Pharmacies' profits set to be capped - Gulf Daily News

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Re BIBF_GDN_40x35mm_C Ad_Thu'Day.pdf 1 5/23/12 12:38 PM 22 Gulf Daily News Thursday, 14th March 2013 Major energy forum ends on high note MANAMA: The 18th edition of the Society of Petroleum Engineers Middle East Oil & Gas Show and Conference (MEOS 2013) concluded at the Bahrain International Exhibition and Convention Centre yesterday after four action-packed days that saw participation from 2,400 industry professionals and more than 7,000 visitors. Finance Minister and Minister in Charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa said over the years MEOS has evolved into the largest and best attended technical event of its kind in the region. Thanking His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa for his continued patronage and Deputy Prime Minister Shaikh Ali bin Khalifa Al Khalifa for inaugurating the exhibition this year, the minister stressed that the success of the conference in Bahrain was reflected directly in the development and modernisation of the oil and gas sector and the higher efficiency of the employees working in the industry. The minister praised the educational events that accompanied the conference including a special session yesterday, which was attended by more than 250 high school QPElastic NorthStarAd_26413.indd 1 2/7/13 3:54 PM students from both public and private schools in Bahrain. There was a practical workshop for science teachers. More than 200 technical and poster presentations designed to share the knowledge and experience of managing, operating and supplying companies the three days of the conference were very well received. Topics ranged from exploration and appraisal; drilling and completions; reservoir engineering; production and facilities; and health, safety, security and environment. MEOS 2013 also offered five panel sessions led by presidents, vice-presidents, chief executives, deputy managing directors, and chairmen of key players in the industry such as Baker Hughes, Bapco, ExxonMobil, Halliburton, Petroleum Development Oman, Saudi Aramco, Schlumberger, Shell, Total and Weatherford In association with www.tradearabia.com n Shaikh Ali tours the expo along with Shaikh Ahmed, Minister of State for Electricity and Water Affairs Dr Abdulhussain Mirza and other officials amongst others. Discussion topics included the gas challenge; talent development and knowledge sharing; technologies required to unlock unconventional resources; greener petroleum; and developing local content. The exhibition of oil and gas products and services spanned 14,800 square metres of space and showcased 300 exhibiting companies from 30 countries. The event organiser, Arabian Exhibition Management chief executive Stephen Key told the GDN that participant and visitor numbers were up and the event seemed bigger and better than earlier editions. “By providing high quality presentations focussed on Middle East issues, we ensure that the quality of delegates is exceptional and unique,” he said. ION Geophysical’s adviser for strategic initiatives Paul Brettwood said they would definitely be back for the next edition. According to him, MEOS traditionally used to be a downstream event with Middle East Geosciences Exhibition and Conference (GEO) being the upstream event having more relevance for them. However, it had of late moved closer to GEO with some sort of convergence underway. China National Petroleum Corporation marketing coordinator Yongqin Ma said MEOS continued to be a convenient place to meet and explore business prospects. Concurring with Ms Ma, Veolia Water marketing manager Lynda Amari the event was a success in both qualitative and quantitative terms. ZTE technology reviewed MANAMA: Minister of State for Communications Shaikh Fawaz bin Mohammed Al Khalifa yesterday received a high-level delegation from ZTE Corporation, one of the top telecom and ICT vendors in the world. The minister reviewed the latest IT, mobile and broadband technologies and services provided by the Chinese company. Discussions also focused on 4G development, enhancing LTE standards and other initiatives led by the ministry. n Shaikh Fawaz with the ZTE delegation n Energy role hailed MANAMA: Minister of State for Electricity and Water Affairs Dr Abdulhussain Mirza received former CNBC reporter and media company head Athna Treanor, who was in Bahrain to attend the Middle East Oil and Gas Show and Conference. He praised Ms Treanor’s positive efforts to promote development in the energy sector. n Spain trade boost MANAMA: Bahrain Chamber of Commerce and Industry acting chief executive Nabil Abdurrahman Al Mahmoud yesterday received at Bait Al Tijjar Riyadh-based Spanish adviser for trade and economic relations Juan Bordaille and discussed cooperation. n Islamic banking assets rise MANAMA: Assets of Islamic banks in Bahrain have increased 13 per cent at the end of last year – up from 4pc in 2003, said Islamic Banks and Financial Institutions general council secretary general Dr Omar Al Hafiz. The figures were released by the Central Bank of Bahrain.
