Al Yousuf Group and electric car pioneer ZAP (OTCBB: ZAAP) announced today that the Dubai-based manufacturing and distribution company has invested US$5 million ($5,000,000) in ZAP shares.
The Al Yousuf Group, along with its subsidiary Al Yousuf Motors, is one of Dubai's leading distributors of automobiles, off-road vehicles and boats. Founded in 1952, Al Yousuf Group has 18 subsidiaries with branch offices in Abu Dhabi, Al Ain, Cairo, Fujairah, Jeddah, Ras Al Khaimah, Riyadh, and Sharjah, according to the Middle East information resource Zawya (http://zawya.com/cm/profile.cfm/cid489977/).
ZAP has been a pioneer in electric transportation since 1994, delivering more than 100,000 electric cars, trucks, scooters, bicycles and other vehicles to consumers in 75 different countries. Over the past few years ZAP has accelerated its plans to market electric cars and trucks using the latest in advanced technologies. ZAP is manufacturing a full-line of electric vehicles and has plans to develop full-performance models using the latest advances in automotive technologies.
"I really like ZAP's approach to the electric vehicle market," said Eqbal Al Yousuf, President of Al Yousuf Group. "I am impressed with the technology ZAP is developing -- like wheel motors -- as well as its management team and we look forward to building a broader business relationship with them."
The Al Yousuf Group has developed partnerships with many of the world's renowned brand names in Asia, Europe and the USA. A number of these ventures have grown into long-term business relationships. Al Yousuf Motors' portfolio includes General Motors and Daihatsu vehicles, Daewoo buses, Suzuki motorcycles and outboard engines, Yamaha motorcycles, outboard and marine engines, water vehicles, generators, boats etc.
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Showing posts with label markets. Show all posts
Showing posts with label markets. Show all posts
Tuesday, November 13, 2007
Tuesday, November 6, 2007
Loonie soars above 108 cents US; early stock market portents positive
The Canadian dollar topped 108 cents US early Tuesday while two Canadian-based manufacturing heavyweights issued reports showing bottom-line improvements from a year ago.
The loonie opened at 108.17 cents US, up 0.99 cent from Monday's record closing high, as the American dollar continued its downward course against most other currencies.
Magna International Inc. (TSX:MG.A) reported a 65 per cent increase in third-quarter earnings to US$155 million as sales rose 12 per cent to $6.08 billion. The global auto-parts maker, headquartered near Toronto but reporting in U.S. dollars, said operating profit swelled 72 per cent to $267 million, as its average value of content per vehicle increased 14 per cent in North America and 22 per cent in Europe.
Nortel Networks Corp. (TSX:NT) reported July-September net income of US$27 million, up from a year-earlier loss of $63 million. Revenue declined eight per cent to US$2.70 billion because of the sale of Nortel's UMTS business, but the company pointed to rising orders and expanding profit margins.
On currency markets, the euro also reached another record high against the American dollar amid expectations of more interest rate cuts in the United States. The 13-country currency hit US$1.4555, up from $1.4471 late Monday, before receding slightly.
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The loonie opened at 108.17 cents US, up 0.99 cent from Monday's record closing high, as the American dollar continued its downward course against most other currencies.
Magna International Inc. (TSX:MG.A) reported a 65 per cent increase in third-quarter earnings to US$155 million as sales rose 12 per cent to $6.08 billion. The global auto-parts maker, headquartered near Toronto but reporting in U.S. dollars, said operating profit swelled 72 per cent to $267 million, as its average value of content per vehicle increased 14 per cent in North America and 22 per cent in Europe.
Nortel Networks Corp. (TSX:NT) reported July-September net income of US$27 million, up from a year-earlier loss of $63 million. Revenue declined eight per cent to US$2.70 billion because of the sale of Nortel's UMTS business, but the company pointed to rising orders and expanding profit margins.
On currency markets, the euro also reached another record high against the American dollar amid expectations of more interest rate cuts in the United States. The 13-country currency hit US$1.4555, up from $1.4471 late Monday, before receding slightly.
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Monday, November 5, 2007
Bogus GDP, Inflation Figures Can't Stop Falling U.S. Stock Market
Ai yi yi… Last Friday, it looked like what was going to happen to Nigeria was already happening to the US stock market.
Nigeria is our neighbor’s prize bull. He’s going to be slaughtered, because he’s getting old and is no longer earning his keep.
This bull market on Wall Street, such as it is, is getting old too. And yesterday, the butchers were sharpening their knives.
The Dow fell hard – down 362 points. Why?
Commentators said investors were disappointed with the measly quarter point rate cut delivered by the Bernanke Fed on Wednesday. What? How could that be? Nine out of ten economists saw it coming. Why would investors have such surprised looks on their faces?
Maybe it is because the Fed signalled that there were not a lot more rate cuts where this one came from. But who would believe that?
Nah, dear reader, the explanations don’t make much sense. But why bother looking for a reason? All bulls get slaughtered – sooner or later. That’s just the way it works.
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Nigeria is our neighbor’s prize bull. He’s going to be slaughtered, because he’s getting old and is no longer earning his keep.
This bull market on Wall Street, such as it is, is getting old too. And yesterday, the butchers were sharpening their knives.
The Dow fell hard – down 362 points. Why?
Commentators said investors were disappointed with the measly quarter point rate cut delivered by the Bernanke Fed on Wednesday. What? How could that be? Nine out of ten economists saw it coming. Why would investors have such surprised looks on their faces?
Maybe it is because the Fed signalled that there were not a lot more rate cuts where this one came from. But who would believe that?
Nah, dear reader, the explanations don’t make much sense. But why bother looking for a reason? All bulls get slaughtered – sooner or later. That’s just the way it works.
