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Tuesday, 20 August 2013

Agro-industrial complex of Ukraine: From record-breaking yields to global leadership - ForUm

Agro-industrial complex of Ukraine: From record-breaking yields to global leadership - ForUm:

"
Despite long winter and hot summer, grain harvest this year may become record-breaking again. Thus, as of August 5, 9.9 million hectares of early grain crops and grain legume had been threshed and 30 million tons of grain had been harvested. Average crop yield index makes 30.3 dt/ha, which is 4.8 dt/ha more than in 2012. 

Wheat has been harvested from 6.3 million hectares with crop yield index of 34dt/ha, and grain yield of this crop has made 21.7 million tons. Moreover, grain yield of barley has made 7.13 million tons, of winter rape - 2.2 million tons, of rye - 514 thousand tons, of oats - 295 thousand tons.

Considering the figures, experts have already increased the forecast of national grain harvest for this year up to 51.1 million tons, against 46.2 millions tons in 2012. Thus, the country will beat the last year record of 56.7 million tons of crops. According to analysts of Ukrainian grain association, considering the expectations to harvest 27-28 million tons of corn, it may be the absolute historical record of grain harvest.  "

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Times of Oman | News :: Sarasin Alpen plans to wind up Oman operation by month-end

Times of Oman | News :: Sarasin Alpen plans to wind up Oman operation by month-end:

"Sarasin Alpen, the Oman arm of Swiss private bank, is planning to wind up operations in the Sultanate by the end of this month. Although the reason for downing shutters is not known, informed sources indicate that it could be due to a global restructuring plan, after the bank was taken over by Safra Group — another Swiss private banking group. However, a top-level official of Sarasin Alpen in Oman declined to comment, saying that only the private bank's head office spokesperson can comment on the issue.

Sarasin Alpen, which has been operating in Oman with a licence from Capital Market Authority (CMA), offers private banking services for high net worth individuals and institutions.
The bank offers investment advisory services, wealth management and trust services and active advisory portfolios.  

Sarasin Alpen has around five employees, sources said."

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Analysis: With Gulf aid, Egypt economy can limp through crisis | Reuters

Analysis: With Gulf aid, Egypt economy can limp through crisis | Reuters:

"Egypt's political crisis has dealt a blow to any hopes for a quick economic recovery, but aid from its Gulf allies is likely to prevent a financial collapse.

Clashes between followers of deposed Islamist President Mohamed Mursi and security forces have caused the deaths of at least 830 people since Wednesday, the worst political bloodletting to rock Egypt in recent history.

When the army-backed government took over after the ousting of Mursi last month, it hoped to repair the business environment and attract money back to Egypt by improving security, removing logistical bottlenecks and pumping in new funds. That in turn could reduce social tensions by starting to create jobs and raise living standards."

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Belarussian Potash Producer Considering Legal Action Against Russian Partner | Business | The Moscow Times

Belarussian Potash Producer Considering Legal Action Against Russian Partner | Business | The Moscow Times:

"Major Belarussian potash fertilizer producer Belaruskali may sue its Russian counterpart Uralkali for unfair business practices in their joint venture, Belarussian Potash Company, which spectacularly fell apart last month.

The two companies sold their product abroad through the joint company before Uralkali announced in late July that it would begin exporting independently.

Belaruskali's CEO Valery Kiriyenko said Monday that Belarus was considering legal action against the Russian company for canceling contracts with clients and transferring joint contracts to their affiliate Uralkali Trading, Kommersant reported."

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Catalog Retailer Otto Grows Russian Business and Plans to Open Logistics Network to Third-Party Sellers | Business | The Moscow Times

Catalog Retailer Otto Grows Russian Business and Plans to Open Logistics Network to Third-Party Sellers | Business | The Moscow Times:

"Otto Group, the world's largest catalog fashion and lifestyle retailer, will invest 50 million euros ($67 million) in its order fulfillment and parcel delivery infrastructure in Russia and will open its network to third party retailers, allowing them access to the Russian online market, company representatives said at a news conference Tuesday.

The investment will double the capacity of the group's logistics center in Tver, 170 kilometers form Moscow, creating 690 additional jobs by 2014. It will also extend Parcel Shop Network — a courier service operated by German firms Hermes and DPD — to 1,000 parcel collection points in 150 cities around Russia by 2015.

