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Local Banks' Financial Position Robust 07 THURSDAY, JULY 5, 2018 business Abe to cancel Uber, Careem in Iran trip over US merger talks pressure Local banks’ financial Reuters| Dubai Reuters| Tokyo ber Technologies is apanese Prime Minister Uin preliminary talks JShinzo Abe has given with rival Careem to com- up on a plan to visit Iran position robust: BAB bine their Middle East - this summer, Kyodo News ern ride-hailing services, said on Wednesday, as US Bloomberg news agency President Donald Trump in terms of credit rating and reported yesterday, citing has taken an increasingly The financial and ensure Bahrain’s stabilized fi- three people familiar with tough line against Tehran. • nancial condition with steady the matter. The visit to Iran would economic support improvements. The companies have dis- have been the first by a by KSA, UAE and Al Qassim also pointed out cussed several potential Japanese leader in 40 Kuwait will contribute that the International Mone- KNOW WHAT deal structures. years, forming part of Abe’s effectively to achieve tary Fund had praised Bahrain Under one of the pro - scheduled tour through the financial stability financial sector’s stability for posals, Careem’s current Middle East from July 11, its large capital reserves, capital Assets of retail leaders would manage the Kyodo said. adequacy and assets quality. banks operating in new combined business en- But Japan has told Iran TDT|Manama In the same context, Al Qas- tity while retaining one or Abe would not be able to sim noted the CBB’s continued the local market both of the companies’ local visit its capital, Tehran, de- ahrain’s banks are in a commitment to maintaining an rose from BD31.4 brands. spite arrangements it had very strong financial exchange rate peg at 0.376 Bah- billion in December Another proposal would been making for talks with Bposition with prudent Dr Waheed Al Qassim raini dinars to the US dollar. The 2017 to BD32.4 bil- be Uber acquiring the Mid- President Hassan Rouhani, financial and monetary poli- exchange rate peg provides an lion in May 2018, an dle East ride-hailing app, the agency added, citing cies adopted by Central Bank of anchor for monetary stability, increase of BD1 bil- the report added. government sources. Bahrain (CBB) and best financial financial stability, stressing that which contributes to controlling lion in five months In discussions with Ca- However, Motosada Ma- and banking practices followed the financial and economic sup- inflation and protecting the ex- reem, Uber has said that it tano, a spokesman for the by banks to ensure financial sta- port by KSA, UAE and Kuwait ternal value of the currency. would need to own more Japanese prime minister’s bility, sustainability and profit is contributing effectively to CEO of BAB assured that Bah- international currencies; the than half of the combined office, told Reuters noth- growth, Dr Waheed Al Qassim, achieve this objective, which rain’s financial ratios indicate pound sterling, euro, yen and company, if not buy Careem ing had been decided about chief executive of Bahrain Asso- will undoubtedly reflect posi- consistent positive financial Swiss franc due to dollar high outright, according to the Abe’s overseas travel plans. ciation of Banks (BAB), has said. tive credit ratings for Bahrain. health, where local liquidity exchange rate. This would in- Boomberg report. The decision not to vis- In an official statement, Dr Pointing out Moody’s and to expand in a stable manner crease Bahraini exports value Uber Technologies and it Iran was made in light Waheed Al Qassim said that the Fitch ratings, Dr Al Qassim said to keep inflation at low levels, and reduce imports value and Careem did not immediate- of Trump’s push to isolate Kingdom is continuously imple- that the tripartite Gulf support pointing to Bahraini dinar’s thus have a positive impact on ly respond to requests for Tehran. menting regulations to maintain will boost Bahrain economy improved value against major Bahrain trade balance. comment. BisB to provide mortgage finance TDT| Manama ahrain Islamic Bank (BisB) Bhas signed a memorandum of understanding with Bin Faqeeh Real Estate Investment Company to provide mortgage finance to villa buyers in Sidra residential project. Electricity and Water Affairs Minister Dr Abdulhussain Mirza with a delegation from the Regency Intercontinental Hotel, The signing ceremony was at- led by General Manager of