SHUAA launches Sharia compliant installment and lease financing ...

His Highness Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital and Chairman of Gulf Finance, said, "We are excited about the establishment of Gulf Installments in Saudi Arabia. This is an important strategic milestone for our Credit business that we announced in October 2012, and represents an enormous opportunity for SHUAA to build out a successful business in the largest regional economy. Our investment in Gulf Installments is an investment in the success story of Saudi Arabia, and underscores our confidence in the growing private sector in the Kingdom."

Saudi Arabia is the largest economy in the GCC, with a nominal GDP of $435bn, and is expected to grow by 4.5% in 2013. Even though Saudi SMEs account for 90% of Saudi businesses and 24.7% of total employment, they represent only 2% of the Saudi banks' lending market. With over 220,000 SMEs in the Kingdom, many of which are underserved, credit demand outpaces supply.

Dr Sabah al-Binali, Chairman of Gulf Installments, and Vice Chairman of its operator Gulf Finance, said, "Our move into Saudi Arabia is a perfect opportunity to extend SHUAA's reach into a new and dynamic market place. We have exceptional expertise within the SME space and through Gulf Installments, we are now able to offer the Saudi business community a wide range of credit solutions. These solutions are in demand by a large number of clients which paves the way for building significant market share."

David Hunt is appointed as the Chief Executive Officer of Gulf Installments in Saudi Arabia. An experienced Managing Director with over 24 years financial services experience in emerging markets and extensive regional knowledge, Mr Hunt is perfectly placed to lead the company's operation as it expands into the Kingdom. Prior to joining Gulf Installments, David held various senior and Director-level positions at the HSBC Group.

He was Managing Director and Chairman of the Executive Committee of SABB Takaful, a Saudi publicly quoted insurance company, and most recently Head of Regional Insurance at HSBC Bank Middle East. He will lead a team of seasoned bankers, financial veterans and credit professionals.

Mr Hunt said, "Gulf Installments aims to finance SMEs across a variety of sectors, from contracting and construction, to healthcare and education; whether they need to establish their business or expand it by purchasing assets such as heavy plant and machinery, medical equipment, or contracting and constructing equipment."

"There is a strong demand for our proposition as Gulf Installments will deliver Sharia compliant financing solutions to the Saudi market. Our installment and lease financing solutions offer an alternate source of funding to existing bank facilities, provide increased affordability and purchasing power, and allow our customers to enjoy long term stability for asset purchases. Furthermore, they release working capital and improve cash flow for businesses," he added.

Gulf Installments offers lease financing for a wide range of fixed assets. Lease periods are available from 1 to 4 years and can be tailored to suit the needs of each individual client based on the term, down payment and rental plan. Strategic alliances have already been negotiated with two of the top five heavy equipment vendors in the Kingdom, which will underpin the business and ensure immediate traction.

This in turn will capitalise on the significant growth within Saudi Arabia's construction industry which awarded SR270bn of contracts in 2011 up 155% on 2010. Gulf Installments is based in Jeddah and will be expanding across the Kingdom over the course of the next few years.

Source: http://www.ameinfo.com/shuaa-launches-sharia-compliant-installment-lease-328131

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Canon PowerShot ELPH 330 HS and 115 IS hands-on (video)

In Japan, they've been coined the IXUS 255 HS and IXUS 132, but folks in the US will probably recognize them as the ELPH 330 HS and 115 IS. By any name, they're Canon's two mid-range point-and-shoots for CP+, and while they were joined by the A2500 during this week's announcements, that latter model didn't seem to make it to the company's booth here in Yokohama. In any case, if you've handled an ELPH model in recent years, you know what to expect here -- Canon's design hasn't changed much, but we're not complaining. The 330 HS includes a 12.1-megapixel CMOS sensor, compared to a 16-megapixel CCD in the slightly smaller 115 IS.