The investment is not intended to compete with Otto Group's longstanding partnership with Russian Post, said Martin Schierer, CEO of Otto Group Russia. Parcel Shop Network is there to complement the combination.  "

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BHP Billiton bets $2.6bn on fertilizers amid potash market chaos — RT Business

BHP Billiton bets $2.6bn on fertilizers amid potash market chaos — RT Business:

"Despite the recent turmoil on the potash market and falling profits, BHP Billiton, the world's top mining company, continues investing in one of the world’s largest potash mines. The Australian miner says it’s betting on rising global food demand.

BHP plans to spend $2.6 billion by 2017 to build shafts and surface infrastructure at the Jansen mine in Canada, which could produce 10 million metric tons of potash a year for more than 50 years, the Wall Street Journal (WSJ) reports. The company is also seeking partners that could take a stake in the project.

The Jansen investment will end a freeze in the company’s spending on new projects. Last year BHP moved to conserve cash and protect earnings, as China's slowing economy hurt commodity prices.
The economics of the Jansen project seems even more uncertain now after the collapse of one of the two global cartels that helped control potash prices for the benefit of producers. "

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Daily chart: We still like Ike | The Economist

Daily chart: We still like Ike | The Economist:

"IN OUR latest weekly Economist/YouGov poll, we asked American voters which decade of the 20th century they would most like to go back to. Most popular was the 1950s. The decade of economic boom following the second world war is regarded as a time of consumerism, conservatism and cold-war caution. It was an age of stay-at-home wives, novel household appliances and new suburbs—yet was also most popular among women. The haze of Woodstock and Haight-Ashbury in the 1960s rolled up in second place. Republicans in particular preferred the morally uncomplicated 1950s under President Eisenhower and the 1980s of Reagan; Democrats tended to opt for Bill Clinton's 1990s. In general, voters yearned for their youth. Over 50% of those over 65 wanted to revisit the 1950s and 1960s, while 45- to 64-year-olds pined for the 1980s. Our youngest voters were torn between the jazz age of the 1920s and the 1990s, their own salad days.
"

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Government Plans $7Bln Port on Black Sea Coast | Business | The Moscow Times

Government Plans $7Bln Port on Black Sea Coast | Business | The Moscow Times:

"
wikipedia.org
View on Kerch Strait from Yenikalsky Lighthouse tower
As officials scowl at the cargo that goes out through foreign harbors, the government is making headway on a plan to build a $7 billion port on the Black Sea.

The Port of Taman will open in 2019 to handle dry cargoes, such as grain and coal, Transportation Minister Maxim Sokolov said Tuesday.

Sokolov updated President Vladimir Putin on the work to build the port in the first of a series of port-related meetings with the head of state, the Kremlin said."

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MIDEAST STOCKS-Muslim Brotherhood leader's arrest boosts Egypt | Reuters

MIDEAST STOCKS-Muslim Brotherhood leader's arrest boosts Egypt | Reuters:

"* Foreign investors not convinced that crackdown is positive

* But many locals happy to see strong action vs Brotherhood

* Saudi Arabia pledges more aid to Egypt if needed

* Union Properties continues surge in Dubai

* Barwa Real Estate rebounds in Qatar

By Nadia Saleem

DUBAI, Aug 20 (Reuters) - Egypt's bourse snapped a three-session losing streak on Tuesday after authorities arrested Muslim Brotherhood leader Mohamed Badie, raising hopes among some investors that the government would succeed in dampening down unrest.

In the view of many foreign investors, Badie's arrest may do nothing to resolve Egypt's long-term political tensions; it may simply make a negotiated settlement and an eventual transition back to civilian rule more difficult. For those reasons, the stock market may not be starting any extended rally."

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Abu Dhabi's Mubadala Unit To Develop Oil Field In Thailand » Gulf Business

Abu Dhabi's Mubadala Unit To Develop Oil Field In Thailand » Gulf Business:

"A subsidiary of Abu Dhabi state investment fund Mubadala and Singapore-listed Kris Energy plans to develop an oil field in the Gulf of Thailand.

Mubadala Petroleum and Kris Energy will develop the Nong Yao field with production capacity of up to 15,000 barrels of oil per day and 30,000 barrels of oil fluids per day, Mubadala said in a statement on Monday.

Production is expected to commence in the first half of 2015.

Mubadala Petroleum, holds a 75 per cent interest in the concession and is the operator, while Kris Energy has the remaining 25 per cent interest."

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Russia resumes normal customs clearance of Ukrainian goods - ForUm

Russia resumes normal customs clearance of Ukrainian goods - ForUm:

"The Federal Customs Service of Russia declares that the additional customs control procedures are not applied in relation to the goods of the Ukrainian enterprises, and they cross the Russian customs normally. The relevant arrangement was reached during today’s talks between the Federal Customs Service of Russia and the Incomes and Fees Ministry of Ukraine, ForUm correspondent learned from the Ministry’s press office.

