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Thursday, 8 August 2013

Megafon Strikes $1.2Bln Deal to Take Over Wireless | Business | The Moscow Times

Megafon Strikes $1.2Bln Deal to Take Over Wireless | Business | The Moscow Times:

"Mobile phone operator Megafon has decided to buy a high-speed Internet provider for $1.2 billion in a bid to cement its lead in the expanding wireless services segment.

Control in both companies belongs to Russia's richest businessman, Alisher Usmanov, but the deal will put London-listed Megafon in a better position to plot the future course of their joint wireless operations.

Megafon, in which Usmanov's Garsdale group holds slightly more than 50 percent, is to purchase Scartel, where the group owns 82 percent, according to a Megafon statement Thursday. The telecom companies have already been partners, which allowed Megafon to secure a lead in selling services based on the so-called Long Term Evolution, or LTE, technology, by using Scartel's facilities — the country's only existing LTE network."

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Loss of Moscow’s Steve Jobs Hits Russia's Largest Search Engine Overnight

Loss of Moscow’s Steve Jobs Hits Russia's Largest Search Engine Overnight:

"
Image: Johannes Simon/Getty Images for Hubert Burda Media
Yandex NV, Russia's largest search engine, tumbled for a third day in New York, heightening the adversity in its struggle to preserve a lead against Google Inc. following the death of co-founder Ilya Segalovich.

Shares of Yandex, based in The Hague, slumped 1.8% to $32.76 yesterday, capping the longest slide in almost two months. Russia's benchmark Micex Index traded little changed at 3:29 p.m. in Moscow after four days of declines. VTB Group, the nation's second-biggest bank, slid 1.9% in London today.

Segalovich and Chief Executive Officer Arkady Volozh founded Yandex more than 20 years ago to turn the search engine into an almost $11 billion operation that controls more than 60% of the Russian market, beating Google. Analysts from Otkritie Financial Corp. to EVA Dimensions cut their recommendations on the stock since the death of Segalovich with the number of buy ratings sinking to a 13-month low. Apple Inc. has tumbled in the past year on concern about the lack of a new hit product since the death of co-founder Steve Jobs."

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Syria’s Troubled Currency | tks @REBELECONOMY

Syria’s Troubled Currency | REBEL ECONOMY:

"Syrian state TV this morning broadcast images of a nervous-looking Bashar al-Assad as he prayed alongside Syria’s grand mufti to mark the start of Eid al-Fitr, the holiday that ends the holy month of Ramadan.
Though this is Assad’s third public appearance in just over a week as the regime tries to capitalise on recent gains against rebels fighting to oust him from power, the president’s eyes, darting back and forth, told a different story.

The reality is that Syria’s economy is deteriorating fast and there is little the regime can do to stop it."

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Saudi Arabia bets on renewable energy

Saudi Arabia bets on renewable energy:

"Saudi Arabia is launching an online atlas of renewable resources as part of a wider project to identify the potential renewable energy sources and where best to deploy technology to tap into those resources.

The atlas data will be available in late 2013, published online through the Renewable Resource Monitoring and Mapping programme.

The King Abdullah City for Atomic and Renewable Energy (KACARE), which is managing the project, is in the process of establishing more than 70 meteorological stations and centres nationwide to collect data on renewable energy potential, according to an official press release."

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LNG deliveries to Dubai lay regional foundation, GDF Suez says - UPI.com

LNG deliveries to Dubai lay regional foundation, GDF Suez says - UPI.com:

"French energy company GDF Suez said it laid a foundation in the Middle East with its first delivery of liquefied natural gas to Dubai.

GDF Suez said it is one of the few companies with headquarters in Europe that has the flexibility in its natural gas portfolio to tap into markets in the Middle East and Asia-Pacific region. Its carrier vessel, BW GDF Suez Boston, arrived at the only import terminal in the United Arab Emirates last week.

The company said Wednesday the ship had a carrying capacity of 4.8 million cubic feet. It said the cargo was unloaded Aug. 4."

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GoAir likely to sell 40% stake to Qatar Airways: Sources - CNBC-TV18

GoAir likely to sell 40% stake to Qatar Airways: Sources - CNBC-TV18:

"Wadi Group-led low fare carrier GoAir is learnt to be in talks with Qatar Airways to sell around 40 percent stake to the former. The Mumbai-based airline has already appointed two bankers to facilitate this deal, reports CNBC-TV18’s Kritika Saxena. Sources also indicate that talks have already begun for a likely sale.

