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Thursday, 1 August 2013

Former Goldman Trader Is Found Liable in Mortgage Deal -

Former Goldman Trader Is Found Liable in Mortgage Deal -

Fabrice Tourre, the former Goldman Sachs trader at the center of a toxic mortgage deal sold to investors on the eve of the financial crisis, was found liable on Thursday for civil securities fraud.

Five years after the crisis, he is the only employee of a big American bank to lose a courtroom battle to Wall Street’s top regulator, the Securities and Exchange Commission. The S.E.C. took only a handful of employees to court over the crisis, but most cases were settled.

After two days of deliberation, the nine-person jury concluded that Mr. Tourre misled investors about the mortgage deal, capping a more than two-week civil trial in one of the most prominent cases involving the 2008 crisis."

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Oman Has Its Cake And Eats It Too, For Now - Analysis Eurasia Review

Oman Has Its Cake And Eats It Too, For Now - Analysis Eurasia Review:

Oman’s primary foreign policy objectives appear to be to ensure stability in the Arabian Gulf and maintain independence from Saudi Arabia. For decades, a pillar of Muscat’s foreign policy has been to balance its alliances with the U.S., its fellow Gulf Cooperation Council (GCC) states, and Iran. Oman’s strategy of playing off its more powerful neighbors’ political divisions has served Omani interests well, enabling it to maintain a highly flexible foreign policy. But the prospects of a military confrontation between the West and Iran, and the ongoing Syrian conflict, are challenging Muscat’s ability to maintain its intricate web of alliances."

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Shale potential could alter global trade, says US official -

Shale potential could alter global trade, says US official -

"The development of all the shale gas and oil resources in China and Europe would change the nature of the international energy trade, Ernest Moniz, the new US energy secretary, has said.
His comments came days after a billionaire Saudi Arabian investor gave warning of the threat the US shale boom posed to his country.
Mr Moniz, a Massachusetts Institute of Technology physicist who was confirmed as President Barack Obama’s energy secretary in May, said there would be “geopolitical consequences” if the shale oil and gas resources around the world were developed."

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Surgutneftegas Earns $5Bln Half-year Profit | Business | The Moscow Times

Surgutneftegas Earns $5Bln Half-year Profit | Business | The Moscow Times:

"Surgutneftegas, the country's third largest oil company, posted 154.2 billion rubles ($4.7 billion) in first-half net profit, an increase of 52 percent year on year, the company said Thursday.

Revenue fell 4 percent to 378.2 billion rubles, the company, based in the Siberian town of Surgut, said on its website.

Surgutneftegas did not give a reason for the rise in net profit. Its crude production reached 30.4 million tons of oil (1.2 million barrels per day) in the first half, little-changed from the same period a year ago.

The company, whose largest official shareholder is its chief executive Vladimir Bogdanov with a 0.3 percent stake, published its results under Russian accounting standards."

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Qatar’s Barwa Drops Most Since April as Net Tumbles: Doha Mover - Bloomberg

Qatar’s Barwa Drops Most Since April as Net Tumbles: Doha Mover - Bloomberg:

"Barwa Real Estate Co. fell the most in three months after Qatar’s biggest publicly traded developer by assets reported a 87 percent slump in quarterly profit.
The shares decreased 2.9 percent, the most since April 30, to 25.5 riyals at the close in Doha, bringing the drop this year to 7.1 percent. Some 2 million shares were traded, 2.4 times the three-month daily average. The stock was the biggest decliner in percentage terms on the benchmark QE Index, which increased less than 0.1 percent, taking this year’s gain to 16 percent.
Barwa said second-quarter profit fell to 40.6 million riyals ($11 million), according to a company statement today. First-half profit slumped 66 percent on delays in “sealing certain deals,” the company said without being more specific. The developer, which suffered from sluggish demand for properties since the 2008 financial crisis, said June 6 it plans to sell 26 billion riyals of assets to government owned Qatari Diar Real Estate Investment Co. to reduce debt."

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The New Housing Boom in Perspective | PRAGMATIC CAPITALISM

The New Housing Boom in Perspective | PRAGMATIC CAPITALISM:

"I’ll admit that the rate of housing appreciation has completely taken me by surprise.  About 18 months ago I said the risk on the downside to housing was limited and that this had become a buyers market, but I expected flatlining prices – not 12% year over year gains as we’ve seen in recent months.