According to the report, the Russian party has assured that currently additional customs control procedures are not applied in relation to Ukrainian goods.

In addition, the Incomes and Fees Ministry of Ukraine stressed that the parties agreed that the main tool to resolve and prevent such situations will be enhanced information exchange between the customs authorities of the two countries, bilateral consultations, development of collaborative approaches, especially in those moments when it affects the interests of the Ukrainian and Russian companies.

ForUm"

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Cbonds.Info - Comment: Ukrainian eurobond market as of 19 August

Cbonds.Info - Comment: Ukrainian eurobond market as of 19 August:

"Svitlana Rusakova, International Fixed Income Sales, Dragon Capital

With the EM space coming under pressure yesterday, Ukraine was no exception, with 20-23s down about a point. There is conspicuously little liquidity, which has been helping prices to stay calm, but this may change quickly if sellers come out in size. Corporates felt better yesterday and while OSCHAD 18s continued to sink (last offered below 88), EXIMUK 18s remained in demand, as well as Ferrexpo 16s and Mriya 18s. Small sellers in DTEK 18s helped the bond to return to more reasonable valuations."

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Ukraine region rejects initial draft of Chevron shale gas deal | Reuters

Ukraine region rejects initial draft of Chevron shale gas deal | Reuters:

"Aug 20 (Reuters) - Prospects of a new shale gas deal being concluded in Ukraine hit a setback on Tuesday when a local council voted against an initial draft production-sharing agreement with U.S. energy major Chevron, an official said.

The official, who did not wish to be named, told Reuters that deputies in Ivano-Frankivsk region, in the west of the country, had sent the draft back to the government pressing for guarantees which would address their concerns over the exploration plans.

Chevron wants to tie up a deal to explore the Olesska shale field in western Ukraine. Royal Dutch Shell has already signed up a similar deal for the Yuzivska field in the east of the ex-Soviet republic."

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ECONOMICS - Turkish Central Bank hikes lending rate in bid to stem lira slide

ECONOMICS - Turkish Central Bank hikes lending rate in bid to stem lira slide:

"Turkey’s central bank raised its overnight lending rate by 50 basis points today in a surprise bid to prevent a slide in the lira as worries about a reduction in U.S. stimulus hit emerging markets’ currencies.

The bank kept its one-week repo policy rate at 4.50 percent and its overnight borrowing rate at 3.50 percent, it said in a statement after its monthly monetary policy committee meeting.

The move defied consensus expectations in a Reuters poll, with 13 out of 15 economists forecasting all rates would remain on hold. Only two forecast a 50 basis-point hike in the overnight lending rate, largely due to higher U.S. Treasury yields, which have put pressure on the lira."

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UAE healthcare firm NMC Health's first-half net profit up 17 pct | Reuters

UAE healthcare firm NMC Health's first-half net profit up 17 pct | Reuters:

"* NMC net profit $32.3 mln vs $27.5 mln year earlier -CFO

* Spent $29 mln on new projects in first half, $120 mln capex planned for year

Aug 20 (Reuters) - NMC Health Plc, the United Arab Emirates healthcare provider posted a 17.4 percent rise in first-half net profit helped by higher occupancy levels, its chief financial officer said on Tuesday.

NMC, which floated on the London market in April last year, made a net profit of $32.3 million in the first six months of this year compared to $27.5 million in the year-ago period.

"The number of patient flows and higher occupancy levels at our hospitals helped our business," Prasanth Manghat told Reuters by telephone."

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Ukrainian stocks continue decline under Russian trade assault - Business - News - Ukraine Business Online

Ukrainian stocks continue decline under Russian trade assault - Business - News - Ukraine Business Online:

"The Russian government attack on normal trade flows continues to drag down the value of Ukrainian stocks. The Russian state official assigned to handle the situation, Sergey Glazyev, a top advisor to President Vladimir Putin was reported by the Russian state news service as saying in part, “…we’re preparing for a stricter customs administration if Ukraine suddenly takes this suicidal step in signing the Association Agreement with the EU.” Public opinion polls have consistently revealed that a majority of Ukrainian citizens support this “suicidal step.”"

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JKX Oil & Gas plc announces second price reset of 2018 convertible bonds - Business - News - Ukraine Business Online

JKX Oil & Gas plc announces second price reset of 2018 convertible bonds - Business - News - Ukraine Business Online:

"“Pursuant to the terms and conditions of the Bonds, as at the Second Reset Date this conversion price has not been adjusted and will remain at 76.29 pence per Ordinary Share for the remainder of the term.”


