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Wednesday, 31 July 2013

Dubai Property Buyers From Subcontinent to U.K. Lead Deal Surge

Indians, Pakistanis and Britons were the biggest foreign buyers of Dubai property in the first half, leading a jump in investment by foreigners outside the Arab world, the emirate’s Land Department said.
Property sales totaled 53 billion dirhams ($14.4 billion) in the period, the government agency said without providing a year-earlier figure. Spending increased among all the regions described in the report, including a rise of 73 percent to 32 billion dirhams among buyers outside the Gulf region and the rest of the Middle East.
Dubai’s property market, which suffered one of the world’s worst real estate crashes in 2008, is rebounding after almost three years of standstill. The report indicates that the Arab Spring revolutions in countries such as Egypt, Syria, Yemen, Tunisia and Libya haven’t significantly changed the mix of investors in a property market long dominated by the U.K., India andPakistan.

BUSINESS - Turkey’s Garanti Bank profit rise to $461 mln

BUSINESS - Turkey’s Garanti Bank profit rise to $461 mln:

"
The net profit of Garanti Bank rose 23 percent to 886.6 million Turkish Liras (around $461 million) in the second quarter of 2013, the Turkish lender has announced.

The Istanbul-based bank, which is partly owned by Spain’s BBVA and Turkey’s Doğuş Holding, was expected by market analysts to post lower figures. In the same period last year, its net income was 719 million liras.

With the announcement of the second-quarter figures, the bank’s net profit for the first half of the year is 1.89 billion liras, good for a 19.6 percent rise. "

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Credit Default Swaps Introduced in Russia | Business | The Moscow Times

Credit Default Swaps Introduced in Russia | Business | The Moscow Times:

"Credit default swaps, the financial instrument whose abuse catalyzed the 2008 financial crisis, may soon be seen in the Russian marketplace.

A draft of an order detailing the concept of CDSs was distributed to Russian banks by the Federal Service for Financial Markets on Wednesday, Vedomosti reported.

CDSs are essentially financial swaps in which the seller is paid in installments for agreeing to pay off a buyer's debt if they default on the loan. Invented in America during the 1990s, they shot to widespread use in 2003 as the credit market grew."

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Large or mid-sized tablets?



MIDEAST STOCKS-Saudi rises to near 16-mth high; other mkts mixed | Reuters

MIDEAST STOCKS-Saudi rises to near 16-mth high; other mkts mixed | Reuters:

"Saudi Arabia's bourse rose to a near 16-month high on Wednesday, close to last year's peak, as investors bought shares in companies that they believed would profit from increased consumer spending during Ramadan, the Muslim month of fasting.

The index climbed 0.7 percent to its highest close since April 2012. Trading volumes were above the 30-day average for a second consecutive session.

"This is unusually high activity especially ahead of Eid holidays - investors are building positions on a positive earnings outlook for the third quarter," said Asim Bukhtiar, head of research at Riyad Capital. Eid marks the end of Ramadan; the exchange will close for a week starting Aug. 6."

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UAE to award contracts for second phase of vast rail network - FT.com

UAE to award contracts for second phase of vast rail network - FT.com:

"The United Arab Emirates will soon award contracts for the second phase of a vast railway project aimed at connecting the country’s industrial cities and boosting trade across the Gulf.
Etihad Rail – which is 30 per cent owned by the UAE’s federal government and 70 per cent by Abu Dhabi – will in the third quarter of this year grant tenders to build a network that will run to the Saudi Arabian border, the company’s chief executive said."

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Ukraine government statements and IMF realities - Opinion - News - Ukraine Business Online

Ukraine government statements and IMF realities - Opinion - News - Ukraine Business Online:

"The issue of a new International Monetary Fund (IMF) loan for Ukraine has been the subject of frequent discussion recently with various members of the Ukrainian government issuing optimistic statements that, taken at face value, would lead the casual observer to believe that another $15 billion loan program is a virtual certainty.

For example, the state news service UkrInform quotes Ukrainian First Deputy Prime Minister Serhiy Arbuzov as saying during a working visit to Vinnytsia region on Tuesday, "The issue concerns a new program where the amount of the loan is envisaged at about $15 billion. However, the discussions on this issue are ongoing. This autumn we expect the mission that will resolve everything. We are currently finalizing the issues that are important to the IMF, and I think that this autumn we should sign a long-awaited agreement.”"

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Tunisian economy rattled again | beyondbrics

Tunisian economy rattled again | beyondbrics:

"
Political turmoil in Tunisia has struck a heavy blow to the country’s economy. The assassination of opposition leader Mohamed Brahmi last Thursday and the killing of eight soldiers by militants near the Algerian border on Monday have shaken investors’ nerves once again.

The MSCI Tunisia stock index is down 3.7 per cent since last Thursday. On the broader market, consumer plays such as retailing, insurance and construction were hit hardest: supermarket chains Monoprix and Magasin Général each fell nearly 5 per cent on Tuesday alone, while reinsurer Tunis Re was down 4.3 per cent.

Houcine Dimassi, a former finance minister, says a general strike on Friday held in response to Brahmi’s assassination has cost the country 200m dinar (about $120m)."

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The money dried up, but at least Dubai’s celebrity investors are not left out of pocket - Middle East - World - The Independent

The money dried up, but at least Dubai’s celebrity investors are not left out of pocket - Middle East - World - The Independent:

"Dubai will liquidate many of its building projects and use the money to pay off investors, who are thought to include the Hollywood star Brad Pitt and footballers David Beckham and David James, it has been reported.

The state news agency WAM said ruler Sheikh Mohammed bin Rashid Al Maktoum had ordered a committee to be set up to look at the emirate’s building bubble, which encouraged huge funding but was followed by huge losses when it burst. Many developers withdrew from the city when prices more than halved and a lot of their customers have never received the properties they paid to be built.

Among the projects that remain little more than building sites more than four years after the crash is Dubai World, a complex of islands arranged to resemble the world’s seven continents."

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Billionaire Saudi prince loses U.K. court battle over Gadhafi jet | News , Middle East | THE DAILY STAR

Billionaire Saudi prince loses U.K. court battle over Gadhafi jet | News , Middle East | THE DAILY STAR:

"A billionaire Saudi prince lost a London court battle on Wednesday when a judge ordered that he should pay a $10-million commission linked to the sale of a luxurious private jet to former Libyan leader Muammar Gadhafi.

The High Court ruling is an embarrassment for Prince Alwaleed bin Talal, a nephew of Saudi Arabia's King Abdullah, who gave evidence in person for two days at the trial earlier this month.

The prince was being sued by Daad Sharab, a Jordanian businesswoman who said she was not paid any commission for brokering the sale of the jet to Gadhafi, which was completed in 2006 for $120 million."

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The Abraaj Group exits investment in leading Ghanaian bank, HFC Bank - bi-me.com

The Abraaj Group exits investment in leading Ghanaian bank, HFC Bank - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"The Abraaj Group, a leading investor operating in growth markets, today announced the successful exit of its investment in Ghana based HFC Bank (Ghana) Limited (HFC). The Group sold its stake in HFC to Republic Bank Limited (RepBank), an independent Caribbean bank.

The Abraaj Group, through one of its Funds, acquired its initial stake in HFC in 2010 and made an additional investment in 2012. During Abraaj’s investment, HFC has become one of the leading domestic banks in Ghana and remained strongly capitalised, allowing it to increase its branch network. HFC currently has 27 branches across Ghana, and is working to open additional branches as it expands its reach.

