Observer 25 Apr 2012 - Oman Daily Observer

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Nawras opens its 27th store in Sohar MUSCAT — Oman’s customer friendly communications provider, recently opened the doors of its 27th store in Safeer Mall Sohar, under the patronage of Shaikh Saeed bin Humaid al Harthy, Deputy Wali of Sohar, and in the presence of Shaikh Saeed bin Ghanim al Muqbali, Member of Al Shura Council and representative of Al Batinah Governorate. Nawras Chief Executive Ofcer, Ross Cormack, and Shaikh Abdul Rahman al Qasmi, a representative from the Oman Association for Consumer Protection also attended the event along with the Mall Manager, Vijay Manwani and senior members of the Nawras family. After a ribbon cutting ceremony followed by an overview of the company’s exciting product and service Ford F-150 wins yet another award MUSCAT — Once again, the Ford F-150 full-size pick-up truck is Cars.com's 'Work Truck of the Year'. As the best-selling model in the US for decades, the F-Series truly puts America to work. Due to the one-two punch of gas prices that are up and an economy that's down, pick-ups aren't as popular for personal use as they once were. However, they're still the truck of choice for tradesmen, farmers and anyone with a job to do or a trailer to tow. The F-150 comes in a staggering array of cab and bed sizes, with many engine and driveline choices, and in trim levels starting with a bare-bones work truck and climbing to a level of richness that rivals luxury sedans. If you need your work truck to do double duty, the F-150 has you covered. Choosing the lifestyle awards was a long and arduous process. First, the reviewers drove new cars each week, getting a true, lived-in feel for each car. They get to know its quirks and where it excels and falls short. They get to play with the features and options, and they nd out which small joys turn into genius discoveries, which small annoyances turn into disastrous choices. From these week-long drives and manufacturer driving events held, the expert reviewers choose Cars.com's Best Bets. The criteria for becoming a Best Bet include meeting minimum safety standards. Cars must have ratings of Acceptable or Higher in Insurance Institute for Highway Safety frontal-offset and side-impact crash tests. (The rear test is not included.) National Highway Trafc Safety Administration tests are consulted only for vehicle classes not tested by IIHS, mainly full-size SUVs. They should be known as a reliable car. For cars that are carryovers, they must have demonstrated over time that they are a reliable car (usually dened by groups and publications that track dependability such as Consumer Reports and J D Power and Associates), with no major design aws or debilitating mechanical problems. Reliability rating of average or higher is a prerequisite. For newly introduced models, the car's manufacturer must have a good track record, especially with introductions. Beyond those more quantiable issues, the reviewers also look at a car's comfort, amenities and features. Is the car up to date with the latest technology? Does it have the latest features that consumers are demanding? How does the car fare in terms of strong ride and handling. The reviewers check to see how well each car handles the road and what kind of driving experience it offers. They note how well the car hugs the road, how well it does in gas mileage (a big issue these days) and how much acceleration it provides. In Oman, Ford vehicles are marketed by Arabian Car Marketing Co LLC, a part of the renowned Saud Bahwan Group. They come with 6 years unlimited mileage protection, service and parts network that stretches across the Sultanate, over 98 per cent parts availability — and Ford Privilege Card — which provides 24 hours on-road assistance from AAA. Silky ride with Toyota Alphard THE Toyota Alphard is an ultra-luxury, multi-purpose vehicle that has a powerful presence — a bold front grill, shimmering head lights, 16-inch alloy wheels, sporty rear spoiler and classy retractable outer mirrors with turn signals. The Alphard has a plush cockpit, to make anyone easily feel pampered and powerful — like an airline pilot. A classically laid-out dashboard is studded with sophisticated features... all within easy reach. The power to cruise comes from either the 3.5-litre, 6-cylinder, 24-valve, DOHC, EFi, dual VVT- I engine with (6-speed A/T) or the 2.4litre, 4-cylinder, 16V, DOHC, EFi, VVT-i