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Sunday, 11 August 2013

Former Rosbank CEO Detained | Business | The Moscow Times

Former Rosbank CEO Detained | Business | The Moscow Times:

"A Moscow court has detained former Rosbank CEO Vladimir Golubkov, who was arrested in May after police broke into his office and found 5 million rubles ($160,000) on his desk, money that investigators charge was a bribe.

Golubkov had been under house arrest, but the judge accepted the investigators' request to place him in a pretrial detention facility, where he will be held until Oct. 16, his lawyer Dmitry Kharitonov told RAPSI, Gazeta.ru reported.

The court's decision was based on reports that Golubkov had violated the conditions of his house arrest by speaking with his driver, exceeding the speed limit and meeting with unknown people.

Kharitonov said that he would appeal the decision.
(MT)"

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Armenia Hires International Banking Giants to Supervise $500M Bond Issue | Business | The Moscow Times

Armenia Hires International Banking Giants to Supervise $500M Bond Issue | Business | The Moscow Times:

"The Republic of Armenia, rated Baa2 by Moody's and BB- by Fitch, has hired Deutsche Bank, HSBC and JP Morgan to lead the issue of its debut U.S. dollar-denominated eurobond, according to the country's finance ministry.

It plans to use the proceeds to repay the country's $500m debt to Russia, which it received in 2009 to help it through the financial crisis.

"The government approved the finance minister's proposal about an agreement with lead-managers to issue eurobonds. Three companies — Deutsche Bank, HSBC and JP Morgan — have been selected as lead-managers of the issue," the finance ministry said in a statement on its website.

In May, Prime Minister Tigran Sarksyan said the sovereign planned to raise $500 million through its first eurobond sometime this year.

(Reuters)"

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EU branching out: 20,000 bank outlets closed in EU since start of downturn — RT Business

EU branching out: 20,000 bank outlets closed in EU since start of downturn — RT Business:

"
Pedestrians walk past closed banks in central Athens, July, 16, 2013 (Reuters/Yannis Behrakis)
Banks in Europe have cut 5,500 branches in 2012, bringing the total number of outlets closed since the beginning of the credit crunch in 2008 to 20,000. To cut costs financial institutions are shrinking their bricks-and-mortar presence and going digital.

There is now one banking branch for every 2,300 people in the EU, 8 percent down from four years ago, according to European Central Bank statistical data, processed by Reuters. And though 8 percent might seem not such a big figure, it means some of residents, namely those in the peripheral regions, no longer have easy access to banking services.

The Spanish financial industry is one of the EU leaders in economizing by cutting bank outlets. Almost a fifth of branches there disappeared since 2008. A Spanish lender Bankia as a result had to introduce a mobile service – a bus carrying banking equipment to remote areas. "

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Dubai link to UK tax dodgers' who owe Dh1.5 billion - The National

Dubai link to UK tax dodgers' who owe Dh1.5 billion - The National:

"Two men who owe the British government a combined Dh1.5 billion in tax are believed to be living in Dubai.

The pair have been convicted, in their absence, of crimes ranging from tax fraud to smuggling.

They are on a list of 30 most-wanted tax dodgers published by Her Majesty's Revenue and Customs (HMRC) on Friday."

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Royal Bank of Scotland to sell India businesses | GulfNews.com

Royal Bank of Scotland to sell India businesses | GulfNews.com:

"The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
RBS, now more than 80 percent owned by the British government following the 2008 global financial crisis, plans to sell its business banking, credit card business and mortgage loan portfolio to India’s Ratnakar Bank, the two banks said.
Ratnakar Bank is one of India’s smallest commercial banks but has fared well in recent years by selling stock to private equity funds."

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Countries and sectors attractive to investors | GulfNews.com

Countries and sectors attractive to investors | GulfNews.com:

"Managers and experts share their country and sector preferences:

Peter Duke, Sales Director, Fidelity, Middle East
Within the developing markets, South East Asian markets are indeed very attractive. One of the more attractive ones is the Philippines for example. The consumption story is very strong there.
In Africa, we are heavily biased towards places like Nigeria for example. We have got a little exposure to the UAE, which is still a frontier market but will be upgraded to the emerging markets category next year."

