Dubai stock exchange switches name to Nasdaq Dubai

 

DUBAI, United Arab Emirates: One of Dubai’s two stock exchanges changed its name to Nasdaq Dubai on Tuesday, building on the brand of its minority shareholder as it tries to establish the city as a global financial hub.

The switch from Dubai International Financial Exchange takes effect immediately.

“This initiative is extremely important for us to take Dubai forward and to contribute and add value to the development of capital markets in the region,” Essa Kazim, chairman and chief executive of Borse Dubai, the exchange’s biggest shareholder, told reporters at the rebranded company’s headquarters.

In an effort to raise the Dubai board’s visibility, exchange operator and one-third owner Nasdaq OMX Group Inc. will list its own shares on the Nasdaq Dubai starting Thursday. The company’s stock will also continue trading on the main Nasdaq exchange in New York.

“The true marriage between Nasdaq and Dubai is working,” Nasdaq OMX CEO Bob Greifeld said. “Our commitment to this marketplace is complete and total.”

 

 

Nasdaq Dubai is primarily focused on international stocks, while crosstown exchange Dubai Financial Market mostly lists local stocks. Both compete for capital against numerous regional trading floors.

The exchange now known as Nasdaq Dubai last month announced a series of initiatives aimed at boosting its relatively small trading levels and enticing more of the region’s wealthy investors. It has attracted only 15 companies other than its U.S. shareholder.

On Wednesday, the exchange plans to begin offering futures tied to a basket of UAE stocks, most of which are listed on other local exchanges.

Starting next week, the exchange will open Sundays for a six-day week. It is also making it easier for U.S. companies to create a secondary listing in Dubai.

Nasdaq OMX acquired a third of the Dubai exchange earlier this year following a complex multinational transaction that gave Borse Dubai, the parent of Dubai’s two stock markets, a 20 percent stake in Nasdaq OMX.

Unigold Inc – 3Q08 Financials

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Unigold Inc – 3Q08 Financials

Template Name : General Disclosure – Free Text

Issuer name : Unigold Inc
Headline : 3Q08 Financials

UNIGOLD INC.
(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS
(Expressed in Canadian Dollars)
As atAs at
September 30,December 31,
2008 2007
(Unaudited)(Audited)
Current assets
Cash and cash equivalents$101,778$114,474
Sundry receivables43,14343,695
Prepaid expenses (note 9)60,692104,765
205,213262,934

Other investments (note 3)7,858,7188,158,718

Equipment (note 4)459,390545,424

Mineral Properties (note 5)624,574624,574

Deferred exploration costs (note 5)10,062,7757,412,278

Public listing status100,000100,000

$19,310,670$17,103,928

Current liabilities
Accounts payable and accrued liabilities (note 9)$217,893$190,622
Cheques issued in excess of cash45,238106,243
Bank loan (note 6)3,840,000510,000
4,103,131806,865
Contingencies (notes 1, 3, and 12)

Non-controlling interest2,8312,831

Shareholders’ Equity
Common shares (note 7(a))27,331,16627,320,166
Contributed surplus (note 7(d))2,500,5471,972,557
Deficit(14,627,005)(12,998,491)
15,204,70816,294,232

$19,310,670$17,103,928
Approved on Behalf of the Board:

Signed: “Dr. Talal A. Alshair”Signed: “Daniel Danis”
DirectorDirector

See accompanying notes to the consolidated financial statements

UNIGOLD INC.
(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(Unaudited – Expressed in Canadian Dollars)

Three months ended Nine months ended
September 30, September 30,
20082007 20082007
Revenue
Interest income$ 337$ 41,803$ 1,233$ 191,691

Administrative expenses
Travel and business development 35,457 42,775 67,993 114,606
Listing and shareholder information 52,432 82,074 255,413 259,074
General and administrative expenses 38,994 44,405 130,954 148,338
Professional and consulting fees 29,693 45,066 136,229 78,639
Management services fees 35,425 37,500 122,143 110,051
Stock based compensation 530,740 — 530,740 30,393
Interest expense 30,355 — 58,940 —
Provision for impairment
of other investments (note 3) — 1,300,000 300,000 1,300,000
Foreign exchange loss 8,006 74,246 22,789 250,046
Amortization 1,515 2,047 4,546 6,141
762,617 1,628,113 1,629,747 2,297,288

Net loss for the period (762,280) (1,586,310) (1,628,514) (2,105,597)

Deficit, beginning of period (13,864,725) (9,581,093) (12,998,491) (9,061,806)

Deficit, end of period$(14,627,005)$(11,167,403) $(14,627,005) $(11,167,403)

Net loss per share-basic & diluted$ (0.01)$ (0.02) $ (0.02) $ (0.03)