Cosmetically, the biggest difference between the two is the powerful 10x optical zoom lens on the 330 HS, compared to a still-respectable 8x optic on the lower-end model. Both cameras offer the same familiar PowerShot UI, and they look nearly identical with the lens retracted. Zoomed in, however, it's clear which camera is the more capable of the bunch. Both performed very well during our hands-on at Canon's booth, though we'd definitely opt for the 330 HS, which offers a superior sensor and extended lens, not to mention built-in WiFi -- it's definitely worth spending an extra 60 bucks to snag the $230 HS model. Both cameras are set to ship beginning in March, but you can check them out in our walkthrough today, embedded just past the break.

Gallery: Canon PowerShot ELPH 330 HS and 115 IS hands-on

Filed under: Cameras, Canon

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Source: http://www.engadget.com/2013/01/31/canon-330-hs-115-is-hands-on/

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Florida State comeback ends with another Michael Snaer game-winner

TALLAHASSEE ? Eight seconds illuminated?the game clock portion of?the scoreboards inside?the Donald L. Tucker Center.

The Florida State Seminoles were in the middle of a huddle. It was the last one they would occupy Wednesday night as they wrapped up a comeback bid against visiting Maryland.

Trailing by a point, they listened close as coach Leonard Hamilton described the offensive play he wanted them to run. Get forward Okaro White under the basket, screen center Kiel Turpin to break him free. Send guard Ian Miller with the ball to one side of the court, have Michael Snaer trail him.

"We were calm, very calm." White said, reflecting on the emotion inside the loose huddle while a tense half-full Donald L. Tucker Center crowd roared support. "That was the calmest we've been."

The Seminoles knew what they scripted, but they had a sneaking, confident feeling that the ball would wind up in the hands of a playmaker who would snap the deficit and send them back to their dorms and apartments late-game winners for the second time in a week.

"Not again."

With 1.1 seconds left on the game clock, Snaer's hands were the ones who touched the ball last. Letting fly a 3-pointer from the left elbow, he tossed up a carbon copy of the shot that he delivered from the opposite wing just eight days before?when he drained?a buzzer-beating 3-pointer that felled Clemson.

This time, as the ball traveled from Snaer's hand, FSU players heard one Maryland forward saying under his breath: "not again."

Yes, again. For the second time in a week, Snaer delivered a game-winning 3-pointer that capped a second-half comeback that ended in a 73-71 FSU win. Although Maryland still had time to pass the ball the length of the floor and take a failed, desperate, final 3, Snaer's shot was the only one that mattered.

"I think I'm done surprising people," Snaer said, laughing.

Not only was it his second game-winning shot in about a week, it was Snaer's fourth to beat an ACC opponent in a year. He also hit two buzzer-beaters against Duke and Virginia Tech last season.

Just before the shot, the scripted play fell apart when Miller stumbled as he tried to penetrate in the lane. Losing the handle on the ball, Miller recovered just in time to push ahead a pass to Snaer, who was sitting wide open beyond the 3-point arc.

The Terrapins, distracted by Miller's fumbling, converged upon him. They left Snaer for a split-second too long.

"I was hoping he would take too much time and miss it," Maryland coach Mark?Turgeon said. "Sometimes you can be too open."

Not Snaer. Fighting through a first-half knee injury that sidelined him part of the game, the senior guard finished the game with the game-winner and a game-high 19 points. It was the third 3 he made on the night. All came after the injury.

"He's put in situations where he has to be a leader, when in reality his whole career, he's been a guy who's been a finisher," Hamilton said. "A guy who's caught the ball and finished plays for us. With a team that's not really in sync as it should be, he's had to become part facilitator and go-to guy and a leader on the floor.

"That's a little overwhelming. And it's unfair. Michael's a competitor, and he's emotional, and he wants to be so successful."

With respect to FSU's synchronization, the Seminoles (12-8, 4-3 ACC) have stumbled throughout the season. They've won games they weren't favored in, and lost those they were. Recently, it seems that wins aren't necessarily followed up with more wins. Losses instead alternate with the victories.

