Monthly Archives: September 2010

United Arab Emirates Bank

Most banks in the United Arab Emirates (UAE), an important trading partner for Iran, has stopped transferring money to Iran as the latest round of sanctions against the Islamic Republic.

“We stop the transfer to Iran in any currency in July,” said an executive with an international bank. UN Security Council pressure Iran with sanctions fourth round on June 9 on the controversial uranium enrichment program, which was considered the West as a hidden effort to make nuclear bombs.
United States and the European Union unilaterally impose strict punitive measure that contains provisions to punish Tehran’s trading partners.

A banker told Emirates bank, the transfer to Iran in U.S. dollars and euros are now prohibited and has become very difficult, if not impossible, in dirhams, the currency of the UAE. ”The transaction by a client of Iran is always monitored,” said the banker.
He added that some transactions by clients of Iran, such as transfer to Asia to buy goods, for example, is sometimes blocked.”We use relationships with several banks in Tehran, but now almost impossible,” said the banker.

UAE officials last month said the country had imposed sanctions on Iran. Reported it began taking steps to implement the latest UN sanctions against Iran in June.

UAE central bank ordered the freezing 41 bank accounts because of sanctions against Iran, according to Internet sites Emirates Business .
Gulf News reported, Dubai, a business center and transportation hub of the UAE airline, also has closed the offices of 40 companies that allegedly violated the sanctions.

Iran is a significant trading partner with the UAE’s trade volume between Iran and Dubai alone is estimated at 10 billion dollars per year, mostly imported to the Emirate.

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Aqua

Meeting of the shareholders’ extraordinary general (EGM), issuers bottled water company PT Aqua Golden Mississippi Tbk (Aqua), approved the plan of the company into private company (go private) from the previous public company.

As many as 82.6 percent of public shareholders in attendance approved the plan. The number of shareholders present at the EGM was as much as 92.10 percent. Director of Aqua Parmaningsih Hadinegoro in Jakarta, said the results of the EGM is expected to be the best way for companies to continue to grow.
Under the regulations of the Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK), the price of the tender offer should be higher than the highest Aqua stock price in the market for 90 days. ”Thank God everything is finished and we also have received permission from Bapepam to do this plan. That is, there is nothing negative in the company’s plans,” he said.

Aqua One shareholder, M Baramuli, said the company is considered the best plan as currently included in the class of shares Aqua stagnant stock. ”Aqua’s better to go private, yet investors also enjoy the fruits of that plan, I believe that Aqua will be better performance than before,” he said.
The composition of shareholders of PT Tirta Investama Aqua is 12,419,090 shares (94.35 percent) and the public 743,383 shares (5.65 percent). Company sets tender offer price of Rp 500,000 per share or total value of Rp 371.79 billion for the remaining shares owned by public shareholders.

That is, the price of Rp 500,000 is also higher than 124.76 percent of the fair price of stock assessment results based on an independent appraisal valuation, which is Rp 222,460 per share, while the nominal value of shares of Aqua only 1.000 per share. As is known, plans to go private Aqua was launched since 2001, but always doomed to failure. EGM is scheduled plan to go private is that the 3rd done. Aqua Management gives emphasis to minority shareholders that the EGM is currently a final attempt to go private. If no agreement, the company will not continue to go private agenda forward.

IMF

EU countries insist on maintaining their dominance in the International Monetary Fund (IMF). President of the European Central Bank (ECB) Jean-Claude Trichet urged European Union countries (EU) united to reject plans to reduce their voice in the IMF.

Led by the United States, European Union plans to reduce the sound to be transferred to developing countries have long appeared. U.S. is proposing, developing countries get more quota in the IMF executive director’s chair, amounting to 24 seats that automatically increase their voice in these institutions.

“Personally, I urge the EU common position mengarnbil, united position,” said Trichet, in a press conference on Saturday (04/09/2010) local time. He added, improving the way the IMF management is essential to enhance its role in global governance.

For your information, the European Union countries have more than 21 percent votes in the IMF. Following the U.S. with 16.74 percent of the vote. While the rest, divided into 178 countries proportional to other IMF members.

Developing countries.
Europe’s refusal to reduce their voice in the IMF quota has made the U.S. take drastic action that never happened before. Last month, the U.S. rejected the proposal of the board of directors of the proposed composition of the executive director of the IMF as it is today.

U.S. rejection is expected to lead to the possibility of EU countries, including Belgium and the Netherlands, reducing the number of their seats. Understandably, the U.S. became the only IMF member countries can reject the decision of the IMF’s board of directors with the right of his own voice.

It has long been the developing countries asked for greater share of voice in international institutions, such as the IMF and World Bank.
Understandably, the past few years, the contribution of developing countries against the global economy continues to increase. The voice of developing countries is also important to improve coordination of policy produced the IMF in the global economy forward.

Senior Deputy Governor of Bank Indonesia (BI) Hartadi Sarwono, told Reuters, say, developing countries not only want to increase the share of votes, but also wanted some adjustments in global economic policymaking IMF. ”For developing countries, the most important not only Enhancing a quota, but the relationship between the quota and the IMF’s role in governance. This should be one package,” said Sarwono.