engine (4-speed A/T). Coupled with the wide-tread and long wheelbase, the Alphard creates an exceptionally silky ride. The opulent interior of the Alphard pays a huge compliment to elite lifestyle. A variety of lighting modes can be obtained by the high brightness LEDs with 4-step adjustable brightness on both sides of the ceiling, twin moon-roofs with shades, amongst others. The climate control system enables automatic controls with separate temperature setting for three zones — the driver seat, front passenger seats and the rear seats. Power sliding doors on both sides open easily to reveal numerous features designed to optimise comfort, promising all passengers a pleasant experience as they step into the spacious interior. While an 8-speaker audio system delivers sound of a very rich timbre and tone. Classy Alphard offers luxurious front passenger seat with power Ottoman and front power seats (8-way driver and 4-way passenger). The rear 1st row seats are manual captain seats with Ottoman mechanism (extendable leg rest) and footrests. offerings, the team showcased a collection of the latest mobile phones and tablets. On the occasion, Shaikh Saeed bin Humaid a Harthy congratulated Nawras and said, “Sohar is swiftly growing into an industrial hub in the Sultanate attracting further economic investment and development. The opening of the Nawras store is a testa- 10 OMAN WEDNESDAY, APRIL 25, 2012 ment to the company’s commitment to providing quality customer service for residents across the country.” Cormack commented, “As soon as I walked into the mall, I could see it was a gorgeous store. Safeer Mall attracts a great number of visitors and is considered to be one of the key commercial and tourist sites in the wilayat. Sohar represents an important geographical area for Nawras, and we will continue to build on our existing presence by ensuring that our customers in the region have easy access to our stores, services and most importantly to our Sales Champions who provide friendly, professional assistance.” He explained, “In the last year alone, we have built 73 base stations and a further 6,000 square kilometres of network coverage in addition to introducing new stores, products and services as part of our continued infrastructure improvements.” The Nawras Store in Safeer Mall Sohar is situated close to Mutrah entrance and is open according to the same timing as the mall. A self service machine is available in the store to provide fast and convenient payment of bills and recharge. BUSINESS ALERT The spirit of hospitality that permeates the Alphard is amply visible by the second row genuine leather executive power seats with slides of up to 448 mm! The seats also incorporate power-recline that is continuously adjustable up to 78 degrees. The Ottoman seats with footrest, large headrests, armrests and with cup holders, provide unique comfort. A woodgrain side table and various storage spaces add to its crest-of-luxury feel. Alphard is equipped with class-leading safety features that provide the best protection for both the driver and passengers. Several vehicle control functions are incorporated in the form of highly reliable advance systems including the EPS-VSC integrated control system, ABS with EBD, BA and TRC in order to offer occupants an excellent level of safety and peace of mind. This outstanding performer comes from Toyota — a household name in Oman and a part of people's lives. Bank Sohar with Sultan’s School Alumni FOR the third successive year, Bank Sohar sponsored The Sultan’s School Alumni Meet 2012, which was held at the Grand Hyatt Muscat. The Sultan’s School, which is one of the most premier educational institutions in the Sultanate, boasts of a distinguished network of alumni network. Riding on the successful 2011 auction, which involved the participation of some of the distinguished alumni, the Alumni Auction 2012 exhibited the ‘Value in the Network.’ Commenting on the support to the Alumni get-together, Mazin al Raisi, AGM — Head Marketing and Publicity — Bank Sohar said, “The Sultan’s School has immensely contributed to grooming students of excellence. Many graduate students from the school have gone on to occupy leadership roles in private and public sectors, including the banking eld. The alumni serve as a link between the students of various generations. Alumni members act as catalysts in the school’s growth and role models for the new set of students’’ Al Raisi said. ‘‘Bank Sohar is glad to support such community activities as it also gives us an opportunity to showcase our products and services for the benet of the society,’’ added Al Raisi. The gathering was treated to some excellent entertainment by a popular Jazz Band in addition to other attractions included a rafe draw for the audience with some excellent prizes sponsored by Bank Sohar. The prizes were represented by our Board Member Tahir bin Salim al Amri. Earth Day observed at Shell Oman ON the occasion of Earth Day 2012, Shell Oman employees took a pledge to be environmentally conscious as a part of their Corporate Social Responsibility (CSR), which would also help in building a green and clean environment. “Earth Day” was observed at Shell Oman head ofce with the launch of a paper recycling campaign and installation of water saving taps. Mohammed Ali al Farsi, General Manager, External Affairs and Business Development, Shell Oman said, “All over the world, April 22 is marked as Earth Day and each year environmentally conscious individuals and organisations around the world pledge to do their bit to save the planet. Shell Oman, on the occasion of 42nd anniversary of Earth day has contributed by installing water saving taps and launching a paper recycling campaign within the organisation.” All the individuals present at Shell Oman head ofce have also signed a pledge to safeguard the environment as a part of Earth Day 2012 campaign. “On Earth Day, Shell Oman has taken a pledge to save the earth and will stand united for a sustainable future,” added Al Farsi. More than one billion people around the globe have participated in Earth Day 2012 and have help mobilise the movement towards saving our Earth. Worldwide, people are unhappy with the slow approach towards protecting and preserving the environment. On Earth Day people from all nationalities and backgrounds have voice their appreciation for the planet and demanded its protection. TAC wins Mazda Global CRM Award TOWELL Auto Centre (TAC), the exclusive distributor of Mazda vehicles in Oman, has bagged the “Mazda Global CRM Award” once again making TAC is the only distributor in the world to have won this award thrice in 2008, 2009 and 2011. The award has been conferred to them by the Mazda Motor Corporation, Japan and has been won for their outstanding customer relationship management in the year 2011. The results of the award are based on all Mazda distributors’ achievements year on year on overall customer data accuracy, service reminder implementation, post sales and service follow-up process, Mazda Satisfaction Index survey and timing, overall sales and service satisfaction scores, vehicle repurchase ratio, service frequency and retention, recommendation and repurchase intention, timely submission of reports, and overall call centre activities such as vehicle anniversary greetings, prospect tracking, and lost customer activities. S Kasthurirengan, CEO, TAC, elucidates, “This award was possible yet again due to the continuous efforts of our committed and customer centric CRM team at TAC. BankMuscat to hold community gathering in Sohar on Friday MUSCAT — BankMuscat, the agship nancial institution in the Sultanate, is hosting a community gathering in North Batinah Governorate on Friday (April 27, 2012) as part of al Mazyona celebrations to promote Omani traditions. The rst-of-its-kind community gathering to be held in Sohar Corniche near Sohar Fort from 5 pm to 8 pm is open to all citizens and residents. The event marks a major step by the bank in building and strengthening relations with the communities in Oman. Thousands of citizens and residents are expected to join the celebrations along with the Bank’s senior executives from the headquarters and region A traditional Omani music band will perform at the event to enliven the al Mazyona experience, including the weekly prize draw. Saleh al Maaini (pictured), Regional Manager — North Batinah Governorate, said: “The unique event reecting the ‘We Can Do More’ vision of BankMuscat is a true expression of Omani traditions and hospitality. As the nation’s leading bank, BankMuscat is an integral part of the lives of citizens and residents spread across Oman. BankMuscat is proud to host this unique celebration and remains committed to serving the people and making a substantial difference to the nation in all realms of activities.” Al Maaini added: “Aimed at extending a hand of friendship and support, the get-together is a high point