Entering Wednesday's game, the Seminoles had lost three of their previous four. Last week's win over Clemson was short-lived, as FSU went to Miami on Sunday and lost by 24.

On Saturday, the Seminoles will have a chance to build some momentum when they host No. 5 Duke (18-2, 5-2).

Source: http://www.orlandosentinel.com/sports/os-fsu-maryland-0131-20130130,0,7854931.story?track=rss

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New Mexico woman held for locking girl in a cage - police

SANTA FE, New Mexico (Reuters) - Police in New Mexico found an 8-year-old girl locked in a cage in a darkened mobile home, authorities said on Tuesday, adding that they charged the girl's adoptive mother, who had gone to the movies, with child abuse.

Cindy Patriarchias, 33, and her boyfriend were arrested after police found the caged girl on Friday evening, Las Cruces Police Department spokesman Dan Trujillo said.

He said police, acting on a tip from the woman's estranged husband, found the girl in the corner of a bedroom locked inside the cage, about four feet high, slightly more than two feet wide and about five feet long.

The homemade wooden structure had two latches and a baby crib mattress on the floor, Trujillio said.

He said Patriarchias had been charged with one count of negligent child abuse while her boyfriend was charged with one count of negligently permitting child abuse. Patriarchias was released on bond on Tuesday but her boyfriend is still being held, authorities said.

The girl was seen by medical personnel but showed no visible signs of physical abuse. She apparently suffers from microcephaly, a condition in which the head or cranial capacity is abnormally small, Trujillo said.

He said detectives did not know why the girl was left locked in the cage. She and three of Patriarchias' other children had been placed in state custody, he said.

(Reporting by Zelie Pollon; Editing by David Gregorio)

Source: http://news.yahoo.com/mexico-woman-held-locking-girl-cage-police-234550084.html

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Amazon E-Books Is a Multi-Billion Dollar Business, Up 70 Percent ...

Amazon is still not saying how many Kindles it is selling, even though the e-book business has become a ?multi-billion dollar category? for the retailer.

But whatever those sales numbers were, they would have been higher last year if Amazon hadn?t sold out of its flagship e-reader, said Amazon?s CFO Tom Szkutak during the company?s earnings call today.

In response to an analyst?s question about why the company?s revenue was lighter than expected in Q4, Szkutak named a number of reasons.

For one, he said, sales of consumer electronics, including TVs, MP3s and digital cameras, fell short of expectations.?But also, he said, it had to do with shortages of the Kindle Paperwhite.

?We are thrilled to have Paperwhite in our lineup ? it?s the best e-reader out there, but we couldn?t keep up with demand,? he said. ?We would have had more sales in Q4 if we could keep up with demand.?

?The team is working hard to have good stock going forward on that product,? he added.

Amazon is notorious for not commenting on the performance of its hardware business, and that policy didn?t change?this quarter. But?in Amazon?s earnings release, Amazon?s CEO Jeff Bezos did open up a little bit about the company?s e-book business as a whole.

?We?re now seeing the transition we?ve been expecting,? he said. ?After five years, eBooks is a multi-billion dollar category for us and growing fast ? up approximately 70 percent last year. In contrast, our physical book sales experienced the lowest December growth rate in our 17 years as a book seller, up just 5 percent. We?re excited and very grateful to our customers for their response to Kindle and our ever expanding ecosystem and selection.?

Some critics will not consider that enough information, given the size of the business.

After all, without?knowing?unit sales, it makes it extremely difficult for analysts to compare Amazon to other tablet makers, namely Apple. But in some respects, e-book sales is a better measurement to track Amazon?s performance. That?s because it makes little to no profit on the hardware, and instead emphasizes the lifetime value of the customer.

