBK) GENEVA: French-Israeli diamond magnate announced the most recent issues of CBK bonds went on trial in Geneva yester- and related Tawarruq at a total value of KD 240 mil- day over allegations of corruption linked to lion for three months with a rate of return at 1.125 mining deals in , after a drawn-out inter- percent. national investigation. Steinmetz, who travelled from Israel to take part in the two-week trial, has denied wrongdoing in the case, which involves allegations of multi-million-dollar bribes paid to top Guinean officials to win Dr Martens shoemaker lucrative mining rights. The 64-year-old businessman, who made his eyes stock market float fortune in diamonds, faces charges of corrupt- ing public officials and forging documents fol- LONDON: Iconic British footwear brand Dr lowing a six-year inquiry. The trial participants Martens yesterday took steps to launch on the are separated by plexiglass barriers due to the London stock market, seven years after it was coronavirus pandemic, with Steinmetz and his acquired by the private equity group Permira. lawyer Marc Bonnant allowed to share the The maker of boots and shoes, whose internet same space. sales have boomed worldwide during coronavirus “We will plead his innocence,” Bonnant told lockdowns, “announces that it is considering an ini- AFP last week. Swiss prosecutors accuse tial public offering”, Dr Martens said in a statement. Geneva’s prosecutor Yves Bertossa arrives at Geneva’s courthouse for the trial of French-Israeli diamond Steinmetz and two partners of bribing a wife of magnate Beny Steinmetz over alleged corruption linked to mining deals in Guinea yesterday. —AFP Permira, which bought Dr Martens for £300 former Guinean president Lansana Conte and million (332 million euros, $404 million) in early others in order to win mining rights in the south- 2014, said it would sell down its stake under a eastern region. from prosecution for her alleged role in the of natural resources”, showing how a country flotation. Dr Martens, which sells more than 11 mil- The area is thought to contain the world’s corruption scheme, does not exist under Swiss as rich in resources as Guinea could continue lion pairs of boots and shoes annually in more than biggest untapped deposit. law and should invalidate any testimony she to wallow in poverty. Conte’s military dictator- 60 countries, saw revenues jump by around one Steinmetz has previously dismissed the alle- might give. “This is a case of witness suborna- ship ordered global mining giant to fifth to £318 million in the six months to gations as baseless and an attempt by political tion,” he told the court. relinquish two concessions to BSGR for around September from a year earlier. enemies to smear him. Prosecutors say Bonnant maintains his client “never paid a $170 million in 2008. Chief executive Kenny Wilson yesterday said the Steinmetz obtained the mining rights shortly cent to Ms Mamadie Toure” and says she was Just 18 months later, BSGR sold 51 percent of company was targeting “significant global growth before Conte died in 2008 after about $10 mil- not married to Conte, she was his mistress, its stake in the concession to Brazilian mining potential” with the help of increased investment lion (8.2 million euros) was paid in bribes over a meaning she could in any case not be considered giant Vale for $2.5 billion. “The profit was colos- from a stock-market listing. “Our iconic brand number of years, some through Swiss bank a corruptible official under Swiss law. The sal, about twice Guinea’s state budget at the appeals to a diverse range of consumers around the accounts. world who wear our footwear to express their indi- lawyer also claims there are serious questions time,” Viret said. vidual style. “We have invested massively to ensure around the handling of the case by Claudio But in 2013, Guinea’s first democratically that we deliver the best digital and store experi- ‘Pact of corruption’ Mascotto, the prosecutor initially in charge of elected president Alpha Conde launched a ences to connect with our wearers, and through this Prosecutors claim Steinmetz and representa- the investigation that began in 2013. review of permits allotted under Conte and later we are driving our long term, sustainable growth,” tives in Guinea entered a “pact of corruption” He asked the judge to add Mascotto, who is stripped the VBG consortium formed by BSGR he added in the statement. Dr Martens has 130 retail with Conte and his fourth wife Mamadie Toure. no longer prosecuting the case, to the witness and Vale of its permit. In February 2019, stores worldwide, with online sales representing She is a key witness in the trial and is scheduled list over a secret trip he allegedly took to Israel Steinmetz reached a deal with Guinean authori- one-fifth of all revenues. —AFP to testify tomorrow, though it remains unclear if in March 2017, which he said tainted the case. ties, who lifted corruption charges against him in she will