Gulf Daily News Thursday, 14th March 2013 23 In association with www.tradearabia.com n Industry and Commerce Minister Dr Hassan Fakhro yesterday stressed the importance of co-ordination and follow-up for joint projects with Russia. This came during a meeting with Russian Direct Investment Fund adviser Victor Lysechko, Aksenenok Alexander and Babloyan Kamo from Vneshconom Bank and members of the Bahrain-Russian Joint Businessmen Council. Russian Ambassador Victor Smirnov and Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro were present. The minister stressed the government’s keenness to utilise the scientific expertise of other countries to boost Bahrain’s economic growth. Inflation to remain under 1.5pc says CBB Governor By Arthur MAcdonAld MANAMA: Inflation in Bahrain is set to remain under 1.5 per cent this year, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj predicted yesterday. He was speaking on the sidelines of a meeting of GCC central bank governors at the Ritz-Carlton Bahrain, Hotel and Spa, which he is chairing. He said he expected economic growth which reached 3.9pc last year to be around 4pc for this year. “Inflation in Bahrain has always been moderate and is only really driven by external prices and in particular food prices as the kingdom has to import most of its food. “Inflation is always a concern for central banks but at present we see no reason to believe it will be more than 1pc to 1.5pc this year.” He said that at present the banking sector was looking more healthy. “Bank earnings were largely up last year and I would expect that will continue when the financial institutions report first quarter results. There are no major concerns in the sector.” He added that there were no plans to change the dinar’s peg to the US dollar. “Our current exchange rate policy has served us well and we have no intention of doing anything else,” he said. He said the GCC cental banks had identified key systemic banks and will engage with them to safeguard ownership, complexity and competitiveness. Commenting on the need for con- n Central bank governors at the meeting solidation in the financial industry in the region to create scale, he said: “We are aware of some early discussions about further consolidation in the banking industry. At this time there is no lack of liquidity in the banking system to meet the Basle III challenge. “We need to be more careful with Islamic banks as the number of sukuk issues is not yet as abundant as required but this is a work in progress,” he said. “As far as we are concerned, we are promoters of Islamic finance and have worked with many countries to develop this industry in both Europe and the UK and it is good to see they have a commitment to get on board. “We want to see Islamic finance to become part of the global financial architecture.” n Steelmark Mideast has received the ISO 9001:2008 certification from GIC, a UK-based certifying body. The company engaged Mars Consultants to train staff in implementing systems in line with the standard. Above, at the certificate handover ceremony are, Mars Consultants chief executive M Sreenivasan, Steelmark managing director Vinod Das, fourth from left, and other staff of the company. Major honour for Al Baraka vice-president MANAMA: Al Baraka Banking Group vice-president Ali Adnan Ibrahim has been named as one of the World Economic Forum’s 200 Young Global Leaders (YGL) Class of 2013. Drawn from a pool of several thousand candidates, the 2013 YGLs were chosen by a committee, chaired by Queen Rania of Jordan. The selection was based on the proven track record of the individ- ual, his or her leadershipexpe- n Mr Ibrahim rience, ability to overcome diversity and commitment to society. Becoming part of the YGL community is described by its members as being a transformational experience. YGLs join as individuals, who are successful in their own field of expertise, but become part of a broader collective community that works to tackle a range of world issues “The Forum of Young Global Leaders provides a unique opportunity to engage the younger generation into the management of global affairs, working together and being integrated into the larger forum community,” said World Economic Forum founder and executive chairman Klaus Schwab. UAE discount window plan on right track MANAMA: The UAE central bank said yesterday that preparations to introduce a discount window were proceeding. Last September, the bank announced it would develop its monetary policy framework by launching a discount window to enable banks to borrow intra-day and overnight funds. Central bank governor Sultan Nasser Al Suweidi said, “It takes time of course to make studies and put systems. We are on track.” Asked whether the window might open this year, he said, “I cannot give you any date. It is not only regulations, it is computer systems. So you have to develop the right computer systems...that take different currencies into consideration.” In January last year, the UAE signed a three-year currency swap agreement with China worth 20 billion dirhams ($5.5 bn) to boost two-way trade and investment.
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