Anyhow, it’s helpful to put things in perspective and not go getting too carried away with talk about a new “housing bubble”. I’ve added a few of the more speculative markets below to put things in perspective for you.

Las Vegas, probably the hottest market in the country during the bubble, is still well off the highs:

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Glasgow-Dubai flights to be halved for runway work - Transport - The Scotsman

Glasgow-Dubai flights to be halved for runway work - Transport - The Scotsman:

"SCOTLAND’S largest passenger flights, which are operated by Emirates between Glasgow and Dubai, are to be temporarily halved to one a day next year because of resurfacing of the Middle East hub’s runway.

Services will be reduced from twice daily for around six weeks from 1 May, with the airline considering how it will cope with passenger demand on the fast-growing route.

The link is becoming so popular with Scots using Dubai as a one-stop hop to Asia and Australia that Emirates has raised the prospect of drafting in the world’s largest passenger jet - the Airbus A380 superjumbo - in the next three to four years to cope with demand, as The Scotsman revealed in June."

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Turkey’s PMI: sinking | beyondbrics

Turkey’s PMI: sinking | beyondbrics:

"Turkey’s purchasing managers’ index joined Russia’s in dipping into negative territory on Thursday, in further evidence of sluggishness in the economy and of the fact that, while some countries on the edge of Europe are showing signs of renewed life, others are still stuck in the mud.

Turkey’s manufacturing PMI from Markit Economics and HSBC fell to 49.8 in July from 51.2 in June, its first dip below the 50-point mark that separates expansion from contraction since July 2012, even though the companies polled said manufacturing levels were broadly unchanged.

But companies also reported slowing aggregate market conditions and declining orders, down for the first time in 11 months."

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MIDEAST STOCKS-Banks lift Abu Dhabi bourse to 58-month high; most mkts up | Reuters

MIDEAST STOCKS-Banks lift Abu Dhabi bourse to 58-month high; most mkts up | Reuters:

"Abu Dhabi's bourse climbed to a new 58-month high on Thursday, backed by a bullish outlook on banks, while most other regional markets also gained.

Shares in Abu Dhabi's First Gulf Bank jumped 4.9 percent, National Bank of Abu Dhabi rose 1.9 percent and Invest Bank gained 5.7 percent.

Many of the emirate's banks have in the last two weeks reported strong earnings growth for the second quarter, with some beating analysts' forecasts, confirming they are benefiting from an economic recovery."

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Ukraine to take into account court losses of Gazprom in gas talks - ForUm

Ukraine to take into account court losses of Gazprom in gas talks - ForUm:

"Ukraine will take into account losses of OAO "Gazprom" in recent court proceedings while negotiating on gas prices with Russia, energy and coal industry minister of Ukraine Eduard Stavytsky told a briefing, ForUm correspondent reports.

"Gazprom now litigates not only with Lithuania, but also with the RWE, and the Edisson. You know that Gazprom already lost in cases on price formula in favor of the consumer," Stavytsky said.

When asked whether Ukraine hopes for a price reduction and revision of contracts in connection with this, Stavytsky replied: "I believe that we will consider these arguments"."

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Is Egypt Ready For Reforms? | @REBELECONOMY

Is Egypt Ready For Reforms? | REBEL ECONOMY:

"As the months drag on and the prospect of a recovery for Egypt’s economy seem to slip further away, the key question on most investors’ minds is whether the government can push through reforms.
But while it is clear that successive governments have failed to ease hardship, it’s worth addressing whether Egyptians are ready for reforms.
The loudest opposition to the International Monetary Fund loan, energy subsidy reforms and higher taxes was from Egyptian citizens. That’s not surprising considering Egypt’s rocky history with the IMF and the (inaccurate) perception that reforms will make life worse for the poorest."

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Dubai’s Real Estate Market Is Back, Bringing Echoes of the Bubble - Middle East Real Time - WSJ

Dubai’s Real Estate Market Is Back, Bringing Echoes of the Bubble - Middle East Real Time - WSJ:

"A rise in asset prices is normally cause for celebration. In Dubai, however, a recent spike in real estate values is bringing back echoes of the emirate’s property-market crash four years ago and prompting growing concern about bubbles.

The latest addition to this chorus of worry was the International Monetary Fund, which released its Article IV consultation on the U.A.E. this week. By the IMF’s reckoning, Dubai’s residential market is up 16% this year to the end of April.