By emphasizing content sales ? and not unit sales ? Amazon is under less pressure to get customers to continually upgrade their devices to generate more revenue. Put another way, a three-year-old Kindle can generate as much revenue as a brand new one. If Amazon disclosed device sales, analysts and investors would be closely tracking that metric for signs of growth.

Amazon also deploys this loss-leader strategy for Amazon Prime, which gives members free two-day shipping as well as access to free streaming video and free e-books. On the call, Szkutak cautioned that it?s still early, but that those freebies are beginning to drive additional revenue.

?The percentage of Prime customers who are watching free content has gone up dramatically,? he said, ?And, they are purchasing paid content. They are watching for free, but they are also paying for new content.?

Source: http://allthingsd.com/20130129/amazons-ebook-business-is-up-70-percent-but-its-still-not-disclosing-kindle-sales/

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School bus driver shot, child seized

A gunman shot a school bus driver in Alabama and took one of the 6-year-old passengers, then barricaded himself in a bunker, say news reports.

By Reuters / January 29, 2013

A school bus waits for children. In Alabama, a school bus driver was shot and a child taken hostage, according to news reports.

John T. Greilick / The Detroit News / AP / File

Enlarge

A gunman boarded an Alabama school bus and shot the driver several times on Tuesday, then fled with a 6-year-old child passenger and holed up in an underground bunker, Alabama media reported.

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Officials at the Dale County Sheriff's Department could not be immediately reached for comment on the incident in Midland City, but they put out a brief statement saying a command post had been set up near the site where the suspected shooter was barricaded.

The Dothan Eagle newspaper said the gunman was in a bunker near his home hours after the shooting, but that it was not clear if the child taken from the bus was also in the bunker.

The shooting comes as the nation is on edge about gun violence, especially in schools, after a gunman shot dead 20 students and six staff members at a Connecticut elementary school last month, stoking a national debate on gun control.

The sheriff's department said multiple agencies were assisting with the incident and local area schools would be closed on Wednesday. It gave no further details.

(Reporting by Kaija Wilkinson; Writing by Tom Brown; Editing by Cynthia Johnston and Mohammad Zargham)

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/sRKOadIJH6k/School-bus-driver-shot-child-seized

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Extreme weather becoming ?common place? as Met Eireann issues ...

Flooding in Clonakilty. Pic: West Cork Times

INFRASTRUCTURE in West Cork needs to be upgraded to deal with the increasingly common incidences for extreme weather experienced across the region according to one West Cork councillor.

Bandon Sinn F?in councillor Rachel McCarthy made the comments as Met ?ireann issued its third weather warning for West Cork in a week.

?

Winds and coastal flooding

Following ice and snow and torrential rain the latest weather warning predicted west to southwest winds reaching mean speeds of 45 to 60 km/hr today (sunday) with gusts of 80 to 100 km/hr.

On Monday south to southwest winds, will reach mean speeds of 60 ? 75 km/hr with gusts of 90 to 120 km/hr.

Met ?ireann is also warning of high seas and exceptionally high waves on Atlantic coasts on Sunday and Monday that will bring a threat of coastal flooding, especially at times of high tide. On Sunday there will be southwest to west gales.

Rachel McCarthy

Cllr McCarthy said, ?The extreme weather conditions,which are now becoming common place, have again brought to the fore the infrastructure deficiencies which we have here in Bandon.

?While the council staff are to be complimented for the temporary work they have done on the road surfaces the wet to cold spells will make all their efforts in vain and a more permanent solution needs to be put in place following the announced delay in the drainage works.

Concern

?Another serious concern is the delay in the flood relief works. Temporary flood relief measures such as dredging needs to be preplanned at the earliest possible time. A joined up approach between the OPW,the county council and the fisheries board needs to be put in place now.

?Works need to be carried out this summer on the river to give piece of mind to the residents in the town as we head into these harsher winters.

?I am calling on all the relevant bodies to put that plan in place while we await the major works we need,? she said.

Source: http://westcorktimes.com/home/?p=15231

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