LONDON, Aug 20, 2013 (UBO) – JKX Oil & Gas plc via an e-mail publication today announced its second price reset on 2018 convertible bonds. The complete text of the company’s announcement appears below:"

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Why it takes more money to be rich in the UAE than in US or UK - Emirates 24/7

Why it takes more money to be rich in the UAE than in US or UK - Emirates 24/7:

"Have you ever wondered how much money it takes to be rich in the UAE?

Owning a house – preferably in a prime location, a sports car, a golf club membership, your kids going to a premium school (with at least a Dh50,000 in tuition fee per annum) – are all indications that you are faring well in your host country.

But, how much exactly does it take to be ‘wealthy’ and for others to consider that you have arrived in life in the UAE?"

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Rupee Fall: The Bad and Not So Bad - India Real Time - WSJ

Rupee Fall: The Bad and Not So Bad - India Real Time - WSJ:

"The rupee reached a new low of 64.04 against the U.S. dollar Tuesday breaching its previous record low of 63.22 set Monday.

It has lost nearly 16% against the greenback since the start of May. The sharp fall has impacted the stock markets: The Bombay Stock Exchange’s Sensitive Index was trading 1.8% down on Tuesday, after having fallen more than 6% over the previous two sessions.

The government and the Reserve Bank of India have intervened on an almost weekly basis to try to arrest the currency’s decline, but the measures have not had the desired effect. Click here to track how the interventions have impacted the value of the rupee in recent weeks"

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Confidence in the rupee needs India to take bold steps - The National

Confidence in the rupee needs India to take bold steps - The National:

"If the health ofIndia's economy has been a cause for concern for some time - and growth has slowed considerably this year - then the rupee's recent sharp decline offers further pause for thought. Yesterday, the currency hit a record low of 63 rupees against the US dollar and there is no sign of the rot stopping any time soon. Analysts predict the currency will suffer further declines in the next few days, despite already shedding more than 50 per cent of its value against the dollar since 2008."

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OMV pays Statoil $2.65bn for North Sea oil and gas stakes - The National

OMV pays Statoil $2.65bn for North Sea oil and gas stakes - The National:

"OMV has acquired stakes in North Sea oilfields from Norway's Statoil in a US$2.65 billion deal, as the Austrian company pursues its strategy to expand its production capacity at the expense of its downstream portfolio.

Under the deal, OMV's largest to date, the company will receive stakes in two fields in Norwegian waters, the Gullfaks and the Gudrun fields. It will also increase its ownership in the Rosebank and Schiehallion fieldsnear the United Kingdom's Shetland Islands.

OMV, central Europe's largest energy company, is part owed by Abu Dhabi's International Petroleum Investment Company (Ipic). OMV said it had funded the acquisitions from the proceeds of divestments in its downstream business, after it sold hundreds of petrol stations this year alone."

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Dubai gold trade sees silver lining | GulfNews.com

Dubai gold trade sees silver lining | GulfNews.com:

"India’s ongoing economic woes could prove to be a bright spot for the UAE’s gold and jewellery trade. While India has been taking steps to control domestic consumption of the precious metal and driving gold prices higher, this has presented an opportunity for expat Indians to buy jewellery at a steep discount to what it costs in India.
They could then sell the same in India and pocket a handsome amount in the bargain.
“Depending on the weight and type of jewellery, the price difference could be substantial and this is what should drive a lot of the traffic by expat Indians to local jewellers in coming weeks,” said Shamlal Ahmad of Malabar Gold and Diamond. For instance, a 10-sovereign (80 grams) gold chain could be lower by Dh3,000 vis-à-vis what it fetches in India at current rates. At current rates, such a chain would cost Dh12,580 in the UAE."

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Dubai Sees Need for Tallest Office Tower Amid 45% Vacancy - Bloomberg

Dubai Sees Need for Tallest Office Tower Amid 45% Vacancy - Bloomberg:

"In Dubai, where almost half of the offices sit empty, the head of a state-owned business zone says there’s room to build the world’s tallest office tower.
Ahmed Bin Sulayem, chairman of the Dubai Multi Commodities Centre, said the Persian Gulf business hub can still attract tenants and investors with such a project because many of its buildings are unsuitable for large businesses. Bin Sulayem helped lead the development of the DMCC’s 68-story Almas Tower, Dubai’s tallest building when it was completed in 2007. The tower’s full and has a waiting list for tenants, he said."

