R&M’s Enterprise Cabling Connects HC Securities Headquarters

Released on - Monday,19 July , 2010 -15:41 00

Reichle & De-Massari (R&M, www.rdm.com), the Swiss structured cabling specialist continues its successful series of project installations with a complete end to end enterprise cabling solution for HC Securities headquarters, the leading financial institution in the Middle East and North Africa.

HC Securities had chosen R&M’s high performance range of enterprise cabling to connect its entire network infrastructure for its office headquarters located in Cairo, Egypt. The project was completed by R&M’s long time implementation partner, Channel Computer Services, a well known Egyptian systems integrator and certified R&M installer.

HC Securities’ range of financial services include investment banking, asset management, securities brokerage, research and custody and requires a secure high performance network with no downtime to handle its trade and transactions procedures and data transmission efficiently.

R&M connected HC Securities entire office headquarters with more than 1,000 points utilizing its innovative Real10 Solution. Both the Real10 Solution and OM3 fiber cables have been developed according to the newest 10Gbit standards and allows for high speed data transmission over a distance up to a max of 300 meters.

Commenting on the announcement, Mr. Ahmed Ezz, IT Manager, HC Securities said, “Given our stringent requirements for a robust secure network with no downtime, R&M’s broad range of high performance enterprise cabling renowned for its zero defect components and future proof design has proven to be the optimal solution for us.”

Alfred Tharwat, Area Manager, Africa, noted “R&M is delighted to have connected HC Securities Headquarters with R&M’s latest range of enterprise cabling, comprising the innovative Real 10 Solution. Our forward looking and modular designs optimize network performance and deliver on the requirements in a finance sector environment where mission critical stability and security is imperative.”

The Swiss structured cabling specialist’s innovative product portfolio is designed for flexibility and ease of customization, and provides an ideal solution for a range of industry verticals such as finance, healthcare, industrial, data centers, and transportation. To meet growing network security requirements, R&M also offers a 3 level security system for its fiber and copper connectors. All components are Swiss engineered, compliant to next generation network transmission speeds.

“R&M’s product portfolio enables us the ability to customize installations easily versus other product ranges. Its Swiss quality and zero defect components due to its 100 percent testing methodology have also resulted in smooth installations and problem free networks post implementation,” concluded Mr. Antoine Nakhla, General Manager, Channel Computer Services.

Facts & Figures

Reichle & De-Massari AG (R&M) develops and produces cabling solutions for communications networks. R&M has earned a reputation as a quality leader with its excellent copper and fiber optical products. The company has its own marketing organizations in over 30 countries. It generates 78 percent of its sales abroad; EBIT was 7 percent. The company invests more than USD 9 million in research and development every year. R&M is one of the largest companies in Switzerland and currently has more than 600 employees. The company is wholly owned by the Swiss Reichle family and is now being run by the second generation as an independent family-owned company. For more information please visit: www.rdm.com

LINK Development Awarded Double International Recognition

Released on - Sunday,18 July , 2010 -10:44 00

Wins “Microsoft Country Partner of the Year” Award for Egypt and is Named to Microsoft Dynamics President's Club

LINK Development announced today that it has received two international accolades. The company won the 2010 Microsoft Country Partner of the Year Award for Egypt and for the fourth consecutive year, it was re-admitted into Microsoft Dynamics President’s Club 2010/2011.

The Microsoft Country Partner Awards, which were recently announced, recognize Microsoft partners that have developed and delivered exceptional Microsoft-based solutions over the last year. LINK Development was chosen out of Egypt’s top Microsoft partners and was honored at the Microsoft Worldwide Partner Conference which took place in Washington, D.C. on July 11, 2010.

Microsoft Awards were revealed in a number of categories, with winners chosen from a pool of almost 3,000 entrants worldwide. Through the Microsoft Country Partner of the Year Award, LINK Development was recognized as Microsoft foremost partner in Egypt for its superior technology, innovation, and subsidiary engagement.

The Microsoft Country Partner of the Year Award celebrates partners at the country level that have demonstrated business excellence in delivering Microsoft solutions to mutual customers over the past year. This award honors LINK Development for demonstrating effective engagement with its local Microsoft office in driving customer satisfaction, delivering innovation, winning new customers, and creating business impact.

