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Sep032013

09:18:02 am

Ship Finance International Limited: Sfl - Notice Of Annual General Meeting 2013









DEMAND The technocrats who dominate Egypt's new economic policy team, many of them with experience from the Mubarak era, have shown little personal interest in Islamic finance. The image of political Islam has been severely damaged in the eyes of many Egyptians by Mursi's troubled year in office and his weak management of the economy. But long-term demand for Islamic financial services has not necessarily changed. Only around 10 or 15 percent of Egyptians use formal banking services, analysts estimate; this implies great potential for growth in both conventional and Islamic finance, and sharia-compliant banking could be a way to draw many people into the formal financial system. Abdel Rahman Al Kafrawi, head of Islamic transactions at Principal Bank for Development and Agricultural Credit (PBDAC), said he had noticed no negative impact since July on business at the 18 PBDAC branches offering Islamic finance. The state-run bank, which caters to Egyptian farmers, launched sharia-compliant retail banking earlier this year, setting aside an initial 50 million Egyptian pounds ($7.1 million) to provide financing for the purchase of durable goods, agricultural equipment and education fees. "Such needs never cease to exist regardless of politics or macroeconomics, and hence no negative impact has been felt or is expected," he said. SUKUK Mursi's government fought a six-month battle to pass a law clearing the way for sovereign sukuk issues, overcoming a bitter controversy over the use of state-owned assets to back sukuk.








A copy of the Notice of Annual General Meeting and associated information including the Company's Annual Report on Form 20-F can be found on our website and in the attachments below. September 2, 2013 Ship Finance is a major ship owning company listed on the New York Stock Exchange ( NYSE : SFL ). Including newbuildings, the Company has a fleet of 70 vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 19 container vessels (including eight newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs (including one newbuilding), two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. More information can be found on the Company's website: www.shipfinance.org Cautionary Statement Regarding Forward Looking Statements This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the www.firstfinancialuk.com reports filed by the Company with the United States Securities and Exchange Commission. SFL - 2012 Annual Report on Form 20-F: http://hugin.info/134876/R/1726560/576160.pdf SFL - Notice of Annual General Meeting 2013: http://hugin.info/134876/R/1726560/576158.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.







Insight: India's crisis within a crisis; finance minister fights on two fronts




Most steps taken so far to address the problem have been small, such as lowering the cap on transfers of money abroad and slapping import duties on flat-screen TVs, measures aimed at reining in the world's third-largest current account deficit that is approaching $90 billion. Some proposals have smacked of desperation. One minister last week suggested curbing diesel consumption by the railways, a bigger economic lifeline than in most countries, and the armed forces to cut import costs, an idea that got no traction. The Economic Times newspaper reported on Saturday that the central bank wants Hindu temples to deposit their hoards of idle jewelry for conversion into bullion to meet demand for gold in the world's biggest consumer of the precious metal. The idea is that such a measure would reduce import demand for gold. CABINET WRANGLING The last time Chidambaram was finance minister, in 2004-2008, growth was motoring at a near-double-digit clip: he used to call himself a "lucky finance minister" because of the neat timing. But fortune has hardly been on his side since returning to the job last year. Aides say he has come under huge stress in recent weeks, but in public he has kept his cool, not surprising for the Harvard-educated lawyer who sharply told an interviewer earlier this year: "When did self-confidence become a vice?" Financial markets have long had just as much faith in the smooth-talking politician as he has in himself. They remember his pro-business 'dream budget' of 1997 that brought taxes down, and when he returned to the finance ministry last year investors were thrilled, anticipating a new push for economic reform to end years of policy drift and an economic slowdown.




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