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Saturday, 30 November 2013

Bahrain investment firm inks $163m London deal - Property - ArabianBusiness.com

Bahrain investment firm inks $163m London deal - Property - ArabianBusiness.com:

"Bahrain-based Sharia compliant investment firm Tadhamon Capital has announced the acquisition of its second Central London development in a deal worth more than £100m ($163m).
It said the Paul Street development was concluded in a joint venture with Apache Capital and McLaren Property following the full letting of its first prime London student development, Paris Gardens.
The Paul Street development will be comprised of three blocks, two of which will contain 456 student accommodation units with a 1,550 sq ft ground floor retail space, with the third block consisting of a stand-alone office building."

'via Blog this'

▶ Martin Wolf in debate on world growth - YouTube

▶ Martin Wolf in debate on world growth - YouTube:

"


FT deputy editor John Thornhill chaired the latest debate to celebrate 125 years of the news organisation with four economists: Martin Wolf, Hélène Rey, Jim O'Neill and Stephanie Flanders. The debates tackled global and UK growth, the eurozone and capital controls."

'via Blog this'

Turkey, Iraqi Kurdistan ink landmark energy deal | GulfNews.com

Turkey, Iraqi Kurdistan ink landmark energy deal | GulfNews.com:

"Turkey and Iraqi Kurdistan signed a multi-billion-dollar energy package this week that will help transform the semi-autonomous region into an oil and gas powerhouse, but the deal infuriated the central government in Baghdad.
Friday’s move, which was revealed by sources close to the deal, follows months of secret negotiations.
For energy-hungry Turkey, dependent on imports for almost all of its needs, exploiting Iraqi Kurdistan’s rich hydrocarbon resources will help diversify its energy supplies and reduce the country’s ballooning $60 billion (Dh220 billion) energy bill."

'via Blog this'

Emerging Stocks Rise as Won Caps Longest Rally Since ’07 - Bloomberg

Emerging Stocks Rise as Won Caps Longest Rally Since ’07 - Bloomberg:

"Emerging-market stocks rose, paring the first monthly drop since August, as Petroleo Brasileiro SA to Cnooc Ltd. drove gains in energy producers. South Korea’s won rose for a fifth month in the longest rally since 2007.
The MSCI Emerging Markets Index added 0.6 percent to 1,018.28, paring its November decline to 1.6 percent. A measure of energy companies advanced for the first time this week as Petrobras and Cnooc climbed more than 1.1 percent. The Borsa Istanbul National 100 Index led gains among major developing-nation gauges, while India’s S&P BSE Sensex rallied 1.3 percent. South Korea’s won increased amid economic optimism.
All 10 groups in the measure of developing-nation shares advanced as energy shares rallied after West Texas Intermediate crude rebounded from the lowest level in almost six months. Consumer-price gains in the euro area quickened this month and unemployment in the region declined in October, data today showed. U.S. markets were shut yesterday for a holiday and equity exchanges closed at 1 p.m. in New York today."

'via Blog this'

Friday, 29 November 2013

IEA sees 60% gas demand increase in Asia by 2035

IEA sees 60% gas demand increase in Asia by 2035:

"The International Energy Agency (IEA) sees a central role for natural gas in the next 20 years, with the unconventional resources accounting for about a third of the natural gas produced worldwide.

“Out of all the fossil fuels, natural gas has the highest absolute growth. The global demand for natural gas increases by half over the period to 2035,” Keisuke Sadamori from the International Energy Agency (IEA) said in occasion of the conference European Formula 2013 in Oslo.

According to a note released by Wintershall on Friday, this means that the share of natural gas in the global energy mix would approach 25% by 2035.

The IEA sees a 13% increase in European gas consumption in the period 2011-2035 and a sharp rise in demand in Asia.

China, India and the Middle East are expected to surge by 60%. "

'via Blog this'

Europe's energy price headache becoming a migraine - IEA | Reuters

Europe's energy price headache becoming a migraine - IEA | Reuters:

"* EU should focus on efficiency, single market, new sources

* EU also needs to renegotiate gas contracts

* Competitiveness headache likely to get worse

By Barbara Lewis

BRUSSELS, Nov 29 (Reuters) - Europe's energy prices will stay up to three times higher than in the United States for the next 20 years, unless the region can develop domestic supplies and increase efficiency, the International Energy Agency's chief economist said.

Concern among EU nations about the impact of energy costs on their already suffering industry is intensifying, with some member states debating a freeze on prices and stripping away renewable subsidies.

"There may be a narrowing of the gap, but if no new policies are put in place, Europe will still have two to three times higher gas prices than the United States for 20 years," Fatih Birol told a Brussels meeting."

'via Blog this'

Businesses in Egypt optimistic despite political turmoil - FT.com

Businesses in Egypt optimistic despite political turmoil - FT.com:

"Signs of an improvement in business sentiment are emerging in Egypt despite continuing political instability as the military-backed authorities continue their crackdown on Islamists ousted from power in July.
After a disastrous summer for the country’s businesses after the coup that toppled Mohamed Morsi, the elected Islamist president, gloom still overshadows the economy but entrepreneurs in some sectors are now reporting a pick-up in activity and a gradual return of confidence."

'via Blog this'

BBC News - Can Dubai's first skyscraper cope with new competition?

BBC News - Can Dubai's first skyscraper cope with new competition?:

"

Dubai's first skyscraper was a curious sight when it opened in 1979 - surrounded by miles of empty desert, many believed it would struggle to attract tenants.

However it rapidly filled up and has gone on to become a famous local landmark.

But with so many newer, flashier buildings on offer - can it really continue to compete?

Howard Johnson reports."

'via Blog this'

▶ CrossTalk: Winning Ukraine? - YouTube

▶ CrossTalk: Winning Ukraine? - YouTube:

"Why didn't Ukraine sign the free trade deal with the EU? Is this deal a recipe for economic suicide? Why can't Russia, the EU and Ukraine sit down at the negotiating table? And does the EU operate on double standards? CrossTalking with Mark Sleboda, Lilit Gevorgyan and John Laughland.


"

'via Blog this'

Ukraine and the European Union: Day of the gangster pygmy | The Economist

Ukraine and the European Union: Day of the gangster pygmy | The Economist:

"

HISTORY, as every schoolboy knows, is often shaped by the courage, zeal and evil of titanic leaders. Less famously, it is sometimes swayed by the venality and self-interest of pygmies. That is frequently the case in the countries of the former Soviet Union, and seemed this week to be the tawdry fate of Ukraine. Viktor Yanukovych, its president, decided against signing a trade deal with the European Union. In the process he appeared to hand victory to Vladimir Putin in a struggle with the EU over Ukraine’s geopolitical orientation. Yet for all the dismay he caused, this might prove a better outcome than it looks—if the Europeans stick to their guns."

'via Blog this'

Putin's mindset, and what it has to do with Ukraine – Amanpour - CNN.com Blogs

Putin's mindset, and what it has to do with Ukraine – Amanpour - CNN.com Blogs:

"


For days, Ukrainians have been protesting in support of closer ties with the West, and a European free-trade deal. But Ukraine's president has rejected that deal, instead casting his lot with Russia - many say because of pressure from President Vladimir Putin. What's going on? Former Russian Prime Minister Mikhail Kasyanov talks with CNN's Christiane Amanpour about the mindset of his former boss, Vladimir Putin, what it means for Ukraine - and Russia." 'via Blog this'

Iran: following North Korea's path? - YouTube

Iran: following North Korea's path? - YouTube:

"The historic deal agreed by Tehran over its nuclear activities has been compared with the false promises proffered by North Korea in the past. FT's Comment editor Frederick Studemann asks Chatham House's Dr Patricia Lewis and Gideon Rachman, the FT's chief foreign affairs commentator, if these comparisons are fair.