With The Abraaj Group’s support, lending to businesses and consumers and deposits has grown significantly, with loans and advances to customers increasing over 100 per cent from  GHS160 million to GHS330 million, and deposits from customers growing over 150 per cent from GHS123 million to GHS312 million."

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Taqa Reports Second-Quarter Loss as Oil and Power Sales Slide - Bloomberg

Taqa Reports Second-Quarter Loss as Oil and Power Sales Slide - Bloomberg:

"Abu Dhabi National Energy Co. (TAQA), the state-controlled utility, reported a second-quarter loss as sales fell because of a cut in U.K. oil output and production halts at two power plants.
The company, known as Taqa, lost 172 million dirhams ($46.8 million) in the period, compared with a 447 million-dirham profit a year earlier, it said in a statement today to the Abu Dhabi stock market. Sales declined 3.1 percent to 5.86 million dirhams. The utility is 75 percent owned by the government of Abu Dhabi, the largest sheikhdom in the United Arab Emirates.
Taqa has stakes in businesses generating power and producing oil and natural gas in the Middle East, North Sea, India and North America. Last year, it expanded by adding oil-field operations in northern Iraq and buying U.K. crude deposits from BP Plc. (BP/)"

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‘Challenging market’ weighs on DP World - FT.com

‘Challenging market’ weighs on DP World - FT.com:

"
Dubai’s DP World said on Wednesday that cargo throughput was down 5.8 per cent in the first half of 2013 on lower volumes in Asia, Europe and the Middle East and it expected tough market conditions to continue throughout the year.
The government-controlled ports operator said in a statement that it handled 26.6m 20ft equivalent units (TEUs) in the first six months of 2013, a decline of 2.1 per cent when its divestment of operations in the UK, Australia, Yemen, Russia and Hong Kong are taken into consideration.
DP World has been selling assets to refocus on its strength in emerging markets."

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The Future is Here at London's Design Museum: New ways of making



JKX reveals good progress in Ukraine | 31 July 2013 | Stock Market Wire

JKX reveals good progress in Ukraine | 31 July 2013 | Stock Market Wire:

"JKX Oil & Gas reports good progress on a complex programme in Ukraine with the first three of nine stages of the well R-103 frac being completed successfully.

An interim flow back has been performed for preliminary clean-up of the formation, and work has now started on stages four to six of the programme.

Each stage covers approximately 100m of the sub-horizontal 1,000m reservoir section.

Chief executive Dr Paul Davies said: "Operationally this complex programme has made very good progress and we now have three fracs completed successfully.

"We are seeing variability in the rock properties as we progress along the well bore, and we may encounter sections where the pump pressure to frac the rock exceeds the safe working limit of the equipment.

"We have, therefore mobilised additional equipment which should help us partially overcome the high break-down pressures encountered. I look forward to reporting progress with the next three stages of the programme." "

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5. Market comment: Stocks stay on upward path - Wed, 31 Jul - BUSINESS NEW EUROPE

Ukraine daily - Wed, 31 Jul - BUSINESS NEW EUROPE:

"The key Ukrainian index UX extended gains into the fifth session Tuesday, closing yesterday's trading 0.45% higher. The positive sentiment on local bourses was supported by corporate earnings from prominent companies in Europe, while investors looked into a two-day policy meeting of the U.S. Federal Reserve. Growth leaders in the index basket included Ukrnafta (UNAF, +1.67%), Raiffeisen Bank Aval (BAVL, +2.04%) and Donbasenergo (DOEN, +1.58%), followed by Alchevsk Steel (ALMK, +0.25%), Avdiyivka Coke (AVDK, +0.09%), Azovstal (AZST, +0.45%), Yenakiyevo Steel (ENMZ, +0.52%) and Motor Sich (MSICH, +0.11%). Centrenergo (CEEN) and Ukrsotsbank (USCB) lost 0.64% each. The WIG-Ukraine index also added 0.65% owing to Coal Energy (CLE, +14.57%), Agroton (AGT, +10.61%), Sadovaya Group (SGR, +8.16%), Milkiland (MLK, +2.08%), Ovostar Union (OVO, +1.32%) and Astarta (AST, +0.68%). In London, MHP (MHPC) gained 0.84%, Ferrexpo (FXPO) dropped 2.29%, while Avangard (AVGR) surged 5.77% (see below).
"

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EM and DM: converging? | beyondbrics

EM and DM: converging? | beyondbrics:

"A fascinating series of posts over at Aswath Damodaran’s Musings on Markets. Damodaran has been looking at risk and equity valuations in emerging and developed markets. He began with a round up of risk in emerging markets, where he found investors believe emerging markets are getting riskier. He concluded by using three different multiples to look at how investors price risk and return – and found he had much to learn.

But it’s the second of his three recent posts that caught our eye, where he looks at the thorny issue of convergence or divergence between EM and DM.

We warmly recommend clicking through to the post. But for a speed read, he looks at PE ratios, price to book equity ratios and return on equity for 24,429 EM companies and 36,067 DM ones to conclude that the two markets are indeed converging, for three reasons: declining profitability at DM companies relative to EM ones, declining differential equity risk premiums between the two, and declining differentials in real growth."

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Ukraine billionaire accused of fraud and coercion in US lawsuit - BUSINESS NEW EUROPE

Ukraine billionaire accused of fraud and coercion in US lawsuit - BUSINESS NEW EUROPE:

"Ukrainian billionaire Dmitry Firtash and his bank seized a soybean oil plant through "a campaign of fraud, physical threats, coercion and corruption," according to a lawsuit brought by businessmen Vadim and Ilya Segal. But the case may bear not so much on ownership of the plant, as on a massive bank fraud in Ukraine committed nearly five years ago at the height of the global financial crisis – and could spark revelations about the reach of organised crime in post-Soviet banking.

Brothers Ilya and Vadim Segal, the owners of Cyprus company Dancroft Holdings, in turn the former owner of Ukrainian company Kakhovka Prom Agro, have filed a complaint against one of Ukraine's richest and most furtive men Firtash and Nadra Bank, currently the Ukraine's 11th largest lender, in New York County Supreme Court."

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Ukranian News - GDP Down 1.1% In Q2

Ukranian News - GDP Down 1.1% In Q2:

"In April-June 2013, real gross domestic product went down by 1.1% against April-June 2012 (in constant prices of 2007), the State Statistics Service said.
As against January-March 2013, the GDP decreased by 0.4% in compliance with the season factor.
The State Statistics Service specified indicators of real gross domestic product during the year.
As Ukrainian News earlier reported, in October-December 2012, the gross domestic product slid by 2.5% against October-December 2011 (in constant prices of 2007) to UAH 378.564 billion (in actual prices).
In 2012, the GDP increased by 0.2% against 2011.
Nominal GDP in 2012 made up UAH 1,408.889 billion."

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Azerbaijan: Consortium Formed To Build Trans-Adriatic Pipeline Eurasia Review

Azerbaijan: Consortium Formed To Build Trans-Adriatic Pipeline Eurasia Review:

"Azerbaijan’s Socar has announced its alliance with Western oil companies to construct the Trans-Adriatic Pipeline (TAP), which is planned to carry Azerbaijani gas to Europe via a European Union-backed route.

The state-owned Socar said on July 30 that it was forming a consortium with Britain’s BP, Norway’s Statoil, France’s Total, Belgian company Fluxys, Germany’s E.ON, and Switzerland’s Axpo to build the roughly 870-kilometer pipeline.