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Risk premium and the world's emerging markets | GulfNews.com

Risk premium and the world's emerging markets | GulfNews.com:

"To say it’s been a rough ride for the emerging equity markets this year would be an understatement of sorts.
Since the start of 2013, investors investing across the group of 21 countries, which fall under the umbrella of MSCI Emerging Markets Index, have lost close to 10 per cent. By contrast the S&P 500 and the UK’s FTSE All Share Index are up 15.6 per cent and 10.9 per cent respectively.
Large outflows witnessed in the first four weeks of June—a record $19.8 billion dedicated to emerging market equity funds, according to Boston-based global data tracker EPFR—after the US Federal Reserve hinted at slowing down its stimulus programme starting later this year added to the investors’ woes. This figure surpassed the $18.7 billion monthly outflow seen in January 2008."

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Dubai bonds defy IMF’s warning on realty bubble

Dubai bonds defy IMF’s warning on realty bubble:

"Dubai’s Islamic bond gains are showing that investors are downplaying an International Monetary Fund warning that the emirate’s real-estate industry is at risk of another bubble.

Dubai’s 6.45% sukuk yield fell 54 basis points in July, the most in 13 months, to 5.19%. That was twice the monthly drop to 3.79% in the average yield on Gulf Co-operation Council debt tracked by HSBC/Nasdaq Dubai’s GCC US Dollar Sukuk Index.

The IMF urged Dubai to consider levying higher charges on real estate to generate more revenue and prevent the industry from “overheating,” according to a July 30 report. Home prices in Dubai have risen 28%, on average, this year, Cluttons data shows. A property crash spurred by the 2008 global credit crisis drove Dubai to the brink of default almost four years ago, before it was rescued with a $20bn bailout from Abu Dhabi and the United Arab Emirates central bank."

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Times of Oman | News :: Private deposits with Oman banks up 9.5%

Times of Oman | News :: Private deposits with Oman banks up 9.5%:

"The total value of private deposits at the commercial banks in the Sultanate, as of the end of May 2013, rose by 9.5 per cent to OMR9.33 billion compared to OMR8.52 billion in the corresponding period in 2012. The monthly statistical bulletin published by the Central Bank of Oman (CBO) pointed out that the gross value for these deposits as of the end of May 2013 includes the time deposits stood at OMR3.33 billion, OMR3.2 billion saving deposits and OMR2.68 billion on demand deposits."

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SPECIAL: Dubai's tourism sector bounces back - Emirates 24/7

SPECIAL: Dubai's tourism sector bounces back - Emirates 24/7:

"
Arabian Travel Market coincides with an all-round recovery in the UAE hospitality sector .
Some of the biggest names in the industry are back at the region's best trade show that begins today.
(SUPPLIED)
As they say, if things have gone so bad they can only get better, and rightly so. The hospitality sector, after having taken a strong hit in the global financial slump, is on the recovery path, according to industry experts.

Dubai is a strong example of that. The emirate's hotels, which saw room rates drop to almost 60 per cent over the last year, are expected to see a pick-up in rates by end-2011, according to hospitality consulting firm CBRE Hotels. Dubai had the 16th most expensive room rates in the world last year, according to consultancy Hogg Robinson Group.

Latest numbers show that Dubai hotels recorded the highest RevPAR (revenue per available room) – an industry benchmark – in the world as of March 2010, according to Deloitte analysis of selected STR Global hotel performance data for the Middle East."

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Saudi Gazette - MENA mining sector sees bonanza in coming years

Saudi Gazette - MENA mining sector sees bonanza in coming years:

"The mining sector of the Middle East and North Africa is projected to see a strong growth over the coming years, Business Monitor International said in its MENA Mining Report Q3 2013.

With low base effects, governmental will to increase non-oil revenues and significant resources it appears the region is set for strong growth.

Turkey and Northern Iraq were identified as key areas for growth. That said, the region will remain peripheral in the global mining sector as it continues to underperform due to political instability in much of the region, the report noted."

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