"

'via Blog this'

▶ Rafsanjani on Iran's nuclear deal - YouTube

▶ Rafsanjani on Iran's nuclear deal - YouTube:

"In a rare video interview, Akbar Hashemi Rafsanjani, one of Iran's most influential political leaders, talks to FT editor Lionel Barber about whether investors can be confident that Iran's interim deal has lifted the threat of war


"

'via Blog this'

‘Another president may sign it’: EU eyes Ukraine opposition as Kiev rejects trade deal — RT News



video
"Ukraine has rejected a key integration deal with Europe. The EU ‘keeps the door open’ for Kiev, but doubts it would happen under the current government. It comes as opposition holds thousands-strong protests against the rejection.

The deal was rejected on Friday in the Lithuanian capital, Vilnius, where European leaders have gathered. Unlike Moldova, Azerbaijan and Georgia, which initialed association agreements with the EU, Ukraine stuck to its decision not to integrate with the union.

Even after announcing that there would be no deal, Ukrainian President Victor Yanukovich went to the summit to personally explain his government’s move. He said it would be too painful for Ukrainian economy at present."

'via Blog this'

MIDEAST STOCKS-Dubai up 1.6 pct on Expo 2020 win but ends well off high | Reuters

MIDEAST STOCKS-Dubai up 1.6 pct on Expo 2020 win but ends well off high | Reuters:

"* Dubai index ends back below 3,000 points

* Many funds think market fully valued for now -survey

* But any pull-back unlikely to be sharp

* Petrochemical, retail shares boost Saudi

* Egypt continues downtrend as politics weigh

By Nadia Saleem

DUBAI, Nov 28 (Reuters) - Dubai's share index rose 1.6 percent to close at a five-year on Thursday after the emirate was chosen to host World Expo 2020, but the market closed far off its intra-day high, suggesting many investors feel it is already fully valued for now.

The emirate will be the first Middle Eastern location to host the world's fair, which will trigger billions of dollars of investment in coming years. Real estate and hospitality firms will benefit from Expo-related infrastructure spending in the long term.

There may be immediate gains for economy; investment bank EFG-Hermes raised its 2014 gross domestic product growth forecast for the United Arab Emirates to 5.4 percent from 4.5 percent, citing an Expo-related boost to investor confidence among other factors."

'via Blog this'

Thursday, 28 November 2013

Anti-Russian measures or a move to follow the mainstream market path?

Anti-Russian measures or a move to follow the mainstream market path?:

"Hardly a week passes without a sensitive blow or two to Gazprom’s interests in Europe. This time it was Statoil that decided to scrap the oil indexation in its gas sales. In March the Norwegian company announced it was keeping oil-based pricing for just 25% of contracts and now it dropped the old formula altogether.

Prior to this decision, 50% of gas sold in Europe was indexed by oil; and gas-to-gas pricing at distribution hubs accounted for 45% of the overall volume, as the International Energy Agency reported. The decision of the Norwegian supplier alters the proportion in favor of hubs."

'via Blog this'

Saudi Gazette - GCC sukuk issue to continue growing at double-digit pace

Saudi Gazette - GCC sukuk issue to continue growing at double-digit pace:

"Demand for sukuk by corporate and infrastructure issuers in the Gulf is likely to continue growing at a double-digit pace in the year or two ahead, and could pick up in Malaysia after a weak 2013, Standard & Poor’s Ratings Services said in a study Wednesday.

It further said support for the market is coming from refinancing requirements, a huge need to finance infrastructure projects, the pullback in bank lending, and supportive governments, though investor uncertainty continues to hold back even stronger growth.

The past year featured a sukuk with record-setting tenor of 30 years, compellingly low rates on some big-name issuance, but also issuance volatility on the heels of the Fed’s announcements about its tapering Program, it added."

'via Blog this'

ECONOMICS - Turkey has big potential to be key sukuk market

ECONOMICS - Turkey has big potential to be key sukuk market:

"Arab and Malaysian markets will continue to dominate sukuk issuance, though Turkey and Indonesia have the potential to become key sukuk markets in the long term, according to the latest Moody’s report on global Islamic banking. However, sector representatives believe Turkey still has a long way to go in developing its Islamic finance market.

Issuance volumes will remain concentrated in regions that have a natural cultural affinity with the sector, such as the Gulf Cooperation Council (GCC) markets, where Islamic banking asset estimates range from 10 percent in the UAE to 50 percent in Saudi Arabia, according to the Moody’s report, titled Global Sukuk Market: Positive Long-Term Growth Trends Set to Continue.

“We believe that Turkey and Indonesia also have the long-term potential to become strong domestic sukuk markets,” the report noted. "

'via Blog this'

Massive boost for Dubai jobs, tourism and real estate | The National

Massive boost for Dubai jobs, tourism and real estate | The National:

"

The economy of Dubai could have a massive boost over the next seven years and beyond thanks to the decision to award the city the right to host World Expo 2020.

Long-term job creation, as well as increased tourism, could benefit the real estate and hospitality sectors now and in the long term, according to a report by the real estate company, Jones Lang LaSalle.

However, care needs to be taken, particularly in the short term, to ensure that boosted sentiment doesn’t lead to an unsustainable situation forming in the real estate sector in particular, said Alan Robertson, regional chief executive of the company."

'via Blog this'

Mumbai housing market in ‘dire circumstances’, says Knight Frank | The National

Mumbai housing market in ‘dire circumstances’, says Knight Frank | The National:

"Mumbai’s residential property market is in “dire circumstances”, with sales hampered by India’s economic slowdown, says Knight Frank.

The unsold stock of homes in Mumbai has reached 130,000 units and developers have been delaying new launches to focus on selling the existing inventory, a new report by the property consultancy states.

To that end, developers have been reducing prices by up to 25 per cent, particularly in the premium segment, it says."

'via Blog this'

DED official issues assurances on rent rise fears in Abu Dhabi | The National

DED official issues assurances on rent rise fears in Abu Dhabi | The National:

"The removal of a cap on rental increases in Abu Dhabi is unlikely to trigger inflation in the housing market as new supply comes online, said a top official.

Rashed Al Zaabi, the acting director planning and statistics at the Abu Dhabi’s Department of Economic Development said that market forces would ensure that there would be no major increase in rents.

“There will be competition in the market between older neighbourhoods and residences in newer developments,” he said. “If prices are increased in one location, there will be opportunities to move elsewhere.”"

'via Blog this'

Iran Deal Ripples Felt From Syria War Zones to Saudi Palaces - Bloomberg

Iran Deal Ripples Felt From Syria War Zones to Saudi Palaces - Bloomberg:

"After news of the Iranian nuclear deal emerged, Syria quickly welcomed it as a triumph for its ally Iran and a setback for opponents led by Saudi Arabia.
Information Minister Omran al-Zoubi, whose government is backed by Iran in a civil war with rebels funded by Saudi Arabia, said that the pact marked a victory for diplomacy over “threats, ultimatums, challenges and wars.” Hours after world powers and Iran shook hands on a pre-dawn agreement on Nov. 24, Syria’s Foreign Ministry hailed “Iran’s role in the stability and security of the region.”"

'via Blog this'

Wednesday, 27 November 2013

Poland pushing to revive shale gas dreams - BUSINESS NEW EUROPE

Poland pushing to revive shale gas dreams - BUSINESS NEW EUROPE:

"Following a long delay that has seen investors dropping out of the Polish push for shale gas, the country's new environment minister said on November 26 that a draft law to regulate exploration and extraction will be sent to the cabinet for approval before the end of the year. Poland is clearly pushing to revive it's shale gas dreams, but news is still awaited on a tax regime.

Maciej Grabowski, who is due to be sworn in on November 27 alongside several other new cabinet appointments following a shuffle, insisted that speeding up the extraction of shale gas is a priority. Alongside disappointing test drilling results, the lack of a regulatory framework has been one of the major issues behind a severe slowdown in Polish plans for shale gas.

