|TASI (Saudi Stock Market)||6723.64||0.19%|
|DFM (Dubai Financial Market)||1534.35||0.52%|
|ADX (Abudhabi Securities Exchange)||2598.23||-0.08%|
|KSE (Kuwait Stock Exchange)||6374.1||0.07%|
|BSE (Bahrain Stock Exchange)||1359.45||-0.34%|
|MSM (Muscat Securities Market)||5980.15||-0.81%|
|QE (Qatar Exchange)||8400.4||0.71%|
|LSE (Beirut Stock Exchange)||1378.51||0.14%|
|EGX 30 (Egypt Exchange)||5411.83||1.12%|
|ASE (Amman Stock Exchange)||2179.51||-0.37%|
|TUNINDEX (Tunisia Stock Exchange)||4091.36||-0.52%|
|CB (Casablanca Stock Exchange)||12119.5||1.02%|
|PSE (Palestine Securities Exchange)||488.42||-0.32%|
Thursday, 26 May 2011
The EGX30 rose 1.1 percent to its highest close since April 7.
Youth and democracy movements plan a big demonstration in Tahrir Square on Friday to call for a faster move to democracy following the end of former president Hosni Mubarak's 30-year rule in February.
Under the deal, Green Network -- part of the Libyan African Investment Portfolio (LAP) -- will pay 31 billion CFA francs for a 51 percent share in a ten year licence for the communications firms, which will be fused into one.
The investment comes despite Green Network being hit by United Nations sanctions targeting Libyan leader Muammar Gaddafi, with Zambia in March saying it was freezing Green's assets there.
Thursday’s political risk datapoint:
DIFC – Dubai, May 26, 2011 – Moody’s Investors Service has today downgraded Bahrain’s government bond ratings by one notch to Baa1 from A3, and assigned a negative outlook to the rating. Today’s rating action concludes the review for possible downgrade that Moody’s initiated on 23 February 2011…
The main driver underlying Moody’s decision to downgrade is the significant deterioration in Bahrain’s political environment since February. The government of Bahrain has forcibly suppressed an uprising by the Shi’ah-led opposition with the backing of an intervention of armed forces from other member states of the Gulf Cooperation Council (GCC), most importantly from its neighbour Saudi Arabia. Political tensions in the country remain high and there seems little prospect of the underlying causes of the unrest being peaceably resolved, at least over the short term. The political outlook is therefore highly uncertain.
This is the latest of several moves by the UAE, which has so far avoided the unrest that is spreading across the region, to cut prices and subsidise basic items. Rising food prices have become hugely sensitive around the world, helping fuel protests that toppled the rulers of Tunisia and Egypt earlier this year, with unrest spreading across North Africa and the Middle East.
The measure, starting on June 1 and so far set until the end of the year, is expected to help retailers including France's Carrefour (CARR.PA) and be easily absorbed by the oil-rich country that imports most of its food and already subsidises other consumer goods.
“There are a lot of opportunities and we will select what’s the appropriate investment in light of current developments in the region that are suitable,” Al-Kharafi said in an interview in Beirut today. “There are opportunities in the hundreds of millions” of dollars, he said.
The Kharafi Group has holdings in a number of companies listed on the Kuwait Stock Exchange, including Mobile Telecommunications Co., Kuwait’s biggest mobile-phone company, and Kuwait Food Co.
The lender, one of the region's most exposed banks to indebted conglomerate Dubai World, issued mandatory convertible bonds worth Dh4.8bn to four strategic shareholders including the government of Abu Dhabi in April 2008.
The bonds, which carried a coupon of EIBOR plus 1.5 per cent, were due to be converted before April 2011.
Ashurst won a first-time appointment to advise Damas on the restructuring, fielding a team led by City finance partner Martyn Rogers (pictured), who headed a team of associates across London and the Middle East including Dubai senior associates Aaron Lee and Chris Young and City senior associate Adair Gordon-Orr.
CC acted for around 25 banks involved in the restructuring including Standard Chartered, Royal Bank of Scotland, HSBC and the Emirates National Bank of Dubai.
Two sources familiar with the deal told Reuters last year that the Saudi developer would receive the loan.
Emaar Economic City, affiliated to Dubai developer Emaar Properties , is spearheading the development of King Abdullah Economic City, a project aimed at diversifying the kingdom's oil-based economy.
Peter Holding, the company's senior manager for Russia and the Caspian region, told an energy conference at a seaside resort in Turkmenistan that the vast South Yolotan field covers an area of about 3,000 square kilometers (1,160 square miles) — bigger than the country of Luxembourg.
"The South Yolotan field is so big that it can sustain several developments in parallel," Holding said. "We now need to concentrate on producing and delivering results."
