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Wednesday, 4 September 2013

MIDEAST - Obama weighs Egypt aid suspension: Officials

MIDEAST - Obama weighs Egypt aid suspension: Officials:

"U.S. officials say President Barack Obama's top national security aides have recommended that the U.S. suspend hundreds of millions of dollars in military and economic assistance to Egypt in response to the Egyptian military's ouster of the country's first democratically elected leader.

Such a step would be a dramatic shift for an administration that has declined to label Egyptian President Mohamed Morsi's July 3 ouster a coup and has argued that it is in U.S. national security interests to keep the aid flowing. It would also likely have profound implications for decades of close U.S.-Egyptian ties that have served as a bulwark of security and stability in the Middle East.

The officials say the recommendation has been with Obama for at least a week but they don't expect him to make a decision until after the full Congress votes on his request for authorization for military strikes on Syria, which is not expected before Monday. The officials spoke on condition of anonymity because they were not authorized to publicly discuss internal deliberations."

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Attack could lead to oil release, say analysts -

Attack could lead to oil release, say analysts -

"Expectations are growing in the oil market that a release of crude from the US Strategic Petroleum Reserve would be likely if prices rose significantly above $120 a barrel after a US-led attack on Syria.
A US strike against the regime of Bashar al-Assad is not expected to have any direct effect on oil supplies, but a release from oil reserves would be used to counter any disruption that hits oil-producing countries or trade routes.
A move is not seen as imminent with internationally traded Brent crude at Wednesday’s levels of about $115 per barrel."

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Dubai Duty Free Plans $750 Mln Loan to Further Fund Airport Growth -

Dubai Duty Free Plans $750 Mln Loan to Further Fund Airport Growth -

"Dubai Duty Free is planning to borrow $750 million from a syndicate of international banks in the coming weeks to help further finance the expansion of Dubai's international airport, the company's executive vice chairman Colm McLoughlin said.

DDF, which operates all of the retail outlets at Dubai's airports, raised its first international financing last year, a $1.75 billion, six-year syndicated loan with tranches in dollars and U.A.E. dirhams. The new $750 million loan will be priced at 2.25% above Libor and will be denominated in dollars, Mr. McLoughlin said on Tuesday."

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Govt approves India-Abu Dhabi air services accord; enhances number of seats to 50,000 per week - Economic Times

Govt approves India-Abu Dhabi air services accord; enhances number of seats to 50,000 per week - Economic Times:

"The India-Abu Dhabi bilateral air services agreement, which ran into controversy following the Jet-Etihad deal, was approved by the government today enabling their airlines to fly 50,000 seats each week, up from the current level of 13,700.

The agreement received post-facto approval of the Union Cabinet at a meeting chaired by Prime Minister Manmohan Singh here this evening.

The accord would allow the designated carriers of India and Abu Dhabi to have 50,000 seat-capacity each week. This increase of 36,670 seats would be carried out in a phased manner spread over a three-year period."

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Ruble will not change dramatically in next three-four years - Kudrin | Russia Beyond The Headlines

Ruble will not change dramatically in next three-four years - Kudrin | Russia Beyond The Headlines:

"Former Russian Finance Minister Alexei Kudrin, who currently chairs the Committee on Civil Initiatives, does not anticipate any serious changes to the ruble's real exchange rate in the next three to four years.
"I don't expect any major changes in the fate of the ruble. If you look at the official forecast, many might be surprised to see that we have an annual 1-ruble reduction in the exchange rate," Kudrin said at a Wednesday briefing ahead of the G20 Summit.
"Perhaps at some stages this depreciation will occur more rapidly, instigated by a number of events; for example, the Federal Reserve's abandonment of support measures. That somewhat increases the outflow, that might spur it," he said."

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Poland overhauls pension funds to clear public debt | beyondbrics

Poland overhauls pension funds to clear public debt | beyondbrics:

With its back pressed against the fiscal wall by an unexpectedly sharp economic slowdown, Poland’s government on Wednesday took an axe to part of the country’s pension system in a bid to bolster public finances.

Premier Donald Tusk said that part of the country’s obligatory pension system run by private funds would be dramatically revamped, with 120bn zlotys ($37bn) in government bonds held by the 14 funds being transferred to the government pension scheme and cancelled, which will reduce public debt by about 8 percentage points from its current 55 per cent of gross domestic product.

The government deficit could fall by about 1 per cent of GDP to just under 3 per cent due to lower borrowing costs."