When it reaches full capacity, TAP is expected to carry some 20 billion cubic meters of gas from Azerbaijan’s offshore Caspian Sea Shah Deniz field to Europe.

The pipeline route runs through Greece and Albania, across the bottom of the Adriatic Sea, and ends in Italy."

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Bahrain's Batelco suffers slump in H1 net profit - Technology - ArabianBusiness.com

Bahrain's Batelco suffers slump in H1 net profit - Technology - ArabianBusiness.com:

"Bahrain Telecommunications Co (Batelco) posted a 22 percent fall in net profit in the first half of the year weighed down by one-off expenses related to acquisitions and related financing, it said in a statement on Tuesday.
The former monopoly, which has reported declining profits in past several quarters, said first-half net profit fell to $71.6m compared with $91.8m for the same period last year.
"Profits for the period were impacted by a number of one off expenses associated with the acquisition and related financing," Batelco said in the statement."

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Analyst: Ukraine offers more reasons for optimism than Russia - Opinion - News - Ukraine Business Online

Analyst: Ukraine offers more reasons for optimism than Russia - Opinion - News - Ukraine Business Online:

"Neither Ukraine nor Russia has it easy as a result of their Soviet pasts and the collapse of Western moral leadership, but nevertheless, Ukraine by virtue of its pluralism, regionalism and more honest dealing with the past offers far more reasons for optimism than does the Russian Federation, according to Liliya Shevtsova.

Speaking to a group of journalism students in Kyiv, Shevtsova, an associate of the Moscow Carnegie Center and a prominent Russian commentator, offered praise for what Ukraine has achieved but only concern about what is happening in the West and in Russia (day.kiev.ua/ru/article/mirovye-diskussii/zakat-zapada-i-rossiyskaya-matrica).

The Moscow analyst began by noting that Ukraine and Russia share many problems, not just the familiar ones of their common Soviet past but the especially critical ones caused by “the deep and prolonged crisis” of the international system and especially of the absence of leaders and leadership from Western civilization."

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Tuesday, 30 July 2013

UAE sheikh cleared of torture - 10 Jan 10 - YouTube

A UAE Royal Family Member,Sheikh Issa, Tortures a Afghani businessman - YouTube:
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IMF: UAE economy recovering, but debt woes linger | @Gulf_News .com

IMF: UAE economy recovering, but debt woes linger | GulfNews.com:

"The UAE is getting an economic boost from tourism and a recovery in its real estate market, but Dubai still has high debt levels, and the emirate should take steps to fix its government budget and avoid another boom-and-bust cycle, the International Monetary Fund (IMF) said in a new report on the country released on Tuesday.
The UAE’s economy grew 4.3 per cent last year and will grow by 3.6 per cent this year, according to estimates in the IMF’s annual Article IV report. But Dubai and its government-related entities still have around $142 billion (Dh521.7 billion) of debt, an amount greater than the emirate’s gross domestic product (GDP).
Against this backdrop, Dubai should improve its government budgeting and rein in its “large and still highly indebted” government-linked companies, the IMF report said. Dubai’s government firms and banks are regaining access to debt through bond sales and loans — their borrowings increased to $93 billion this year from $84 billion in March 2012 — but the IMF says strict oversight of these companies is needed to prevent risk-taking from going overboard."

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IMF Advises U.A.E. to Cut Energy Subsidies as GDP Growth Slows - Bloomberg

IMF Advises U.A.E. to Cut Energy Subsidies as GDP Growth Slows - Bloomberg:

"The United Arab Emirates may need to reduce energy subsidies to help mitigate risks of fluctuating oil prices and allow Dubai to cut its debt, the International Monetary Fund said.
Subsidies in the second-biggest Arab economy, which holds about 6 percent of the world’s proven oil reserves, accounted for 5.5 percent of gross domestic product in 2012, IMF estimates show. Abu Dhabi and Dubai, the country’s two biggest emirates, are planning a gradual “consolidation in their non-oil balances through 2017,” the fund said.
“Fiscal consolidation will be driven by restraint in capital expenditure in the context of solid economic growth,” the IMF said. “It should also be supported by reductions in energy subsidies, which would create fiscal space while improving energy efficiency.”"

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New video from The Economist



Rosneft Capex Set to Reach $21Bln This Year | Business | The Moscow Times

Rosneft Capex Set to Reach $21Bln This Year | Business | The Moscow Times:

"Rosneft's capital expenditure could total 700 billion rubles ($21 billion) this year in light of its recent purchase of TNK-BP, according to a presentation on the Russian state-owned oil company's report to International Financial Reporting Standards, Interfax reported.

According to the report, capex was 248 billion rubles in the first half of 2013, while Rosneft plans expenditure of 450 billion rubles in the second half of the year.

The lion's share of investment has been shifted to the second half of 2013 due to the processes involved in integrating with TNK-BP, Rosneft said.

Rosneft stressed that the key priorities of the capex program would be to maintain production at mature fields, step up production at new fields and modernize oil refineries."

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Deals of the day -- mergers and acquisitions | Reuters

Deals of the day -- mergers and acquisitions | Reuters:

"** UBS has sold 4.8 percent of Australian-listed toll road operator and owner Transurban Group worth A$477.3 million ($440.71 million), a person familiar with the matter told Reuters."

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MIDEAST STOCKS-Emaar's earnings beat lifts Dubai to a near 5-yr high | Reuters

MIDEAST STOCKS-Emaar's earnings beat lifts Dubai to a near 5-yr high | Reuters:

"Dubai's blue-chip Emaar Properties rallied on Tuesday after posting estimate-beating earnings, spurring buying across the market and lifting the bourse to a near five-year high.

The emirate's largest developer posted a 10 percent increase in profit on higher domestic sales. It beat analysts' estimates by a margin of 20 percent.

Shares in Emaar climbed 2.9 percent, extending their 2013 gains to 57.3 percent."

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Egyptian Exchange's biggest firm delisted from EGX 30 | Mada Masr

Egyptian Exchange's biggest firm delisted from EGX 30 | Mada Masr:

"The Egyptian Exchange adopted significant new amendments approved by the Indicators Committee during a semi-annual review of market indicators, exchange chairman Atef Sherif said on Monday.

As part of those changes, a total of six companies left the EGX 30, making room for six new companies to enter trading, Sherif told the state-run online news portal Al-Ahram Gate.

Fourteen companies left the EGX 70, and 11 left the EGX 100, Sherif continued."

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Depositor defusal, Cyprus edition | FT Alphaville

Depositor defusal, Cyprus edition | FT Alphaville:

"Q. How do you approach a sleeping depositor in a Cypriot bank?

A. Very slowly:

The Ministry of Finance and the Central Bank of Cyprus announce that the Bank of Cyprus (BoC) has been fully recapitalised today by the overall conversion of 47,5% of uninsured deposits into shares in the bank, thus putting an end to a period of uncertainty…
Following the recapitalisation, 12% of deposits that were previously blocked will be released (5% in total).
The balance will be split evenly into three separate time deposits of six, nine and twelve months, respectively. BoC will have the option to renew the time deposits once for the same time duration. These deposits will receive a rate of interest which will be higher than the corresponding market rates offered by the BoC…"

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Central Bank Lending Auction Injects $10Bln into Banking System | Business | The Moscow Times

Central Bank Lending Auction Injects $10Bln into Banking System | Business | The Moscow Times:

"The Central Bank drew modest demand at a one-year lending auction earlier this week, boosting expectations of impending cuts in main policy rates to shore up the slowing economy.

The auction of one-year loans secured against nonmarket assets and guarantees was the first under a new mechanism for long-term bank funding announced earlier this month.

