BUSINESS 32

ARAB TIMES, TUESDAY, JUNE 28, 2016

Burgan Bank announces names of lucky winners of Yawmi account draw

Burgan Bank announced today the names of the lucky winners of its Yawmi account draw, each taking home a prize of KD 5,000.

The lucky winners for the daily draws took home a cash-prize of KD 5,000 each, and they are: Abdullah Saad Ali Al Mayuof, Dafer Da-khil Dafer Al Hajeri, Abdullatif Saleh Abdullah Al Therban, Sulaiman Khaled Abdulla Al Sabt, Manar Mohammed Sulaiman Abo Azab.

To further add to the anticipation of Yawmi account customers, Burgan Bank offers a Quarterly Draw with more chances to win higher rewards, entitling one lucky customer

to win KD 125,000 every three months. The Yawmi Account now offers Daily and quarterly Draws, the Quarterly Draw requires customers to maintain a minimum amount of KD 500 in their account for 2 months prior to draw date. Additionally, every KD 10 in the account, will entitle customers to one chance of winning. If the account balance is KD 500 and above, the account holder will be qualified for both the quarterly and daily draws.

Burgan Bank encourages everyone to open a Yawmi account and/or increase their deposit to maximize their chances to becoming a win-

ner. The more customers deposit, the higher the chances they receive of winning.

For more information on opening a Yawmi account or about the new quarterly draw, cus-tomers are urged to visit their nearest Burgan Bank branch and receive all the details, or simply call the bank’s Call Center at 1804080 where customer service representatives will be delighted to assist with any questions on the Yawmi account or any of the bank’s prod-ucts and services. Customers can also log on to Burgan Bank’s www.burgan.com for further information.

Deal harnesses roles of both entities as ambassadors of Abu Dhabi

Etihad Airways and ADGM become global strategic partnersABU DHABI, UAE, June 27: Etihad Airways and Abu Dhabi Global Mar-ket (ADGM) have signed a landmark agreement that sees the airline become the Official Airline Partner of ADGM. The agreement harnesses the roles of both entities as ambassadors of Abu Dhabi and key players in delivering on Abu Dhabi’s vision as a world-leading business, tourism, and cultural destina-tion.

The agreement was signed in the presence of His Excellency Ahmed Al Sayegh, Chairman of ADGM, by the Chief Executive Officer of ADGM’s Registration Authority, Dhaher M. Bin Dhaher Almheiri, and Etihad Air-ways Chief Executive Officer, Peter Baumgartner.

The partnership establishes in-depth cooperation in commercial develop-ment and destination marketing that will drive business for both organisa-tions, as well as providing ADGM members with privileged access to Etihad Airways and its partner airlines, including unique benefits across the combined network.

Peter Baumgartner, said: “It’s an honour to be the official airline partner of Abu Dhabi Global Market, a key pil-lar of Abu Dhabi’s Economic Vision 2030. We are proud to be associated with an organisation that is a major catalyst for the growth of the financial services sector and international com-merce in Abu Dhabi and across the UAE.

“With our global network, ADGM’s members can access the financial cen-

The Ford GT ’66 Heritage Edition

leather wrap, with gold appliqués on the instrument panel, the seat’s X-brace and shift paddles. Like the 1966 race car, the steering wheel is leather wrapped, with seat belts fea-turing a unique blue webbing.

Rounding out the modifications to the Ford GT ’66 Heritage Edition are a unique serialized identification

plate, the #2 interior door graphic, and exposed matte carbon fiber door sills, air register pods and center console.

Garen Nicoghosian, exterior de-sign manager for the car, says the team set out to highlight where it all started with the Ford GT. “While the looks are distinctly based on the

GT40 Mark II race car,” he says, “we’ve accentuated new styling cues to provide a modern interpre-tation.”

The Ford GT ’66 Heritage Edition can be viewed at FordGT.com us-ing the configuration tool. Limited quantities will be available for the 2017 model year only.