The real estate consultancy CBRE paints an even frothier picture, saying in a recent report on the second quarter that rents went up by more than 30% in a year. Even the lagging office sector was seeing a rebound, it said."

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Dubai Group unit sells Bank Islam stake to BIMB Holdings -

Dubai Group unit sells Bank Islam stake to BIMB Holdings - Business Intelligence Middle East - - News, analysis, reports:

"Dubai Group, a diversified financial services company, announced today that its subsidiary Dubai Financial Group LLC (DFG), has signed an agreement with BIMB Holdings, concerning the sale of DFG's 30.5% stake in Bank Islam.

The sale transaction, which concluded on July 31st 2013, was valued at USD 550 million.

DFG acquired a 40% stake in Bank Islam for a value of US$224 million in October 2006. The shareholding was reduced to 30.5% in 2009 due to DFG’s non-participation in the capital increase exercise that Bank Islam undertook at that time."

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UAE's Etihad to buy 49 percent stake in Serbian airline | Reuters

UAE's Etihad to buy 49 percent stake in Serbian airline | Reuters:

"United Arab Emirates' Etihad Airways, which has stakes in Virgin Australia (VAH.AX) and Air Berlin (AB1.DE), will acquire a 49 percent stake in Serbia's loss-making JAT Airways.

Serbia is looking to offload loss-making state enterprises, including JAT, pharmaceuticals firm Galenika and the Zelezara Smederevo steel mill, to help contain its budget deficit.

The carriers said in a joint news conference that Abu Dhabi-based Etihad would provide a $40 million loan facility to JAT, which would be converted into equity on January 1, 2014."

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Germany asks Ukrainian government to solve problems of German investors – Arbuzov : Ukraine News by UNIAN

Germany asks Ukrainian government to solve problems of German investors – Arbuzov : Ukraine News by UNIAN:

"German authorities addressed to the Ukrainian government with a request to promote solving problems of German investors, who work in Ukraine.
According to an UNIAN correspondent, First Vice Prime Minister of Ukraine Serhiy Arbuzov said this during an opening address at the sitting of the government.
“This issue deals with a work of investors of Germany in our country. In coming future a package of resolutions of the government on solving this problems will be issued”, - he said.
S. Arbuzov also underlined that Ukraine should take a criticism of other countries towards it most seriously and analyze it."

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Saudi Arabia Appoints Al-Ghamdi Bourse CEO Amid Opening Bets - Businessweek

Saudi Arabia Appoints Al-Ghamdi Bourse CEO Amid Opening Bets - Businessweek:

"Saudi Arabia appointed Adel Al-Ghamdi as chief executive officer of the Arab world’s largest stock exchange amid bets the kingdom will open its $415 billion market to foreign investors as early as next year.

Al-Ghamdi replaces Abdullah Al-Suweilmy, according to a statement posted on the exchange website today. He started as CEO on July 1 and was most recently general manager of the corporate finance and issuance division at the Saudi Capital Market Authority, it said.

Foreign investors outside the Gulf Cooperation Council countries can’t buy Saudi shares directly, and access the market through equity swaps and exchange-traded funds. Deutsche Bank AG and HSBC Holdings Plc are among banks that have predicted the market may loosen the restrictions. Such a move could attract as much as $30 billion of inflows, John Burbank, founder of $3.7 billion hedge fund Passport Capital LLC, said in February."

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WIG-Ukraine and UX show gains for month of July - Business - News - Ukraine Business Online

WIG-Ukraine and UX show gains for month of July - Business - News - Ukraine Business Online:

"In its daily market comment, Concorde Capital provides an expanded analysis of trading for the month of July:

“Once again, Ukrainian equities offered investors some big gains and losses in trading on Wednesday, July 31. The WIG Ukraine Index of Warsaw-traded stocks dropped 1.1% despite the positive second-quarter U.S. GDP report that boosted European stocks. However on a monthly basis, the WIG Ukraine Index outperformed the strong July performance of the Stoxx Europe 600 Index – which enjoyed its largest monthly gain since October 2011 – by surging 10.7%. Sugar producer Astarta (AST PW -0.7%) delivered the Index’s top monthly results by bringing a 22.0% return for July, hitting its 22-month high on July 30. Farmer Agroton capped off July on the upswing (AGT PW +8.1%), but still lost 10.5% for the month. Grain trader Kernel (KER PW -3.1%) finished the month with a 4.4% increase. The Index’s biggest monthly decliner was Coal Energy (CLE PW +3.1%), which plummeted 19.5% in July."