The bank injected 306.8 billion rubles ($9.34 billion) of one-year funds into the banking system at a cut-off rate of 5.75 percent. It had offered up to 500 billion rubles."

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It’s Not Just Austerity VS Stimulus For Egypt | @REBELECONOMY

It’s Not Just Austerity VS Stimulus For Egypt | REBEL ECONOMY:

"The Egyptian government’s tactic to avoid major austerity measures and instead try to stimulate the economy by pumping in new funds may be popular among Egyptians but risks delaying the country’s economic recovery.
Egypt’s new minister of finance, the sixth since Mubarak stepped down in early 2011, said “one of the important tools to deal with the budget deficit is stimulating the economy”.
“We will seek to pump more new funds into the economy and not follow austerity measures,” Ahmed Galal told Reuters."

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IMF: time for a close look at Ukraine | beyondbrics

IMF: time for a close look at Ukraine | beyondbrics:

"
The International Monetary Fund has decided to keep an extra close eye on Ukraine. The economically-challenged country’s $15bn bailout programme was frozen in 2011 due to lacklustre reforms. But its outstanding debt to the IMF still stands at a whopping $8bn.

Ukraine is grappling with its second recession in five years and analysts say a lack of reforms and tough global conditions for exports have put it on the verge of a balance of payment crisis.

Members of the IMF’s executive board – and possibly other creditors – are looking worried."

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KUNA : Al-Jazeera Airways announces best first-half earnings in history - Economics - 30/07/2013

KUNA : Al-Jazeera Airways announces best first-half earnings in history - Economics - 30/07/2013:

"Al-Jazeera Airways Group announced on Tuesday a record net profit of KD 3.9 million for Q2 of 2013, increasing by 36 percent compared to last year, making the first half of 2013 the airline's most profitable first half in history.
The company had previously announced a record net profit of KD 3.6 million for the Q1. Al-Jazeera Airways Group said the H1 earning record reached KD 7,5 million, increasing by 95 percent compared to last year's record, with a continuous 12 consecutive quarters of profitibility.
The company noted that the revenue in H1 reached KD 30,8 million, up to 9 percent compared to 2012, the operating profit reached KD 9,5 million up to 48 percent compared to 2012, the number of flown passengers increased by 4,1 percent compared to H1 2012, and the load factor reached 70 percent, up by 11, 9 percent of H1 2012."

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Gains Monday for WIG-Ukraine and UX - Business - News - Ukraine Business Online

Gains Monday for WIG-Ukraine and UX - Business - News - Ukraine Business Online:

"Concorde Capital provides more on yesterday’s regional trading in its daily market comment:

“Ukrainian equities bucked global trends by rising on Monday, July 29. The WIG Ukraine Index of Warsaw-traded stocks increased 1.1%, led by the shares of sugar producer Astarta (AST PW +2.8%), which have gained 22.0% this month. Traders dealt a correction to farmer Agroton (AGT PW -5.8%) after big gains last week. However, its shares have plunged 25.1% this month. In London, Regal Petroleum (RPT LN) jumped 5.0%, followed by JKX Oil & Gas (JKX LN +4.8%), which has surged 23.6% in six straight winning sessions. JKX profit fell in 1H13 but it reported higher output prospects for the future. Iron ore miner Ferrexpo (FXPO LN +3.5%) has surged 31.0% this month. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks rose 0.3%, fueled by power generators (GenCos) Donbasenergo (DOEN UK +1.5%), which has advanced 6.2% in five straight positive sessions, and Centrenergo (CEEN UK +1.4%), which has risen 10.5% in four straight winning sessions.”"

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Abu Dhabi's ADCB says Q2 net profit up 25% - Banking & Finance - ArabianBusiness.com

Abu Dhabi's ADCB says Q2 net profit up 25% - Banking & Finance - ArabianBusiness.com:

"Abu Dhabi Commercial Bank (ADCB) reported a 25 percent rise in second-quarter net profit on Tuesday, beating analysts' forecasts.
The UAE's third-largest lender by market value, posted a net profit of AED917m ($249.7m) in the three months to June 30, it said in a statement. That compares with AED733m in the prior-year period, according to Thomson Reuters data.
Six analysts polled by Reuters had estimated an average second-quarter profit of AED783.7m for the second quarter."

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Mikhail Fridman: oligarchy with all that jazz - FT.com

Mikhail Fridman: oligarchy with all that jazz - FT.com:

"
Lounging in a hotel lobby with a panoramic view of Lviv, the medieval city in western Ukraine, the oligarch Mikhail Fridman exudes the relaxed air of a man who, with a couple of partners, has just earned $14bn.
Late last year, Mr Fridman, an avuncular figure yet known for his hardball business tactics, cashed out of TNK-BP, the Anglo-Russian joint venture. Already the Moscow-based, Ukrainian-born tycoon is looking for new opportunities for the proceeds.
Last month, his Alfa Group holding company said it was forming a global investment vehicle, LetterOne Group, including a $10bn oil and gas arm called L1 Energy. Lord Browne, who as BP chief executive took the British group into the lucrative but turbulent TNK-BP partnership, has agreed to be an adviser."

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Nanotechnology in Ukraine: Market Report

Nanotechnology in Ukraine: Market Report:

"Nanotechnology Companies
The major nanotechnology companies in Ukraine are listed below along with brief introductions to each of them:

NanoMedTech LLC - The private company Nano Medical Technologies (NanoMedTech LLC) was created in December 2009 to carry out advanced nanobiotechnology research and development aimed at designing innovative drugs and diagnostic systems. A close collaboration between research groups to solve complicated biomedical problems is the unique feature of NanoMedTech.

BukNanoTech- BukNanoTech is one of the first Ukrainian companies focused on nanotechnology. Their scientific team is constantly working on the improvement of their quality standards, to satisfy customer needs. BukNanoTech produces and sells fluorescent nanoparticles under the brand "UBright"."

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Kuwait Finance House Q2 net profit up 21 percent | Reuters

Kuwait Finance House Q2 net profit up 21 percent | Reuters:

"Kuwait Finance House (KFH) , the Gulf state's biggest Islamic lender, reported a 21 percent rise in second-quarter net profit on Tuesday, missing analysts' estimates.

Net profit rose to 26.8 million Kuwaiti dinars ($94.2 million) from 22.1 million dinars in the same period a year ago, the lender said in a bourse filing.

Four analysts in a Reuters survey had predicted 30.35 million dinars of net profit on average for the quarter to end-June. ($1 = 0.2845 Kuwaiti dinars) "

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Barclays fights UK watchdog findings on Qatar deal | Reuters

Barclays fights UK watchdog findings on Qatar deal | Reuters:

"Barclays (BARC.L) is contesting allegations from Britain's regulator over commercial agreements linked to its controversial fundraising with Qatari investors in 2008, which helped it avoid a government bail-out.

The fundraising has been under investigation by the Financial Conduct Authority and the Serious Fraud Office since last July and August.

"The FCA provided its preliminary findings against Barclays on June 27 in respect of some of these commercial agreements. Barclays has responded on July 25 contesting the FCA's preliminary findings," the bank said in its half-year results published on Tuesday.

"Barclays expects further developments in the near term," it added."

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Ruwais Power Company issues US$825 million bond - bi-me.com

Ruwais Power Company issues US$825 million bond - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"TAQA, the global energy company from Abu Dhabi, has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of USD 825 million in project bonds.

