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Wednesday, 1 April 2015

Modernising Coal India - YouTube

Modernising Coal India - YouTube: ""



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Unsound infrastructure - YouTube

Unsound infrastructure - YouTube: ""



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Tourism Development & Investment Co delays fund-raising plans for huge shopping mall, sources say |GulfNews.com

Tourism Development & Investment Co delays fund-raising plans for huge shopping mall, sources say |GulfNews.com:



"Tourism Development & Investment Co (TDIC) has delayed fund-raising plans to build Abu Dhabi’s largest shopping mall in collaboration with a unit of French luxury goods firm LVMH, three sources aware of the matter told Reuters.



The move by the Abu Dhabi state-owned investment fund, coupled with management changes at the joint venture and lower oil prices hitting spending in the Gulf region, casts doubt on whether this key part of the emirate’s infrastructure plans will go ahead. TDIC declined to comment on the project or its funding plan. TDIC had been in talks with banks late last year to raise the cash for The District, with a view to finalising a deal by the end of January, allowing building work to start by March or April, a company source told Reuters in December.



But three sources told Reuters on Tuesday that the funding had been delayed."



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Saudi bourse’s rules for opening to foreigners expected by end-April |GulfNews.com

Saudi bourse’s rules for opening to foreigners expected by end-April |GulfNews.com:



"Saudi Arabia’s market regulator will publish the final rules governing the opening of the kingdom’s stock exchange to direct foreign investors by the end of April, a senior Saudi banker told Reuters. 




His comments correspond to a report in pan-Arab newspaper Asharq Al-Awsat on Tuesday, which quoted unnamed informed sources in the kingdom as saying the regulations will be published in April and the market will officially open to overseas institutions 60 days later.



The opening of the Saudi market, the largest in the Gulf with a capitalisation of around $510 billion (Dh1.87 trillion), is one of the most eagerly awaited economic reforms in the region in recent times."



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Islamic bond trial over $650m launches in London - FT.com

Islamic bond trial over $650m launches in London - FT.com:



"A $650m legal dispute has been launched in London’s High Court that will offer a rare glimpse into the Islamic bond market, as well as banking and business practices in the Middle East.



The court case involves Saudi Arabia’s largest property group Dar Al Arkan (DAAR) and Bahrain-based Bank Alkhair, which is claiming that a website campaign waged by a former employee made it difficult for both DAAR and the bank to raise money for the repayment of “sukuk” bonds compliant with Islamic law.



DAAR, which is listed on the Saudi exchange, and Bahrain-based Bank Alkhair are suing four parties including Kroll, the security group, alleging reputational damage."



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UPDATE 1-MIDEAST STOCKS-Gulf markets slip; UAE's TAQA tumbles on poor Q4 | News by Country | Reuters

UPDATE 1-MIDEAST STOCKS-Gulf markets slip; UAE's TAQA tumbles on poor Q4 | News by Country | Reuters:



"Gulf stock markets edged down in early trade on Wednesday as oil fell further following the extension of nuclear talks with Iran, and after United Arab Emirates energy firm TAQA booked a big 2014 loss due to oil's slump.



Oil futures edged lower in Asian trade amid speculation that a last-minute deal over Iran's nuclear programme would be reached that could allow more Iranian crude onto world markets. Brent was down 0.3 percent and U.S. oil fell 0.4 percent.



Abu Dhabi's index fell 0.7 percent and TAQA, also known as Abu Dhabi National Energy Co, tumbled its daily 10 percent limit in very thin trade."



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Oil prices edge lower as Iran talks extend beyond deadline | Reuters

Oil prices edge lower as Iran talks extend beyond deadline | Reuters:



"Oil futures edged lower on Wednesday amid speculation that a last-minute deal over Iran's nuclear program would be reached that could allow more Iranian crude into world markets.



Talks between Iran and six world powers to settle a dispute around Tehran's nuclear program extended beyond a Tuesday deadline, as the parties edged towards a deal but failed to agree on crucial details such as the lifting of U.N. sanctions.



China's foreign minister, Wang Yi, said on Wednesday there was "significant progress in core issues" in talks with Iran."



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The Saudis Are Losing Their Lock on Asian Oil Sales - Bloomberg Business

The Saudis Are Losing Their Lock on Asian Oil Sales - Bloomberg Business:



"Ships carrying oil from Mexico docked in South Korea this year for the first time in more than two decades as the global fight for market share intensifies.



Latin American producers are providing increasing amounts of heavy crude to bargain-hungry Asian refiners in a challenge to Saudi Arabia, the world’s largest exporter and the region’s dominant supplier.



“By diversifying, more Asian refiners will be able to reduce the clout that Saudi Arabia has on the market,” said Suresh Sivanandam, a refining and chemical analyst with Wood Mackenzie Ltd. in Singapore. “They will be getting more bargaining power for sure.”"



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