Japanese, Saudi businessmen vow to boost cooperation

Updated 24 February 2013
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Japanese, Saudi businessmen vow to boost cooperation

The Japan-Saudi Arabian Industrial Cooperation Task Force (JSAICTF) co-Chairman Abdulraham Al-Jeraisy, and members of Japan Cooperation Center for the Middle East (JCCME), met recently to discuss cooperation between Japanese and Saudi businessmen.
“This meeting leads to a win-win situation for Japan and Saudi Arabia,” Tadatsuna Koda, JCCME president, told some 120 Saudi businessmen attending the meeting.
Dr. Tariq Mohammed Al-Sallowm, Vice-President of the National Industrial Cluster Development Program (NICDP), also addressed the meeting.
“This meeting certainly provides business opportunities for Japan’s top companies in terms of best products, technologies, systems and solutions to their local counterparts,” he said.
Representatives from eight Japanese companies introduced products and technologies that elicited a lot of enthusiasm from Saudi businessmen.
Heavy industrial and electrical firms such as Hitachi, JFE Engineering, Mitsubishi Heavy Industries, and Torishima Pump made presentations. They focused on the latest environmental and energy saving technologies and solutions.
They were followed by health care companies such as Tanita Corporation, Arkray, and Nikkiso.
Dr. Akira Yamami, medical attache at the Japanese Embassy, also made a presentation on diabetes.
Additionally, the Japanese companies had individual meetings with local businessmen in which they briefed about their products.


Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

Updated 38 min 21 sec ago
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Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

  • The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter
  • Nearly all of Goldman’s businesses saw double-digit growth in the second quarter

NEW YORK: Goldman Sachs’ profits jumped 44 percent in the second quarter compared with a year ago, driven by the investment bank’s core franchises: advising companies on mergers, acquisitions and other deals, and its trading business.
The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter, compared with $1.63 billion a year earlier. On a per-share basis, Goldman earned $5.98 a share, compared with $3.95 a share a year earlier, beating analysts’ forecasts of $4.65 a share.
Separately, Goldman said Chief Executive Officer Lloyd Blankfein will retire as of Oct. 1, and be replaced by David Solomon, the president and chief operating officer. Blankfein has been CEO since 2006.
Nearly all of Goldman’s businesses saw double-digit growth in the second quarter. Trading was particularly strong. Goldman’s institutional client services division, which contains the firm’s trading operations, posted net revenues of $3.57 billion in the quarter, up 17 percent from a year earlier.
Goldman’s trading performance can be fickle, driven by whether the market was volatile that quarter and whether the right sort of securities saw the right sort of movement. Like its competitor Morgan Stanley, which will report results Wednesday, Goldman has been looking to diversify its businesses, moving in recent years into consumer lending and consumer banking.
Goldman’s investment banking business also had a solid quarter, posting net revenues of $2.05 billion, which is up 18 percent from a year earlier. The firm saw both higher underwriting revenue, as well as revenue for advisory services.
The firm’s return on equity ratio, a closely watched performance gauge for banks like Goldman Sachs which measures how much money the bank earned with the money investors have lent it, was 12.8 percent in the quarter. Banks like Goldman try to keep that figure above 10 percent.
Company-wide net revenues were $9.4 billion in the quarter, also beating analysts’ expectations.
Goldman shares fell 0.8 percent to $229.25 in premarket trading.