Middle East Paint Market Explore The Potential Huge

By Himfr Paul

London, IRL information released recently by research institutions, the Middle East and non-state industrial coatings market report predicts that between now and 2014, the Middle East paint market, will average 4 to 5% of the speed. Reported that compared with the industrial coatings, architectural coatings market is more optimistic about growth prospects, the Middle East will become a major paint products. Middle East market has become an arena for international paint company. Into the main Saudi Arabia United Arab Emirates – many Middle Eastern countries is to develop local tourism, infrastructure construction and will open up new coatings market, and promote architectural coatings, automotive finishes and marine growth in demand for marine coatings. Many chemical and paint company recently has turned to the Middle East, including Germany’s BASF and Bayer, Huntsman, Perstorp, Sweden, and Norway, Jordan, etc, they are a substantial increase in investment in the Middle East. Insiders pointed out that construction investment tends to stimulate economic growth engine. Survey data, the Middle East sales of architectural coatings in the region, 64% of the total paint sales are expected to paint the area in 2014, the market will reach 2.7 billion. Saudi Arabia and the UAE in 2009 the amount of paint in the Middle East accounted for 62% and 11%, the future will continue to occupy these two countries the main position of the Middle East paint market. According to the China Association of epoxy resin industry experts, the current Saudi Arabia plans to invest 500 billion U.S. dollars to build six new industrial town, including the West Coast’s “King Abdullah Economic City”, near Medina “Knowledge Economic City” and the north “Prince Mu Saide Economic City.”

Saudi Investment Authority hope that Metro can accommodate up to 500 million people by 2020, creating one million jobs and 150 billion U.S. dollars to Saudi Arabia to increase revenue. It is estimated that demand for Saudi coating nearly 90 million tons, still the largest coatings market in the Middle East. United Arab Emirates has become the Middle East to stimulate economic growth and strengthen the hub of the Middle East regional links, the UAE urban development, especially the “world’s first tower,” low-carbon Masdar city construction, indicates that paint the United Arab Emirates and coatings market, the tremendous growth potential.

North African markets ready: although fast-growing Asian markets, the rise in North Africa is still some way off full paint market, but the paint companies believe that their potential can not be ignored. According to the China Association of epoxy resin industry experts, the current local paint companies in North Africa just under 50, and the scale is not large, so this has attracted the eyes of the global coatings company. Coatings giant Akzo Nobel has been active in North Africa to seize the market, and the acquisition of Dutch SigmaKalon PPG after the United States, but also extending their reach here. In addition, BASF Coatings in Ghana many years ago to establish production line of automotive refinish paint products, non-development is also positive north.

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Jordan has also been developed for the North African market, long-term development plan. Analysts pointed out that Egypt is an emerging market to be developed, because Egypt has a huge consumption potential. The current population of Egypt is close to 79 million, but the coating amount of only 23 tons, its paint market prospects worth the wait. Libya is currently the market is being more and more optimistic about the paint manufacturers, including Jordan, NationalPaints, PACHIN and Sipes, among others.

According to the China Association of epoxy resin industry experts, Libya’s energy, utilities, transport and infrastructure in the next few years will be huge budget investment in other industries such as steel, aluminum will be further developed. In addition, the country may in the near future accession to the World Trade Organization, the traditional domestic mode of operation may be completely changed, and the gap in the domestic market to attract the paint giant’s attention. Potential high-end customized products – in the Middle East have specific requirements on the coatings, such as architectural coatings must be able to withstand high temperatures and resist long-term impact of desert dust storms, while reducing the coverage of the desert region outside of the amount of industrial wood coatings, and indoor wooden furniture on the growing demand for industrial wood finishes.

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

Thursday, July 3, 2014 

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

South African prosecutors charge ANC leader Jacob Zuma with corruption

Saturday, December 29, 2007 

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Corruption-related charges have been brought against Jacob Zuma, the newly-elected leader of the African National Congress (ANC), according to his lawyer. A trial is scheduled to begin on August 14, 2008.

The charges stem from an arms deal with a French company, which is alleged to have involved bribes and fraud. Zuma’s financial adviser at the time, Schabir Shaik, was convicted in 2005 of attempting to solicit a bribe of US$72,500 per year from the arms company on Zuma’s behalf and was sentenced to 15 years in prison. Zuma was fired as deputy president in 2005 by South African President Thabo Mbeki due to the scandal.

Two-term ANC leader Mbeki recently lost an ANC leadership contest to Jacob Zuma, who garnered about 60 percent of delegate votes in his win.

Zuma had been charged with corruption in 2005, but the case was dismissed on procedural grounds. Michael Hulley, Zuma’s defence lawyer, indicated that they will strongly contest the new charges in court. Hulley also suggested that the South African government’s National Prosecuting Authority (NPA) and its anti-organised crime division known as The Scorpions, have carried out a smear campaign against Zuma.

“These charges will be vigorously defended, in the context of the belief that the Scorpions (NPA) have acted wrongly and with improper motive calculated to discredit Mr. Zuma and ensure that he play no leadership role in the political future of our country,” said Michael Hulley in a statement.

Given that the ANC has been the governing party in South Africa since the end of apartheid in 1994, it is likely that Jacob Zuma could become the next president after general elections in 2009. Zuma has said, however, that he would resign if he was found guilty by the courts.