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Romania’s new IMF agreement | beyondbrics

Romania’s new IMF agreement | beyondbrics:

It’s a precautionary arrangement, but could it spell another step towards economic recovery for beleaguered Romania? This week, the International Monetary Fund reached a deal with the Romanian government on a €4bn standby loan, tied to the condition that Bucharest push ahead with planned reforms to the health system, and with its stalled privatisation programme.

The package should stand for 24 months and is Romania’s third from the IMF since it secured a €20bn agreement in 2009. The country’s economy hit the buffers that year after a period of strong growth. The crisis cruelly exposed economic weaknesses that had been overlooked during the boom years."

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BAE Purses Saudi Arabia, UAE Typhoon Combat Jet Exports - Bloomberg

BAE Purses Saudi Arabia, UAE Typhoon Combat Jet Exports - Bloomberg:

"BAE Systems Plc (BA/), Europe’s largest defense company, said production of Typhoon combat jets may extend past this decade as it works to secure a follow-up order in Saudi Arabia and for 60 jets from the United Arab Emirates.
The deals could secure production, currently running out in the first quarter 2018, until 2022 at a rate of 30 planes a year, Chief Executive Officer Ian King told reporters today. Saudi Arabia may buy 48 to 72 more jets beyond 72 on order, with a bid to be submitted soon to the UAE, he said.
BAE has leaned on export markets to offset unchanged or declining spending at home. Oman last year agreed to buy 12 Typhoons to become a new customer for the jet. The gains in the Middle East contrast with a “challenging” defense environment overall, particularly given uncertain U.S. plans, BAE said today as it reported earnings that missed analyst estimates."

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Serinus Energy finds potential oil when drilling for gas in Ukraine | Ukraine daily - Thu, 1 Aug - BUSINESS NEW EUROPE

Ukraine daily - Thu, 1 Aug - BUSINESS NEW EUROPE:

"2. Serinus Energy finds potential oil when drilling for gas in Ukraine
Concorde Capital
August 1, 2013

Serinus Energy (SEN PW) (formerly Kulczyk Oil Ventures) via its 70%-owned Ukrainian subsidiary KUB-Gas, completed drilling on its NM-3 well in its North Makeyevskoye licence area, the company said on July 31. The NM-3 well reached a total depth of 2,426 meters, identifying 30 meters of Visean-aged potential oil play. The test recovered 0.5 cm of 37 API oil and minor amounts of natural gas. The well has been cased to allow for further testing.

KUB-Gas has yet to produce hydrocarbons from Visean-aged sandstone in Ukraine.

Roman Dmytrenko: NM-3 was the company€™s third attempt in its North Makeyevskoye exploration license after the NM-1 and NM-2 exploration wells demonstrated no commercial gas flow. The fact that KUB-Gas recovered only €minor€ amounts of gas from the new well casts a shadow of doubt over the area€™s reserves potential. In case the new well is able to produce oil at a commercial rate after stimulation, KUB-Gas will need to adjust its gas-oriented infrastructure to deliver the oil to the market. Overall, we believe the company€™s stock price surge yesterday was premature."

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The Arab Spring is helping fuel a boom in Dubai’s property market - Quartz

The Arab Spring is helping fuel a boom in Dubai’s property market - Quartz:

"The turmoil in countries like Egypt and Syria may have wrecked their economies, but some of their neighbors are doing nicely out of it. International investors are driving Dubai’s real estate market, accounting for more than 60% of the 53 billion dirhams ($14.4 billion) worth of investments in the first half of 2013, and while Indians, Pakistanis and Britons remained the top foreign buyers, there’s a new investor class making a big splash: Buyers from crisis-hit Arab regions.

The increase in spending by buyers from Arab countries outside the six-member Gulf Cooperation Council more than doubled to 5 billion dirhams, outpacing all other categories, according to the Dubai land department. Investors from Jordan led the way with investments of 1 billion dirhams, followed by buyers from Lebanon and Egypt. The growing trend of residents from areas affected by turmoil purchasing property in Dubai was highlighted by property management firm Asteco in its latest report (pdf).


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Junior Mining Network - EastCoal Inc.: Operations Update

Junior Mining Network - EastCoal Inc.: Operations Update:

"EastCoal Inc. ("EastCoal" or the "Company") (TSX VENTURE:ECX)(AIM:ECX) is pleased to announce that production has commenced at the Company's Verticalnaya North Project ("VNP") in the Ukraine.