Musk’s motives even more puzzling

Limited-edition Ford GT features exclusive race-number graphics, unique interior colors

Apparent conflicts of interest may dog Tesla-SolarCity deal

Ford GT ’66 Heritage Edition celebrates GT40 Mark II carDUBAI, UAE, June 27: The all-new 2017 Ford GT will be available in a limited-edition Heritage theme honoring the GT40 Mark II driven to victory by Bruce McLaren and Chris Amon at Le Mans in 1966 — part of the historic 1-2-3 Ford GT sweep. The car will feature unique interior and exterior color themes, and an exclusive wheel finish.

“Celebrating the anniversary of Ford’s historic victories at Le Mans has always been a part of the return of the Ford GT,” said Raj Nair, Ford executive vice president, product development, ands chief technical officer. “The 2017 Ford GT ’66 Heritage Edition is a stun-ning tribute to the car that kicked off Ford’s string of Le Mans victo-ries in 1966.”

The Ford GT ’66 Heritage Edi-tion features a Shadow Black exte-rior in either gloss or matte finish with silver stripes and exposed car-bon fiber package. The car sports Frozen White #2 hood and door graphics, and 20-inch one-piece forged aluminum wheels in a gold satin clearcoat with black lug nuts.

The interior of the limited edition model wraps the Ford GT carbon-fiber seats in Ebony leather, with pillowed inserts and plow-through stitching, and the seats’ head re-straints and the steering wheel are debossed with the Ford GT logo. The instrument panel, pillars and headliner also features an Ebony-

SAN FRANCISCO, June 27, (AP): It’s a proposal that would unite two companies on shaky financial ground as they plow into relatively new markets. One makes electric cars, the other installs solar pan-els. There are few obvious synergies.

Perhaps even more puzzling are the motives of Elon Musk, a polarizing bil-lionaire who is the chairman and largest shareholder of both companies.

The overlap created a glaring conflict of interest that’s fueling concerns about whether Musk is milking Tesla’s higher market value and better brand recognition to bail out SolarCity — a company run by his cousin, Lyndon Rive.

The second-guessing probably wouldn’t be as widespread if not for the murky logic underlying the deal and Musk’s history of drawing upon Tesla and another of his companies, rocket ship maker Space X, to bolster SolarCity.

Musk, 44, insists he is just showing good business sense, describing Tesla’s bid of up to $2.5 billion as a “no brainer” shortly after it was announced earlier this week.

Investors, though, aren’t so sure. So-larCity’s shares have edged up by just 5 percent to $22.20 since the all-stock bid was made, well below the $23.56 to $25.30 currently being offered by Tesla. Meanwhile, Tesla’s stock has sank by 12

percent to $193.15.The offer “raises a number of ques-

tions around governance that may test the bond of trust,” Morgan Stanley analyst Adam Jonas wrote in a research note. One of Tesla’s most ardent supporters, Jonas downgraded Tesla and lowered his target price on the shares by 26 percent to $245.

S&P Global Market Intelligence ana-lyst Efraim Levy believes investor re-sistance eventually may prompt Tesla to withdraw its bid.

The backlash still may not be enough to deter the outspoken Musk, who has cultivated the image of a maverick since he made his initial fortune as co-founder of online payment service, PayPal, which eBay bought for $1.5 billion in 2002.

Musk is hailed as a visionary by admir-ers who applaud him for shaking up the auto industry with Tesla’s sleek, electric vehicles and drawing up plans to send people to Mars on Space X’s rockets. His detractors ridicule him as an unpredict-able control freak, an image that Tesla’s bid for SolarCity may reinforce.

So far, no one has paid a bigger price for Tesla’s baffling bid than Musk. The value of his combined holdings in the two companies fell by nearly $1 billion in three days to pare his fortune to $11.4 billion, based on Forbes’ latest estimates. Musk owns a 26 percent stake in Tesla

and a 22.5 percent stake in SolarCity.The bid has focused more attention on

the shaky financial position of both com-panies as they rapidly burn through cash. Tesla has lost $1.2 billion in the past two years alone while SolarCity has suffered losses exceeding $1.1 billion during the same span. Analysts surveyed by FactSet are predicted Tesla will post a $416 mil-lion loss this year while SolarCity will lose $851 million.