The plant, which is 54% owned by TAQA, issued the bonds at a coupon of 6% with a final maturity in August 2036 and an average life of 21.5 years.

Stephen Kersley, Chief Financial Officer at TAQA, said: “We are pleased to have reached a successful execution of the Shuweihat 2 bond transaction in the face of a difficult market environment. Strong support from our key investors allowed us to build a substantial order book and achieve an attractive coupon of 6 per cent. This transaction not only increases the returns to TAQA for this project, but is also the first step in building an active and liquid project bond market in the region.”"

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IMF intends to start closer monitoring of Ukraine due to its outstanding credit

IMF intends to start closer monitoring of Ukraine due to its outstanding credit:

"The Executive Board of the International Monetary Fund has decided that Ukraine is expected to engage in post-program monitoring with the Fund, following the expiration on December 27, 2012 of the Stand-By Arrangement (SBA).

The Board passed this decision on July 26 on a lapse-of-time basis without convening formal discussions, reads a press release posted on the Fund's Web site.

The central objective of post-program monitoring (PPM) is to provide for closer monitoring of the policies of members that have substantial Fund credit outstanding following the expiration of their arrangements. Under PPM, members undertake more frequent formal consultation with the Fund than is the case under surveillance, with a particular focus on macroeconomic and structural policies that have a bearing on external viability."

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BARC, priced to go | FT Alphaville

BARC, priced to go | FT Alphaville:

"You’ve got to admire the audacity of Credit Suisse, Deutsche Bank, BofA Merrill Lynch and Citi: they’ve agreed to underwrite the £5.8bn Barclays rights issue, pitched at 185p on a 1-for-4 basis.

That’s declared to be a 40 per discount to Barc’s closing price on Monday (and a 35 per cent discount to the TERP). But remember that shares in this bank were trading at around 325p last week before clairvoyant chatter about a cash call began to circulate.

Bar a comet strike or similar, there’s just no risk here for the underwriters. Tuesday’s market price told you as much: the shares were down less than 5 per cent."

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Bahrain's Investcorp annual profits surge 56 pct | Reuters

Bahrain's Investcorp annual profits surge 56 pct | Reuters:

"Bahrain-based alternative investment manager Investcorp reported a 56 percent rise in full-year net income on Tuesday, aided by strong growth in fee income.

Investcorp, which expects to fully invest its $1 billion Gulf fund in 2013, made a net profit of $104.9 million in fiscal year 2013 ended in June, compared with $67.4 million in the previous year.

Profit growth was driven by "a very strong increase in deal activity fees", Rishi Kapoor, Investcorp's chief financial officer, told reporters."

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UPDATE 1-Erste Bank pretax profit drops on Hungary, Ukraine | Reuters

UPDATE 1-Erste Bank pretax profit drops on Hungary, Ukraine | Reuters:

"Austria's Erste Group Bank reported a worse-than-expected drop in second-quarter pretax profit on Tuesday after paying hefty taxes in Hungary and selling its Ukrainian unit.

Pretax profit fell to 68 million euros ($90 million) from 241 million euros a year earlier, when it had benefited from one-off effects, missing the average estimate of 80 million euros in a Reuters poll.

Erste, the third-biggest bank in central and eastern Europe after UniCredit's Bank Austria and Raiffeisen , said it expected a slight improvement in the economies of the region in the second half of the year."

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Regional decline in online job postings - The National

Regional decline in online job postings - The National:

"Job opportunities appear to be in decline as employers across the region have been posting fewer positions online over the past year.

The Monster Employment Index Middle East has recorded a 15 per cent fall in online job postings in the Middle East and North Africa, with the sharpest decline in the UAE at 31 per cent.

The Index gauges online job postings every month based on a review of aggregated career websites and job postings by employers in the region."

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Kuwait's big plan off back burner - The National

Kuwait's big plan off back burner - The National:

"Kuwait's election result has rekindled optimism about the delivery of a stalled US$105 billion economic development plan.

The investment, which includes housing, hospitals, education and other infrastructure, is considered vital to helping Kuwait's nascent non-oil sector catch up with other parts of the GCC.

"The policy paralysis we have seen has been the main hindrance to Kuwait pursuing its long-term development plan," said Jean-Paul Pigat, an economist at Emirates NBD. "With the opposition having boycotted the vote their ability to disrupt policy may be reduced so it is potentially more positive for the economy.""

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Concerns can still bubble up at times - The National

Concerns can still bubble up at times - The National:

"Once thought of as consigned to history, over the past decade the financial bubble has popped up again to dominate modern economics.

The term, which describes a period when asset prices spiral out of correlation with their intrinsic value, was originally coined during the famous "South Sea bubble" crisis of 1720.

This centred around the British joint stock firm the South Sea Company, which was founded in 1711 to trade with South America and to consolidate and reduce the cost of national debt."

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India clears way for Etihad's $600m deal with Jet Airways - The National

India clears way for Etihad's $600m deal with Jet Airways - The National:

"India's foreign investment board yesterday cleared the way for a US$600 million deal that will enable Etihad Airways to take a 24 per cent stake in Jet Airways.

The decision by the Foreign Investment Promotion Board has been much-awaited after the proposed purchase was first announced in April. But the approval has been made "with some conditions", said Arvind Mayaram, India's economic affairs secretary,without providing further details.

Jet's stake sale still has to be approved by the Cabinet Committee on Economic Affairs."

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Emerging markets brace for a hard landing | GulfNews.com

Emerging markets brace for a hard landing | GulfNews.com:

"During the last few years, a lot of hype has been heaped on the Brics (Brazil, Russia, India, China and South Africa). With their large populations and rapid growth, these countries, so the argument goes, will soon become some of the largest economies in the world — and, in the case of China, the largest of all by as early as 2020.
But the Brics, as well as many other emerging-market economies — have recently experienced a sharp economic slowdown. So, is the honeymoon over?
Brazil’s GDP (gross domestic product) grew by only 1 per cent last year, and may not grow by more than 2 per cent this year, with its potential growth barely above 3 per cent. Russia’s economy may grow by barely 2 per cent this year, with potential growth also at around 3 per cent, despite oil prices being around $100 (Dh367.3) a barrel."

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Etisalat unit keen on buying Pakistan telco | GulfNews.com

Etisalat unit keen on buying Pakistan telco | GulfNews.com:

"Abu Dhabi’s Emirates Telecommunications Corp. or Etisalat on Monday said its subsidiary in Pakistan had expressed interest in acquiring local competitor Warid Telecom, marking a potential consolidation phase in the country’s telecom sector ahead of the award of 3G licences.
“Etisalat Group holds a stake in PTCL with managerial control and PTCL has expressed an interest in Warid Telecom,” Ahmad Bin Ali, senior vice president of corporate communications at etisalat, said in an e-mailed statement. “Etisalat Group cannot offer further comment and will not comment on speculation regarding Warid Telecom.”
Pakistan Telecommunications Co. Ltd, or PTCL, is looking to buy Warid Telecom to gain access to its network infrastructure in major cities and its high value customers, according to a person familiar with the matter, who declined to be identified. Etisalat holds a 26 per cent stake in PTCL."

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Saudi Spends $22 Billion on Riyadh Metro Line Construction - Bloomberg

Saudi Spends $22 Billion on Riyadh Metro Line Construction - Bloomberg:

"Saudi Arabia awarded more than $22 billion in contracts to develop a metro line in Riyadh as the world’s biggest oil exporter joins Dubai and Qatar in expanding transport networks.
The kingdom gave Bechtel Group Inc. a $9.4 billion contract, Fomento de Construcciones y Contratas one valued at $7.8 billion, and awarded Ansaldo STS SpA (STS) a $5.2 billion deal. Shares of FCC jumped to the highest level in six months.
Six lines will serve the capital city’s center, government facilities, universities, commercial areas, the airport and the financial district, according to the project’s website."

