PSE News

 

  Al-Quds Index ends 0.04% Higher
Oct , 09 , 2012  
  The 'Al-Quds Index' closed at (442.50) points, a (0.19) points (0.04%) increase compared to the last trading session.A Total of 345,223 shares were traded with a value of (641,247) USD, executed during (132) transactions.
 

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  Unions threaten strikes over 'low minimum wage'
Oct , 09 , 2012  
  After a national committee announced the first minimum wage in Palestine at 1450 shekels ($375), the general federation of Palestinian trade unions has threatened to take serious steps against the decision if it is approved by the cabinet. “We decided to boycott the wage committee meeting on Sunday because we refuse the suggested figure,” secretary-general of the federation Shahir Saad told Ma’an Sunday evening. The federation, he said, consists of 14 trade unions and 87,000 subscribers, and is united in its opposition to the minimum wage level. Saad said the federation had agreed to lower its original proposal of 2,400 shekels ($620), in line with the poverty line in Palestine, to 1,750 shekels ($450). They will never approve a lower figure, which "is too small compared to the high cost of living," he said. He highlighted that the minimum wage in Israel is 4,300 shekels ($1,115), three times that of Palestine, despite the fact that the cost of living is quite similar. He warned that if Palestinian employers lower their salaries, more workers will seek better wages in Israeli settlements. The federation will send a message to the cabinet ministers asking them not to approve the recommendations of the wage committee, according to Saad. They are ready to organize demonstrations and strikes if the cabinet does approve the minimum wage level as it stands, he said.
 

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  Ahliea Insurance Group reduces some of its insurance activity branches in Gaza
Oct , 09 , 2012  
  Ahliea Insurance Group AIG decided to temporary halt the activity of some of its branches that provide insurance services in Gaza Strip; therefore stopping the issuance of vehicle insurance documents and other general insurance until the revision of the underwriting policies that were set by the senior management in its head office in Ramallah city is implemented. This decision came after noticing violations by the supervisors of Gaza branches and a deviation from the professional underwriting policies that were set by the general manger, which led to significant losses in the branches results that called for interference to correct the deviations and reactive the business according to the technical and professional policies for the insurance. The general manager and the chairman and the major shareholder of the company; Mr. Muhamad Al-Saba’wi, explained this decision that purposed to stop the deterioration of the company’s resources in addition to maintaining its assets and its sustainability to achieve profits and providing dividends distributions for its shareholders in the future. On the other hand, the board of directors meeting of the company was decided to be held on 22/11/2012 to discuss any other additional procedures.
 

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  Al-Quds Index ends 0.52% Higher
Oct , 08 , 2012  
  The 'Al-Quds Index' closed at (442.31) points, a (2.30) points (0.52%) increase compared to the last trading session.A Total of 379,346 shares were traded with a value of (555,349) USD, executed during (146) transactions.
 

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  Al-Quds Index ends 0.64% Higher
Oct , 07 , 2012  
  The 'Al-Quds Index' closed at (438.61) points, a (2.79) points (0.0.64) increase compared to the last trading session.A Total of 244,165 shares were traded with a value of (310,701) USD, executed during (115) transactions.
 

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  Palestinian authority aims to securitize $200 million of debt
Oct , 04 , 2012  
  Palestinian authorities are aiming to securitize an initial $200 million of some $1.3 billion worth of government debt by the first quarter of 2013 to help reduce state borrowing from local banks, a top banker said on Sunday. "The Ministry of Finance is much more ready for securitizing the old debt rather than creating new debt, because we are not even rated," Palestinian Monetary Authority Governor Jihad al-Wazir said ahead of a Monday meeting of Arab central bankers in Kuwait."This will be only to the primary market, only to the banks, not to the public and not to overseas public," he told reporters. The Palestinian Monetary Authority (PMA), which oversees operations in both the West Bank - where the Palestinian Authority is based - and the Gaza Strip controlled by the Islamist group Hamas, will manage the securitization on behalf of the Finance Ministry."What is important about this is that it will transfer some of the existing debt that is direct borrowing from the government into securities which are tradable between the banks," Wazir said."It will add to stability, it will generate an interbank market and additionally as an incentive it will be used as daily collateral in our payment system." The securitization would likely see the PMA convert a chunk of outstanding Palestinian debt into bonds or other tradable securities that would then be sold to local banks, in order to cut its direct borrowing requirements. The Palestinians, a stateless people, do not have their own currency and the Israeli shekel is used for most day-to-day cash transactions. The PMA, which has reserves of $1 billion, regulates banks operating in the Palestinian territories, occupied by Israel in a 1967 war. The government budget deficit was likely to be around $1.3 billion this year, up from a $950 million gap projected in the budget, Wazir also said, adding $1.36 billion was a red line for state borrowing from banks. DONERS "The difference is likely to come from donors. There are a number of talks with Arab countries, particularly in the Gulf," he said."Also maybe through the World Bank, maybe through the World Bank trust fund. The situation is still in a crisis mode." In September, the United Nations UNCTAD agency issued a gloomy outlook for the Palestinian economy, arguing that tougher Israeli policies and settlement expansion were pushing the occupied territories and Gaza deeper into poverty. The situation had been aggravated in 2011 by a sharp drop in foreign aid, which for years provided a vital support, dimming any hope for an upswing even in the longer term, it said. Wazir said the economy was doing "Ok" under the circumstances with inflation-adjusted gross domestic product seen growing around 5 percent this year, down from over 6 percent in 2011. "If the Israelis lift restrictions we can grow by 14-15 percent annually for a number of years," he said. (Reporting by Martin Dokoupil and Sylvia Westall; Editing by Sophie Hares)
 

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  Al-Quds Index ends 0.17% lower
Oct , 03 , 2012  
  The 'Al-Quds Index' closed at (435.82) points, a (-0.74) points (-0.17%) decrease compared to the last trading session.A Total of 424,098 shares were traded with a value of (1,004,104) USD, executed during (194) transactions.
 

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  Al-Quds Index ends 0.52% lower
Oct , 02 , 2012  
  The 'Al-Quds Index' closed at (436.56) points, a (-2.30) points (-0.52%) decrease compared to the last trading session.A Total of 205,889 shares were traded with a value of (538,449) USD, executed during (110) transactions.
 

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  Al-Quds Index ends 1.6% lower
Oct , 01 , 2012  
  The 'Al-Quds Index' closed at (438.86) points, a (-6.90) points (-1.55%) decrease compared to the last trading session.A Total of 127,312 shares were traded with a value of (217,941) USD, executed during (136) transactions.
 

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  Al-Quds Index ends 0.9% Higher
Sep , 27 , 2012  
  The 'Al-Quds Index' closed at (436.81) points, a (3.91) points (0.90%) increase compared to the last trading session.A Total of 103,757 shares were traded with a value of (161,996) USD, executed during (120) transactions.
 

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