Weighted average number of shares outstanding 85,830,494 77,399,946

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited – Canadian $)
Three months ended Nine months ended
September 30, September 30,
20082007 20082007
Net loss for the period$ (762,280)$ (1,586,310)$ (1,628,514)$ (2,105,597)
Other comprehensive loss — — — —
Comprehensive loss for the period$ (762,280)$ (1,586,310)$ (1,628,514)$ (2,105,597)

See accompanying notes to the consolidated financial statements

UNIGOLD INC.
(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited – Canadian $)
Three months ended Nine months ended
September 30,September 30,
2008 2007 20082007
Cash flows from operating activities
Net loss for the period$ (762,280)$(1,586,310)$(1,628,514)$(2,105,597)
Add items not requiring cash:
Provision for impairment of
other investments — 1,300,000 300,000 1,300,000
Amortization 1,515 2,047 4,546 6,141
Stock based compensation 530,740 — 530,740 30,393
(230,025) (284,263) (793,228) (769,063)
Net changes in non-cash
working capital balances (note 7) (583,887) 156,678 11,291 74,058
(813,912) (127,585) (781,937) (695,005)
Cash flows from financing activities
Bank loan 1,200,000 — 3,330,000 –
Exercise of broker warrants — 227,880 — 227,880
Exercise of share purchase warrants — 6,750,000 — 6,750,000
Exercise of stock options — – 8,250 84,000
1,200,000 6,977,880 3,338,250 7,061,880

Cash flows from investing activities
Deferred exploration costs (561,241) (906,304) (2,569,009) (2,630,325)
Acquisition of equipment — (68,307) — (68,307)
Purchase of investments –(10,978,630) –(10,978,630)
Issue of shares – Los Guandules Property — – — 257,400
Mineral properties — – — (257,400)
(561,241) (11,953,241) (2,569,009)(13,677,262)
Increase (decrease) in cash
and cash equivalents (175,153) (5,102,946) (12,696) (7,310,387)

Cash & cash equivalents beginning of period 276,931 5,601,279 114,474 7,808,720

Cash & cash equivalents, end of period $ 101,778$ 498,333$ 101,778$ 498,333

Cash and cash equivalents consist of:
Cash$ 101,778$ 498,333
Short term deposits — –
$ 101,778$ 498,333
Supplemental Information
Income taxes paid $ — $ — $ — $ –
Interest paid $ 30,355 $ — $ 58,940 $ –

See accompanying notes to the consolidated financial statements

UNIGOLD INC.
(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at September 30, 2008 and for the year ended December 31, 2007
(Unaudited – Expressed in Canadian Dollars)

1.NATURE OF OPERATIONS AND GOING CONCERN

Unigold Inc. (the “Company”) is a development stage company, as defined by the Canadian Institute of Chartered Accountants Accounting Guideline 11, and is in the process of exploring its mineral properties in the Dominican Republic.

The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration properties and the Company’s continued existence is dependent upon the preservation of its interest in the underlying properties, the discovery of economically recoverable reserves, the achievement of profitable operations, or the ability of the Company to raise alternative financing, if necessary, or alternatively upon the Company’s ability to dispose of its interests on an advantageous basis. Changes in future conditions could require material write downs of the carrying values. The Company’s mining assets are located outside of Canada and are subject to the risk of foreign investment, including increases in taxes and royalties, renegotiation of contracts, currency exchange fluctuations, and political uncertainties.

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current state of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.

These consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles applicable to a going concern. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and liquidate its liabilities and commitments in other than the normal course of business and at amounts different from those in the accompanying consolidated financial statements.

The Company has approximately $7.9 million (net of an impairment charge of $3.1 million) invested in asset-backed-commercial paper (“ABCP”) in which no active market currently exists and the funds cannot be accessed. See Note 3. There is no assurance as to the ultimate full recovery of these funds.

Because of limited working capital and continuing operating losses, the Company’s continuance as a going concern is dependent upon its ability to obtain adequate financing and to reach profitable levels of operation. It is not possible to predict whether financing efforts will be successful or if the Company will attain profitable levels of operations.

The accompanying consolidated financial statements do not include any adjustments relating to the carrying values and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

Dubai Tourism

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A family visit ruins in Dubai

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Falcon at Tent Party, Dubai

I went to Dubai to race a horse of King Abdullah of Saudi Arabia .This was at a Tent Party located out in the desert . It was hosted by His Highness Sheikh Mohammed bin Rashid Al Maktoum of Dubai. It was truely a magical evening with fabulous food, camel rides, belly dancers and a fireworks display that looked like the 4th of July. The party was given for all the horsemen involved with the Dubai World Cup

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The ongoing construction of the Burj skyscraper, which is set to be the world’s highest building

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Diamonds (and Emeralds) Are A Girl’s Best Friend- Happy Mother’s Day Everyone

After having dinner at Al Muntaha at Burj Dubai Hotel in Dubai, UAE, my friends and I went window -shopping. I had never seen diamonds and emeralds like these except in museums. I took a picture for my souvenir since I could not afford anything in that jewelry store. No, I did not bother to ask for their prices. 