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Russia Joins India to Taiwan in Missing Debt Auction Targets - Bloomberg

Russia Joins India to Taiwan in Missing Debt Auction Targets - Bloomberg:

"Russia failed to raise as much money as planned at a government bond auction, joining nations from India to Taiwan in missing borrowing targets as investors keep away from emerging-market assets.
The Finance Ministry in Moscow sold 6.07 billion rubles ($182 million) of its so-called OFZ notes due May 2016 after offering 13.6 billion rubles, according to a statement on its website. Russia canceled an auction last week as only one bidder took part. The ministry issued today’s bonds at a 6.5 percent average yield, the top of its proposed range."

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First Gulf Bank Plans More Hiring in Investment Bank Transition - Bloomberg

First Gulf Bank Plans More Hiring in Investment Bank Transition - Bloomberg:

"First Gulf Bank PJSC (FGB), the Abu Dhabi-based lender which this week recruited former Standard Chartered banker Steve Perry, is planning further high-level hires as it focuses on winning more investment-banking business.
Perry is “one of a number of senior appointments” the ruling-family controlled lender expects to make in the next six months in areas such as debt capital markets, wholesale banking head Simon Penney said today in e-mailed comments.
“We are moving into being something that looks and feels a little bit more like an investment bank,” Penney said. “We’re focusing a lot more on originating from our client base, which we haven’t done as much as we should have in the past.”"

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RusPetro Seeks to Prevent Output Decline | Business | The Moscow Times

RusPetro Seeks to Prevent Output Decline | Business | The Moscow Times:

"London-listed RusPetro, a small oil company co-owned by a former Cabinet official, said Wednesday that it hoped to prevent an output decline in Russia using the money it secured last month.

Oil trader Glencore Energy UK provided a prepayment of $30 million last month for the crude it will export from RusPetro's Siberian fields over the next 12 months, RusPetro chief Tom Reed said.

RusPetro's production is expected to drop in the second half of the year from the rate of 5,500 barrels a day achieved in the first half, as no development drilling has been taking place this year, the company said. It will spend the money from Glencore to pay for drilling more wells, Reed said."

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Dubai Economic Revival Driving Housing, Standard Chartered Says - Bloomberg

Dubai Economic Revival Driving Housing, Standard Chartered Says - Bloomberg:

"Dubai’s growing population and improving economy are driving a rebound in the sheikhdom’s housing market, rather than the type of speculation that fueled the 2008 boom, according to Standard Chartered Plc.
Apartment prices have climbed 38 percent in 12 months and the property rally is also being propelled by Dubai’s status as a haven amid political and economic unrest in other parts of the Middle East, Carla Slim, an analyst at the London-based bank, said in a report today.
Dubai, which built the world’s tallest tower and man-made islands, is recovering from one of the world’s worst property crashes. The market’s revival began in 2011, though this time few buyers are quickly reselling homes to profit from rising demand. That’s underlined by subdued mortgage growth, low off-plan sales and increasing regulations, Slim said."

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Egypt launches new five-year investment plan | ASHARQ AL-AWSAT

Egypt launches new five-year investment plan | ASHARQ AL-AWSAT:

A general view of the Nile River and the Cairo skyline is seen from the Cairo Tower in Cairo Tower in the Zamalek district Tuesday, Aug. 27, 2013. (AP Photo/Manu Brabo)
The Egyptian government announced the launch of the first integrated industrial map for industrial investment on Tuesday.

The government claims that the map will provide complete data of all lands utilized for industrial production, and identify areas rich with minerals and natural resources as well as proposed industrial zones for investment.

The Minister of Trade and Industry of Egypt, Mounir Fakhri Abdel Nour, said during a meeting with journalists on Tuesday that the new map is designed to encourage investment and to make the most of important investment opportunities.

He added that it facilitates new investments since it includes the data that usually takes up 50 per cent of the time required for making an investment decision to process. This includes information on regulations, laws, and procedures for both the state and investors in order to begin the implementation process as soon as possible."

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Dubai Stocks Decline 13% From 2013-High as Rally Halts on Syria - Bloomberg

Dubai Stocks Decline 13% From 2013-High as Rally Halts on Syria - Bloomberg:

"Dubai’s benchmark stock index fell more than 10 percent from its 2013 high as the prospect of a military strike against Syria weighed on investor sentiment in the oil-rich Persian Gulf.
The DFM General Index (DFMGI) dropped 3.7 percent, making it the biggest decliner among 94 benchmarks tracked by Bloomberg globally, to close at 2,396.79 in Dubai. The measure has plunged 13 percent from its Aug. 25 high, entering the so-called correction today. Dubai Investments PJSC (DIC), which holds stakes in more than 40 businesses, tumbled 5.3 percent, while discount carrier Air Arabia PJSC (AIRARABI) fell for a third day.
U.S. President Barack Obama yesterday won support from two top House Republicans for military action against Syria as he seeks Congressional approval for his plan to punish the regime of President Bashar al-Assad for alleged use of chemical weapons. Shares in Dubai are the best performing benchmark in the world this year after Ghana as the Persian Gulf business hub’s economy recovers from the global financial crisis."