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Friday, November 2, 2007
Dollar Falls to Record Low Against Euro as Credit Concern Rises
The dollar fell to a record against the euro and declined against most major currencies on concern deepening credit-market losses will prompt the Federal Reserve to reduce interest rates again this year.
The dollar dropped to the lowest against a basket of currencies as Deutsche Bank AG said Merrill Lynch & Co.'s writedowns on collateralized debt obligations may reach $10 billion. Traders raised bets that the Fed will reduce its target rate for a third time on Dec. 11. The U.S. currency rose versus the yen after a report showed U.S. job growth accelerated.
``People believe that the financial trouble will pick up and that the Fed will end up having to cut after all,'' said Win Thin, a currency strategist with Brown Brothers Harriman & Co. in New York. ``We may go to $1.50 per euro in this quarter.''
The dollar fell to $1.4505 per euro at 12:44 p.m. in New York, from $1.4425 yesterday. The U.S. currency traded at 114.87 yen from 114.66. The dollar earlier weakened to a record low of $1.4525 per euro. It earlier rose to as high as 115.40 per yen following the October payrolls report. The yen fell 0.7 percent to 166.53 per euro.
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The dollar dropped to the lowest against a basket of currencies as Deutsche Bank AG said Merrill Lynch & Co.'s writedowns on collateralized debt obligations may reach $10 billion. Traders raised bets that the Fed will reduce its target rate for a third time on Dec. 11. The U.S. currency rose versus the yen after a report showed U.S. job growth accelerated.
``People believe that the financial trouble will pick up and that the Fed will end up having to cut after all,'' said Win Thin, a currency strategist with Brown Brothers Harriman & Co. in New York. ``We may go to $1.50 per euro in this quarter.''
The dollar fell to $1.4505 per euro at 12:44 p.m. in New York, from $1.4425 yesterday. The U.S. currency traded at 114.87 yen from 114.66. The dollar earlier weakened to a record low of $1.4525 per euro. It earlier rose to as high as 115.40 per yen following the October payrolls report. The yen fell 0.7 percent to 166.53 per euro.
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Thursday, November 1, 2007
The Next Worry: Bond Insurers
Wall Street is fretting that the subprime carnage could spread to bond insurance firms. A key concern is CDO exposure
An exotic form of bond insurance could be the next hidden hazard to blow up in the global credit minefield. An obscure company called ACA Capital might spark the explosion.
The carnage on Wall Street has already been brutal. On Oct. 30, Merrill Lynch (MER) ousted CEO Stanley O'Neal after the bank took an $8.4 billion hit, largely from securities backed by risky home loans. The same day, UBS (UBS) cut earnings by $3.6 billion. Citigroup (C), which has suffered its own $1.6 billion wound, may face a fresh billion-dollar disaster.
Now the crisis is spreading from Wall Street—which has taken $35 billion in subprime-related write-downs and lost more than $220 billion in stock value—to a less well known corner of the financial world, that of the bond insurers. These firms sell insurance to banks and other major investors for bonds backed by mortgages and the complicated investments that hold the bonds, known as collateralized debt obligations (CDOs). The policies are designed to protect investors in case the securities default.
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An exotic form of bond insurance could be the next hidden hazard to blow up in the global credit minefield. An obscure company called ACA Capital might spark the explosion.
The carnage on Wall Street has already been brutal. On Oct. 30, Merrill Lynch (MER) ousted CEO Stanley O'Neal after the bank took an $8.4 billion hit, largely from securities backed by risky home loans. The same day, UBS (UBS) cut earnings by $3.6 billion. Citigroup (C), which has suffered its own $1.6 billion wound, may face a fresh billion-dollar disaster.
Now the crisis is spreading from Wall Street—which has taken $35 billion in subprime-related write-downs and lost more than $220 billion in stock value—to a less well known corner of the financial world, that of the bond insurers. These firms sell insurance to banks and other major investors for bonds backed by mortgages and the complicated investments that hold the bonds, known as collateralized debt obligations (CDOs). The policies are designed to protect investors in case the securities default.
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Monday, October 29, 2007
Vultures eyeing mortgage corpse
Opportunistic investors have raised huge sums to buy mortgage-backed debt, but are not yet swooping down - a sign the beleaguered securities have further to fall.
Since the subprime crisis erupted earlier this year, vulture investors looking for bargains have been circling battered securities backed by mortgages.
But the feeding has not yet begun in earnest - and that's not a good sign for the housing and credit markets.
While opportunistic investors may be reviled by some, their presence is often an indication that a beaten down market has reached a bottom. The longer they stay away, the more likely it is that turmoil will roil the market.
"[Distressed debt investors] are a good thing for the market - they're a new force for providing liquidity," said Mark Adelson, an independent mortgage securities analyst.
For sure, vulture investors are getting ready to strike. Fundraising in the first nine months of the year hit a record $6.6 billion, according to London-based Private Equity Intelligence.
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Since the subprime crisis erupted earlier this year, vulture investors looking for bargains have been circling battered securities backed by mortgages.
But the feeding has not yet begun in earnest - and that's not a good sign for the housing and credit markets.
While opportunistic investors may be reviled by some, their presence is often an indication that a beaten down market has reached a bottom. The longer they stay away, the more likely it is that turmoil will roil the market.
"[Distressed debt investors] are a good thing for the market - they're a new force for providing liquidity," said Mark Adelson, an independent mortgage securities analyst.
For sure, vulture investors are getting ready to strike. Fundraising in the first nine months of the year hit a record $6.6 billion, according to London-based Private Equity Intelligence.
Read Complete Story
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