in BankMuscat’s calendar of events this year. Over the years, BankMuscat has succeeded in attracting the largest banking family in Oman, presently comprising over 1.3 million whose banking requirements are fully addressed at all levels.” Conveying a strong gesture of appreciation aimed at renewing the relationship and strengthening communication with the growing family of customers, the community gathering reects the Bank- Muscat culture wherein existing and prospective customers are recognised for their valuable relationship with the bank. The fastest growing family of customers reinforces the bank’s dominant position in offering innovative nancial products and services. We are extremely happy and proud to have received this award. We will continue to provide our customers with best in class vehicles, coupled with great customer service always.” He elaborates, “Over the years TAC has made an extensive effort to reach out to more and more customers across Oman by opening new branches, service centres, catering to customers’ needs through various CRM activities. This award is testimony to the recognition of TAC’s efforts to get ‘closer to our customers’, and we hope that more success will follow throughout the year.” Upon winning this award, Mazda CRM Manager, Ryle Lobo expressed, “The strong focus on customer service and regular communication with our valued Mazda customers has been an important contributor for winning this award. We strongly believe that keeping in constant touch with our esteemed customers will assist in sustaining a close relationship with them and eventually build a long-standing relationship” As a leading automobile conglomerate in the Sultanate, TAC understands the importance of providing commendable customer service to their customers. MINI Treasure Hunt returns to Muscat LAST week, MINI owners in Oman descended upon the streets of Muscat to participate in the second annual MINI treasure hunt hosted by MINI Club Oman. Starting at the Oman Dive Centre, participants set off in convoy to test their mettle in a series of city-wide MINI-inspired challenges. As residents and tourists looked on in interest, contestants put both their wits and the automotive prowess of their cars to the test to discover MINI treasures hidden around the city. Supported by Al Jenaibi International Automobiles, the exclusive MINI importer in Oman, the MINI treasure hunt was organised by MINI Club Oman, an exclusive members club dedicated to celebrating the integrative and dynamic MINI brand. Designed to bring MINI owners from across the Sultanate together for a day of fun, the event was also a chance for MINI acionados to see one of the latest members of the MINI family — the MINI Coupe. Speaking at the event, Pankaj Joshi, Marketing Manager of Al Jenaibi International Automobiles said, “This event was designed to inspire passion and creativity and bring MINI owners and fans together for some unusual fun. It was also an opportunity to meet up, share in the excitement of driving a MINI, and to enjoy an action-packed day in Muscat. The nal stop on the Treasure Hunt was the Sifawy Boutique Hotel — Jabal Sifah, where participants enjoyed a sumptuous barbeque and the chance to share stories from the day before driving their MINI cars back to Muscat via a scenic and moonlit trail. Second Cup’s new drinks for summer SECOND Cup Oman has introduced four ‘Irresistible’ drinks that have been delicately blended to offer a revitalising experience, as temperatures begin to soar. This is part of the coffee house’s ongoing commitment to delivering on the promise of providing customers with variety. From hot to cold beverages which feature rich avours of, the newly introduced options are part of Second Cup’s product development strategy. Describing the four new additions to the Second Cup extensive menu Jannat Moosa, Marketing Director at Bin Mirza International explained that the “The Mint Lemonade Chiller is expected to be hugely popular given its zesty taste and cooling affect. The Chocolate Chai Latte is available in both hot and cold variations and is made with the nest imported cocoas, lightly spiced with cardamom and cinnamon. Bringing the best of both worlds, the Coffee Toffee Latte combines velvety caramel with creamy mocha.” The newly introduced drinks will be available until mid-May of this year at Second Cup branches located in Qurum, Shatti Al Qurum, Bareeq Al Shatti and at the Omantel’s Headquarters in Mawaleh.