We’ll go through it later but needless to say, it confirms FT Alphaville’s worst fearsabout how badly the LIA mismanaged the Libyan people’s oil wealth…
Net income estimates for Commercial Bank of Qatar QSC, the nation’s second-largest bank, were cut 22 percent, or 478 million riyals ($131 million) on the rule changes by analysts at Credit Suisse Group AG (CSGN) last month. They also cut their estimates for Doha Bank QSC (DHBK), the fourth-biggest lender, by 10 percent, according to a report to clients. Qatar National Bank SAQ (QNBK), the country’s biggest lender by assets, will be hurt by slower loan growth and a disruption to its strategy from the decision, Nomura International Plc analysts said last month.
The central bank in February told all conventional lenders to wind down their Islamic banking divisions and to stop taking Islamic deposits immediately on concern they may be using funds from the conventional bank for Islamic loans. The regulator last month also reduced the amount banks can lend to Qataris to 2 million riyals from 2.5 million and to foreigners to 400,000 riyals and limited the interest lenders can charge on the loans to 1.5 percentage points over the bank rate, at 5 percent today.
"Going by our performance during the first four months of this year we are confident that we will have a positive net income to report during the current year," Al Qemzi said.
The Noor Islamic chief executive said yesterday that the bank, year to date, has posted a net profit of Dh58 million as its operating income grew Dh113 million. Its capital adequacy ratio was 18 per cent year to date.
Aabar Investments , owned by the Abu Dhabi Government, signed a deal in August 2009 with the Algerian government and five German companies to construct three manufacturing plants in the country to build cars, lorries, coaches and engines.
The deal is at the forefront of the Government's aim to boost trade and investment with Algeria as the country's economy diverges from the troubles entangling its near neighbours. Production should start this year, Karim Joudi, the Algerian minister of finance, said in Abu Dhabi yesterday.
The seizure follows a series of judgments in English courts that froze US$1.2 billion (Dh4.4bn) of the Iraqi airline's global assets. In a case that lasted two decades in the UK courts, Kuwait Airways won the compensation of 10 aeroplanes and spare parts as a result of Iraq's invasion of Kuwait in 1990.
Christopher Gooding, a partner at the Fasken Martineau law firm in London who has represented the Kuwaiti airline since 1990, said that after all attempts at negotiation had faltered, the only option was to locate and seize assets belonging to the state-owned Iraqi Airways and for the Iraqi state to satisfy the UK courts' judgments.
Tawhid, Tawfiq and Tamjid Abdullah were the subject of the strictest disciplinary action in the history of the Dubai International Financial Centre in March last year for improperly withdrawing Dh365 million (US$99.3m) of cash and almost two tonnes of gold worth Dh250m from Damas without shareholder approval.
Given the current depressed market valuation of the brothers' wide-ranging assets, Damas expects to receive just Dh204m of the money owed, the company said in a statement to Nasdaq Dubai yesterday.
Qatar’s second mobile service provider earned about QR5mn Ebitda (earnings before interest taxes depreciation and amortisation) profitability in the second half, according to John Tombleson, acting CEO of the company.
Vodafone Qatar’s financial year begins in April and runs up to March, unlike other listed companies which follow January-December format. It has otherwise reported a loss of QR601mn for the year ended March 31, 2011, according to a Reuters report.
For the beleaguered Emaar MGF, a joint-venture between Dubai-based Emaar and Shravan Gupta-led MGF Land Ltd, this is a fire sale, as the company is unable to sell the flats by itself owing to the current slump in the housing market and desperrately needs money to retire part of its R4,689-crore debt and improve its cash flows.
When contacted, Emaar MGF CFO and executive president Sanjeev Saddy said: “Talks with Tishman Speyer are in preliminary stages. It’s a good move for us if we realise the optimum value of the flats. But nothing concrete has materialised as yet.” Tishman declined to comment on the development. The American realtor currently manages the iconic Rockefeller Center building in Manhattan. Tishman currently has three properties in India, one in Chennai and two in Hyderabad.
Banks and hedge funds led by France’s Société Générale are named in about $5bn (£3bn) of deals involving the oil-rich nation, some of which had resulted in heavy losses by the middle of last year.
One of the most striking losses, outlined in an internal report for the Libyan Investment Authority, was a 98.5 per cent fall in the value of the sovereign wealth fund’s $1.2bn equity and currency derivatives portfolio.
The internal report on the investments of the country’s sovereign wealth fund, the Libyan Investment Authority, is peppered with the names of big banks and hedge funds, which critics say should have been more cautious given the Libyan government’s longstanding reputation as a venal and ruthless family fiefdom.
While some of the institutions named in the document might now regret being so publicly linked to the LIA, they might also point out that they were breaking no laws and were merely part of broader international rush to a rehabilitated regime.
New documents reveal the extent of Libya’s investments with some of London and New York’s biggest hedge funds.
The files, obtained by Global Witness, the campaign group, and passed to the Financial Times, detail more than $2bn in hedge fund and hedge fund-linked investments made by the Libyan Investment Authority since international sanctions were lifted in 2003 but before the recent freeze on Libyan investments.
They show the extent to which the LIA became one of the biggest sovereign investors in the hedge fund industry, courting interest from its star figures and allocating to some of its highest-profile names.