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Monday, 28 July 2014

Russia hit by $50 bn Yukos ruling , amid sanctions squeeze - ECONOMICS

Russia hit by $50 bn Yukos ruling , amid sanctions squeeze - ECONOMICS:



"Russia has been ordered to pay Yukos shareholders a record $50 billion in compensation over its seizure of the defunct oil giant, lawyers said on Monday, in a new blow on top of sanctions over the Ukraine crisis.
      



An arbitration court in The Hague ruled that Russia forced Yukos -- formerly owned by ex-tycoon Mikhail Khodorkovsky -- into bankruptcy with excessive tax claims and sold its assets to state-owned businesses led by energy giant Rosneft for political purposes.
      



Russia was defiant in the face of the judgement with Foreign Minister Sergei Lavrov vowing that the state would "use all of its legal options to defend its position", with the claimants who now face a further battle to claw back their cash."



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#Iran Working on Large-Scale Plans to Export Gas to Europe - Farsnews

Farsnews:



"The Iranian oil ministry has large-scale programs underway to export natural Gas to European nations, a senior energy official announced on Saturday.



"We have macro-scale plans to supply gas to Europe," Iranian Deputy Oil Minister Ali Majedi told FNA on Saturday.



He noted that Europeans have shown deep interest in importing Iran's gas in a bid to relieve themselves from Russia's monopoly over supplies to Europe."



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Dubai builder Arabtec posts major cash deficit for second quarter | The National

Dubai builder Arabtec posts major cash deficit for second quarter | The National:



"Arabtec is likely to need a capital injection or new debt financing after its second-quarter earnings figures showed a significant worsening of its cash position, analysts said yesterday.



Despite a year-on-year improvement of 51 per cent in second-quarter revenues, which jumped to Dh2.41 billion from Dh1.59bn, Arabtec ran a cash deficit of US$340 million (Dh1.244bn) in the first half of this year. It had a net cash surplus a year earlier of about $26m. 




The company’s $50bn backlog, compared to six-month revenues of $1.24bn, increases the risk that Arabtec may run out of cash during completion of major projects, analysts said. The backlog stood at about $6bn at the end of last year."



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Abu Dhabi-listed Watania says majority shareholders to sell stakes | GulfNews.com

Abu Dhabi-listed Watania says majority shareholders to sell stakes | GulfNews.com:



"Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Sunday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties.



In a short bourse filing, Watania said the deal was subject to regulatory approvals. It did not disclose the value of the deal, nor the size of the stake being sold.



Among Watania’s shareholders are Abu Dhabi Investment Council, Ajman Bank and Abu Dhabi National Insurance Co, all with around 15.75 per cent of the firm."



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