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Monday, 26 November 2012

MIDEAST STOCKS-Egypt recovers losses as Mursi meets judges; Gulf steadies - Yahoo! News Maktoob

Egypt's measure on Monday recovered some of the previous session's heavy losses as President Mohamed Mursi met with senior judges to defuse a crisis over newly-seized powers, while Gulf markets steadied in
cautious trading.
Cairo's index rose 2.6 percent. On Sunday, it plunged 9.6 percent to a four-month low in the first trading
session after Mursi's decree that temporarily widened his powers and shielded his decisions from judicial review. The news sparked a political crisis and violent protests.
Egypt's Justice Minister Ahmed Mekky said he believed that Mursi would agree with the country's highest judicial authority on its proposal that would limit the scope of the presidential decree.

Qatar seeks to supply 10% of Egypt’s LNG -

Qatar is positioning itself to sell liquefied natural gas to Egypt as it uses its financial firepower to cement its ties with Egypt’s new Islamist leadership in a time of unprecedented economic instability.
The world’s biggest exporter of LNG signed a joint venture with Egyptian private equity firm Citadel Capital on Thursday to build a floating LNG storage facility and re-gasification unit to deliver natural gas to Egypt.
Oil-rich Gulf states such as Saudi Arabia and the United Arab Emirates have pledged funds as they seek to define their new relationships with Cairo but Doha is taking a more proactive approach, investing directly in Egypt’s energy sector and financial services.

Presidents of Ukraine, UAE sign several agreements

A ceremony to mark the signing of a number of agreements with the participation of Ukrainian President Viktor Yanukovych and President of the United Arab Emirates Khalifa bin Zayed Al Nahyan was held in Abu Dhabi on Monday.

According to the Ukrainian president's press service, an agreement was signed between Ukraine and the United Arab Emirates on mutual legal assistance in criminal matters.

This agreement suggests creating a legal basis for the efficient cooperation of the relevant agencies of both states in criminal matters. The agreement lays down the mechanism of interaction between the courts, prosecution agencies and other competent authorities of Ukraine and the UAE to prevent and investigate crimes, as well as determining the ways to confiscate property and proceeds of crime.

MENA stock markets close - November 26, 2012

 ExchangeStatus IndexChange  
 TASI (Saudi Stock Market)
 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)

Senior bankers leave BofA's MidEast ops - sources - Yahoo! News Maktoob

The head of Bank of America Merrill Lynch's Middle East and North Africa unit has left following an overhaul of the U.S. lender's regional investment banking operations, three sources said.
A spokeswoman for BofA in the Middle East confirmed the departure of Phil Southwell, hired in May 2011 to run the bank's MENA business, and also the resignation of Ziad Awad.
Awad, a managing director with the bank for more than five years, has resigned and will leave at the end of the year, sources had also said on Monday, speaking on condition of anonymity as the matter has not been publicly disclosed.

Oman economy to grow at 7% |

The national economy is set to post a seven per cent growth in the State Budget 2013, while government expenditure is likely to touch 13 billion Omani riyals, according to Darwish Bin Esmaeel Al Balushi, Minister Responsible for Financial Affairs.
Speaking at a Majlis Ashura session on Sunday, Al Balushi reviewed the salient features of the budget, both on the social and economic fronts.
The minister affirmed that the financial allocation for government ministries and units’ development programme have been raised by about 30 per cent to complete infrastructure projects under way, like ports, airports, roads, water, sewerage networks and projects at Al Duqm Special Economic Zone and other areas.

Mahindra’s bid for Aston Martin: does it make any sense? | beyondbrics

Mahindra & Mahindra’s bid for a 50 per cent stake in Aston Martin is a daring move, and one that sets up a duel with a European group befitting a product best known for high-speed chases in the hands of 007.

But such bravery aside, would the move, if it comes off, make any sense?

The story in Monday’s FT gives the basic backstory, with numerous sources suggesting that Kuwait’s Investment Dar is in the latter stages of talks with the Mumbai-based automaker and European buyout group InvestIndustrial, setting up in a two-way race for UK-based sports carmaker, in a deal worth at least $250m.

Aberdeen: 2013 looks gloomy | beyondbrics

Aberdeen Asset Management on Monday published a fairly gloomy forecast for 2013, complete with a warning that investors aren’t likely to find much cheer even in emerging markets.

But the fund manager still backed equities over bonds, pointing out that despite the poor global economic outlook companies were generally in “very good shape”. Just a matter of picking the right stocks, we suppose.

Aberdeen, which simultaneously issued a solid sets of financial results for the year to the end of September, said in its outlook statement:

Abu Dhabi's IPIC to price benchmark-size three-tranche bond Tuesday | Reuters

International Petroleum Investment Co (IPIC), an investment vehicle owned by the Abu Dhabi government, plans to price a three-tranche, dual-currency bond on Tuesday, arranging banks said on Monday.

IPIC, rated AA, plans to issue a three-year dollar-denominated portion, and two euro-denominated pieces carrying maturities of 5.5 and 10.5 years.

All three tranches will be benchmark-sized, which is typically understood to mean at least $500 million.

