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Friday, 18 May 2012

Turkey: sabre-rattling over Cyprus gas | beyondbrics – FT.com

The old adage that oil or gas always adds fuel to an international dispute is being revived on the divided island of Cyprus.

The discovery last year by US-based Noble Energy of a major gas field in an area of the Mediterranean in Cyprus’s exclusive economic zone has predictably prompted a wave of interest from big oil and gas groups.

And, equally predictably, it has brought warnings from Turkey about possible reprisals against those who do business with the internationally-recognised Republic of Cyprus, which is licensing new offshore acreage.

DIFC Investments has not yet sold SmartStream - Shaibani - Yahoo! News UK

DIFC Investments, the investment arm of the company running Dubai's financial free zones, has not sold software company SmartStream Technologies but the process is under way, the chief executive of the
Investment Corporation of Dubai said on Friday.
"No deal has been made yet. It is in the middle of the process," Mohammed al-Shaibani told Reuters on Friday on the sidelines of a business forum.
"I think that more than one entity is looking at it, among them are some of the Dubai government-related companies. They are showing a keen interest in this process," he said.

INTERVIEW-Investment Corp of Dubai sees no need for bond issue-CEO - Yahoo! News UK

The Investment Corporation of Dubai (ICD), the emirate's sovereign wealth arm, has no current plan to issue a bond this year and will likely pay off a $2 billion loan that is due next year, the fund's CEO told Reuters in an interview on Friday.
"ICD at the moment does not have any liquidity requirement," Mohammed al-Shaibani said on the sidelines of the Sarajevo Business Forum organised by the fund's subsidiary in Bosnia. "But our subsidiaries are issuing bonds according to their needs," he added, referring among others to the Dubai Islamic Bank (DIB) that is planning to issue a benchmark-sized, dollar-denominated Islamic bond, or sukuk.
Shaibani said the ICD was still evaluating options for its $2 billion loan due next year, part of a $6 billion loan. The fund paid off the first tranche of $4 billion last year.

Arab spring needs aid to succeed, says Osborne - FT.com

George Osborne. the UK’s chancellor of the exchequer, warned on Friday that the push for democracy in Arab spring countries could fail unless the international community speeded up financial support to the region.
Addressing governors of the European Bank for Reconstruction and Development in London – which last year was told to expand its operations from eastern Europe to north Africa – he warned that “as an international community we need to up our game”.

John Paulson Now Second-largest MGM Mirage Shareholder « Southern Gaming « The Ticket Depot

Billionaire John Paulson, through his new York-based hedge fund, has become the second-largest shareholder in MGM Mirage.

Bloomberg News reported Paulson & co. acquired 40 million shares of MGM Mirage, as well as 4 million shares of Boyd Gaming Corp., during the first quarter of this year.

The stake in MGM Mirage places Paulson behind only MGM Mirage founder Kirk Kerkorian, the 92-year-old Los Angeles-based billionaire, as the casino operator’s largest investor. Kerkorian, who serves on the company’s board of directors, controls 37 percent of MGM Mirage.

Dubai World, the investment arm of the Persian Gulf emirate, owns just below 10 percent of MGM Mirage’s common stock.

RPT/MIDEAST DEBT-Dana, creditors gear up to thrash out sukuk deal - Yahoo! News UK

Dana Gas could become the first company in the United Arab Emirates to restructure a bond as concerns rise that it will not have enough cash to repay a $1 billion convertible sukuk, or Islamic bond, at maturity in October.
The Abu Dhabi-listed firm said this week it had hired advisers to help it weigh options for repayment of $920 million still outstanding on the out-of-the-money convertible and was committed to finding a consensual solution.
Dana's shares have been battered by concerns over how it will find funds to repay the bond, and limited communication from the company on the matter. The stock has dropped 40 percent in the past year, to 0.39 dirhams at Wednesday's close - just one-fifth of the bond's conversion price of 1.926 dirhams.

Gulf Times – Qatar on top of foreign investors’ list

Qatar remains on the top of most foreign investors’ list of investable markets in the Middle East and Africa region, according to an analyst from a leading international investment management company.
Giving insights into the MSCI upgrade decision due next month, Bank of New York Mellon Vice President and Head of GCC Depositary Receipts Peter Gotke, said: “Although Doha’s stock market has not shown the same incredible growth enjoyed in the past few years, nonetheless, Qatar remains on the top of most foreign investors’ list of investable markets in the Mena region.”
The MSCI Global Equity Indices are widely tracked global equity benchmarks and serve as the basis for over 500 exchanged traded funds throughout the world. The indices provide exhaustive equity market coverage for over 70 countries in the Developed, Emerging and Frontier Markets, applying a consistent index construction and maintenance methodology. This methodology allows for meaningful global views and cross regional comparisons across all market capitalisation size, sector and style segments and combinations.

gulfnews : UAE current account surplus quadruples in 2011

The UAE's current account surplus quadrupled to Dh112.7 billion in 2011 as both crude and non-oil exports soared, the central bank's annual report showed on Thursday.
The surplus surged to 8.5 per cent of gross domestic product (GDP) last year from 2.4 per cent, or Dh26.6 billion, in 2010, according to a Reuters calculation.
The 2011 calculation is based on a GDP estimate by the International Monetary Fund since the UAE's statistics office has yet to release GDP data for last year. The Opec member's 2010 balance of payments data has been revised.

Emaar-MGF targets delivery of old projects in FY13

Emaar-MGF, a joint venture between Dubai-based real estate developer Emaar Properties and India’s MGF Development Ltd, is looking at fast completion of its existing projects in the current financial year rather than launching new projects.

Sources said the company’s primary focus is business consolidation in the financial year, as several of its projects are running behind the schedule and the developer is reeling from a heavy debt burden.

Although company officials said some new projects would be launched in 2012-13, the key focus will remain on execution and delivery of the launched projects.

Frontier Market Realities: Riotous, Risky And Richly Rewarding - Forbes

Developing nations that can’t make the grade as emerging markets fall into a chaotic Fourth World category known as “frontier markets.” This is a world where insider trading can run rampant because it’s officially tolerated, where financial data are spotty because the authorities don’t demand clarity, and where the worst risks call for armed bodyguards. My team’s security details in Pakistan suggest that in hotel lobbies you should always sit in a small chair, not a couch, so you can quickly pull the furniture over you in case of an explosion. Research on the frontier is often conducted by pressing one’s ear to the walls: when one of my analysts recently asked a member of the crowd milling aimlessly around the Kuwait stock exchange what they were waiting for, the reply was, “Rumors.”