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Saturday, 27 July 2013

UAE Banks Federation lays down regulations with aim of applying best practices | GulfNews.com

UAE Banks Federation lays down regulations with aim of applying best practices | GulfNews.com:

"The UAE Banks Federation has succeeded in laying down the regulations of appointing legal banking experts, and is moving forward with their implementation in collaboration with the Central Bank, Ministry of Justice and other judicial authorities, according to a report yesterday.
The UAE Banks Federation efforts have yielded the signing of three memorandum of understanding (MoUs) on regulations of appointing legal banking experts in UAE, the official news agency, WAM, said.
“We are very keen to keep up with latest global developments and applying best international practices to improve the banking industry, and we are proud today with our continuous success not only in offering best solutions to major issues facing the banking sector, but also in our initiatives and proposals that contribute primarily in enhancing the banking industry and serving the economy and the society; and so, streamlining the legal banking experts profession is considered as one of the significant initiatives by the Federation,” Abdul Aziz Abdullah Al Ghurair, Chairman of UAE Banks Federation, was quoted as saying in the report."

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Co-founder in coma, Yandex stock soars on Nasdaq | Russia Beyond The Headlines

Co-founder in coma, Yandex stock soars on Nasdaq | Russia Beyond The Headlines:

"Yandex shares rallied by as much as 3.6 percent on the Nasdaq, closing at $31.98 on Thursday, July 25.
In a report released the same day, Yandex reported that its second-quarter 2013 net income had increased 47 percent to 2.9 billion rubles ($88.7 million).
The company also upgraded its revenue guidance through the end of this year.
Yandex now expects a 34-38 percent increase in full-year revenues, up from the 30-35 percent it projected at the beginning of this year."

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APA - Russian president urges Ukraine to move closer to CU

APA - Russian president urges Ukraine to move closer to CU:

"Russian President Vladimir Putin Saturday urged Ukraine to take further steps towards closer economic integration with the Russia-led Customs Union (CU), APA reports quoting Xinhua.

"Today there is a very tense competition in world markets. I'm sure we can be competitive and win in this rather tough competition only through joint efforts," Putin told an international conference on Ukraine's further political path in Kiev.

Putin said that despite the global financial slowdown, the trade turnover within the CU rose some 3 percent in the first quarter of the current year, while bilateral trade between Ukraine and Russia was down 17 percent in the same period."

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Arabtec concludes successful rights issue - bi-me.com

Arabtec concludes successful rights issue - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"Arabtec Holding PJSC, a leading MENA construction company specialising in complex projects, today announces the successful allotment of shares for its Rights Issue, which raised AED2.4 billion.

The Company issued 1.56 billion new shares at AED1.50 per share and the Rights Issue was nearly 30% oversubscribed by shareholders. Arabtec will use the proceeds from the Rights Issue to advance the implementation of its growth strategy announced earlier in 2013.

The newly allotted shares will start trading on Sunday 28 July, and the excess funds and interest have been returned to subscribed shareholders."

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Potato growers head to Ukraine - Hindustan Times

Potato growers head to Ukraine - Hindustan Times:

"Potato growers from the city will take 300 hectares of land on lease in Ukraine by December to cultivate high-value cash crops like sunflower, maize and other cash crops. Fruit and vegetable will also be cultivated. The project will be run a pilot before being copied on a larger scale.

A delegation from the Jalandhar Potato Growers Association (JPGA) visited Ukraine and mooted the idea as the climate is favourable, land is surplus and it could be a centre for export to European countries.

Land was also available at throwaway rates, duty-free imports of capital goods is allowed and Ukraine levies no duty on farm exports to Europe."

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The UAE's ongoing debt hangover - Banking & Finance - ArabianBusiness.com

The UAE's ongoing debt hangover - Banking & Finance - ArabianBusiness.com:

"A few years ago, I interviewed a Dubai-based expat working in property sales, who had found himself $42,000 in debt after taking out a series of personal loans and credit cards.
“My mobile rings so often that I have separate rechargers in my home, in my office and in the car,” he told me. “I had 40 calls from a local bank yesterday. And that’s about seven people from just one bank — they don’t seem to be able to coordinate who is speaking to who. The pressure is incredible — it gets right into your mind.”
The figures back in 2010 were alarming. According to Lafferty, outstanding consumer credit in the Gulf reached an estimated $139bn, an 80 percent rise on the same figure eight years earlier. Credit card debt had reached $7.8bn, up from just $1.7bn in 2003."

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Ukraine’s dilemma to bow to Russian dominance or drive for EU integration | euronews, world news

Ukraine’s dilemma to bow to Russian dominance or drive for EU integration | euronews, world news:

"An anniversary to mark the Christianisation of Russia – or ‘Rus’, as it used to be known – 1,025 years ago has been stirring tensions in Ukraine’s capital. This comes on the eve of a two-day visit by Russian President Vladimir Putin.

Anti-Russian Ukrainian nationalists have been gathering outside the Russian embassy in Kiev demonstrating their dissatisfaction with Moscow’s policies toward their country. The visit is, on one level, to celebrate a joint Christian heritage. But Putin is also keen on creating a gas transport consortium and on persuading Ukraine to participate in a Customs Union which currently includes Russia, Belarus and Kazakhstan. This is in contrast to Ukraine’s drive to join the European Union."

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Saudi Gazette - Arab Economics Union is desperately needed - @neaimsa

Saudi Gazette - Arab Economics Union is desperately needed:

"Throughout the history of mankind, we can find that economics and politics are always linked together. There is no successful politics without strong sustainable economics and vice versa. As a matter of fact, if we have studied the reasons of most of the old and recent political and security unrest, including the Arab Spring, we will find that economy is the sole common factor in all of these events, which in many cases ignited the first spark, as what had happened recently in Tunisia. In recent politics, economy is the most important factor in any election and political campaign. Strong sustainable economy — with no doubt — leads into psychological, intellectual, social, political and military security. Strong economy with abundant well-paid jobs, good living conditions, good education and health programs will definitely lead into political stability and security. For that reason, I believe that economics is more important to the majority of the people than politics. "

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Developer Agaoglu building flagship Masiak 1453 towers in Istanbul - The National

Developer Agaoglu building flagship Masiak 1453 towers in Istanbul - The National:

"Straddling East and West, Asia and Europe, Turkey has the privilege of claiming the best of both worlds.

And with the nation's new reciprocity law coming into effect last year, non-Turkish buyers can now grab a slice of the country's property offerings.

Opening up the market has led some of the nation's bigger real-estate companies to set up offices outside the country to attract foreign buyers."

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Ukraine and Europe: Final Decision? By James Sherr, Chatham House | Click here to open PDF report


Saudi Gazette - India’s Jet leaps 19% on Etihad deal approval talk

Saudi Gazette - India’s Jet leaps 19% on Etihad deal approval talk:

"Shares in Indian carrier Jet rose as much as 19 percent Friday on hopes a government panel may approve a deal allowing Abu Dhabi-based Etihad to acquire a stake in the airline.

The deal, through which Etihad Airlines would hold a 24 percent Jet stake, was announced in April but is yet to be cleared by India amid concerns about ownership control.

India's Foreign Investment Promotion Board (FIPB), a government body, had said it would meet next Monday, when the Jet-Etihad agreement was expected to be discussed."

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