Commenting on the award, Hanan Abdel Meguid, CEO of LINK Development, said, “We are honored and excited to be enthroned as Egypt’s top software development powerhouse in the first year that Microsoft introduces its Country Partner of the Year Award. This international recognition further demonstrates our distinguished industry-leading approach for delivering creative customer solutions using Microsoft technologies.”

Additionally, LINK Development’s outstanding customer commitment and sales achievement has maintained the company’s membership in the Microsoft Dynamics President's Club for the fourth year in a row. This elite club recognizes the top five percent of Microsoft Business Solutions partners worldwide. Membership is granted based on their constant dedication to achieving high levels of customer satisfaction, active pursuit of product and technological advancement, and impressive sales performance.

Abdel Meguid adds, "We are where we are today because of our deep understanding of ours customers needs and our high level of product expertise. By extending Microsoft Dynamics platform to our customers, they were able to grow their business and achieve new levels of success."

LINK Development was one of the first IT solutions and services providers to affiliate itself with Microsoft’s partner program since its debut 10 years ago. Since then, the company has been working closely with Microsoft to offer professional services and develop solutions for its growing clientele of government entities, leading local companies as well as large multinationals in the Middle East and Europe.

The recent accolade tops LINK Development’s long and impressive list of awards received from Microsoft. Last year, LINK Development was the only company from the region to receive three recognitions; Microsoft Dynamics ISV Partner of the Year Award for the Middle East and Africa (MEA), one of three worldwide finalists for Microsoft Dynamics Public Sector Partner of the Year- MEA and the readmission to the Microsoft Dynamics President's Club for 2009 / 2010.

“We are pleased to recognize LINK Development as Microsoft’s Egypt Country Partner of the Year,” said Allison Watson, Corporate Vice President, Worldwide Partner Group, Microsoft Corp. “LINK Development has demonstrated the highest level of excellence and innovation, by combining local market expertise with superior solutions and services that fulfill our customers’ needs.”

About LINK Development

LINK Development, an Orascom Telecom Holding company, is a leading software development powerhouse in the Middle East.

The company is a well established Egyptian development house with more than ten years of experience in the region. Through its offices in Egypt, the UAE, Saudi Arabia, Qatar and Italy, LINK Development has gained a well-founded understanding of the market and acquired a repertoire of clients including governments, multinationals and leading local companies operating on local, regional and international levels.

Its clients include Fortune 500 companies in the region such as Microsoft, Intel and Pfizer in addition to having successfully implemented cutting-edge solutions for leading regional and multinational businesses and governments such as the Egyptian

e-Government, Saudi Post, Dubai Bank, WIND Italy, EGYPTAIR, PEPSICO, Dubai Land Department and many more.

With a 400+-strong force of young employees, the company is one of the largest development houses in the region. Being a Microsoft Gold Certified Partner in six competency areas, the highest level of partner certification from Microsoft, LINK Development boasts best of breed team of .NET developers, designers, architects, project managers and quality engineers.

With the company’s long experience and its young and agile Microsoft certified professionals, its software development process has matured over the years and is improving to reflect its experience and impressive track record. Year on year, it continues to attain higher customer satisfaction levels. LINK Development is currently both ISO 9001:2000 certified and CMMI level 3 accredited.

LINK Development prides itself for receiving a number of worldwide and regional awards and recognitions from Microsoft as well as from leading government agencies, non-government organizations and independent industry players.

World Bank to lend 800 million dollars to Mexico

Released on - Thursday,22 July , 2010 -03:46 56

The World Bank will lend 800 million dollars to Mexico to help transform public transport to reduce emissions, and other programs, the bank's President Robert Zoellick said.

The loans include 450 million dollars for social, water and infrastructure programs, said Mexican Treasury Secretary Ernesto Cordero during a joint news conference in Mexico City on Wednesday.

Another 350 dollars, including 200 million from the Clean Technology Fund, a climate investment fund, would support the modernization of public transport across Mexico to reduce emissions and expand services, Cordero said.

Zoellick pointed to Mexico City's widely-lauded Metrobus system of rapid buses on dedicated lanes as an example of efforts already being made toward improving the environment here.

"I think that climate change is too important to wait for one formal accord," Zoellick said, ahead of the December UN climate summit in Cancun, which follows last year's Copenhagen meeting seen by many as a failure.