come. exchange for him giving up his remaining rights Bonnant spent much of the first morning dis- ‘Curse of natural resources’ to the Simandou mine. However, Geneva has cussing her protected status as a state witness Geraldine Viret, a spokeswoman for inves- continued to press ahead with its case, which in the United States, where she lives. He argued tigative NGO Public Eye, told AFP the case could see Steinmetz jailed for up to 10 years if JPMorgan halts all that this status, which protects Mamadie Toure was a “sad illustration of the problematic curse convicted. —AFP political donations NEW YORK: JPMorgan Chase said it is suspending China consumer all US political donations following the attack on the Capitol by a pro-Trump mob, joining a growing list of American corporations holding back funding prices rise since the violence. The political action committee at JPMorgan, the country’s largest bank by assets, will in December stop making any financial contributions to Republican and Democratic leaders for at least six BEIJING: China’s consumer prices rebounded in months, a spokesperson told AFP Sunday. December, official data showed yesterday, as “The focus of business leaders, political leaders, food prices picked up due to weather difficulties civic leaders right now should be on governing and and rising demand ahead of the Lunar New Year getting help to those who desperately need it most,” festival. In December, the consumer price index said Peter Scher, the bank’s head of corporate (CPI) rose more than expected at 0.2 percent on- responsibility. “There will be plenty of time for cam- year, said the National Bureau of Statistics, with paigning later.” prices increasing for fresh produce and meats Other companies have opted to specifically tar- such as pork, beef and mutton ahead of next get the Republican officials who on January 6 voted month’s nationwide holiday. against certifying the results of the presidential “Due to continued low temperatures, the pro- election. That day’s assault saw a mob of angry duction, storage and transportation costs of fresh Donald Trump supporters storm the US Capitol vegetables and fruit increased,” said NBS senior shortly after the president reiterated baseless elec- statistician Dong Lijuan. tion conspiracies to the crowd. Five people died in The index is a key gauge of retail inflation, and the ensuing riot, including one police officer. the rebound follows the first negative reading in Billionaire investor Nelson Peltz, Ben & Jerry’s over a decade the month before as food costs fell. ice cream company and the AFL-CIO-the largest Yesterday, Dong said that consumer demand was trade union federation in the US-have since called picking up due to New Year’s Day and the for Trump’s immediate departure from office. upcoming Lunar New Year, bumping up prices of Hospitality giant Marriott International said it will other food items. But pork prices, which rocketed NANJING: Customers shop for vegetables at a market in Nanjing, in China’s eastern Jiangsu province halt donations to “those who voted against the previously after an African swine fever outbreak yesterday. —AFP certification of the election,” a spokesperson told ravaged pig stocks, continued to drop by 1.3 per- AFP Sunday. cent on-year last month as supplies of the staple trading, which officials hope will help halt price progress, there will be more demand for con- The Blue Cross Blue Shield Association of health meat recovered. fluctuations. High food inflation has triggered sumer goods and... prices should increase.” insurance companies had already announced Friday For the full year of 2020, consumer prices rose urban unrest in the past and rising prices is a Meanwhile, the producer price index (PPI) which it intended to suspend all contributions to “those 2.5 percent on-year. “Consumer prices may slip concern not just for farmers but also the country’s measures the cost of goods at the factory gate, lawmakers who voted to undermine our democracy.” back into deflation over the next couple of leaders. fell 0.4 percent on-year last month-better than “While a contrast of ideas, ideological differ- months due to a jump in pork prices a year ago, Iris Pang, chief economist for Greater China at November’s 1.5 percent drop. “Domestic demand ences and partisanship are all part of our politics, but this should prove temporary,” said Capital ING said consumer prices should hold steady recovered steadily, coupled with the continued weakening our political system and eroding public Economics’ senior China economist Julian Evans- moving forward, with prices stabilizing and veg- rise in prices of some international commodities,” confidence in it must never be,” the group’s director Pritchard. etable costs dropping after winter. said Dong. For the whole of 2020, PPI fell 1.8 general, Kim Keck, said in a statement. —AFP On Friday, China’s first live hog futures began She added: “I expect that as vaccinations percent on-year. —AFP