Commencement of production was three weeks later than scheduled due to a delay in obtaining certain regulatory approvals. However, approval to commence production has now been obtained and output is currently ramping up to the budgeted 11,000 tonnes a month rate which, is currently expected to be achieved by October, 2013. The approval of the Mine Development Plan is expected shortly.

The initial projected production rate of 4,000 tonnes a month is expected to be achieved within the next month using simple mining techniques and the coal produced will be toll treated at a wash plant adjacent to the mine."

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Property porn doesn’t float | David McWilliams

Property porn doesn’t float | David McWilliams:

"The property pornographers have been giddy this week over news that property prices have been rising. Reported sightings of a new breed of foreign property speculator in fancy Dublin restaurants, clinking flutes of champers over mega deals, have sent property hype merchants into a dizzy tizzy.
Will house prices now begin the long ascent to the lofty heights of 2006/7? Will bricks and mortar dramatically inflate some people’s wealth again? And for the average person in negative equity, will future price rises claw back some of the “wealth” that has been destroyed?
These are serious questions. Where are property prices likely to go in the future? With all the glossy sales pitches and significant powerful interests – from the banks to the taxman – willing property prices to rise again, it’s not surprising that a number of myths have emerged about how and where property prices can go."

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PR Newswire UK: Ukraine Demonstrates Positive Trend Toward Signing Association Agreement - EU Commissioner

PR Newswire UK: Ukraine Demonstrates Positive Trend Toward Signing Association Agreement - EU Commissioner -- KYIV, Ukraine, July 31, 2013 /PRNewswire/ --:

"Ukraine demonstrates positive trend while preparing for signing the Association Agreement with the EU in November 2013. Ukraine's government understands how important the agreement is for the country as well as for the EU. This was stated by the European Commissioner for Enlargement and Neighborhood Policy Štefan Füle in his interview with Polish Gazeta Wyborcza, reads
In Füle's opinion, Ukrainian government was firm in its decision to integrate with the European Union and was not choosing between Europe and the Russia-led Customs Union.
The Eastern European country will sign the document if it succeeds in fulfilling the agreed upon requirements. "Of course, the country [Ukraine] will be able to sign the Association Agreement in November; it all depends on the country. The position of the EU is clear: Ukraine should eliminate selective justice, reform election legislation, and demonstrate progress in implementing European standards," commented the European Commissioner."

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Iraq headed for first annual oil output drop in three years - The National

Iraq headed for first annual oil output drop in three years - The National:

"Iraq's oil revival is stalling, and unless momentum is regained, Baghdad will report an output decline for 2013, its first after two years of robust gains.

Swift work since 2010 at Iraq's southern oilfields by the likes of BP, Exxon Mobil and Eni raised output by 600,000 barrels per day (bpd) to 2.9 million bpd in 2012, turning Iraq into the world's fastest growing exporter.

Even more impressive gains were expected this year. When Baghdad revealed a bold target of 3.7 million bpd at the December 2012 meeting of the Opec, Gulf delegations were worried. A whiff of a market-share battle was in the air."

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Small firms, not big guns, drive US shale revolution - The National

Small firms, not big guns, drive US shale revolution - The National:

"The US shale revolution was driven not by the oil industry's big guns, but by small, independent companies that pounced on the opportunity presented by high gas prices and innovative production techniques.

Smaller outfits often break new ground in the oil game, as they are more nimble and willing to take bigger risks. But as the price of natural gas came crashing down due to surging production, shale started to move into the mainstream and the oil majors started paying more attention.

Shale, as part of the unconventional oil and gas spectrum, looks a secure investment in times where gas is a sought-after commodity for power generation and petrochemicals, and the oil price remains stubbornly high."

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Expansion drives higher profits for Agthia Group - The National

Expansion drives higher profits for Agthia Group - The National:

"Profits at the Abu Dhabi food and beverage company Agthia Group were up more than 50 per cent in the first half on the back of higher sales and better margins.

The producer of the Al Ain water brand said sales reached Dh764 million, a rise of 19 per cent, while net profit stood at Dh87m, up 56 per cent from the same period a year earlier.

The group is currently expanding the production and distribution of existing products, while adding new ones, such as Monster Energy, the United States' best selling energy drink, which Agthia plans to introduce to the Emirates."