InterContinental Hotels Group Bahrain Jan Ifcic, Director of the Regency Hotel Mohamed tended by Hassan Jarrar, Chief Sanad, and Director of Government Relations, Protocol and Contracting Ali Habil. The minister praised the efforts of the Executive Officer of BisB, along hotel in the tourism and hospitality sector and its keenness to provide the best services for tourists and visitors. with Faisal Faqeeh, Chairman of Bin Faqeeh Real Estate In- Hassan Jarrarand Faisal Faqeeh after signing the deal vestment Company, as well as a number of officials. Mohammed Qaid Al Zamzami, winner of As per the agreement, BisB “We are delighted to sign this project, located in Diyar Al Mu- the all-expenses paid trip to the 2018 FIFA will provide finance to villas agreement with Bin Faqeeh, harraq to cater to their residen- World Cup in Russia in a draw conducted buyers in the Sidra residential which comes as part of our ef- tial needs,” said Jarrar. as part of the VIVA Bahrain promotion. The project, under the bank’s mort- forts to continue to establish “This agreement comes in promo with Hisense offered a chance to gage financing scheme up to a strategic partnerships with line with Bin Faqeeh’s continu- enter a raffle draw on purchase of Hisense period of up to 25 years, with a leading companies in order to al efforts to further strengthen TV. The prize entailed a semi-final match 5 per cent reduction in the first expand our portfolio of services ties with leading banking insti- ticket along with BD1000 to cover hotel installment rate. and solutions for our custom- tutions, in order to contribute and accommodation expenses. The draw Non-Bahrainis will also be ers. The pact empowers our to the growth of the real estate was held in the presence of representatives eligible to apply under a differ- customers to purchase luxury sector in the Kingdom of Bah- from the Ministry of Industry and ent scheme. residential villas in the Sidra rain,” Faqeeh added. Commerce and Hisense Bahrain Baidu rolls out self-driving buses for tourist spots, airports duction line of a factory in the ing Beijing, Guangzhou, Shen- try’s new megacity Xiong’an. CEO Robin Li south-eastern city of Xiamen. zhen, and the country’s new Early next year, they are set to • “2018 marks the first year of megacity Xiong’an. enter Japan’s self-driving mar- watched the 100th commercialisation for auton- Early next year, they are set to ket as shuttle buses at nuclear vehicle roll off a omous driving. From the mass enter Japan’s self-driving mar- power stations or in Tokyo to production line of a production of Apolong, we can ket as shuttle buses at nuclear ferry around elderly people in factory in the south- truly see that autonomous driv- power stations or in Tokyo to local communities. The vehicles ing is making great strides - tak- ferry around elderly people in have the “fourth level” of auto- eastern city of Xiamen ing the industry from zero to local communities. mation as defined by the Soci- one,” said the CEO. The 14-seater Apolong, about ety of Automotive Engineers, AFP| Beijing The 14-seater Apolong, about one-third the size of a normal meaning they can operate within one-third the size of a normal bus, has no steering wheel, driv- an enclosed location without hina’s Internet giant Baidu bus, has no steering wheel, driv- er’s seat, accelerator or brake. human intervention. This is one Cannounced yesterday it had er’s seat, accelerator or brake. Co-produced by Baidu and short of the highest level, where begun mass producing the coun- Co-produced by Baidu and Chinese bus manufacturer King vehicles can operate anywhere try’s first autonomous mini-bus, Chinese bus manufacturer King Long, they will soon be pressed on the road. “I took a self-driv- as the firm prepares to roll them Long, they will soon be pressed into commercial use in tour- ing car to come to the developer out in tourist spots and airports. into commercial use in enclosed An Apolong self-driving mini bus is exhibited at the Consumer Electronics Show ist areas and airports in several conference last year, and ended CEO Robin Li watched the areas such as tourist areas and Asia in Shanghai on June 13, 2018.- AFP (File photo) cities including Beijing, Guang- up getting a ticket at (Beijing’s) 100th vehicle roll off a pro - airports in several cities includ- zhou, Shenzhen, and the coun- fifth ring road,” Li quipped. (Mustafa Akyol, a contrib- uting opinion writer and a.
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