"I prefer to look at this (climate change) as an area where we need to try to make progress where we can, when we can."

Zoellick, who earlier this week took part in a Central American summit in El Salvador, also praised economic recovery in Mexico, where growth is predicted to rebound to 4.5 percent this year, after the economy shrunk 6.6 percent in 2009.

He repeated his message from Central America about the importance of involving the private sector in efforts to boost growth.

"If you reduce the costs of doing business, if you make it easier to start a business, if you make it easier for people to get credit, you can also create the basis for growth," Zoellick said.

The World Bank chief was due to meet with university students in Mexico City on Thursday.

Saudi SABIC hits two-week low as investors react to weak earnings

Released on - Tuesday,20 July , 2010 -16:18 36

Dubai – Saudi Basic Industries Corp (SABIC) tumbled to a two-week low as investors belatedly reacted to the petrochemical producer's disappointing earnings, while a fresh downturn on global markets also hurt local sentiment.

SABIC fell 3.4 percent to its lowest finish since July 7. Late Sunday, the firm reported a quarterly profit below consensus forecasts and a slowing global economic recovery is seen as likely weighing on demand for its products, analysts said.

"Investors gave a delayed reaction to SABIC's results - we expected it to fall yesterday and when it ended flat we almost gave up trying to predict the market," said a Riyadh-based analyst who asked not be identified.

"SABIC's numbers weren't a disaster, but it's all about what to expect in the third and fourth quarters and I think with European markets falling today, people woke up to that."

Rabigh Refining and Petrochemical Co fell 2.4 percent and Yanbu National Petrochemical Co's (Yansab) lost 2.7 percent.

Saudi Arabia's index fell 1 percent to 6,069 points.

Worries about the US economic recovery and bank exposure to risky debt combined with disappointing earnings on Tuesday to snuff out a world short stock rally and reverse gains in the euro.

Aabar Investments extended gains after the firm confirms it will pay minority investors an improved price to buy back shares, boosting Abu Dhabi's index, although Aldar Properties slumped to a 16-month low.

Aabar climbed 9.9 percent to AED1.89, nearing the AED1.95 price it says it will pay minority investors, markedly below its book value. Abu Dhabi stocks can move a maximum 10 percent up or down.

Aldar fell 3.4 percent to its lowest close since March 23, 2009, with market talk its latest drop was sparked by a bank closing portfolio holders' margin positions, while the outlook for the developer is uncertain.

"We don't forecast Aldar handing over much property in Q2 and the costs and interest expenses of carrying so much debt is dropping the bottom line into negative territory," said Chet Riley, Nomura property analyst.

"Aldar has increased the leverage on its balance sheet in recent quarters, not deleveraged."

Nomura expects Aldar will make a loss of AED130m in the second quarter.

Abu Dhabi's index rose 0.4 percent to 2,543 points, its third straight gain.

Property-related stocks slid, dragging Dubai's benchmark 0.6 percent lower to 1,510 points, its second decline in three days.

Emaar Properties fell 0.9 percent, builder Arabtec dropped 1.1 percent and Deyaar lost 1.3 percent.

"UAE property stocks have been sold off and are starting to look attractive, but the problem is that there's no earnings predictability - it's a black box because project handovers are usually delayed, we don't know the default rate or the selling or construction prices," added Riley.

Some banks made minor gains to help Qatar's index end higher for a second day, although trade is slight with most investors expected to stay away until after Ramadan.

Qatar Islamic Bank climbed 0.6 percent, trimming its losses to 3.6 percent since it reported a declining second-quarter profit, while Commercial Bank of Qatar added 0.9 percent.

"Volumes are really low and banks results were mixed - nothing too inspiring, but nothing too disastrous either," said a Qatar analyst who spoke on condition of anonymity.

He said bank and financial sector earnings per share fell 9 percent year-on-year in the second-quarter, but rose 11 percent quarter-on-quarter, adding he places more importance on the latter figure.

"Most banks had provisions in Q2, which would explain the year-on-year EPS fall. Quarter-on-quarter there was a pick up in loans, mostly driven by Islamic or government-relating borrowing," he said.

Banks' performance for the rest of 2010 will largely depend on provisions. These should fall but the outlook remains uncertain, the analyst said, pushing investors to stay out of bank stocks for the time being.