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Your step by step guide to buying a new Dubai home - The National

Your step by step guide to buying a new Dubai home - The National:

"I want to buy a property in Dubai but don't know what to buy or how long the process takes. So can you tell me how long I will have to wait from putting an offer down to having the front door key to the house? And what pitfalls will I face along the way? SS, Dubai

Buying a property, whether it is to live in or as an investment, is a multi-faceted process because of the many ways one can buy. The easiest but longest way, in terms of time, is to buy off-plan. This starts with an online registration process.

Then, if successfully registered, you can arrive at the developer's sales centre on the allotted day to select the unit by paying the initial deposit of about 15 per cent. You will then have a two to three-year wait to receive your keys, depending on the build time."

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China needs Gulf oil regardless of politics |

China needs Gulf oil regardless of politics |

China is taking a close interest in the Arab world as a source of its oil. It cares little about the politics of the region and cares less about who is in charge of Syria, but it desperately wants secure supplies of oil since 51 per cent — an astonishingly high quantity — of all its crude imports come from the Middle East.
It must be worrying for the Chinese leaders that their vital plans for sustained economic growth depend on imported energy. It worries them deeply that China’s energy imports grew in 2012 to satisfy both the increase in domestic demand and the drop in domestic oil production.
The new Chinese leadership is caught in this unfortunate vice which limits China’s options to find new oil suppliers and forces them to maintain close relations with their Middle Eastern partners, as they are building a network of land and maritime trade routes that brings China closer to the Gulf and Africa."

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Eid holidays for Financial Markets begin on August 7 |

Eid holidays for Financial Markets begin on August 7 |

"The Securities and Commodities Authority (SCA) announced that the Eid Al Fitr holidays for financial markets will begin on Wednesday, Ramadan 29 (August 7) and will last until the Shawwal 3. Trading in the financial markets will resume on Shawwal 4. The decision was made in coordination with the financial markets."

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Egypt Energy Profile: Largest Oil Producer In Africa That Isn't OPEC Member - Analysis Eurasia Review

Egypt Energy Profile: Largest Oil Producer In Africa That Isn't OPEC Member - Analysis Eurasia Review:

Egypt is the largest oil producer in Africa that is not a member of the Organization of the Petroleum Exporting Countries (OPEC), and the second largest natural gas producer on the continent, following Algeria.

Egypt plays a vital role in international energy markets through the operation of the Suez Canal and Suez-Mediterranean (SUMED) Pipeline. The Suez Canal is an important transit route for oil and liquefied natural gas (LNG) shipments traveling northbound from the Persian Gulf to Europe and North America and southbound shipments from North Africa and countries along the Mediterranean Sea to Asia. The SUMED Pipeline is the only alternative route nearby to transport crude oil from the Red Sea to the Mediterranean if ships were unable to navigate through the Suez Canal. Fees collected from operation of these two transit points are significant sources of revenue for the Egyptian government."

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India grabs top slot as Abu Dhabi's largest overseas source market - The Economic Times

India grabs top slot as Abu Dhabi's largest overseas source market - The Economic Times:

"Abu Dhabi has reported a 12% rise in the number of guests staying in its 145 hotels and hotel apartments for the first half of this year compared to the first six months of last year.
Figures just released by Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) also show that guests in the emirate are staying longer and that there have been significant increases in hotel occupancies and revenues.
During the first half of this year, some 1,333,339 guests checked into Abu Dhabi accommodation delivering 4,226,604 guest nights - a rise of 25% on 2012. On average the guest stayed 3.17 nights - which is up 12% on last year, which translates into an occupancy rate of 71% - which is up 8% on 2012."

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Saudi Gazette - Almarai to raise capital to SR6bn

Saudi Gazette - Almarai to raise capital to SR6bn:

"The Board of Directors of Almarai Company, a Saudi joint stock company, will preside over an extraordinary general assembly meeting of shareholders on Sept. 9, 2013 at the Holiday Inn Al Izdehar Hotel - Al Lulaah Hall, Riyadh, to approve an increase in the share capital from SR4,000 million to SR6,000 million, an increase of 50 percent by issuing 200 million shares total SR2,000 million at SR10 each.

The move will increase the number of shares from 400 million shares to 600 million shares through the distribution of one bonus share for every two outstanding shares for existing shareholders at the end of trading day of the extraordinary general assembly meeting. 

The meeting will also approve the issuance of sukuk in compliance with Shariah principles."

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