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Live chart: Chinese banks

Ukraine Reiterates Railway’s Plan to Increase Eurobonds by 2014 - Bloomberg

Ukraine Reiterates Railway’s Plan to Increase Eurobonds by 2014 - Bloomberg:

"Ukrainian Deputy Prime Minister Oleksandr Vilkul reiterated a plan by state-managed railway operator Ukrzaliznytsya to sell debt abroad.
“Ukrzaliznytsya will be working in all available capital markets, including the Eurobond market, to implement its investment programs,” Vilkul said in an interview at the Krynica Economic Forum in Poland today. He didn’t elaborate.
Infrastructure Minister Volodymyr Kozak said in June that Ukrzaliznytsya wants to triple or quadruple the $500 million worth of Eurobonds it sold three weeks ago in the first half of next year."

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Fuel Fix » Kuwait seeks oil assets to expand abroad after industry shakeup

Fuel Fix » Kuwait seeks oil assets to expand abroad after industry shakeup:

Kuwait Foreign Petroleum Exploration Co. is seeking acquisitions including in Southeast Asia to meet output targets, according to its chief executive officer, who the country installed as part of a shakeup of the oil industry.

“The way to do this is through acquisitions, and acquisitions that are not piecemeal but that are strategic in nature,” Kufpec CEO Sheikh Nawaf Saud Al-Sabah said in an interview in Kuwait City. “We are now looking very seriously.”

The state-controlled company has three blocks in Vietnam and one in China, where it would like to do more, he said.

Sheikh Nawaf was appointed in May, along with new chiefs for Kuwait Oil Co., Petrochemical Industries Co. and Kuwait National Petroleum Co., after Dow Chemical Co. won $2.19 billion from Kuwait to compensate for a canceled joint venture. Kufpec, a unit of state Kuwait Petroleum Corp., plans output of 200,000 barrels of oil equivalent a day by 2020, from almost 80,000 now."

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Armenia chooses Russian trade deal over EU — RT Business

Armenia chooses Russian trade deal over EU — RT Business:

Russian President Vladimir Putin (R) and Armenian president Serzh Sarkisian (L) shake hands as they exchange documents during a signing ceremony in Novo-Ogaryovo presidential residence outside Moscow, on September 3, 2013. (AFP Photo/Maxim Shemetov)
Armenia has decided to hang its hat with its former Soviet ally Russia instead of joining a European free-trade agreement, President Serzh Sarksyan announced after meeting with Vladimir Putin.

Armenia said it would join Russia in the Customs Union, as well as engage in the Eurasian integration process instead of negotiating a free trade agreement with the EU. The move is seen as a political victory for Putin, who has been rounding up former Soviet states to rival the EU, promising lower gas prices and other trade perks.

"Russia supports the decision by Armenia to enter the customs union ... We will fully work for this to happen," Putin said at the bilateral talk at his countryside house outside of Moscow ."

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Cbonds.Info - Ukraine debuts 10-year domestic bonds, longest term ever

Cbonds.Info - Ukraine debuts 10-year domestic bonds, longest term ever:

"Concorde Capital Research:

Ukraine’s Finance Ministry placed 10-year bonds on the market on September 3, according to the ministry’s website. As a result, MinFin attracted UAH 200 mln at a 10% yield.

Alexander Paraschiy: It was the first time that MinFin floated bonds of such a long maturity. Apparently, it was to address the so-called “friendly demand” from state banks. Commercial banks do not have long money and would never agree to a 10% yield. For instance, the best price offered by commercial banks (declined by MinFin yesterday) was at a 16% yield, and seven-year bonds were placed at the same auction at a rate of 14.3%.

In fact, the placement’s sum (UAH 200 mln) showed that it was just an experiment and will hardly become a key instrument for spreading state liabilities over a longer period of time."