The index rose 0.2 percent to 6,935 points.

Kuwait's Global Investment House rose 9.8 percent to a four-week high after saying it had won a Dubai court case against a UAE bank.

Kuwait volumes are concentrated on small cap stocks, indicating the presence of day traders who tend to speculate in these names in the hope of turning a quick profit.

Most bluechips rose. National Bank of Kuwait and Kuwait Finance House gained 1.7 and 2 percent respectively.

Kuwait's benchmark slipped 0.1 percent to 6,494 points.

Agility was the main drag, falling 6.2 percent, with the stock remaining volatile as investors await a conclusion to its US fraud case. Agility is up 38 percent since July 4's six-year low.

Oman's index slipped 0.05 percent to 6,223 points.

Bahrain's benchmark ends 0.23 percent higher at 1,404 points.

Source: Arabian Business

ECB warns some eurozone jobs gone for good

Released on - Thursday,15 July , 2010 -22:23 28

The European Central Bank warned Thursday that some job losses caused by the economic crisis could be permanent and urged eurozone countries to speed up labour market reforms.

After employment fell by 2.6 percent between mid-2008 and late 2009, certain industrial sectors "may now need to be permanently downsized," the ECB said in its monthly bulletin for July.

The global crisis effectively reversed two years of job growth, the central bank added.

The sectors hit hardest were industry and construction, and after initially benefitting from real-estate booms, Ireland and Spain in particular then "suffered disproportionately large falls in employment," the report said.

It forecast that job losses could become entrenched, and that significant restructuring "will inevitably bring about permanent reductions in employment in these sectors."

German labour market economist Fabien Lindner from the Hans Boeckler Foundation predicted that Spain's construction sector would rebound owing to demographic growth however.

He also called for more fiscal stimulus, the opposite of what ECB officials now expect from eurozone member governments, saying public investment would raise overall growth and create jobs.

"We cannot wait for the next big crisis to happen to have some public infrastructure investment," Lindner told AFP, pointing to "huge problems at the moment" in Germany's education system and transport sector.

The eurozone unemployment rate rose from a March 2008 low of 7.8 percent to 10 percent by the end of May 2010, with the loss of around 3.9 million jobs.

"Without sectoral reallocation and greater wage flexibility, the euro area may take many years to generate sufficient employment growth to absorb those workers currently displaced," the ECB said.

Lindner, whose group is close to German unions, said: "If we had much higher overall GDP (gross domestic product) growth it would be much easier to transfer those people from construction and manufacturing sectors into other sectors."

Youth unemployment has been hit particularly hard, almost doubling to 20 percent for the 16-nation eurozone and reaching peaks of 40 percent in Spain, 35 percent in Slovakia and nearly 30 percent in Ireland and Italy.

Government reforms should now aim to restructure their economies, provide training for the unemployed and "improve the efficiency of job searching," the ECB report said.

"Employment growth will also depend on a restoration of competitiveness -- at firm, sectoral and national level," it concluded.

Boeing expects to deliver 460-470 planes this year: newspaper

Released on - Saturday,17 July , 2010 -21:23 44

US aerospace giant Boeing expects to deliver between 460 and 470 planes this year, a German newspaper cited chief executive officer Jim McNerney saying in an interview to appear Sunday.

The figure in the Die Welt am Sonntag newspaper, which quoted McNerney indirectly, is slightly more optimistic than the 460 to 465 deliveries Boeing announced in April when it presented its first quarter results.

The paper said that since the beginning of this year, Boeing had delivered 222 planes and taken orders for 177.

Asian and Middle Eastern companies put in most of the orders but McNerney said that "in the United States also airlines are recovering and we are seeing new orders," the paper said.

Philips report big profit on consumer electronics

Released on - Monday,19 July , 2010 -10:03 05

Dutch electronics group Philips reported on Monday a net profit of 262 million euros for the second quarter of 2010, boosted by sales of consumer lifestyle electronics.

The figure was nearly six times the profit for a year earlier and sales rose by 12 percent to 6.19 billion dollars from the first quarter, the group said in a statement.

Sales grew in all sectors of the group's activities, especially in consumer lifestyle electronics which grew by 20 percent compared to the second quarter of 2009, while lighting sales grew by 13 percent, it said.

Sales to emerging markets grew 29 percent.