Friday, 16 September 2011
The highlights were a move to the main market of the London stock exchange from Aim and a plan to develop a pipeline capable of carrying 440,000 barrels a day north from its Shaikan field to the Kirkuk-Ceyhan export pipeline.
Chief executive Todd F Kozel said this would be funded by the sale of its 20 per cent stake in the Akri-Bijeel block, which is majority owned by partner MOL Hungarian Oil & Gas and could fetch as much as $300m-$350m.
Countries hit by protests which toppled autocratic leaders in Tunisia and Egypt earlier this year "will see a slump if not a contraction in growth rates," Jasem al-Manaie said at a meeting of governors of Arab central banks.
"The reluctance of foreign investment and continued pressure on reserves and currencies combined with the possibility of increased unemployment... will increase the financial burdens on these countries," he warned.
QFC was receiving growing interest from Asia as banks in the developed world take stock amid slowing global growth.
"There's been an increase in interest," said Akshay Randeva, the head of strategic development at the Qatar Financial Centre Authority. "If we look at the outlook for QFC, we have a positive pipeline."
The country has asked Arab central bank governors for financial assistance and technical support, said Abdulla Saudi, a representative of the Libyan central bank.
"There's been some good amounts [of assets unfrozen] to get things moving," he said. "Maybe we would like to see the speed at a better rate."
"Global requested the lending banks? support for the near-term deferral of principal repayments due in December 2011 and deferral of any increase in rate of interest from December 2011 onwards," the company said following a meeting with creditors.
Under a restructuring plan signed in December 2009, Global was expected to repay more than $340 million of debt plus interest.
Just a handful of day traders watched yesterday as Eshraq Properties became the 66th company to list shares on an exchange where trading volume has fallen to a third of the average.
"Can you say we will make money from buying the shares of Eshraq?" an Emirati day trader asked company officials. "I've lost half my capital over the past year."
The $1.03 billion (Dh3.78 billion) issue, the first instalment of a total $1.31 billion offered as part of a restructuring deal to repay trade creditors, was issued at the end of August, and offers a profit rate of 10 per cent.
Two market sources told Reuters that investment bank Morgan Stanley was holding an auction for Dh320 million of bonds offered by an undisclosed seller.
Drydocks is a ship-building and repair company based in Dubai and owned by Dubai World, which in turn is controlled by the government of Dubai. Earlier this year, Dubai World finalised a $25bn debt restructuring that didn’t include Drydocks.
At the heart of the ongoing negotiations between Drydocks and its lenders lies the government’s willingness to put a guarantee on the table, a key demand by bankers who have been seeking more explicit government support for large-scale restructurings, especially in the light of Dubai’s recent debt troubles.
As Recep Tayyip Erdogan, Turkey’s prime minister, continues his triumphal tour of Egypt, Tunisia and Libya, the countries that have successfully overthrown tyrannies in the unfoldingArab awakening, he can justly lay claim to be the most popular politician in the Arab world.
There are those who argue he is the non-Arab leader Arabs have most admired since Saladin – a Kurd from Mesopotamia – recaptured Jerusalem from the Crusaders in 1187.
In western capitals, Mr Erdogan is decried for his strident Israel-bashing, which is seen as cynical populism, a naked play for the Arab gallery. Yet the Turkish leader’s popularity is an invaluable asset – to the Arabs and to the west.