MHD holds event on BKT products MUSCAT — BKT, an Indian brand name with diverse business interests as represented by MHD in Oman conducted a product familiarisation event at the Crowne Plaza on Monday. Clients and other invitees from various walks of life attended the event. The brand BKT, known as a symbol of trust has been making consistent efforts in branding over the years which have resulted in creating a strong awareness of BKT. Today brand BKT has emerged as a symbol of trust, excellence and genuineness as shown in its prior tag line: Condence reinforced! “Growing together” is the new line, strengthening the new corporate identity at every stage. BKT is rmly committed to this aim being perceived where people and machines share a strong professional fellowship, resulting in the valuable choice of BKT tyres on the part of both new and loyal clientele. Regular participation in trade fairs brings BKT closer to its consumers and promotes awareness of the product innovations developed regularly by BKT. With the mother brand rmly entrenched in a position of strength, BKT is building 11 OMAN/INTERNATIONAL WEDNESDAY, APRIL 25, 2012 strong sub-brands to offer customised products to specic niche categories. BKT is a part of well diversied Indian industrial conglomerate, the “Siyaram-Poddar” Group with presence in textiles, garments, chemicals, paper and tyres with sales in excess of $800 million. Currently, BKT has three state of the art tyre manufacturing units located in North Samsung launches 2012 Smart TV line-up By A Staff Reporter MUSCAT — Samsung Gulf Electronics, a market leader in consumer electronics, launched yesterday the 2012 Samsung Smart TV line-up in Qatar. The new Smart TV lineup is set to redene the way in which consumers manage their home entertainment experience and interact with their TVs. This was announced yesterday at a press conference held at Barr Al Jissah Hotel. Vinod Nair, General Manager TV Business, Samsung Gulf Electronics, said: “Samsung’s latest Smart TV line-up stems from our vision to provide consumers with the most innovative products in home entertainment. Samsung is a pioneer in the Smart TV segment and this line-up continues to raise the bar in design, performance and picture quality in addition to a host of interactive features that offer viewers more content, a smarter interface, intuitive controls and more. This unbeatable portfolio of Samsung Smart TVs will provide an interactive, personalised experience beyond just web browsing and broadcast television.” He added that the new family of Smart TVs encompasses Samsung’s three guiding philosophies that equip consumers with the future of Smart TV technology including Smart Interaction is an intuitive platform based on Motion Control, Voice Control, and Face Recognition commands for the TV. Recognising 26 languages including Arabic, users can turn the TV on or off, activate selected apps or search for content in the web browser simply by speaking and with a wave of hand consumers can turn the volume and channel up or down browse and choose a link or content via the web browser. It also including Smart Content includes the expansion of more robust and personalised content through Smart TV apps, Family Story, Fitness and Kids. It also including Smart Evolution is dened by Samsung’s new Evolution Kit. Each year, the Smart TV range will be upgradable every year through the Smart Evolution Kit. The new Samsung Smart TVs are also equipped with exclusive services that truly push the boundaries of technology innovation in home entertainment. These include: Family Story is a cloud based offering that enables users to share content such as, photos, messages, reminders on a virtual bulletin board. Family story is accessible through various Samsung devices including TV’s, mobile phones, tablets and even PC’s. It also including Fitness: This feature gives consumers a convenient way to stay healthy. The TV’s built-in camera splits the TV into two screens to create a virtual mirror to let users monitor their exercise routine.Users can also connect their Samsung TV to a Samsung smartphone via a VINOD Nair, General Manager mobile Fitness app, or connect to a WiFi-enabled scale to manage their weight goals. and Western Provinces of India. A fourth tyre manufacturing plant is coming up in western India, very near to the seaport. All plants put together, produce a vast range of 1900+ SKUS (Stock Keeping Units), thus making BKT as one of the most coveted brand, offering one-stop-shop to the distributing channel as well as the discerning end-users. A testimony to BKT’s consistency in offering highquality specialty tyres is amply demonstrated by the fact that 95 per cent of its products are consumed by the demanding overseas markets, of which over 50 per cent is sold in technologically advanced Europe. Other major markets for BKT are North America and the Middle East, followed by South America, Africa, Australia and Asia. With its total dedication to the