"I believe that one can achieve environmental goals by tying them to economic goals in a way more friendly for investors," Grabowski told newspaper Dziennik Gazeta Prawna. "We would like the law facilitating investment in shale to be passed as soon as possible to reduce the potential risk for investors," he said. "

'via Blog this'

Moscow negotiates 12 billion dollar contract with Saudi Arabia

Moscow negotiates 12 billion dollar contract with Saudi Arabia:

"Russia is currently negotiating a weapons sale with Saudi Arabia and Egypt, worth 12 billion dollars.

A delegation, conducted by Russian Foreign Affairs and Defence Ministers went to Cairo on the 13th and 14th of November 2013  [1]. Moscow proposed the sale of USD 2 billion worth of anti-aircraft protection material (pictured : the S-400 Triumph). However, with Egypt being bankrupt, Saudi Arabia could step in to place the order.

The rest of the negotiation concerns material intended for Riyadh. The international press interprets this move as a Saudi strategy to show its displeasure with Washington’s Syrian and Iranian politic. However, it could also be that Riyadh now feels threatened by the United-States."

'via Blog this'

Moody’s Upgrades Rosneft’s Subsidiaries To Baa1 Eurasia Review

Moody’s Upgrades Rosneft’s Subsidiaries To Baa1 Eurasia Review:

"The Moody’s rating agency has today upgraded to Baa1 from Baa2 the issuer rating of Rosneft International Holdings Limited (formerly TNK-BP International Ltd.) and of its guaranteed subsidiary Rosneft Finance S.A. (former TNK Finance S.A.) under the issue of eurobonds.

The decision to upgrade the rating has been taken after a range of meetings with the company’s top management where the agency’s representatives were briefed on the key parameters of the Rosneft’s medium-term strategy and the successful integration of acquired assets. The company also confirmed its intention to manage debt obligations in due time and in full measure, which is secured by the high level of liquidity."

'via Blog this'

Dubai Beats Out Ekaterinburg, Izmir and Sao Paulo to Win 2020 World Expo | Business | The Moscow Times

Dubai Beats Out Ekaterinburg, Izmir and Sao Paulo to Win 2020 World Expo | Business | The Moscow Times:

"The United Arab Emirates city of Dubai has been selected over  Brazil, Russia and Turkey to host the 2020 World Expo, in a victory for investment, tourism and national pride.

The Brazilian city of Sao Paulo, Ekaterinburg in Russia, Izmir in Turkey and Dubai were in the running to host the next world's fair, which was decided in a vote by the 168 members of the Paris-based Bureau International des Expositions.

In Dubai, crowds of hundreds of people were waiting for the result in front of big screens outside the Burj Khalifa, the world's tallest building.

World Expos, which participating countries use to showcase technological prowess, culture and architecture, are held every five years for six months. Milan will host the next one in 2015."

'via Blog this'

Dubai gets cracking with stalled projects | GulfNews.com

Dubai gets cracking with stalled projects | GulfNews.com:

"
  • Image Credit: Gulf News Archives
  • The Department of Economic Development. The sharp upturn in Dubai’s real estate momentum has made reviving delayed projects a viable option for investors.
With new investors coming on board with sizeable funds, the Dubai Land Department is “fast-tracking” the revival of stalled projects under its Tanmiya scheme and simultaneously making sure end-user interests are seen to be taken care of, according to market sources. At the peak of the downturn, there were as many as 150-200 projects stalled at various stages and which had buyer funds sunk into them.
“There is such a heightened level of investor interest in reviving projects that there aren’t enough going around,” said Anupama Menon, consultant at Lawyer Point Management Consultants and who has been liaising with the Land Department on its Tanmiya initiative. “There is now even a smaller committee tracking between 20-25 of these projects on a daily basis to speed up the process where possible by establishing the credibility of the investors and clearing the required processes."

'via Blog this'

Dubai’s Union Properties Targets First Dividend Since 2009 - Bloomberg

Dubai’s Union Properties Targets First Dividend Since 2009 - Bloomberg:

"Union Properties PJSC (UPP) may pay its first dividend in five years in 2014 as the Dubai developer heads toward its biggest quarterly profit since 2008, Chairman Khalid bin Kalban said. The shares rose as much as 3.7 percent.
Fourth-quarter profit is expected to reach 300 million dirhams ($81 million), the most since the second quarter of 2008, after the company cut borrowing costs and started projects, bin Kalban said in an interview. Dubai’s smallest publicly traded developer may report annual profit of more than 600 million dirhams, more than triple the 2012 figure, he said.
Union Properties reported a profit for last year after posting net losses totaling 3.6 billion dirhams in the three years through 2011 after Dubai’s property market crashed in 2008. The company sold hotels and swapped assets for debt as it sought to lower financing costs and meet creditor obligations."

'via Blog this'

MIDEAST STOCKS-UAE mkts rise in last-minute bets on Dubai Expo 2020 | Reuters

MIDEAST STOCKS-UAE mkts rise in last-minute bets on Dubai Expo 2020 | Reuters:

"* Expo decision to be delivered later Wednesday

* Companies holding land, construction firms climb

* Investors position themselves for dividends in Qatar

* Egypt still in profit-taking trend

* Difficulties with political transition weigh

By Nadia Saleem

DUBAI, Nov 27 (Reuters) - United Arab Emirates stock markets rose on Wednesday on last-minute bets that Dubai would win the right to host the 2020 World Expo. Most other Gulf bourses also climbed, while Egypt extended losses to a nearly four-week low.

Dubai's main index advanced 0.5 percent to its highest finish since Nov. 10, although it gave back almost half of its intra-day gains. The measure is 1.8 percent below the multi-year high hit in October.

"Trading in the last month has been more cautious but people are pricing in the Expo win until right before the results," said Sanyalaksna Manibhandu, senior analyst at NBAD Securities. "Whatever the result, you will see profit-taking.""

'via Blog this'

Daily chart: Outgunned | The Economist - How America’s military spending stacks up

Daily chart: Outgunned | The Economist:

"How America’s military spending stacks up

" 'via Blog this'

Ukraine signs PSA with Eni and EDF to develop Black Sea shelf

Ukraine signs PSA with Eni and EDF to develop Black Sea shelf:

"Ukraine has signed a production sharing agreement (PSA) with Eni (Italy), Electricite de France (EDF, France), Chornomornaftogaz and Waters of Ukraine LLC for the development of the Subbotina, Abikha, Mayachna and Kavkazka hydrocarbon blocks of the Black Sea shelf.

According to the press service of the president of Ukraine, the PSA was signed in the presence of the head of state, Viktor Yanukovych.

From the side of Ukraine the PSA was signed by Minister of Energy and Coal Industry Eduard Stavytsky, from Eni – the executive vice president for South-Eastern Europe, Giuseppe Tannoia, EDF – the director for strategic partnership in Russia, the CIS and Northern Europe.

As reported, the Cabinet of Ministers by decree No. 916-r dated November 25, 2013 agreed on a draft PSA with Eni, Electricite de France, Chornomornaftogaz and Waters of Ukraine LLC for the development of the Subbotina, Abikha, Mayachna and Kavkazka hydrocarbon blocks of the Black Sea shelf."

'via Blog this'

UAE banks safe, says Central Bank Governor | GulfNews.com

UAE banks safe, says Central Bank Governor | GulfNews.com:

"The UAE banking industry is safe and secure, the Governor of the UAE Central Bank, Sultan Nasser Al Suwaidi, said on Wednesday.
Overall confidence in the UAE banks is justifiably strong, he added, thanks to effective supervision and the fact that there are mechanisms in place to safeguard the system.
Addressing a press conference organised for foreign correspondents invited by the National Media Council to visit the country on the occasion of the UAE’s National Day, Al Suwaidi said that the presence of numerous foreign banks and others from the GCC in the country, as well as the 23 local banks, was an indicator of the global confidence in the UAE’s banking system.
Asked how the UAE had been able to avoid the worst effects of the global banking crisis that began in 2008, the Governor noted that UAE banks had traditionally been focused on retail and commercial banking, dealing with real assets."

