The proceedings of the 15th Board of Directors meeting of the Islamic Chamber of Commerce, Industry & Agriculture (ICCIA) which was held in Istanbul -Republic of Turkey on Tuesday, 5th February 2013concluded.



The meeting was headed by Sheikh Saleh Kamel, Chairman of the ICCIA and attended by Vice Presidents, assistants, members of the Chamber's board of directors, representing   Niger, Egypt, Uganda, Iran, Jordan, Sudan, Kuwait, Benin, Oman, Pakistan, Qatar, Saudi Arabia, Tunis, Turkey, UAE, and Palestine, in addition Secretariat-General of the Organization of Islamic Cooperation.

Abdul-Mohsen Linjawy, Assistant Secretary in the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA), Director of Business Owners Union (BOU) and Young Entrepreneurs Association in the Organization of Islamic Cooperation (OIC) reviewed the preparations for holding the third Conference of both of BOU and  Young Entrepreneurs Association to be held next November. This came during his visit Riyadh Chamber and his meeting with member of the Board of Directors and Head of Young Entrepreneurs Committee Aly Al-Athiem and the Secretary- General of the Chamber Hussein Al-Athel.

ABB has agreed to acquire renewable energy equuipment maker Power-One in deal worth around $1 billion, or about $6.35 per share in cash, according to a statement from the Swiss electrical giant.





The deal is aimed at positioning ABB as a “leading global supplier of solar inverters”, one of the key technologies behind a solar PV system.







Joe Hogan, ABB CEO, said: “Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing on grid parity. Power-One is a well-managed company and is highly regarded as a technology innovator focusing on the most attractive and intelligent solar PV product.

ABB has agreed to acquire renewable energy equuipment maker Power-One in deal worth around $1 billion, or about $6.35 per share in cash, according to a statement from the Swiss electrical giant.





The deal is aimed at positioning ABB as a “leading global supplier of solar inverters”, one of the key technologies behind a solar PV system.







Joe Hogan, ABB CEO, said: “Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing on grid parity. Power-One is a well-managed company and is highly regarded as a technology innovator focusing on the most attractive and intelligent solar PV product.

China's State Administration of Foreign Exchange (SAFE) announced that in 2012, the country's external financial assets rose by 9 percent to USD5.17 trillion, reported Xinhua News.

These assets include foreign exchange reserves, outbound direct investment (ODI) and securities investment portfolios in addition to other investment.

In the year, external liabilities jumped by 13 percent reaching USD3.44 trillion.

The difference between external financial assets and external liabilities resulted in USD1.74 trillion in net external financial assets.

It is worth noting that foreign exchange reserves reached USD3.40 trillion in the year, accounting for 65 percent of China's external financial assets, while ODI stood at USD502.8 billion, representing 10 percent of total assets, furthermore, securities portfolio reached USD240.6 billion, making up 5 percent and other unspecified investments were at USD1.04 trillion with a contribution of 20 percent.

The threat posed to Saudi Arabia's trade interests by an increasing number of cases of subsidies came under spotlight at the third Jeddah Commercial Forum yesterday.



Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources for petroleum affairs, who was a key speaker at the forum, said: “Cases related to subsidy targets in principle are government programs and policies, and so the defense against such cases is the responsibility of the government.”