Currently, the valuation details have not been discussed. The Wadias hold complete stake in GoAir, which increases the scope of bringing it down to reduce its debt. The Qatar-based airline will also have the option to hike it to 49 percent under foreign direct investment (FDI) regulations eventually.

However, both airlines are concerned about their respective bilateral rights in each other's countries with respect to government policies. GoAir may be looking to bring the foreign investor within the next couple of months."

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Iran Oil-Tanker Owner Seen Expanding Fleet by IHS Amid Sanctions - Bloomberg

Iran Oil-Tanker Owner Seen Expanding Fleet by IHS Amid Sanctions - Bloomberg:

"NITC, Iran’s biggest tanker company, increased the capacity of its supertanker fleet by 23 percent this year amid sanctions related to the nation’s nuclear program that bar most of the world’s ships from carrying Iranian crude, according to IHS Maritime.
The Tehran-based company added seven new very large crude carriers, each able to transport 2 million barrels of oil, according to data from the Coulsdon, England-based research company, which provides information for the United Nations’ shipping agency. NITC has 37 supertankers and its entire fleet can hold about 86 million barrels of oil, equal to 65 days of the nation’s exports, IHS data show.
European Union sanctions that started in July 2012 prevent most non-Iranian tankers from hauling the country’s crude because almost all ships are insured under the 28-nation bloc’s laws. The U.S. and EU say Iran’s nuclear program is aimed at producing weapons while the government in Tehran says it is for civilian purposes."

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Indices mostly dance in place with offsetting wins and losses - Business - News - Ukraine Business Online

Indices mostly dance in place with offsetting wins and losses - Business - News - Ukraine Business Online:

"Earnings reports trumped tapering concerns in influencing Ukrainian equities in trading on Wednesday, August 7. The WIG Ukraine Index of Warsaw-traded stocks was unchanged, with big gainers and losers offsetting each other. KSG Agro (KSG PW) surged 7.7% after reporting it attracted a new loan for farming operations. KDM Shipping (KDM PW +4.3%) recouped all its losses from the prior session, when it fell 4.1% after reporting a decline in July revenue. On the losing end, farmer Agroton (AGT PW) dropped 5.1% on the eve of a bondholder meeting that will decide today whether to agree on offered Eurobond restructuring terms. Coal Energy (CLE PW -4.0%) has plunged 16.8% in four straight losing sessions. Serinus Energy (SEN PW -2.0%) has fallen 10.6% in four straight declining sessions. The biggest story was in London, where investors scooped up the shares of iron ore miner Ferrexpo (FXPO LN +13.2%) after it reported its second-quarter earnings. "

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Top 10: Which businesspeople does the Russian public like? | Russia Beyond The Headlines

Top 10: Which businesspeople does the Russian public like? | Russia Beyond The Headlines:

"Russians consider Mikhail Prokhorov, owner of Onexim Group and founder of the Civic Platform political party, to be the most loveable domestic entrepreneur, according to the Superjob.ru research center’s opinion poll commissioned by Vedomosti. The poll was conducted on Aug. 2–5, involving 3,000 adult respondents in 303 Russian cities and towns. Respondents were asked to choose from among 20 or so prominent Russian entrepreneurs (those most frequently mentioned by the media) or to propose their own candidates.
Who made the top 10
Onexim Group founder Mikhail Prokhorov is favored by13 percent of respondents. Billionaire Roman Abramovich, who owns Chelsea football club, ranked second with 8 percent. Well-known data security expert Eugene Kaspersky, the founder of Kaspersky Lab, placed third with 7 percent."

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National Bank of Ukraine reserves down in July - Ukraine - News - Ukraine Business Online

National Bank of Ukraine reserves down in July - Ukraine - News - Ukraine Business Online:

"Ukraine’s gross international reserves declined 2.3% (USD 526 mln) to USD 22.7 bln in July (2.5 months of future imports), according to NBU data released on August 7, Concorde Capital informed its clients today in an online communication.