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Indian investment in UAE put at $52bn - Emirates 24/7

Indian investment in UAE put at $52bn - Emirates 24/7:

"India emerged as one of the top investors in the UAE as nearly 26,500 companies from the Subcontinent operate in the second largest Arab economy, with an estimated combined investment of around $52 billion, a prominent Indian businessman was reported on Monday as saying.

The figured does not include Indian firms operating in free zones in the UAE and this means India’s investments in the country are much higher, said Paras Shahdadpuri, President of the Indian Business and Professional Council (IBPC) in Dubai.

Quoted by the Dubai-based Arabic language daily Al Bayan, Shahdadpuri also expected the UAE economy to record high growth of between 5 and 7 per cent in 2013-2014."

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Do Oligarchs in Ukraine Gain or Lose with an EU Association Agreement?

Do Oligarchs in Ukraine Gain or Lose with an EU Association Agreement?:

"2013-08-19
Piotr Kościński, Ievgen Vorobiov
no. 86 (539)
The future of the Association Agreement between Ukraine and the EU is to some extent dependent on the stance of the Ukrainian oligarchs, the wealthiest circle of businessmen who influence the decisions made by President Yanukovych’s government. However, only some of them are likely to extract significant benefits from the agreement, while those linked to Yanukovych might remain indifferent. Poland and other EU Member States should ensure that the effects of the agreement’s entry into force are as clear as possible to representatives of big business in Ukraine.

http://www.pism.pl/files/?id_plik=14485 "

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Saudi Gazette - Kingdom remains most attractive site for foreign investment in Arab world

Saudi Gazette - Kingdom remains most attractive site for foreign investment in Arab world:

"
Despite foreign direct investment (FDI) weakness experienced by Saudi Arabia last year, the Kingdom remains the most attractive destination for foreign investment in the Arab world, the United Nations Conference on Trade and Development (UNCTAD) said in its “World Investment Report 2013.”

Foreign direct investment (FDI) in the GCC in 2012 increased slightly over the previous year to reach $26.4 billion, the report said.

The GCC increased its share of developing economy FDI to 3.8 percent from 3.6 percent."

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Qatar bourse crosses 10,000 mark despite EM meltdown

Qatar bourse crosses 10,000 mark despite EM meltdown:

"Emerging markets across the world witnessed meltdown on strong recovery signals from the US but the Qatar Exchange braved the odds with its sustained gains for the second day yesterday.

Unlike in other emerging markets where foreign institutions heavily resorted to profit-booking, they rather pumped in more than QR14mn (net) into the Qatari bourse to lift the 20-stock Qatar Index (based on price data) by 1.30%.

Trading volume more than doubled – mainly on account of realty and transport sectors, in the market, which crossed the 10,000 resistance level on improved investors’ confidence."

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Saudi Gazette - Crescent prequalifies in Yemen oil exploration

Saudi Gazette - Crescent prequalifies in Yemen oil exploration:

"Crescent Petroleum, the oldest private oil and gas company in the Middle East, has been prequalified to bid for the oil exploration blocks by Yemen government.

Yemen’s Ministry of Oil and Minerals has selected 18 international oil firms to bid for 20 onshore and offshore blocks in the sixth auction issued by the ministry, out of 45 international firms that had submitted their applications to bid for the blocks, of which 9 are onshore and 11 offshore. The ministry aims to raise its oil and gas output by attracting foreign investments. 

Abdullah Al Qadi, Director of Exploration & Production and member of Crescent Petroleum Executive Committee, said: “The licensing round is a great opportunity for Yemen to better explore its oil prospects and raise its current output which will highly benefit Yemen and its people.”"

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Abu Dhabi’s First Gulf Bank to Hire as It Boosts Asia Growth - Bloomberg

Abu Dhabi’s First Gulf Bank to Hire as It Boosts Asia Growth - Bloomberg:

"First Gulf Bank PJSC (FGB), the United Arab Emirates’ third-biggest bank, said it’s planning new hires for its investment banking business and is seeking to double the share of profit from its international unit in five years.
The Abu Dhabi-based lender, which has two mandates to arrange initial public offerings for local companies, will hire bankers in mergers and acquisitions, debt and equity capital markets, Chief Executive Officer Andre Sayegh said in an interview yesterday. The lender also plans new offices in South Korea, China and Indonesia over the next 18 months as it seeks to raise the contribution of international business to profit to the “teens or more” from 5 percent last year, he said"

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China's economy



Money talks: If Bill Ackman were a stock