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Tourists take a camel ride in the Dubai desert

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A Dubai businessman talks at his office window overlooking The Gate Development, Dubai’s International Stock Exchange.

A Dubai businessman talks at his office window overlooking The Gate Development, Dubai’s International Stock Exchange.

Hikma Pharmaceuticals PLC – Injectables Presentation

Hikma Pharmaceuticals PLC
Headline : Injectables Presentation

LONDON, 25 November 2008: Hikma Pharmaceuticals PLC (LSE: HIK) (DIFX: HIK) the fast growing multinational pharmaceutical group focused on developing, manufacturing and marketing a broad range of generic and in-licensed pharmaceutical products will today present to investors and analysts on the company’s Global Injectables business. A copy of this presentation and an audio replay will be available on the company’s website at http://www.hikma.com.

The company will also be attending the HSBC European Healthcare Conference in London on the 26th of November. A copy of this presentation will also be available on the company’s website.
- ENDS -

Enquiries:
Hikma Pharmaceuticals PLC
Susan Ringdal
Investor Relations Director+44 20 7399 2760

Brunswick
Jon Coles/Justine McIlroy+44 20 7404 5959

About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed pharmaceutical products. Hikma’s operations are conducted through three businesses: “Branded”, “Injectables” and “Generics”. Hikma’s operations are based principally in the Middle East and North Africa (“MENA”) region, where it is a market leader and sells across 17 countries, the United States and Europe. In 2007, the Group achieved revenues of $449 million and profit attributable to shareholders was $63 million. For news and other information.

NASDAQ Dubai – the region’s international stock exchange

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We have rebranded. Our stock market is now called NASDAQ Dubai, replacing the former name of DIFX.

The new name reflects our strong links with NASDAQ OMX, as well as our location in Dubai as the international exchange serving our region.

NASDAQ Dubai operates to international regulatory standards. Its unique market puts regional and international investors in touch with regional issuers. International issuers gain access to investors in the NASDAQ Dubai region.

Pakistan stock exchange postpones floor removal

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KARACHI, Oct 26 (Reuters) – Directors of Pakistan’s main stock exchange decided on Sunday to postpone the removal of a floor that has been propping up its index since August, an exchange official said.

The Karachi Stock Exchange imposed the floor at 9,144 points on Aug. 28, after a 36 percent fall from the beginning of the year on political uncertainty and a sagging economy. The exchange board said on Oct. 14 the floor would be removed on Oct. 27.

No date has been fixed for the removal of the floor.

The exchange’s managing director told a news conference the floor would not be removed until a support fund was in place.

‘It is in our collective interest to return to our normal trading parameters,’ said managing director Adnan Afridi adding that stabilisation measures had to be in place when the floor was removed.

The floor has stifled trade and the index ended flat at 9,182.88 points on Friday.

The stock market regulator said on Wednesday it had approved a 20 billion rupee ($247 million) fund being set up by the government to support share prices when the floor was removed.

Afridi said the fund had been approved but authorities were working out its mechanics.

The fund would invest in nine state-owned entities, an exchange official said on Friday, adding that a special session would be held on Saturday to enable the fund to buy stocks 12.5 percent lower than current prices.

But authorities postponed the special session on Saturday because of what an SEC official described as some differences between the brokers and exchange officials.

Earlier on Sunday, the exchange directors held a meeting with the prime minister’s top adviser on economic affairs, Shaukat Tarin.

Tarin has said he wanted to see the floor removed, but he told Dawn Television earlier on Sunday, if the support fund was not in place, then a postponement of the floor’s removal was an option for exchange directors.

The fund will invest in nine state-owned companies: Oil and Gas Development Co Ltd, Pakistan Petroleum Ltd , National Bank of Pakistan, Pakistan State Oil , Sui Southern Gas Co Ltd, Sui Northen Gas Co Ltd, Kot Addu Power Co Ltd, Pakistan Telecommunication Co Ltd and Habib Bank Ltd.

Nikkei Closes At 26-Year Low As Bank Shares Tumble

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TOKYO (Nikkei)–Tokyo stocks dropped Monday, with the benchmark Nikkei index closing at a new post-bubble low and the lowest level in 26 years, as bank shares nosedived and investors worried about corporate earnings being hit by the yen’s appreciation. 

 

G-7 Statement Highlights Concern Over Yen Surge

 

TOKYO (Nikkei)–Finance ministers and central governments from the Group of Seven nations issued an emergency statement Monday expressing strong concern about the possible adverse effects of the yen’s steep rise on the economy and financial markets.

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