Concorde analyst Alexander Paraschiy added: “The gross reserves decline was in line with our estimate. MinFin was unable to raise money from abroad in light of elevated CDSs for Ukraine and growing indications of QE3 tapering. At the same time, the government had to pay back USD 403 mln to the IMF and USD 433 mln in principle payments internally.

“Since the July gross foreign reserves contraction was in line with our expectations, we are keeping our gross reserves forecast at USD 20.1 bln in 2013. Our estimate presumes that at least USD 2.0 bln of foreign cash will be raised externally by the year end.”"

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S&P downgrades Bahrain's Al Baraka Bank to junk status | Reuters

S&P downgrades Bahrain's Al Baraka Bank to junk status | Reuters:

"Bahraini lender Al Baraka has been downgraded to junk status by Standard & Poor's, the only credit rating agency that rates the bank.

The Islamic lender's rating was reduced from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, S&P said in a statement.

The move follows the ratings firm's review of the sovereign credit-worthiness of some of the countries where Al Baraka operates, particularly Egypt and Jordan."

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Indian rupee is at the mercy of the market | GulfNews.com

Indian rupee is at the mercy of the market | GulfNews.com:

"For some it will be the best of times, for others the worse. The Indian rupee has reached unprecedented lows against the dollar as investment into the country slows due to the strengthening of the US economy and concerns about India’s economic and fiscal policies.
In a move that provided a boost to the rupee, the government has appointed Raghuram Rajan, a former chief economist at the International Monetary Fund (IMF), to head the Reserve Bank of India from September.
The appointment of an outside technocrat, especially one who has indicated that he is aware of the limits of the influence of central banks, will strengthen investor confidence. While there will be many calls for action, the fall of the rupee is the result of international market trades and any intervention by the reserve bank is likely to have very little effect and be prohibitively expensive. As many other countries have learnt, often the best course of action is simply to ride out currency volatility."

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London headlines | beyondbrics

London headlines | beyondbrics:

"* Asian stocks still in the doldrums; China data looms

* China fines milk formula makers in pricing probe

* Rajan dusts off plan for modernising India’s financial system

* Weak real dents Vale profits

* Kazakhstan fund chief aims to clean house

* Emerging markets key to Publicis-Omnicom deal

* Russia: tech leaders mobilise behind Navalny

* Ranbaxy Q2 net loss at $85.3 million"

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Solar Ambition in an Oil-rich Desert: UAE's Sustainable Vision | James Grundvig

Solar Ambition in an Oil-rich Desert: UAE's Sustainable Vision | James Grundvig:

"As mobile apps with the Android platform changed how people would interact and communicate back in 2006, Masdar rose on the Persian Gulf peninsula of the United Arab Emirates (UAE) as a first step in turning a grand and bold vision into reality.

Out of the desert Masdar City sprouted. In 2006, the government of Abu Dhabi financed the project. Designed by the British architectural firm Foster and Partners, the new metropolis would be green from day one. Masdar City had a singular focus on sustainability -- a low-carbon, low-waste city powered by renewable energy.

One question remains: Will Masdar beat Copenhagen's goal to become the world's first carbon-neutral city by 2025?"

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Qatar bourse edges up on buy boost ahead of Eid holidays

Qatar bourse edges up on buy boost ahead of Eid holidays:

"The Qatar Exchange witnessed buying interests yesterday ahead of Eid holidays, especially in the banking, consumer goods and industrials stocks.

The bourse will remain closed from today until Monday for Eid al-Fitr holidays and will resume trading on Tuesday, August 13.

Domestic institutions were seen exerting bullish momentum as the 20-stock Qatar Index (based on price data) settled 0.45% higher at 9,847.62 points on higher trading volumes."

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200 per cent profit rise for Abu Dhabi's Aldar - The National

200 per cent profit rise for Abu Dhabi's Aldar - The National:

"Aldar Properties unveiled a 200 per cent increase in second quarter net profits yesterday as the company benefited from a Dh2.6 billion one-off capital gain on the back of its merger with Sorouh.

Aldar completed the deal with Sorouh Real Estate in June, creating a company with US$13 billion in assets.

In an upbeat financial statement to the market, Aldar said that net profits for the three months to the end of June rocketed to Dh1.25 billion from Dh417.9 million during the same period the previous year."

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New video from The Economist



Can Rajan stabilise India's economy?