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MIDEAST STOCKS - Factors to watch - July 30 | Reuters

MIDEAST STOCKS - Factors to watch - July 30 | Reuters:

"Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy."

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Is Audit of Koc Companies Erdogan’s Revenge for Gezi Park? - Al-Monitor: the Pulse of the Middle East

Is Audit of Koc Companies Erdogan’s Revenge for Gezi Park? - Al-Monitor: the Pulse of the Middle East:

"On Wednesday, July 24, audit teams of the Ministry of Finance accompanied by police raided nine provincial offices of three major energy-sector companies of Turkey’s largest group, Koc Holding.
During the raids at TUPRAS [oil refining], OPET [fuel distribution] and Aygaz [liquefied gas distribution], purportedly for tax and smuggling audits, all documents and computer data of the companies were seized to be audited.
TUPRAS is the biggest industrial company in the country. It had sales of $20.8 billion in 2012."

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Dubai sets up judicial committee to liquidate cancelled projects | GulfNews.com

Dubai sets up judicial committee to liquidate cancelled projects | GulfNews.com:

"His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Monday issued a decree to set up a judicial committee to liquidate cancelled real estate projects in Dubai.
The committee will provide settlements after the liquidation expenses are deducted. It will also be tasked with resolving grievances, operational procedures or other issues related to scrapped projects.
The committee’s decisions and rulings will be carried out through Dubai Courts. All rulings issued by the committee will be final and cannot be appealed."

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The billionaire prince who says Saudi Arabia is in far bigger trouble than the other royals admit - Quartz

The billionaire prince who says Saudi Arabia is in far bigger trouble than the other royals admit - Quartz:

"Saudi Arabia, home to the world’s largest reserves of cheap-to-drill oil, describes itself as a painstaking economic planner. It plots to keep current oil prices stable even while diversifying for harder economic days ahead. These practices have, among other things, resulted in the accumulation of $700 billion in official foreign reserves.

This self-depiction has always aroused suspicion since outsiders typically see little more than what the Saudis wish them to. But now a 14-page screed by one of the nation’s most prominent billionaire princes suggests internal dissent on whether the kingdom is planning painstakingly enough. Alwaleed bin Talal, a jet-setting nephew of King Abdullah who owns stakes in Apple, Citigroup and Twitter, says that Saudi Arabia faces a dire threat.

The main trouble, Alwaleed tweeted on July 27, is a flood of new petroleum reserves on to the global market, particularly shale oil from the US. These fresh supplies are eroding demand for Saudi petroleum and, since the country relies on oil exports for 92% of the state budget, will trigger a crisis unless the government acts post-haste."

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UPDATE 1-Kuwait Zain Q2 net profit falls 14 pct | Reuters

UPDATE 1-Kuwait Zain Q2 net profit falls 14 pct | Reuters:

"Kuwaiti telecommunications operator Zain reported a 14 percent fall in its second-quarter net profit on Sunday to 61 million dinars ($214 million), mainly because of a currency loss in Sudan, according to Reuters calculations based on its first-half earnings statement.

Zain said it made a first-half net profit of 113 million dinars. The company had reported a first-quarter profit of 52 million dinars.

Consolidated revenues totalled 612 million dinars in the first half."

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The UAE's Foreign Direct Investment Windfall » Gulf Business

The UAE's Foreign Direct Investment Windfall » Gulf Business:

"Foreign direct investment (FDI) flows into the UAE surged around 20 per cent to reach Dhs32.9 billion ($8.9 billion) in 2012, with Dubai accounting for almost 90 per cent of the flows, according to official data.

The emirate alone attracted FDI flows of Dhs29.4 billion in 2012, up 26.5 per cent compared to the previous year.

Proximity to strategic markets, domestic growth potential, expanding infrastructure and logistics, improvements in business climate and regulations are the key drivers bringing in foreign investments, according to Dubai FDI, the foreign direct investment office in Dubai’s Department of Economic Development."

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Dubai housing rents rising faster than wages, CBRE report says - The National

Dubai housing rents rising faster than wages, CBRE report says - The National:

"The increase in housing rents in Dubai is accelerating, rising 7.5 per cent between April and June alone.

According to a report published today by property broker CBRE, average housing rents in the city increased by more than 30 per cent over the past year and nearly 14 per cent over the first six months of the year.

The increase last quarter, CBRE says, was driven by a rapid increase in rents in secondary locations like Dubai Sports City and Jumeirah Village as tenants priced out of Dubai's most expensive locations look to relocate in more affordable accommodation."

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Saudi Gazette - Egypt plans quick steps to kick-start economy

Saudi Gazette - Egypt plans quick steps to kick-start economy:

"Egypt's new cabinet plans quick steps to spur the economy while laying the ground for a broader "Marshall Plan" to present to Gulf countries and other donors, its chief economic strategist said.

With its options limited by a crushing financial crisis, Deputy Prime Minister for economic affairs Ziad Bahaa El-Din said the cabinet aimed to cut red tape and restart stalled investments to encourage a revival in business activity.

"Ultimately, there isn't another sustainable source of closing the deficit except to get the economy running, to get growth going, to get people to work, to get incomes paid, to get taxes paid as well," Bahaa El-Din told Reuters."

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Monday, 29 July 2013

Dubai realty buyers get payback | GulfNews.com

Dubai realty buyers get payback | GulfNews.com:

"
Dubai has set up a judicial committee to liquidate the cancelled real estate projects and make settlements pertaining to them.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, issued on Monday a decree setting up the committee.
The committee’s duties include reviewing and settling complaints between real estate developers and buyers of the projects that were cancelled."

'via Blog this'

Rosneft Posts 1H Results | Business | The Moscow Times

Rosneft Posts 1H Results | Business | The Moscow Times:

"Rosneft reported 35 billion rubles ($1.07 billion) in second-quarter net income, beating analyst expectations of 31.3 billion rubles in its first fully integrated results after its buyout of TNK-BP.

However, second quarter net income was a third of the 102 billion rubles that Rosneft reported in the first quarter.

The drop was due to foreign exchange losses as a result of the ruble weakening, amounting to a 55 billion ruble forex loss on its debt obligations in the second quarter compared with an 11 billion rubles loss in the first."

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India and F1: time’s up? | beyondbrics

India and F1: time’s up? | beyondbrics:

"Three months before New Delhi stages India’s third grand prix, the country’s love affair with motorsport risks heading for a nasty collision. Bernie Ecclestone warned ominously at the weekend its place on the 2014 calendar was in jeopardy.

“Very political,” said the 82 year-old, chief executive of Formula One Management, when asked to explain the problem. It looks like the Indian government’s attempt to extract taxes on revenues and other red tape have riled the teams and made them wonder aloud whether the Indian market is worth it.

India was part of the Ecclestone masterplan to portray F1 as a truly global sport. Formula One Management likes the demographic profile of the Indian market – under 35, AB social class – though there is precious little detail from FOM on the penetration. “…over 400 hours of coverage served the Indian market, and, unsurprisingly, the most watched 2 hours was the Indian grand prix…” said FOM in its global broadcast support for 2012."

