28 Feb 12 Palestine Exchange: Al-Quds Bank Co. preliminary year-end financial statements for the year 2011
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February 15th, 2012 The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Quds BankQuds Bank
( QUDS). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (pex.ps) and emailed to PEX member securities firms in addition to this press release.
The disclosed information includes:
1) A copy of the year-end preliminary financial statements signed by the Deputy General Manager, CFO, and internal auditor of the company. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.
2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.
3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector.
4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.
according to company data for year-end preliminary financial statements for year 2011, net profit before taxes reached 6,531,794 USD, compared with a net profit before taxes of 6,354,155 USD in the audited data for 2010, a net increase of 2.8%. Total assets of the company reached 467,680,177 USD as of December 31st, 2011, compared to total assets of 426,533,834 USD as of December 31st, 2010, a net increase of 9.6%. Total liabilities of the company reached 413,101,431 USD as of December 31st, 2011, compared to total liabilities of 376,100,638 USD as of December 31st, 2010, a net increase of 9.8%. Net ownership equity of the company reached 54,578,746 USD as of December 31st, 2011, compared with a net ownership equity of 50,433,196 USD as of December 31st, 2010, a net increase of 8.2%.
© Press Release 2012
27 Feb 12 Interesting Article By Ross Greenwood, Channel 9 Finance Editor
Right now the Federal Government is at pains to tell everyone – including us the mug-punters and the International Monetary Fund, that it will not exceed its own, self-imposed, borrowing limits.
How much? $200 billion. and here’s a worry.
If you work in a bank’s money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. but every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country.
Just after 5 o’clock tonight I did a bit of math for Jason Morrison ( Sydney radio presenter). but it’s so staggering its worth repeating now.
First thought; Gillard, Swan, Wong, before that Rudd, all of the Labor Cabinet, call these temporary borrowings, a temporary deficit.
Remember those Words : Temporary Deficit.
The total Government debt will end up around $200 billion.
So here’s a very basic calculation .. I used a home loan calculator to work it out….. it’s that simple…$200 billion is $2 hundred thousand million.
The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here’s where it gets scary …. really scary.
The repayments on $200 billion, come to more than one and a quarter billion dollars – every month – for 20 years. it works out we – as taxpayers – will be repaying $15.4 billion in interest and principal every year .. $733 for every man woman and child – every year.
The total interest bill over the 20 years is – get this – $108 billion.
Remember, this is a Government, that just 4 years ago, had NO debt. NO debt.
In fact it had enough money to create the Future Fund, to pay the future liabilities of public servants’ superannuation, and it had enough to stick $20 billion into the Building Australia Fund ……
A note was sent to me which explains that the six leading members of the Government, from Ms Gillard down, have a collective work experience of 181 years, but only 13 in the private sector.
If you take out of those 13 years the number that were spent as trade union lawyers, 11, only two years were spent in the private sector.
So out of those 181 years:
But these people have plunged Australia into unprecedented debt.
Well, in a way you can’t blame them.
It’s clear the electorate did not do their homework, because the Government is there by right.
Ah, but they are Labor and people vote for them because Labor is good for the working family – right???
Quoted by: Ross Greenwood of Channel 9, Finance Editor
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27 Feb 12 Wrap account gives more to unit trust investors
by Ronnie Teo, ronnieteo@theborneopost.com. Posted on February 27, 2012, Monday
KUCHING: The financial services industry in Malaysia is gearing up for a game changer with the introduction of the wrap account by iFAST Capital Sdn Bhd (iFAST).
A wrap account is a service that puts together all investments into a single account, allowing for unit trust funds in multiple fund houses.
Its use has grown rapidly in various developed countries such as the US, Australia, the UK, Hong Kong and Singapore whereby most investments are being conducted through wrap accounts.
Clients are only able to access the wrap account facilities through a licensed financial advisor company like Standard Financial Planner Sdn Bhd (SFP) in Sarawak. currently, iFAST Capital is the first to offer this facility in Malaysia.
“The industry is here but has not seen much evolution,” highlighted Lee Khee Chuan of SFP in an interview with The Borneo Post.