And now both companies may have trouble raising additional money from wary investors, if they need it.

The SolarCity bid isn’t the first time that Musk has interwoven his companies’ interests.

Musk has secured $486 million in per-sonal loans to buy either stock or bonds issued by Tesla and SolarCity, according to recent filings with the Securities and Exchange Commission. Musk secured the loans with 9.4 million shares of Tesla stock currently worth $1.85 billion and 4 million shares of SolarCity stock worth nearly $9 million.

If Tesla’s stock craters, Musk could be forced to put up more shares as collateral or sell some to repay the lenders, accord-ing to the company. If that were to hap-pen, Tesla’s stock would fall even further at the expense of Musk having helped support SolarCity.

In addition, Space X has bought $255 million of SolarCity’s bonds since the end of 2014, including $90 million of a $105 million offering in March, according to SEC documents.

Tesla had hoped to quickly resolve the conflict-of-interest questions triggered by the SolarCity offer. The Palo Alto, Califor-nia, company pledged to leave the fate of the deal up to a majority vote of “disinterested” shareholders at both Tesla and SolarCity, meaning Musk wouldn’t have a say.

Musk’s argument for combining Tesla and SolarCity primarily revolves around a battery system that stores solar energy in homes and businesses trying to minimize their dependence on the power grids run by utilities.

Tesla introduced the battery, called “Powerwall,” 14 months ago, providing the first inkling that it planned to be more than just an auto maker. Musk believes both Tesla and SolarCity will be better off if their products are united under one roof and a common brand. SolarCity already is selling the power-storing batteries as part of an agreement that Tesla expects to generate $44 million in revenue this year, according to SEC documents.

If the deal goes through, SolarCity will adopt Tesla’s name and sell its solar pan-els alongside power-storing batteries un-der Musk’s plan.

NBK names three KD 5,000 winnersin Al Jawhara weekly draws for June

Most popular prize-giving account in Kuwait

KUWAIT CITY, June 27: National Bank of Kuwait (NBK) announced three lucky winners in Al Jawhara weekly draws during the month of June. The draws were conducted under the supervision of Ministry of Commerce Representatives.

Hanaa Bader Al-Ahmad Al-Sabah, Nabeel Abdullah Taqi and Nasser Yacoub Damkhi each won KD 5,000. The winners expressed their gratitude and thanked NBK for its great services and promo-tions.

NBK has doubled customers’ chances to win in the weekly, month-ly and quarterly draws when they do not withdraw or transfer from their accounts.

NBK customers have chances to win KD 5,000 weekly, KD 125,000 monthly and a grand prize of KD 250,000 quarterly. Each KD 50 in a customer’s account entitles them to one entry in the draw, thus more money in an account means more chances in each draw. The new fea-ture introduced to al Jawhara Ac-count enables customers to double their chances when maintaining their balance without withdrawing or transfereing from Al Jawhara ac-count.

Al Jawhara is the most popular prize-giving account in Kuwait. Al

Jawhara account entitles account holders to enter the weekly, monthly and quarterly Al Jawhara draws. All prizes are automatically credited to the winners’ accounts the day after the draw.

Al Jawhara accounts are available for both Kuwaitis and expats and can be opened at any of NBK’s branches around Kuwait, or through NBK website for existing customers.

For more information, please con-tact NBK Call Center at 1801801 or visit NBK official website www.nbk.com.

YIACO Medical announces newpartnership with Nihon KohdenKUWAIT CITY, June 27: In line with its continued commitment to improving the overall quality of healthcare in the country, YIACO Medical Company, one of the lead-ing healthcare networks in Kuwait, announced its recent partnership with Nihon Kohden, the leading manufacturer of electronic medi-cal equipment founded originally in Japan.

Established in 1951, Nihon Kohden is a global leader in cutting-edge elec-tronic medical equipment and through the partnership with YIACO’s Medi-cal Equipment Division, the state-of-the-art medical products will be more accessible to the market here in both the public and private sectors.