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Air Arabia Climbs as U.A.E. Passenger Traffic Jumps: Dubai Mover - Bloomberg

Air Arabia Climbs as U.A.E. Passenger Traffic Jumps: Dubai Mover - Bloomberg:

"Air Arabia PJSC (AIRARABI) gained the most in almost two weeks on bets the United Arab Emirates low-cost carrier will benefit from a jump in passenger traffic through the country’s airports.
Shares of airline, which is based in the U.A.E. emirate Sharjah, advanced 3.2 percent, the most since July 17, to 1.30 dirhams at the close in the emirate. Almost 34 million shares were traded. The stock was the second-biggest gainer on the benchmark DFM General Index (DFMGI), which rose 0.3 percent. The carrier is expected to report earnings on Aug. 8, according to data compiled by Bloomberg.
Dubai, which plans to double the number of visitors to 20 million by 2020, posted an 18 percent advance in passenger traffic through its airport in June, according to data released today. Air Arabia said last month it plans to start flights to the Armenian capital of Yerevan in August, the fifth new route this year and its 86th globally, from hub in Sharjah, which neighbors Dubai, as well as Egypt and Morocco."

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Terrifying Charts For Saudi Arabia - Business Insider

Terrifying Charts For Saudi Arabia - Business Insider:

"Billionaire Saudi Prince Alwaleed has sounded the alarm about the threat shale oil and gas development poses to the petro-kingdom's barely diversified economy.
It's taken awhile for such a prominent Saudi to acknowledge this fact.

But it's been pretty clear to the rest of the world.

Saudi Arabia needs high oil prices to function — Below $80 and the kingdom starts getting into trouble. There are some trends that could easily push prices much lower.
"

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The Abraaj Group announces sale of Turkish health insurance company Acıbadem Sigorta - bi-me.com

The Abraaj Group announces sale of Turkish health insurance company Acıbadem Sigorta - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"The Abraaj Group (“Abraaj”), a leading investor operating in growth markets, today announced that it has entered into an agreement to divest its 50 per cent shareholding in Acıbadem Sağlık ve Hayat Sigorta A.Ş. (“Acıbadem Sigorta” or “the Company”) to Khazanah Nasional Berhad (“Khazanah”), the Government of Malaysia's strategic investment fund.

Under the terms of the agreement, Khazanah shall acquire a combined 90 per cent shareholding in Acıbadem Sigorta from both Abraaj and Turkey’s Aydınlar family in exchange for a cash consideration. Mehmet Ali Aydınlar will retain a 10 per cent stake in the Company and will remain as Chairman of Acıbadem Sigorta. Further financial details of the transaction were not disclosed."

'via Blog this'

Cukurova Wins More Time to Buy Back Turkcell Stake From Alfa - Bloomberg

Cukurova Wins More Time to Buy Back Turkcell Stake From Alfa - Bloomberg:

"Cukurova Holding AS won more time to pay $1.56 billion to recover a disputed 13.7 percent-stake in Turkey’s biggest mobile-phone operator from Russian Alfa Group.
The U.K. Privy Council in London ruled today that Cukurova could take longer than 60 days to pay the sum to regain control of Turkcell Iletisim Hizmetleri AS. (TCELL)
Turkcell has been at the center of a dispute between its founder Mehmet Emin Karamehmet, who owns Cukurova, Nordic operator TeliaSonera AB (TLSN) and Mikhail Fridman, the Russian billionaire who controls Alfa Group. Alfa seized the Turkcell stake through its unit Altimo when it said Cukurova defaulted on a 2005 loan agreement for which the shares were pledged as collateral."

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Hungary to IMF: we don’t need you | beyondbrics

Hungary to IMF: we don’t need you | beyondbrics:

"Has campaigning already begun for Hungary’s elections in April next year?

News on Monday that the government is to repay in advance the remaining €2.2bn it owes to the IMF from its 2008 loan looks suspiciously like a political rather than an economical move.

News agencies said the economy ministry would make the payment by August 12, seven months before the March 2014 deadline. As Timothy Ash of Standard Bank noted, this is a big chunk of the government’s fiscal buffer, reducing its total FX reserves by about a third."

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India’s RBI: tightening or loosening? | beyondbrics

India’s RBI: tightening or loosening? | beyondbrics:

"The Reserve Bank of India, the country’s central bank, has been busy this month with all kinds of efforts to tighten liquidity and make currency speculation more expensive.

But the big ticket announcement comes on Tuesday when it sets its repo rate – the rate at which banks borrow from the RBI – and its cash reserve ratio – the proportion of deposits that banks must have in hand as cash.

The repo rate was cut three times between January and April, as policy makers tried to boost India’s waning economy."

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Putin piles pressure on Ukraine | beyondbrics

Putin piles pressure on Ukraine | beyondbrics:

"
Russian President Vladimir Putin may have physically left Ukraine on Sunday, after wrapping up a two-day visit during which he pressured Kiev to choose Moscow over the EU as a closer economic partner. But upon waking up the next day Ukrainian leaders were vividly reminded of what may follow if they ignore Putin’s words – most likely a trade war.

In an early Monday report, news agency Interfax revealed that Russian regulators decided to ban imports of chocolates and other sweets produced by Ukrainian confectionary giant Roshen.

It’s the newest of trade restrictions piled up upon Ukraine by Russia this year on goods spanning from steel pipes to cheese. And it eerily follows up upon the blunt message Putin delivered during a weekend visit to commemorate would-be brotherly Slavic ties through the 1,025th anniversary of the christening of Rus, a long gone empire to which Russia, Ukraine and Belarus trace their historical roots."

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Volumes remain muted as UAIndex continues slow climb - Business - News - Ukraine Business Online

Volumes remain muted as UAIndex continues slow climb - Business - News - Ukraine Business Online:

"Friday’s trading closed at 4,242.85, up +0.92% for the day, +1.25% for the week, and +7.22% for the last 30 days.

Best Performer for the day was MHP, up +5.06% on 49,439 shares traded.

Biggest player on the Worst Performing list and also Volume Leader was Kernel, down -2.27% on trade of 64,608 shares."

'via Blog this'

Emaar Earnings Beat Analysts’ Estimates as Property Sales Climb - Bloomberg

Emaar Earnings Beat Analysts’ Estimates as Property Sales Climb - Bloomberg:

"Emaar Properties PJSC (EMAAR), Dubai’s biggest developer by market value, said second-quarter earnings rose 10 percent, beating analysts’ estimates, as property sales increased.
Net income climbed to 675 million dirhams ($184 million) from 614 million dirhams a year earlier, the Dubai-based company said in a statement today. The average estimate of six analysts was 529 million dirhams, according to data compiled by Bloomberg.
Emaar, the builder of the world’s tallest tower in Dubai, is starting projects in the city where many developments stalled after the property market collapsed in 2008. The company is expanding its Dubai Mall, already the world’s largest by area, and it’s in talks over a $2 billion resort development in Iraq’s oil-rich Kurdish region.
Revenue climbed 48 percent in the second quarter to 3.11 billion dirhams, Emaar said. Real estate sales for the first half reached 6.3 billion dirhams, almost four times the amount for the year-earlier period, the company said."