Jet Air in Stake Sale Talks With Etihad, India Official Says - Bloomberg

Jet Airways (India) Ltd. (JETIN) is in talks to sell a stake to Etihad Airways, and SpiceJet Ltd. (SJET) is having similar discussions with AirAsia Bhd. (AIRA), a government official said, as India’s two largest listed carriers seek funds following a change in investment rules.
Jet Air may conclude a deal to sell a minority stake to Abu Dhabi’s Etihad in 45 days, said the official, who asked not to be identified citing rules. Discount carrier SpiceJet’s talks with AirAsia, the region’s biggest budget carrier, are at an early stage, the official told reporters today.
The two Indian airlines surged in Mumbai trading on speculation new investment may help them cut debts and pay for expansion. Kingfisher Airlines Ltd. (KAIR), which grounded flights last month amid a cash crunch, is also seeking to sell a stake after losses caused by high fuel taxes and price wars.

TEXT-S&P affirms Abu Dhabi ratings At 'AA/A-1+';outlook stable | Reuters


-- In view of its large financial assets and sizable fiscal surpluses, we believe that Abu Dhabi's government has a considerable buffer to support its economy and mitigate the risks from external vulnerabilities.

-- We are therefore affirming our 'AA/A-1+' sovereign credit ratings on Abu Dhabi.

-- The stable outlook balances our view of Abu Dhabi's wealthy economy and policy flexibility against the risks from structural and institutional weaknesses, its high contingent liabilities, and limited monetary policy flexibility.

Dubai Economy Set for Biggest Boost in 5 Years on Tourism - Businessweek

Dubai’s economy is headed for the biggest expansion in five years as the Persian Gulf business hub benefits from tourism and trade.

The emirate’s gross domestic product at constant prices grew 4.1 percent in the first half to 161.5 billion dirhams ($44 billion), the Dubai Statistics Center said in an e-mailed statement today, on track to reach the government’s forecast of 5 percent for the year. The hotel and restaurant industries grew more than 16 percent, while manufacturing expanded 10.4 percent, the data show. The emirate’s economy grew 18.1 percent in 2007, according to government data.

“We have seen a continued improvement in consumption environment, both linked to domestic consumption and tourism,” Monica Malik, Dubai-based chief economist at EFG-Hermes who forecasts 2012 GDP growth at 4 percent, said by telephone. “Moreover, we are seeing signs of a tentative pickup in investments, which is a relatively newer development.”

Kuwait's Global says gets majority approval for restructuring plan | Reuters

Kuwait's Global Investment House has received the backing of "an overwhelming majority" of creditors for its debt restructuring plan, the company said in a statement on Monday.

The restructuring, its second in three years, was approved by creditors representing 96.7 percent by value and 90.9 percent by number at a meeting in Dubai earlier on Monday, a company filing to the London Stock Exchange said.

A court hearing has been scheduled for December 3 to grant final legal approval to the restructuring plan, it added, and the agreement will take effect on that date or soon after if the court assents.

Oman awards fixed-line telco licence to PCCW consortium | Reuters

Oman has granted a fixed-line telecommunications licence for the greater Muscat area to a consortium of Awaser Oman Co and Hong Kong's PCCW International, the regulator said on Monday, a decision that may squeeze earnings at Oman's existing operators.

The licence is valid for the Governorate of Muscat - home to about a quarter of Oman's estimated 2.8 million people - and will enable the consortium to provide fixed-line data and voice services for 25 years. PCCW International is a subsidiary of PCCW Ltd.

The consortium will compete against Oman Telecommunications Co (Omantel) and Nawras, a subsidiary of Qatar Telecom (Qtel).

Oman Air sees 30 pct revenue growth in 2012 | Reuters

State-owned Oman Air, the sultanate's national carrier, expects its revenue to grow 30 percent in 2012 because of expanded operations, its chief executive officer said on Monday.

"I am pleased to say we are expecting a 30 percent revenue rise this year due to increased flights to Europe, the GCC (Gulf Cooperation Council) and other destinations because of higher demand," chief executive officer Wayne Pearce told Reuters.

The company said in its 2011 financial report that it generated revenue of 311.3 million rials last year.

Emirates-Qatar Air merger impossible - Clark - Transport -

A potential merger between Emirates Airline and Qatar Airways would have made for a “formidable” force in the global aviation market but regulatory opposition from European authorities mean it “will never happen”, the Dubai-based carrier's president Tim Clark was quoted as saying.
Speaking to the Arab Air Carrier Association’s AGM in Algeria earlier this month, Qatar Airways CEO Akbar Al Baker revealed that prior to joining the oneworld aviation alliance it had been his ambition to create a “mega-carrier” by merging the Doha-based carrier with Dubai’s Emirates Airline, the largest carrier in the world in terms of international passenger traffic.
“Unfortunately, that dream of mine did not come true, but we then got invited to join oneworld,” Al Baker said.

Qatar cashes in Barclays warrants, shares drop | Reuters

Qatar has cashed in its remaining warrants in Britain's Barclays Plc (BARC.L), a move that should yield a $280 million profit and still leaves the sovereign wealth fund as the bank's top shareholder following a controversial fundraising in 2008.

Deutsche Bank AG (DBKGn.DE) and Goldman Sachs Group Inc (GS.N) said they would sell up to 303.3 million shares - worth 740 million pounds - to comply with Qatar's request. They sold shares at 244 pence apiece, a 4 percent discount to Friday's closing share price, but did not confirm whether all the shares had been sold.

Qatar Holding said in a separate statement late on Sunday it had monetized its remaining holding of 379 million units of Barclays warrants - instruments that convert into shares - without affecting its 6.65 percent stake.