“To me, I believe it started to grow in 2005 when the Securities Commission allowed the fund houses to invest overseas as well as introduce their funds that they invested overseas.
“We saw a boom at that time,” he recalled. “We see everyone rushing in to offer all kinds of funds. Up to today, the situation is such that investors are given many choices. In that situation, investors will find it difficult to find a fund house that suits all their needs.”
iFAST began in 2008 with only 10 fund houses and less than 80 funds. For the past two years, the group’s product range has increased to more than 180 funds from 18 fund houses in the platform with the most recent tie-ups with Manulife Unit Trusts Bhd, OSK-UOB Islamic Fund Management Bhd and CIMB-Principal Asset Management.
“Investments into various fund houses is possible through the existing distribution method,” highlighted iFAST senior account manager Hel Ching Ee in an interview with The Borneo Post. “However, it is cumbersome as clients need to engage the assistance from multiple agents to successfully invest into each fund.
“With the presence of a wrap account, it saves the hassle as clients are now able to tap into funds from various fund houses through a single Licensed Financial Planner.”
Another reason to opt for the wrap account, she added, was that investors would be able to enjoy free unlimited switching services.
“Free switching is not only applicable for switching within a fund house, but also between different fund houses. Compared to traditional industry practice, switching of funds are usually done at a charge,” she noted.
“Unlimited switching allows financial advisers to rebalance the clients’ portfolios such as adjusting clients’ investment objectives accordingly without incurring additional costs.”
Another major advantage is the ease of accessibility for clients to all of their unit trust investments through a single portal thanks to advancement in Internet technology. Account holders would be given their own login ID and passwords in order to login and monitor their portfolio.
“With consolidation services made easier, clients will be able to actively track their portfolio at anytime, anywhere regardless of their location,” Hel advocated.
Internet transactions such as buying, selling and switching can be conducted conveniently online. Thus, with a wireless and paperless transaction environment, advisers can now serve clients better and bring their business anywhere in the world.
The iFAST Group is one of the fastest growing financial services companies in the region with presence in Singapore, Malaysia, Hong Kong and India, managing about S$3.6 billion of assets under administration (AUA) regionally as at the end of 2011.
iFAST is a subsidiary of iFAST-OSK Sdn Bhd and was officially launched in Malaysia back in 2008 as a unit trust platform to serve financial advisers managing only RM1 million of AUA during its first year.
Since then, the group has shown tremendous growth as shown in its current AUA of RM124 million as at the end of 2011.
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20 Feb 12 Online Financial Services
Did you ever have a wishful thought on where you could do a one-stop shopping for all your financial needs such as the best credit card, loan, bank rates on Cash Deposits etc. A place where you can look up your credit score also.
All this information is available at any credit card related website. you can get financial services for veritably anything that you need from getting credit to repay a debt or two, finance for home improvement or repair through home equity, manage your account – savings or current or other needs. Ask for it and it is probably available.
Insurance, in any form, personal life, health, accident or automobile; is something practically all of us need. you can, of course, do this on your own on the Internet, but think of the time and the effort required to compile all the data, systematically arrange it and do a comparison. this gargantuan task has been undertaken by some financial institutions and you can access them to your benefit. you can even compare the services and rates provided by different institutions and choose what is best.
Insurance is not restricted to the items mentioned in the previous para. Businesses also need insurance and at a reasonable rate. if you are looking for one, there are a lot of options available. with a variety of companies and plans to choose from, the help of these financial institutions is a welcome service.
The financial services offered by a credit card company includes obtaining mortgage loans, home refinancing, home equity based loans, home improvement loans, Payday loans etc. you can access all the data that you need on the Internet or at the credit card website. The credit card company managers will even help you open a savings account or a individual retirement account and advise you on how to plan your retirement,
Your needs for a credit card can also be met by these companies, which can help you locate the best credit card which has the lowest rate and other added benefits like the card with the best reward points, cash back offers, low APR or zero percent APR etc. Services with respect to Identity theft prevention is offered by many companies and these credit card companies can advise you on which major firms are working on this line and help you choose one that is the best in the business. you can get your credit score from the major Credit Bureaus.
Whatever it may be, these financial institutions have the necessary infrastructure to help you out in any financial situation, advice or otherwise.
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