speciality tyre segment, BKT has also emerged globally as the preferred supplier to major OEM’s in construction, agricultural and industrial tyre segments. Today, BKT has presence in more than 120 countries across the globe and has the privilege of being the largest tyre exporter out of India. MUSCAT — The all new fourth generation CR-V was debuted by Oman Marketing and Services Company (OMASCO) in Muscat the other day. Set to go on sale from April 18, the new CR-V will be available for customers in the Sultanate of Oman in 3 different grades – LX, EX and EX-Leather. Globally, the CR-V has been recognised as a pioneer of compact SUV. Since its rst launch in 1996, over 5 million CR-V’s have been sold today which amply proves its global appeal in terms of design, quality, renement and popularity. Building on this solid reputation, the all new CR-V now enters into its 4th generation with enhanced exterior aesthetics, car like interior comfort, innovative features and a smoother and quieter ride; and is designed to offer urban sophistication and exceed customer expectation of a 5-seater compact SUV. The previous generation CR-V’s rened styling, size and proportions contributed a lot to its success since its launch in 2006. Compared to the previous- TEL: 24601003, 24600586 • FAX: 24600736 • WEBSITE: www.salalahport.com BankMuscat hosts IOSH ME conference today MUSCAT — BankMuscat, the agship nancial institution in the Sultanate, is hosting the Middle East conference of the Institution of Occupational Safety and Health (IOSH) today at the bank’s head ofce. Heads of companies and organisations dedicated to improving health and safety across the workplaces will gather for the Middle East’s biggest event in the eld, aimed at improving protection for workers. The IOSH Middle East, in its three-year history, is hosting the annual event for the rst time in Oman. Subash Ludhra, President of IOSH, said: “It is tting that we are hosting our conference in Oman this year, as the growth of business and commerce here means that it has never been more important to protect the lives and livelihoods of people across this region. We are thankful to BankMuscat for hosting this event and we hope this will build on the good relationship we already have with the premier bank in Oman.” Salim al Kaabi, DGM — HR, BankMuscat, said: “As ambassadors for health and generation CR-V, the 2012 model takes on a more aggressive and aerodynamic stance with deeper sculpting of the bodylines and a bolder front fascia. The front bumper's smooth-owing lines are highlighted by a horizontal three-bar grille and deeply set multi-reector headlights. The lower front bumper wraps smartly upward to convey SUV capability with a generous approach angle, while the lower front bumper design with fog lights (only for EX and EX-Leather grades) now integrates more smoothly with safety in the banking community in Oman, we are proud to host the IOSH Middle East conference. BankMuscat is committed to providing the ultimate reward of an accident-free workforce by developing safety management systems that ensure the health and safety of staff, customers and members of the general public. Our aim is to protect people by introducing management systems and best practices exceeding legal compliance to ensure workplace risks are dealt with sensibly and responsibly. BankMuscat is reckoned among the best places to work in the Middle East region and the bank remains committed to ensuring the health and safety of staff, customers and members of the general public.” IOSH Oman provides a local hub for health and safety professionals to share experiences and best practices. Last year, it supported BankMuscat’s new health and safety initiative for the banking community, spearheading better protection for workers and nancial benets that good the fascia for improved aerodynamics. The CR-V's signature vertical rear brake lights have a more three-dimensional style that further compliments the design and aerodynamics of the vehicle. The CR-V's large alloy wheels (17” for LX grade and 18” for EX and EX- Leather grade) and bold fender ares emphasise the vehicle's dynamic presence and capability. Adding to the sleekness of exterior styling is the Shark n antenna. The Honda CR-V offers a modest increase in passenger and cargo volume. It also health and safety can bring. Peter McNair, Chairman of IOSH Oman, said: “This is an exciting time for Oman as its stature in the world of business and commerce continues to strengthen. It is now more important than ever to focus efforts on protecting people from injury and ill-health at work and IOSH Oman’s strong presence here means it is appropriate that we host our agship conference in Muscat. The event will address the wide range of skills health and safety professionals need as part of their daily tool kit. We want to see fewer incidents of injury and ill-health across workplaces, and in pulling together key Omani organisations for this event, we are creating a