'via Blog this'

Iraqi Oil Field Launch to Help Double LUKoil Foreign Oil Production | Business | The Moscow Times

Iraqi Oil Field Launch to Help Double LUKoil Foreign Oil Production | Business | The Moscow Times:

"LUKoil will launch its West Qurna-2 field in Iraq by the end of March next year, helping the company to more than double oil output abroad as it struggles with falling production at home.

Iraq, OPEC's second-biggest oil producer, expects a robust return to growth next year as foreign companies at work in its giant southern oil fields push output toward the highest level ever.

Security remains a concern, however, highlighted this month when dozens of Shi'ite Muslim workers and tribesmen stormed a Schlumberger Ltd camp at the Rumaila North oil field after accusing a foreign security adviser of insulting their religion. LUKoil is not involved at that field.

"We do have once in a while, different, clearly minor, disruptions to construction work," Andrey Gaidamaka, LUKoil's vice president, told a conference call on Tuesday when asked about recent unrest."

'via Blog this'

Major US lenders could pay additional $104 bln in legal charges – S&P — RT Business

Major US lenders could pay additional $104 bln in legal charges – S&P — RT Business:

"The eight biggest U.S. banks, including JPMorgan and Bank of America may need to spend an extra $104 billion to settle mortgage-related issues. That’s two thirds of $154.9 billion banks’ reserves that they accumulated to stand the potential legal costs.

The major US banks may have to pay an additional penalty of between $56.5 billion and $104 billion in potential mortgage payouts, according to the rating agency Standard & Poor's.

"Notably, mortgage-related litigation has recently gotten a second wind and has expanded beyond investor claims," S&P credit analysts led by Stuart Plesser wrote in a report."

'via Blog this'

CPI Financial | Aldar raises $750 million Sukuk

CPI Financial | CPI Financial News | Banking and Financial News,Islamic Business and Finance, Commercial Banking | Aldar raises $750 million Sukuk:

"The transaction, which represents Aldar's first debt capital markets issuance since the merger with Sorouh, was priced very competitively at a spread of 290bps over USD Mid Swaps for a fixed profit rate of 4.348 per cent.
Today's transaction is another important milestone in the Company's debt strategy focussed on reducing the cost of borrowing, extending its maturity profile and lowering it leverage levels. The Sukuk follows the AED 4.0billion in bank financings, announced on 7 November 2013, that carried an average margin of 1.3 per cent above base rate and an average maturity of three and half years. These facilities remain undrawn at this time and will be used for refinancing purposes. This followed a successful margin reduction on a AED 2.1 billion syndicated loan during the second quarter 2013.
At the end of the third quarter 2013, total assets were AED 44.8 billion and gearing (net debt to equity) was 55 per cent (FY 2012: 144 per cent). Aldar also continued to have a strong cash position with AED 6.3 billion of cash and available liquidity at the end of the third quarter."

'via Blog this'

Turkcell Sues South Africa’s MTN Over Iran Mobile License - Bloomberg

Turkcell Sues South Africa’s MTN Over Iran Mobile License - Bloomberg:

"Turkcell Iletisim Hizmetleri AS (TCELL), Turkey’s biggest mobile-phone operator, sued South Africa’s MTN Group Ltd. (MTN) for a second time over the award of an Iranian mobile license.
Turkcell filed the claim in a Johannesburg court as the latest step in an attempt to obtain compensation relating to the tender for a license awarded to MTN in 2005, the Istanbul-based company said in a statement today.
“Turkcell was awarded Iran’s first private Global System for Mobile Communications license in 2004, but was unlawfully prevented from receiving the license,” Turkcell said. “Information received by Turkcell indicates that our company’s exclusion, and the signing of the license agreement with MTN, was a consequence of MTN’s illegal acts, including bribery and corruption.”"

'via Blog this'

BBC - Blogs - College of Journalism - Why smartphone saturation in the Middle East matters - @damianradcliffe

BBC - Blogs - College of Journalism - Why smartphone saturation in the Middle East matters: "I have written before about the high levels of mobile phone penetration found across large parts of the Middle East, where some countries - including Saudi Arabia - have more than two active phones (or live SIM cards) for every person who lives there.

Even in many less affluent countries such as Egypt mobile penetration levels are above 100%. Now new data compiled by Statista (shown below), from the results of Google’s Our Mobile Planet survey, reports that in some Middle East countries smartphone penetration is rapidly approaching those numbers too.

This presents some interesting opportunities for content creators and also suggests huge potential for citizen media and journalism.
"

'via Blog this'

Russian bonds: Short on risk, long on reward | Russia Beyond The Headlines

Russian bonds: Short on risk, long on reward | Russia Beyond The Headlines:

"
 Drawing by Niyaz Karim
Russia has long been an active player on the international debt market – and in fact has strengthened its position since the crisis of 2008.
Rising demand from a widening range of international investors, outstripping supply many times over, has spurred a growing volume of placements by Russian companies.
Many issuers have proven themselves reliable borrowers, allowing them to make placements without special road shows.
So why are Russian Eurobonds attractive for foreign investors?
Their main advantage is high profitability, relative to debt instruments from other developing and developed countries. Compare Russian sovereign bonds in U.S. dollars (rated BBB, Baa1 and BBB by Fitch, Moody’s and S&P respectively) with 10 year U.S."

'via Blog this'

Qatar Central Bank cracks down on debit card fraud | Doha News

Qatar Central Bank cracks down on debit card fraud | Doha News:

"ATMs across the country will soon be required to contain sensors that detect tampering, following a soon-to-be released directive from Qatar Central Bank. The move is part of the authority’s increasing efforts to combat debit card fraud, a senior QCB official has told Doha News.

Earlier this month, the financial regulator ordered banks to beef up anti-fraud education of customers in addition to reinforcing an existing prohibition on using debit cards to make online purchases without entering a personal identification number (PIN).

ATMs are commonly used in Qatar because so many transactions here require cash, and there is no fee to transact at a machine that isn’t from one’s own bank."

'via Blog this'

Aslund: Ukraine - The Basket Case - Opinion - News - Ukraine Business Online

Aslund: Ukraine - The Basket Case - Opinion - News - Ukraine Business Online:

"
By ANDERS ÅSLUND*

Recently, a big investment bank invited me to give a talk about the Ukrainian economy. I was happily surprised to find 300 interested fund managers in the hall, showing that Ukraine is a current focus of hedge-fund managers. The present Ukrainian intrigue is thick, involving the International Monetary Fund (IMF), the European Union (EU), and, of course, Russia. The United States, by contrast, is strangely absent from this drama.

For years, the Ukrainian government has pursued a disastrous economic policy, rendering a serious financial crisis possible or even likely. The outlook for Ukraine's economy looks even worse now that Ukraine's leaders have put the brakes on a planned agreement to deepen cooperation with the European Union. The last-minute decision by Ukraine's president, Viktor Yanukovych, to cancel the signing of an Association Agreement with Brussels is being widely attributed -- not least by Yanukovych and EU officials themselves -- to pressure from Russia, which has been threatening Ukraine with draconian sanctions if the country does sign the EU agreement. This drama deserves wide attention."