Through the partnership, YIACO will distribute three main equip-ment and technological advance-ments, all of which are dedicated in providing the best care for pa-tients of cardiovascular related ill-nesses. These equipment include: PWTT, Synthesized 18-lead ECG, and esCCO. PWTT is an innova-tive parameter for detecting sudden changes in blood pressure due to the accurate measurement feature in the device. The 18-lead ECG device is

an electrocardiography device used for early detection of ischemia. The esCCO device introduces volumet-ric information which provides com-prehensive hemodynamics monitor-ing helping in improving the quality of minoring and patient care and has been accepted for use in clinical studies for its accurate measures.

Commenting on this new partner-ship, Dr Bader Alzaid Altraiji, CEO at YIACO Medical Company said, “At YIACO, we have more than 60 years of experience in distribut-ing cutting-edge medical products through our comprehensive and solid network of partners in both the public and private sector. We have full confidence that our part-nership with Nihon Kohden will further enable both entities to reach out to patients in need and take us a step closer to our goal of upholding community well-being”.

The Medical Equipment Division by YIACO, in which Nihon Ko-hden is partnered with, is one of the most active arms within the compa-ny dedicated to patient care and so-phisticated standards of equipment provided, as it caters to both private and public sectors in Kuwait.

A flyer of Burgan Bank’s Yawmi account

Left to right: Chief Executive Officer of ADGM’s Registration Authority, Dhaher M Bin Dhaher Almheiri; His Excellency Ahmed Al Sayegh, Chairman of ADGM; and Etihad Airways Chief Executive Officer, Peter Baumgartner.

tres of the world directly from Abu Dhabi — enjoying world class travel experiences and our renowned hos-pitality. Our travel companies, Hala Travel Management (HTM) and Hala Abu Dhabi will also be key players in the partnership, providing professional travel management services to ADGM’s growing business community as well as promoting the Emirate and all it has to offer. Our partnership with ADGM will help to achieve even greater success for Abu Dhabi as an international financial

centre, business hub and tourism desti-nation.”

Dhaher M. Bin Dhaher Almheiri, said: “At ADGM, we strive to work closely with all stakeholders to provide our member institutions with best-in-class service. Etihad Airways, our na-tional airline, complements these ef-forts with their offerings and service excellence. This strategic global part-nership attests to how local entities can leverage each other’s natural synergies to support Abu Dhabi’s broader vision

and commitment for the economy.He added: “As an international finan-

cial centre, ADGM provides a dynamic business and entertainment destination that includes world class infrastructure, lifestyle and residential facilities in a business friendly and vibrant environ-ment. With Etihad Airways as our strate-gic partner, ADGM members and busi-nesses on Al Maryah Island can enjoy the advantages of international connec-tivity with direct access into Abu Dhabi and from Abu Dhabi to the region.”

Viva offers free voice for iPhone-6S users

VIVA launches free VoLTE for iPhone usersVIVA, Kuwait’s fastest-growing and most developed telecom operator, launched Voice over Long Term Evo-lution (VoLTE) technology for users of iPhone devices 6, 6 Plus, 6S and 6S Plus. This new unrivalled and advanced technology, allows voice calls to be car-ried over VIVA’s fastest LTE network rather than the 3G network.

Through VoLTE, VIVA’s customers will be able to experience combined voice and internet traffic seamlessly and simultaneously on LTE network and conduct high-quality calls and video calls with no buffering and less

background noise. VIVA aims to pro-vide its customers with an integrated and complete voice and data solution that offers them the opportunity to en-joy uninterrupted voice call and data streaming, and its commitment to offer-ing its customers the latest in the world of technology.

VIVA was the first telecom company in the state of Kuwait to launch Voice LTE on June 2015.

To find out more about Volte, please visit one of the 70 VIVA branches, or the VIVA website at www.viva.com.kw , or call VIVA’s 24-hour call center on 102.

A flyer of NBK’s Al Jawahara account promotion