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[video] Can Putin maintain his iron grip? | beyondbrics

[video] Can Putin maintain his iron grip? | beyondbrics:

"Russia’s president Vladimir Putin has been clamping down on dissent more decisively than before. FT comment and analysis editor Frederick Studemann, James Nixey of Chatham House’s Russia and Eurasia Programme and the FT’s Eastern Europe editor Neil Buckley discuss the future of Putinism.
"   'via Blog this'

Russia hopes to sign visa relaxation accord with EU before yearend | Russia Beyond The Headlines

Russia hopes to sign visa relaxation accord with EU before yearend | Russia Beyond The Headlines:

"Moscow hopes to sign a visa relaxation agreement with the European Union before the end of 2013, Russian Foreign Ministry Ambassador at Large Anvar Azimov said.
"We expect the signing of the updated agreement before the end of this year. This will require political will to be demonstrated by EU member states. Russia has demonstrated its will and the ball is in now in Brussels' court," he told Interfax on Monday.
"Russia met its partners halfway in their proposals regarding unsettled issues in official passport categories. We are waiting for a final answer from Brussels," Azimov said."

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Prince Alwaleed right to warn on future oil prices « ArabianMoney

Prince Alwaleed right to warn on future oil prices « ArabianMoney:

"Never one to avoid controversy billionaire investor Prince Alwaleed bin Talal Al Saud has put the cat among the pigeons again with his warning to the Saudi Government that it is too overconfident about the future outlook for the oil price.

His Highness cites US shale gas as a real competitor as a source of ultra-cheap energy going forward, and a slowdown in China is a more immediate worry with the implications for energy demand across Asia."

'via Blog this'

UAE long-running banking saga gets closure | GulfNews.com

UAE long-running banking saga gets closure | GulfNews.com:

"An unsavoury chapter in the annals of UAE banking, depicting the pursuit of a grandiose dream gone terribly wrong, has finally ended. The four-decade-old drama involving the Bank of Credit and Commerce International (BCCI) has had its surfeit of passion, design and deceit before the inevitable denouement came in the form of liquidation.
The curtains came down this month when a Luxembourg court announced the closure of the liquidation process after verifying that all the available assets have been distributed to the beneficiaries and that the liquidators had been granted release from their responsibilities.
The English, Scottish and Isle of Man liquidations had already been closed in May. Similarly, the UAE Central Bank announced completion of the liquidation process after the liquidators submitted a final report to the regulator, the UAE Ministry of Economy and the Abu Dhabi Department of Finance. According to the announcement, the term of office of the UAE liquidators will continue for a couple of months more, by which time their responsibilities will also be finally discharged."

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Last week ended with UX gain and WIG-Ukraine loss - Business - News - Ukraine Business Online

Last week ended with UX gain and WIG-Ukraine loss - Business - News - Ukraine Business Online:

"“Ukrainian equities continued to offer investors some big gainers and decliners in trading on July 26, 2013. The WIG Ukraine Index of Warsaw-traded stocks slid 1.3%, pulled down by typically volatile Coal Energy (CLE PW -4.7%), KSG Agro (KSG PW -3.0%) and grain trader Kernel (KER PW -2.3%), which has declined 4.1% in two  sessions. The Index’s top gainer was egg producer Ovostar (OVO PW +3.9%), which has advanced 14.8% in three straight positive sessions. Farmer Agroton (AGT PW +1.1%) has gained 18.8% in four straight winning sessions. In London, JKX Oil & Gas (JKX LN +6.8%) has risen 17.9% in five straight positive sessions. Poultry producer MHP (MHPC LI) jumped 5.2% while iron ore miner Ferrexpo (FXPO LN) increased 2.1%, improving its monthly gain to 26.6%. In Kyiv, the Ukrainian Exchange Index of Kyiv-traded stocks rose 0.8%, led by power generator Centrenergo (CEEN UK +2.5%), which has advanced 9.0% in three straight winning sessions, and Raiffeisen Bank Aval (BAVL UK +2.5%), which has risen 4.8% in three straight positive sessions."

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BBC News - #Bahrain struggles to get economy back on track

BBC News - Bahrain struggles to get economy back on track:

"Bahrain Financial Harbour (BFH) is a striking landmark built on seafront reclaimed from the Gulf - two elegant towers in the capital, Manama, that leap into the sky, green clad and shimmering in the heat.


Bahrain Financial Harbour commands the Manama skyline
The Financial Harbour was supposed to kick-start a bid to locate Bahrain as a key hub for the multi-billion dollar regional banking industry.

The project, begun in 2004 and completed five years later, was controversial from the beginning. It was built at a cost of $1.5bn (£980m) on land that the Prime Minister Sheikh Khalifa bin Salman al-Khalifa had allegedly acquired for 1 Bahraini dinar."

'via Blog this'

JKX operating profits up | 29 July 2013 | Stock Market Wire

JKX operating profits up | 29 July 2013 | Stock Market Wire:

"JKX Oil & Gas posts operating profits of $9.4m for the six months to the end of June - up from $0.5m last time.

Average production rose 21% to 9,040 barrels of oil equivalent per day (2012: 7,481 boepd) but revenues fell to $91.3m from $103.0m.

Chief executive, Dr Paul Davies said: "These are a solid set of half-year results which underpin our ability to continue the transformation of JKX over the full year.

"In Russia we have established sustainable gas production with potential for substantial growth. We are making good progress with expansion of the plant capacity.

"Development drilling and the workover programme in Ukraine has been relaunched after a pause of seven months. The increased investment in Ukraine has already yielded first results and we have continued to benefit from strong oil, gas and LPG realisations which are expected to remain firm throughout 2013."

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Report: UK fraud office to probe Barclays, Qatar Holding dealings - Alarabiya.net

Report: UK fraud office to probe Barclays, Qatar Holding dealings - Alarabiya.net English | Front Page:

"Britain’s Serious Fraud Office (SFO) is expected to receive about 2 million pounds ($3.07 million) from the UK Treasury to support its criminal probe into the dealings between Barclays Plc. and Qatar Holding, the Financial Times reported on Sunday.
Barclays is being investigated by the SFO and Financial Conduct Authority (FCA) for an allegation that the bank lent Qatar Holding, a part of the Qatar Investment Authority, money to invest in it as part of a rescue fundraising at the height of the 2008 financial crisis.
UK rules forbid a public company from giving financial assistance in order to acquire its shares or those of a parent company."

'via Blog this'

Yanukovych regime pushes economy back towards USSR, expert says

Yanukovych regime pushes economy back towards USSR, expert says:

"In Q4 of 2013 or later, the Ukrainian government may declare a default due to its inability to repay the country’s debts, Volodymyr Lanovy, president of the Center for Market Reform, told The Tyzhden July 27. -AAA+
“The default is expected in the West. Understandably, if the cabinet offers for privatization some sizable asset and earns several billion dollars, the default will happen later. However, even this will not help settle the abominable debt,” Lanovy says.
In the coming year, Ukraine is to repay $30 bn of domestic and foreign debts.
 “Now the cabinet deals with its current commitments by building up the foreign debt,” he says.
 “The investors have definitely turned their backs on Ukraine. Assessments of Ukraine’s attractiveness are low and the foreign capital is quitting the country. The new investment comes, as a rule, from Ukrainian owners acting under the disguise of off-shore companies,” Lanovy says.  "

'via Blog this'

Russia bans imports of output of major Ukrainian confectionary producer - Onishchenko

Russia bans imports of output of major Ukrainian confectionary producer - Onishchenko:

"
The Russian sanitation authority has banned imports of the output produced by Roshen, a major Ukrainian confectionary company, head of the authority and Russia's Chief Sanitation Doctor Gennady Onishchenko told Interfax on Monday.

"Unfortunately, our apprehensions have proved true, a fact which we sincerely regret. The identified irregularities give us reason to raise the issue of banning the imports of all products of this company," he said.

"Instructions have been given to customs bodies to ban the importation of confectionary products of Roshen company into this country," he said."

'via Blog this'