'via Blog this'

Dubai IPO Exodus, Gold ‘Fix,’ Weatherford: Compliance - Bloomberg

Dubai IPO Exodus, Gold ‘Fix,’ Weatherford: Compliance - Bloomberg:

"Dubai and Abu Dhabi are finding that outperforming stock markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
Damac Real Estate Development Ltd. plans to raise $500 million when it sells depositary receipts in London this week in the first IPO by a Dubai-based developer since the sheikhdom’s property crash in 2008. That follows the London listing of Abu Dhabi-based health-care provider Al Noor Hospitals Group Plc (ANH) in June and an IPO for the emirate’s NMC Health Plc last year.
Higher oil prices and government spending have led to a rally in Persian Gulf stocks and encouraged firms to sell shares. They’re opting to go abroad as rules such as the Dubai Financial Market’s requirement that at least 55 percent of a company must be offered have deterred IPOs in that emirate since 2009. Neighboring Abu Dhabi hasn’t had a new public offering in two years."

'via Blog this'

EconoMonitor : EconoMonitor » The Big Iran Deal

EconoMonitor : EconoMonitor » The Big Iran Deal:

"The Iran deal is a good deal for the U.S., Europe and for Iran. It suggests a shake up of the Middle East and a plausible belief in the likelihood of a major deal in six months.

The deal with Iran happened on Iranian President Rouhani’s 99th day in office. Obviously taken with the idea of measuring a U.S. President by his first 100 days in office, Rouhani stated, “I’m happy that before my first 100 days finished we had this victory.” Rouhani’s comfort with that piece of American political jargon may be the best indicator yet of the likelihood that a final deal will be cut in six months. It indicates a certain affinity between Iran and the U.S. and the extent of the culture compatibilities of the two countries. It also is a clue to what Israel and the Gulf States along with Saudi Arabia fear the most – that the U.S. and Iran will end up as friends – even allies. (Not, by any means, an illogical fantasy.)"

'via Blog this'

Saudi Gazette - Investcorp buys $270m US properties

Saudi Gazette - Investcorp buys $270m US properties:

"Investcorp, a leading provider and manager of alternative investment products, announced Monday that its US-based real estate arm acquired, through separate transactions, a portfolio of residential properties in the greater metropolitan areas of Chicago, Austin and Las Vegas. The properties were acquired for total pricing of approximately $270 million. These transactions follow Investcorp’s recent announcement of its acquisition of a group of high quality office and retail properties valued at $250 million.

Mohammed Al-Shroogi, president of Gulf Business at Investcorp, said: “These recent residential acquisitions are consistent with our strategy of targeting high quality assets and what we believe are attractive yields in addition to the potential for near and long-term upside through operating improvements and renovations.”

Since the fourth quarter of 2012, Investcorp’s activities include investments in properties collectively valued at approximately $925 million. Investcorp currently has more than $4 billion of property and real estate debt funds under management.

The properties acquired consist of approximately 3,000 units and have a combined average occupancy rate of approximately 95 percent."

'via Blog this'

Islamic banks’ need to reorient operations | GulfNews.com

Islamic banks’ need to reorient operations | GulfNews.com:

"Islamic banks have to not just take on and resolve the challenges they face but also reorient themselves in the way they do business to enter into the next cycle of growth and become mature.
That was the view of a group of banking chief executives during a debate on Islamic Finance: Banking on emotions or merit at the first Global Islamic Economy Summit 2013 in Dubai on Wednesday.
In a Brunswick Insight Survey 2013 conducted on behalf of Abu Dhabi Islamic Bank’s 1,000 customers to gauge their attitudes towards Islamic banking, it was found that only 12 per cent to 20 per cent want to do business with Islamic banking, 60 per cent to 80 per cent are indifferent between Islamic banking and conventional banking and between 10 per cent and 20 per cent do not want to do business with Islamic banking."

'via Blog this'

Islamic Asset Management sector has potential to grow | GulfNews.com

Islamic Asset Management sector has potential to grow | GulfNews.com:

"The Islamic fund industry manages about $46 billion, which in the context of the total global asset management figure, which stands at $60 trillion according to Thomson Reuters, is miniscule. If the Islamic asset industry were to tap just one per cent of the total global asset management, it would mean Dh600 billion, which would represent a massive boost to the relatively nascent industry. But can this be a possibility in the years ahead?
That was the question posed to the panelists at the first Global Islamic Economy Summit 2013. They suggested that there are few issues, both within and without, that needs be addressed for the Islamic asset management and investments to grow in the post global financial crisis period.
Performance of the funds is key to bringing in clients, both institutional and retail."

'via Blog this'

Is Kerry Obama's silver lining? - YouTube

Is Kerry Obama's silver lining? - YouTube:

"After a damaging few months at home, will the aggressive new approach to diplomacy of John Kerry, US secretary of state, shore up President Barack Obama's sliding image?


"

'via Blog this'

What the rich do with their money - YouTube

What the rich do with their money - YouTube:

"Enrichetta Ravina, Columbia Business School assistant professor, tells the FT's John Authers that the rich are more disciplined in the way they diversify their investments, rebalance their stock portfolios and have access to asset categories that the less wealthy do not.


"

'via Blog this'

Lukoil Iraq Progress Is Buy to UralSib: Russia Overnight - Bloomberg

Lukoil Iraq Progress Is Buy to UralSib: Russia Overnight - Bloomberg:

"OAO Lukoil (LUKOY), Russia’s second-largest oil producer, plans to begin commercial production in Iraq as soon as March, prompting UralSib Capital to reiterate its buy recommendation on a stock trading at the cheapest in four years versus peers.
American depositary receipts of the nation’s second-largest oil producer lost 0.1 percent to $63.19 in New York, extending this year’s slump to 6.4 percent. The decline drove the stock’s multiple to 4.5 times estimated earnings, or 67 percent below MSCI World Energy Index, the widest gap since December 2009. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. was little-changed at 98.58. OAO Mechel (MTL) sank to a record. RTS stock-index futures increased 0.4 percent."

'via Blog this'

Rich Russians Sparring With Putin Over $48 Billion Olympics Bet - Bloomberg

Rich Russians Sparring With Putin Over $48 Billion Olympics Bet - Bloomberg:

"
Anastasia Tsayder/Bloomberg Markets.
The ski jump complex in Krasnaya Polyana in Sochi's Adler district is part of a major Olympic development in the Caucasus Mountains for the 2014 Winter Games.
In August, Russian President Vladimir Putin flew to the Black Sea resort of Sochi, where his country is spending a record $48 billion on the 2014 Winter Olympics. A regular visitor, with an official residence in town, Putin watched mixed-martial-arts contests at Oblaka nightclub with Russian Prime Minister Dmitry Medvedev and Kazakh President Nursultan Nazarbayev."

'via Blog this'

Dubai’s Damac Said to Cut IPO Value as Shares Priced at Lowest - Bloomberg

Dubai’s Damac Said to Cut IPO Value as Shares Priced at Lowest - Bloomberg:

"Damac Real Estate Development Ltd., a Dubai-based property developer, is cutting the size of its initial public offering and likely to price shares at the bottom of the range, two people familiar with the matter said.
The offering in London is expected to raise $400 million, down from an earlier target of $500 million, with the global depositary receipts likely priced at the bottom of the $12.25 to $17.25 range, the people said, asking not to be identified because the pricing isn’t public. The closing of the IPO has also been postponed until Dec. 2, according to the people.
Al Firdous Holding and Sahira Co., controlled by Damac Properties Development Co. founder Hussain Sajwani, are planning to sell as much as 18.8 percent of the new real estate company. The company had said the IPO would price yesterday."

'via Blog this'

Tuesday, 26 November 2013

Iran deal and oil - YouTube

Iran deal and oil - YouTube:

"Crude oil prices initially eased on news of the nuclear deal in Iran but have since returned to earlier levels. Neil Hume, the FT's commodities editor, explains to Ralph Atkins the modest impact of Iran and the bigger drivers of oil markets


"

'via Blog this'

Russia Energy Profile: World's Third-Largest Producer Of Oil - Analysis Eurasia Review

Russia Energy Profile: World's Third-Largest Producer Of Oil - Analysis Eurasia Review:

"
GAZPROM HEADQUARTERS
Russia is a major producer and exporter of oil and natural gas, and its economy largely depends on energy exports. Russia’s economic growth continues to be driven by energy exports, given its high oil and gas production and the elevated prices for those commodities. Oil and gas revenues accounted for 52% of federal budget revenues and over 70% of total exports in 2012, according to PFC Energy.

