In the final trading day for the year, Hongkong’s stock market madly went after bargain blue chips giving a new variant to the term Christmas shopping. As a result, the index climbed to a record breaking year 37% increase.

The market corrected a bit too much on Friday over fears that China will implement credit tightening measures. Since that didn’t happen, speculation that there are plenty of priced bargains waiting to be bought and the excitement brought by new issues from the mainland among others, made the Hong Kong market very busy on the last day. Despite that, turn over was weak (at only $43.36 Billion) and was way below than 2007’s daily average (of more than US $ 88 Billion).

Kuwait to cut tax for foreign firms

… tax but the cabinet is studying a comprehensive income tax bill that stipulates collecting taxes on profits of Kuwaiti companies but spares low salaries.

Markets trading flat
NDTV.com – New Delhi,India
Aban Offshore (up 2.22 per cent), Chennai Petroleum Corp (up 1.76 per cent), HPCL (up 1.63 per cent), RNRL (up 1.60 per cent) and Mangalore Refinery and …

SandRidge Energy Names New Director and Hercules Offshore Director …
Financial News USA (press release) – La Puente,CA,USA
Ray is a partner at Sonenshine Partners LLC, an investment banking company. Before that, he was a managing director and partner at Bankers Trust and …

Nigeria: UBA Floats Bank for High Income Earners
AllAfrica.com – Washington,USA
… in addition to the regular banking services, also offer credit management, treasury and foreign exchange, offshore/onshore deposits service, …

National Oilwell Builds a Drilling Powerhouse
BusinessWeek – USA
(Stifel, Nicolaus expects to receive or intends to seek compensation for investment banking services from Grant Prideco within the next three months. …