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Friday, 25 July 2014

DP World sets growth target as container throughput rises 9% in the first half | The National

DP World sets growth target as container throughput rises 9% in the first half | The National:



"DP World is aiming to outperform average annual market growth this year after reporting a 9.3 per cent rise in throughput in the first half of the year.



Gross container volumes that the Dubai-based ports operator handled rose to 29.4 million twenty-foot equivalent units (TEU) during the period.



On a reported basis, gross volumes grew by 10.7 per cent, taking into account the extra volume provided by its new operations at London Gateway in the UK and Embraport in Brazil."



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Former Arabtec CEO Hasan Ismaik reduces shareholding at Dubai builder | The National

Former Arabtec CEO Hasan Ismaik reduces shareholding at Dubai builder | The National:



"The former Arabtec chief executive Hasan Ismaik has sold a small part of his shareholding in the construction company, according to data from Bloomberg. This is the first time he has sold shares since his departure in June.



Mr Ismaik sold 3.5 million shares on Wednesday, reducing his holding to 28.77 per cent of the company.



The shares have a value of about US$4 million at current market prices."



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Key Dubai banks beat profit estimates | GulfNews.com

Key Dubai banks beat profit estimates | GulfNews.com:



"Leading Dubai based banks exceeded analyst’s expectations to report strong 2014 first half results on Thursday.



While Emirates NBD reported a net profit of Dh2.35 billion in the first half of 2014, up 30 per cent compared to the same period last year, its second quarter net profits were up 35 per cent at Dh1.3 billion compared to the same period last year.



The strong operating performance for the first half of 2014 was helped by solid revenue growth in both retail banking & wealth management and Islamic banking subsidiary, Emirates Islamic."



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Lack of activity drags UAE indices down | GulfNews.com

Lack of activity drags UAE indices down | GulfNews.com:



"UAE bourses ended lower on Thursday due to lack of activity as traders are preparing for a long weekend due to Eid Al Fitr holidays.



Dubai’s benchmark index ended down 0.34 per cent to 4,651.75 points and Abu Dhabi’s ADX index by 0.23 per cent to 4,952.96, dragged down by real estate, finance and investment shares.



“Even though today’s [Thursday] volume is better than Wednesday, it is still below average. The main reason is due to low trading on Arabtec shares, considerably lower than the two previous trading sessions. It now represents about 30 per cent of trading volume compared to 60 per cent couples of weeks back,” said Mohammad Ali Yasin, managing director of NBAD Securities in Abu Dhabi."



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Russia ETF Gains as New EU Sanctions Seen to Be Moderate - Bloomberg

Russia ETF Gains as New EU Sanctions Seen to Be Moderate - Bloomberg:



"An exchange-traded fund of Russian stocks gained in New York as the European Union’s proposed sanctions to punish the country for its support of separatists in Ukraine weren’t as deep as some investors had expected.



The Market Vectors Russia ETF (RSX), the largest U.S. dedicated ETF tracking the nation’s companies, increased 0.4 percent to $25.03 in New York yesterday. American depositary receipts of OAO Mechel advanced 3 percent while OAO GMK Norilsk Nickel gained 1.5 percent. The Bloomberg Russia-US Equity Index slipped 0.1 percent to 86.58, reversing an earlier gain of as much as 0.4 percent. 




The ETF advanced as a draft document obtained by Bloomberg showed the EU is preparing to sanction top Russian security officials and didn’t mention targeting any major companies. The 28-member bloc is also considering a ban on European purchases of bonds or shares sold by Russia’s state-owned banks among the options for stepped-up measures against the Kremlin, according to a proposal presented to member states."



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Goldman, ADIA Said to Weigh Joining Gavea in Snagged Fleury Deal - Bloomberg

Goldman, ADIA Said to Weigh Joining Gavea in Snagged Fleury Deal - Bloomberg:



"Goldman Sachs Group Inc. (GS)’s private-equity arm and Abu Dhabi Investment Authority are considering joining Gavea Investimentos Ltda. in a bid for Brazilian medical-services company Fleury SA (FLRY3), people with knowledge of the matter said.



In joining Gavea, the two investors would be wading into a bid for a company that has been on the market for more than six months. Fleury, which has a market value of about 2.6 billion reais ($1.2 billion), said in March that it was in exclusive talks with Gavea.



The deal has been held up, as Gavea’s partners in Instituto Hermes Pardini Ltda. -- a closely held medical lab company that would be merged with Fleury -- have sought a greater role in the combined company, three people said, asking not to be identified discussing private information. It’s still possible that a deal won’t be reached, the people said."



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Emerging ETFs Turn Positive for 2014 as Outflows Reversed - Bloomberg

Emerging ETFs Turn Positive for 2014 as Outflows Reversed - Bloomberg:



"Emerging-market exchange-traded funds are officially back in favor.



Flows into the funds turned positive for the year yesterday, by $109 million, reversing investor flight that had drained as much as $13.9 billion in the first 2 1/2 months of the year amid financial crises in Ukraine, Argentina and Turkey.



Now, money managers are being lured back into developing-nation ETFs by optimism that new leaders in India, Indonesia and potentially Brazil will take measures to bolster flagging economic growth. BlackRock Inc. has attracted about $2 billion into its developing-nation products this year, the most among fund providers."



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