Russia was the world’s third-largest producer of oil (after Saudi Arabia and the United States) Preliminary data for 2013 show that Russia still is the third-ranked producer of total liquids, with average production at 10.5 million barrels per day (bbl/d) through September 2013. Russia was the second-largest producer of natural gas in 2012 (second to the United States).

Russia is the third-largest generator of nuclear power in the world and fourth-largest in terms of installed capacity. With ten nuclear reactors currently under construction, Russia is the second country in the world in terms of number of reactors under construction in 2012, according to the International Atomic Energy Agency."

'via Blog this'

Iran opens contacts with oil majors - FT.com

Iran opens contacts with oil majors - FT.com:

"
Iranian oil minister Bijan Namdar Zanganeh
Iran’s oil ministry has opened contacts with western majors as the government of Hassan Rouhani tries to capitalise on progress in nuclear talks and encourage companies to prepare for an eventual lifting of sanctions.

Bijan Namdar Zanganeh, the veteran oil minister who has returned to government after an eight-year absence, told the Financial Times he had held meetings with European companies and “indirectly” with US firms with a view to inviting them back to Iran."

'via Blog this'

Guest post: EU bail out Ukraine? If only it were that simple… | beyondbrics

Guest post: EU bail out Ukraine? If only it were that simple… | beyondbrics:

"
By Timothy Ash of Standard Bank

For the casual/neutral observer of Ukraine, perhaps based in the EU, the story perhaps looks quite straightforward: the EU/IMF/west needs to pull its finger out and provide enough financing for Ukraine to offset the impact of potential economic sanctions from Russia.

Opinion polls show that a great majority of the Ukrainian people now favour EU integration – 57:14, according to one recent poll – as opposed to hooking back up with Russia in the CIS Customs/Eurasian Union. Ukrainians are braving the elements in street demonstrations in favour of signing with the EU. Surely this should be supported? After all, the sums needed by Ukraine ($15bn-$20bn), appear small change relative to the size and strategic energy importance of Ukraine, compared to the huge size of Euro-periphery bail-outs.

If only things were that simple."

'via Blog this'

Is A Debt Problem Brewing In Saudi Arabia?

Is A Debt Problem Brewing In Saudi Arabia?:

"The rapid expansion of credit in Saudi Arabia is beginning to look like a cause for concern, warns Jason Tuvey of Capital Economics. If sustained, it could be followed by a rise in bad loans.

Saudi Arabia’s private sector credit-to-GDP ratio currently stands at 39 percent -- the lowest among the six Arab monarchies along the Persian Gulf. But the danger lies not in the stock of credit, but the pace at which it is rising relative to GDP.

“A rapidly rising credit ratio would indicate that credit is being used inefficiently, whereas a more gradual increase in the credit ratio would suggest that it is being put towards more productive uses,” Tuvey said in a note."

'via Blog this'

RDIF Agrees $1.35Bln Investment Deal With Italian State Fund | Business | The Moscow Times

RDIF Agrees $1.35Bln Investment Deal With Italian State Fund | Business | The Moscow Times:

"Italy in its second day, Russia’s state-backed private equity investment fund and Italy’s strategic state investment fund have agreed to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said.

Fabrizio Pagani, a senior economic advisor for Prime Minister Enrico Letta, said the Russian Direct Investment Fund, or RDIF, would sign the deal with the Italian fund at a bilateral summit in Trieste on Tuesday.

Under the agreement, the two funds will invest up to 500 million euros each.

“We are not talking about small businesses but medium and large companies,” RDIF CEO Kirill Dmitriyev said."

'via Blog this'

Lot: time to pick a profitable partner | beyondbrics

Lot: time to pick a profitable partner | beyondbrics:

"Poland is thinking of saving its national airline in the same way the Czechs have – by creating a holding company uniting the loss-making carrier with a more profitable airport and ground services operation.

Will it work?

Wlodzimierz Karpinski, the treasury minister, told the Rzeczpospolita newspaper:

The treasury ministry, together with the ministry of transport, is working on a concept to concentrate air transport companies. One variant under consideration would be the creation of an air holding."

'via Blog this'

MIDEAST STOCKS-Gulf mostly declines, Dubai up before Expo decision | Reuters

MIDEAST STOCKS-Gulf mostly declines, Dubai up before Expo decision | Reuters:

"* Oil's dip used as cue to take profits in Gulf

* But last-minute bets placed on successful Expo bid by Dubai

* Arabtec up 2.0 pct on acquisition

* Abu Dhabi's Sudatel slips back after three-day leap

* Egypt down 1.8 pct on aggressive profit-taking

By Olzhas Auyezov

DUBAI, Nov 26 (Reuters) - Most Gulf bourses declined on Tuesday in a wave of profit-taking triggered partly by oil's temporary weakness in the aftermath of the world powers' nuclear deal with Iran.

Oil prices have since recovered as it became clear that Iranian oil exports would not rise significantly in coming months, if at all. But Gulf stock markets have nevertheless taken the Iranian deal as a cue for profit-taking.

The main stock index in Saudi Arabia, the world's biggest oil exporter, shed 0.6 percent on Tuesday and Qatar was down 0.7 percent."

'via Blog this'

Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT

Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT:

"Private investors from Gulf Arab countries, including a royal family from the United Arab Emirates, plan to establish the first full-fledged Islamic bank headquartered in the euro zone, an executive said on Tuesday.

The investors aim to launch the venture, named Eurisbank, in Luxembourg during the last quarter of 2014, said Ammar Dabbour, managing partner at Excellencia Investment Management.

With initial capital of EUR 60 million, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt."

'via Blog this'

Ukraine Has No Final Deal with Russia on Financial Support - Ukraine PM - WSJ.com

Ukraine Has No Final Deal with Russia on Financial Support - Ukraine PM - WSJ.com:

"Ukraine hasn't reached a final deal on potential financial support from Russia, but will hold talks early December aimed at improving trade and economic relations, Ukrainian Prime Minister Mykola Azarov said Tuesday.

Ukraine last week said it was abandoning a long-planned deal with the European Union in order to focus on fixing relations with Russia, which strongly opposed that deal and threatened trade retaliation.

"From the beginning of December we will sit at the negotiating table and plan a road map for restoring our relationship, particularly in trade and economic relations," Mr. Azarov told reporters."

'via Blog this'

China Looking for New Markets in Eastern Europe | TIME.com

China Looking for New Markets in Eastern Europe | TIME.com:

"Chinese Prime Minister Li Keqiang says Chinese investment in infrastructure construction, renewable energy and agriculture in eastern Europe will bring greater prosperity and jobs in the region.

Li said China’s economic interest in eastern and central Europe would bring “massive investments and will lead to a growth in trade.”

He spoke at the opening of a meeting with leaders from 16 central and eastern European nations. Three hundred Chinese business people accompanied Li for the meeting."

'via Blog this'

A Fashion Fund to Foster Emerging Talent | Barakabits

A Fashion Fund to Foster Emerging Talent | Barakabits:

"
The renowned developer Emaar Properties‘ plan to launch a US $100 million fund for emerging designers in the region echoed through the fashion halls of Dubai this month.

This announcement came at an optimal time with a series of glamorous events positioning Dubai as the Middle East’s fashion capital, including Fashion Forward, managed and produced by BRAG, and the inaugural Vogue Fashion Dubai Experience, organized by Emaar in partnership with Vogue Italia, a leading fashion magazine. The fashion element of the fund will run alongside the Vogue Italia’s editor-in-chief.

