(MENAFN- The Peninsula) Â Kuwait mobile operator Zain will make acquisitions and partnerships in computer-based industries this year to exploit rising demand for data and help offset falling conventional call and text income, its chief executive said.
However Scott Gegenheimer, who became CEO in December having previously held the same position at domestic rival Wataniya, said Zain had no immediate plans to expand into any new nations.
That is in contrast to other Gulf former monopolies, which continue to pursue stakes in foreign operators.
United Arab Emirates' Etisalat and Ooredoo (Qatar Telecom) both bid for Vivendi's 53 percent stake in Maroc Telecom before Ooredoo withdrew its offer last week. Bahrain Telecommunications acquired most of Cable & Wireless Communications' Islands division earlier this year.
Yet for Gegenheimer, Zain's future lies in diversifying its revenue streams, rather than planting flags in new territories. He does not plan to sell any of the company's foreign units, which include operators in Saudi Arabia, Sudan and Iraq.
UK charges ex-UBS trader over Libor rate scandal
LONDON: British officials charged former UBS trader Tom Hayes yesterday, marking the first prosecution over the Libor rate-rigging scandal which rocked the banking sector last year with repercussions across the world.
"Tom Hayes, a former trader at UBS and Citigroup, has today been charged with offences of conspiracy to defraud in connection with the investigation by the Serious Fraud Office into the manipulation of Libor," the SFO said in a statement.
It said that Hayes had been charged by City of London Police at Bishopsgate police station in London with eight counts of conspiracy to defraud. It was not clear whether the charges related to his time at Swiss bank UBS and/or US rival Citigroup. In December, British, Swiss and US regulators fined UBS a total of 1.4bn Swiss francs for having manipulated the Libor Interbank lending rate.
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