hub where good practice, skills and techniques can be shared.” The conference features speakers from organisations who have set high standards in health and safety. The Annual General Meeting of IOSH Middle East also coincides with the conference to elect the chairman and set priorities for the year. All-new 2012 CR-V comes to Oman MUSCAT — Ahli United Bank (AUB) reported a net prot attributable to its equity shareholders of $82.4 million for the quarter ended March 31, 2012, a 6.6 per cent increase over the same period in 2011. The earnings per share were 1.6 cents, compared to 1.5 cents achieved in Q1/2011. The result also represents a 17.2 per cent improvement over the Q/4-2011 trailing quarter reported prot of $70.3 million. The key driver to these results was the increase in the operating income of the bank from $ 191.2 million to $210.5 million (+ 10.1 per cent), underpinned by the rise in net interest income by 10.3 per cent to $150.8 million and a 8.8 per cent increase in fee income driven by growth in core banking transactions. With incremental revenues and continuing prudent cost management, the cost income ratio further improved to 30.1 per cent. Given the uncertain prevailing economic environment, AUB continued its prudent provisioning policy resulting in the overall provision charge for Q1/2012 increasing to $46.1 million compared to $35.9 million in Q1/2011. The group’s asset quality improved with the non-performing loan ratio dropping to 2.3 per cent as at March 31, 2012 (December 31, 2011: 2.5 per cent). The overall provision coverage ratio (including collective impairment provisions) increased to 144 per cent as compared to 135 per cent as of December 31, 2011. Total customers’ deposits increased by $0.8 billion (+4.5 per cent) over December 31, 2011 to $18.1 billion as at March 31, 2012 while inter bank borrowings, including those under re-purchase agreements, increased by $0.9 billion (+15.8 per cent) over December 31, 2011 lev- offers a more car-like driving position compared to the previous generation CR-V. Inside the CR-V, every tactile surface viz., interior door handles, steering wheel, etc are designed to be pleasing to the touch — and easy to operate. Fabric upholstery is standard in the LX grade, while the EX has upgraded fabric with a suede-like feel. The EX- Leather grade has standard leather upholstery. All put together, the CR-V offers a smart package which blends form and function like no other vehicle in the class. AUB posts 6.6pc rise in prot HONG KONG — Hong Kong shares gained in choppy trade yesterday, bouncing off the day's lows helped by major Chinese banks after the Shanghai-listed Bank of Beijing's quarterly earnings came in better than expected. Banks also helped the mainland Chinese markets end at after a topsy turvy session. The Shanghai Composite Index traded between 1.1 per cent up and 1.6 per cent down during the session. The Hang Seng Index rose 0.3 per cent, while the China Enterprises Index of the top Chinese listings in Hong Kong gained 0.1 per cent. Bourse turnover climbed for the rst time in four sessions, but remained 6 per cent below average. Bank of Beijing gained 3.7 per cent after it reported late on Monday a 34 per cent increase els. Loans portfolio growth was contained at 2.9 per cent to $15.9 billion at March 31, 2012. Deployment of funds in high quality debt securities resulted in non-trading investments portfolio growing by 7.5 per cent to $4.7 billion compared to $4.4 billion as at December 31, 2011. The group’s total assets rose to $30.2 billion . The group’s return on average equity for Q1/2012 stood at 12.8 per cent, compared to 12.9 per cent achieved in the rst quarter of 2011. Return on average assets was maintained at 1.3 per cent for Q1/2012. “AUB’s performance in Q1/2012 was satisfactory. We are focusing our attention on improving operating and net income through strategic business developments and by the re-deployment of our capital resources to a number of group banks enjoying good growth opportunities.” said Fahad al Rajaan, Chairman, AUB. HK shares gain, China at in net prot for the last quarter, a number that dealers said was higher than expected. UBS analysts initiated coverage on the stock yesterday with a "buy" rating, citing the high quality of its loans as they were mostly extended to province and city governments. Land banking and property project loans were also granted before 2009, the brokerage said. Bank of Beijing's strength spurred strength in much of the Chinese banking sector in both Hong Kong and mainland markets. China Minsheng Bank rose 1.5 per cent in both Hong Kong and Shanghai. Agricultural Bank of China Ltd, due to post quarterly earnings tomorrow and the rst among the "Big Four" Chinese banks to do so, gained 0.3 per cent in Hong Kong and 1.1 per cent in Shanghai. — Reuters
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Observer 25 Apr 2012 - Oman Daily Observer

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