The Financial Times reports that Emaar’s chairman Mohammed Alabbar “said the Emaar-backed fund would help to foster entrepreneurial spirit among young people in the Middle East, where half the population is under 21,” a noble objective with high potential and promise."

'via Blog this'

Citigroup Can’t Stop Abu Dhabi Investment Arbitration - Bloomberg

Citigroup Can’t Stop Abu Dhabi Investment Arbitration - Bloomberg:

"Citigroup Inc. (C) failed to persuade a judge that Abu Dhabi Investment Authority was barred under an agreement with the bank from seeking arbitration over $2 billion in claims the emirate’s entity already pursued and lost.
U.S. District Judge P. Kevin Castel in Manhattan yesterday said whether the investment authority, or ADIA, can re-litigate issues the bank contends were resolved in a 16-day proceeding two years ago is up to a panel of arbitrators and not the courts.
“The broad arbitration clause was the product of intensive, arm’s-length negotiations between the parties,” Castel said in his ruling. “The preclusive effect of any prior arbitration must be decided by an arbitration panel.”
The dispute centers on how Citigroup treated a $7.5 billion investment in the bank, made by the Abu Dhabi government-owned investment authority in 2007. ADIA’s acquisition of a then-4.9 percent stake in Citigroup allowed the lender to replenish capital after record mortgage losses wiped out almost half it’s market value that year and made the emirate the bank’s biggest investor."

'via Blog this'

Takaful has global potential, say experts | GulfNews.com

Takaful has global potential, say experts | GulfNews.com:

"The takaful industry has huge potential to join the mainstream insurance business outside Muslim countries as a viable alternative to conventional insurance, say experts.
The global takaful (Islamic insurance) industry, which has a relatively small share of about $17 billion (Dh62 billion) in underwritings compared to the $3 trillion held by the mainstream industry, needs to attract wider audience and underwrite insurance requirements of larger businesses, said delegates at the Global Islamic Economy Summit 2013.
“There are a large number of big businesses such as huge infrastructure projects, oil and gas installations and power projects including nuclear projects coming up in the region,” said Fareed Lutfi, Secretary General of Emirates Insurance Association. “Currently the takaful industry’s role in underwriting big-ticket risks is minimal while the industry is focused mostly on life and family takaful, motor insurance and relatively small businesses. This situation calls for creation of larger re-takaful companies that have the capital size to cover larger size risks.”"

'via Blog this'

Swatch takes majority stake in Dubai retailer Rivoli | GulfNews.com

Swatch takes majority stake in Dubai retailer Rivoli | GulfNews.com:

"Global watchmaker Swatch has taken control of Dubai’s Rivoli retail chain, the latest luxury group to take a closer interest in its emerging markets outlets in order to use local knowledge to manage its image and better profit from rapid regional growth.
Swatch Group raised its stake in the Dubai retail group to 58 per cent, taking over Rivoli’s network of outlets in the fast-growing Middle Eastern market.
Under the deal, the Swiss watch maker bought an additional 18 per cent of Rivoli from the private equity arm of Dubai Holding, owned by the emirate’s ruler, via its subsidiary Technocorp Holding for an undisclosed amount, Swatch Group spokeswoman Beatrice Howald said on Monday."

'via Blog this'

Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National

Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National:

"Iraq’s stock market regulator has been asked to ease requirements for custodians to hold shares, amid interest from JPMorgan Chase and Citigroup.

In recent years, foreign investors have generally shied away from Iraqi equities not only because of the political risk, but also because of the third-party risk in the absence of custody services.

“Foreign investment banks want good terms that make it profitable for them to operate custody services in a place like Iraq,” said Ali Almukhtar, a stockbroker at Al Dijla brokerage in Baghdad. “At the same time, foreign investors won’t buy shares in Iraq without a custodian. It’s like the chicken before the egg issue or the egg before the chicken.”"

'via Blog this'

Mubadala and Dubal to invest $5bn for projects in Guinea | The National

Mubadala and Dubal to invest $5bn for projects in Guinea | The National:

"Mubadala Development and Dubai Aluminium (Dubal) have agreed to a US$5 billion investment in Guinea to develop a bauxite mine, alumina refinery and port in the country.

The deal, signed yesterday with the Guinea government, will strengthen the UAE’s access to upstream resources needed to make aluminium.

“This agreement will deliver an estimated $5bn of foreign investment into Guinea over the next eight years,” said Mohamed Lamine Fofana, the Guinea minister of mines and geology. “The development plan will create at peak 14,000 direct and indirect jobs and contribute substantially to Guinea’s GDP.”"

'via Blog this'

James Fleming, CEO of Arbuthnot Latham, says Expo 2020 win would mean jobs and money for Dubai | The National

James Fleming, CEO of Arbuthnot Latham, says Expo 2020 win would mean jobs and money for Dubai | The National:

"Dubai’s economy will benefit from a surge in job creation and private wealth generation if it is chosen to host Expo 2020 tomorrow, according to a senior private banker.

The award of the right to host the Expo would only bolster the UAE’s already impressive economic growth, said James Fleming, chief executive of Arbuthnot Latham.

“The UAE’s economy is forecast to grow by around 4.5 per cent this year, which is certainly healthier than growth in the UK,” said Mr Fleming. “The long-term ambition of Dubai is one of expansion, and if it wins Expo 2020 there will be 270,000 jobs added. All of that will continue to add to the whole wealth creation story, and hence the need for services like ours.”"

'via Blog this'

Dubai approves 2014 budget that pares fiscal deficit by 41% | The National

Dubai approves 2014 budget that pares fiscal deficit by 41% | The National:

"The Dubai Government yesterday approved a budget for next year with a fiscal deficit pared down by 41 per cent compared to this year’s plan.

Spending was projected to rise by 11 per cent to Dh37.8 billion next year, according to data the Dubai Media Office released on its Twitter feed.

“The Dubai Government prefers to expand its expenditures to support the economy and contribute to the higher rates of economic growth,” Abdulrahman Al Saleh, the director general of Dubai’s Department of Finance, said via Twitter. Next year’s revenues would reach Dh37bn, up 13 per cent from this year, it said."

'via Blog this'

Emerging Stocks Climb on Iran Deal While Gazprom Tumbles - Bloomberg

Emerging Stocks Climb on Iran Deal While Gazprom Tumbles - Bloomberg:

"Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
The MSCI Emerging Markets Index rose 0.1 percent to 1,010.63. Hindustan Petroleum Corp. and Bharat Petroleum Corp. drove the S&P BSE Sensex (SENSEX) to the biggest gain in Asia as India imports 80 percent of its oil. The Borsa Istanbul National 100 Index jumped to the highest in three weeks as banks increased. Russia’s Micex Index reversed earlier gains, led by Gazprom."

'via Blog this'

Mechel Declines as Coal Offsets Waiver: Russia Overnight - Bloomberg

Mechel Declines as Coal Offsets Waiver: Russia Overnight - Bloomberg:

"OAO Mechel (MTL), Russia’s largest maker of coal for steelmakers, fell for a second day in New York as concern that prices for the fuel are dropping outweighed a pact that will allow the company to avoid defaulting on its debt.
American depositary receipts of Mechel (MTLR) slid 3.5 percent to $2.21 yesterday after touching the lowest level since the company listed in the U.S. in 2004. The ADR lost 68 percent this year. The Bloomberg Russia-US Equity Index of the most-traded Russian equities in the U.S. fell 1 percent to 98.57. RTS stock-index futures increased less than 0.1 percent to 143,270."

'via Blog this'

Iran Accord Sparks Race to Tehran as Automakers Target Deals - Bloomberg

Iran Accord Sparks Race to Tehran as Automakers Target Deals - Bloomberg:

"Sasan Ghorbani says the Iranian auto industry conference he’s organizing in Tehran next weekend is suddenly a hotter ticket that he’d expected.
Visas will be made available upon arrival to meet a surge in demand after the last weekend’s Geneva agreement to ease trade restrictions on Iran, said Ghorbani, head of the Islamic Republic’s auto-parts manufacturers association. “Everyone asks us, ‘Did you know that sanctions would be lifted days ahead of this conference?’” he said in a phone interview yesterday. “To be honest, we didn’t.”"

'via Blog this'

Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg

Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg:

"Dubai and Abu Dhabi are finding that outperforming stocks markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
Damac Real Estate Development Ltd. plans to raise $500 million when it sells depositary receipts in London this week in the first IPO by a Dubai-based developer since the sheikhdom’s property crash in 2008. That follows the London listing of Abu Dhabi-based health-care provider Al Noor Hospitals Group Plc (ANH) in June and an IPO for the emirate’s NMC Health Plc last year.
Higher oil prices and government spending have led to a rally in Persian Gulf stocks and encouraged firms to sell shares. They’re opting to go abroad as rules such as the Dubai Financial Market’s requirement that at least 55 percent of a company must be offered have deterred IPOs in that emirate since 2009. Neighboring Abu Dhabi hasn’t had a new public offering in two years."

'via Blog this'

MIDEAST STOCKS-Gulf stocks ease as oil slides on Iran deal | Reuters

MIDEAST STOCKS-Gulf stocks ease as oil slides on Iran deal | Reuters:


"* All bourses except Qatar in the red

* Oil price decline leads to profit-taking

* But markets may bounce back

* Dubai capped by chart resistance ahead of Expo announcement

* Egypt posts biggest decline since Oct. 28

By Olzhas Auyezov

DUBAI, Nov 25 (Reuters) - Most Gulf bourses fell on Monday as oil markets reacted to the breakthrough nuclear deal between Iran and world powers, which caused the price of Brent crude to slip 1.8 percent.

The deal is not intended to let more of Iran's oil into the market, the White House said, but an easing of the ban on European shipping insurance may help smooth crude exports to Iran's big Asian customers.

Gulf oil exporters, Saudi Arabia in particular, have profited from tightness in the oil market caused by the sanctions against Iran. So fears of a supply increase from Iran triggered profit-taking in regional stock markets, said Marwan Shurrab, fund manager and head of trading at Vision Investments."

'via Blog this'

Monday, 25 November 2013

Gulf Air year-on-year losses cut by 50% | GulfNews.com

Gulf Air year-on-year losses cut by 50% | GulfNews.com:

"Gulf Air, Bahrain’s national carrier, has cut its year-on-year losses by more than 50 per cent, the airline stated in a statement on Sunday.
The cut in year-on-year losses comes as the airline benefited from a strong summer and improved cost efficiency driven by its restructuring plan.
Gulf Air started its restructuring plan in December last year after falling into financial difficulty. It has since cut its workforce by 27 per cent. Year-on-year expenses have reduced by nearly 30 per cent, largely driven through operational and maintenances costs and the workforce reduction."

'via Blog this'

UAE Cabinet approves rules for GCC market integration | GulfNews.com

UAE Cabinet approves rules for GCC market integration | GulfNews.com:

"The Cabinet has approved the implementation of standard rules and principles for the integration of GCC financial markets, as well as the UAE’s Halal food control system
The standard rules were approved at Sunday’s Cabinet meeting, chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, were present."

'via Blog this'

Dubai TV network OSN’s valuation surges 72% ahead of planned IPO | The National

Dubai TV network OSN’s valuation surges 72% ahead of planned IPO | The National:

"Dubai-based Orbit Showtime Network (OSN) is worth US$4.3 billion, according to a new valuation by Arqaam Capital.

The brokerage said the new figure represents a 72 per cent increase following OSN’s acquisition of Pehla Media & Entertainment.

Separately, OSN yesterday secured a $200m financing facility.

Arqaam’s valuation, in a research note, places the pay-TV network among the biggest media companies in the region ahead of a planned initial public offering."

'via Blog this'

CAPM Investments advising on IPO as UAE market conditions improve | The National

CAPM Investments advising on IPO as UAE market conditions improve | The National:

"CAPM Investments is advising on an initial public offering, its first deal since the Abu Dhabi-based investment company was acquired by Finance House last year.

The transaction was awaiting regulatory approval by the markets regulator, the Securities and Commodities Authority (SCA), sources familiar with the deal said. It is understood that the company it was advising would be involved in the food and beverages sector.

Mahdi Mattar, the chief executive of CAPM, declined to comment on the IPO mandate yesterday, but said he was “seeing a revival of entities expressing interest in going public”."

'via Blog this'

CEO pay cap limit initiative rejected by Swiss referendum — RT Business

CEO pay cap limit initiative rejected by Swiss referendum — RT Business:

"Switzerland has rejected a proposal to limit the salary of CEO’s to 12 times that of their lowest-paid employees, following a massive campaign by big business who spent millions in advertising against the measure.

The measure was opposed by 65 percent of voters, the government of Bern said Sunday, claiming a voter turnout of 53 percent, the highest in the last three years. The proposal was rejected by a margin of around two to one.

“It’s a big relief,” Valentin Vogt, president of the Swiss Employers’ Association, said in an interview on Swiss national television SRF. “It’s a signal that it’s not up to the state to have a say in pay.”"

'via Blog this'

Putin Bets on Gazprom Purge as Slowdown Threatens Legacy - Bloomberg

Putin Bets on Gazprom Purge as Slowdown Threatens Legacy - Bloomberg:

"Vladimir Putin wasn’t having a great day. The Russian president had spent the August morning in a helicopter over Khabarovsk, near the Chinese border, surveying flood damage that had left tens of thousands of people homeless.
Then he met with senior advisers who were on the trip, for a briefing on economic issues. They drew parallels to another brewing storm: The energy-export model Putin had relied on to restore Russia’s economic strength had run its course, he was told, said two officials on the trip. The state-dominated economy needed a shock, and, to prevent stagnation as growth slowed, a reset. Something had to be done."

'via Blog this'

Boeing to UBS Help Luxoft Lessen Country Risks: Russia Overnight - Bloomberg

Boeing to UBS Help Luxoft Lessen Country Risks: Russia Overnight - Bloomberg:

"Luxoft Holding Inc. (LXFT), the software development unit of Moscow-based IBS Group Holding Ltd., rallied to the highest level in five months in New York on prospects the company will benefit from revenue outside of Russia.
The company, whose clients include Boeing Co. and UBS AG, has more than doubled since its June debut, climbing 12 percent to $37.70 last week. The advance sent valuations to 20 times estimated earnings, surpassing the average multiple of 6.7 for the average company on the Bloomberg-Russia-US Equity Index. The gauge of the most-traded Russian stocks in the U.S. posted a fifth weekly decline. RTS index futures rose 0.3 percent to 145,090 in U.S. hours."

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Sunday, 24 November 2013

Israel Stocks Extend Rally as Traders Weigh Iran; Saudi Gains - Bloomberg

Israel Stocks Extend Rally as Traders Weigh Iran; Saudi Gains - Bloomberg:

"Israel’s benchmark stock index advanced for a seventh day, tracking gains in U.S. shares last week, as investors weighed lower borrowing costs and Iran’s nuclear accord with world powers. Saudi shares rose.
The TA-25 Index (TA-25) increased as much as 0.7 percent to 1,354.53, the highest intraday level on record. The index, which closed at a record on Nov. 21, closed up 0.5 percent at 1,352.96 in Tel Aviv. Bank Leumi Le-Israel Ltd. climbed to the highest in more than two years while Cellcom Israel Ltd. (CEL) advanced 2.2 percent. Saudi Arabia’s Tadawul All Share Index advanced 0.6 percent"

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