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Most Ukrainian stocks slump in Tuesday trading - Business - News - Ukraine Business Online

Most Ukrainian stocks slump in Tuesday trading - Business - News - Ukraine Business Online:

"“Ukrainian equities were slumping with a few exceptions in trading on Tuesday, September 3. The WIG Ukraine Index gained 0.8% mostly owing to egg producer Ovostar (OVO PW +3.0%). Most other Index stocks were in the red, led by farmer Agroton (AGT PW -2.9%). KSG Agro (KSG PW -1.6%) extended its losing streak to seven sessions at an 18.4% loss. In London, Regal Petroleum (RPT LN) plunged 10.1%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks fell 0.9%, weighed down by Donbasenergo (DOEN UK -3.4%), which has lost 4.4% in two sessions.”"

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Egypt says prepared to repay Qatari loan in days if necessary | News , Middle East | THE DAILY STAR

Egypt says prepared to repay Qatari loan in days if necessary | News , Middle East | THE DAILY STAR:

"Egypt is prepared to repay within days $2 billion that Qatar deposited with Egypt's central bank in May if talks to convert the funds into bonds do not succeed, a central bank official said on Wednesday.

"This supposedly should be moved to a three-year bond, and still they have not finished it," said the official, who asked not to be named. "If it's not done, we will repay it. We are ready for this."

The state-run al-Ahram newspaper said that the Qatari government had asked that the conversion be delayed."

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India economy: gloomy forecasts | beyondbrics

India economy: gloomy forecasts | beyondbrics:

"India may well be facing its worst economic crisis since the 1990s and confidence is worryingly low. To make matters worse, on Friday the government announced the weakest economic growth data in four years with GDP expansion down to 4.4 per cent in the three months to June.

In response, several banks have slashed their growth forecasts, some by over 1 percentage point. It’s looking pretty grim.

HSBC has reduced its expectations for GDP expansion in the current fiscal year from 5.5 per cent to 4 per cent. For the following year, its prediction is down from 6.6 per cent to 5.5 per cent."

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Putin respects Kyiv s choice for FTA with EU with reservations| Ukrinform

Putin respects Kyiv s choice for FTA with EU with reservations| Ukrinform:

Russian President Vladimir Putin
Russia will respect Ukraine's decision to conclude a free trade area agreement (FTA) with the European Union, but will be forced to take measures to protect its own economic interests, Russian President Vladimir Putin told Channel One and Associated Press.
"Well, let's see what will be the choice of the Ukrainian leadership. We will treat with respect any choice, no matter what choice is made, and, of course, we will continue to work. But the matter is simply just how will we work, what should we do to protect our own interests. Well, we'll see," Putin said.
A reminder that Ukraine plans to sign the Association Agreement with the EU in November. Earlier, Russian President advisor Sergey Glazyev said that Russia may raise the question of cancelling a free trade regime with Ukraine if it signs the association deal with the EU, providing also for the establishment of a free trade area."

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Here Comes 'Qatari America' - Business Insider

Here Comes 'Qatari America' - Business Insider:

                                                                   Rob Wile
The nation of Qatar, with a slightly new look.
Since 1997, the Arab state of Qatar has dominated the liquefied natural gas market, and today holds the title of world's largest supplier of the fuel.
In a new note titled, "Forget Saudi America, What about Qatari America?", AllianceBernstein's Bob Brackett proclaims the advent of "Qatari America," saying the U.S. LNG market is set to explode.

First: LNG is basically plain old natural gas that's easier to ship (it gets turned back into natural gas when it reaches its destination), and has the same uses."

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India And The Emerging Market Crisis - Analysis Eurasia Review

India And The Emerging Market Crisis - Analysis Eurasia Review:

"India has come under siege this summer. The rupee has depreciated sharply since late July, and foreign exchange reserves dropped significantly. The pressure has been triggered by market concerns on the Fed’s intention to ‘taper’ its quantitative easing, against the background of a growth slowdown in China.

India’s currency suffered a first bout of depreciation starting in early May, right after Fed Chairman Bernanke gave the first hint that the Fed might start reducing its asset purchases. Concern that global liquidity might become less plentiful has made investors wary of emerging markets, triggering capital outflows. India is not alone here. The chart below shows that other emerging markets have had a rough summer. South Africa suffered a deeper depreciation than India year-to-date, as did Brazil before its central bank stepped in announcing a new foreign exchange intervention program (Figure 1).

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Abu Dhabi and Dubai hotel profits decline in July |

Abu Dhabi and Dubai hotel profits decline in July |

Dubai hotel occupancy fell 12.5 percentage points to
54.6% in July according to the latest HotStats report by
TRI Hospitality Consulting Middle East.
Hotels in Abu Dhabi and Dubai saw profitability and revenue decline in July, according to the latest HotStats survey by TRI Hospitality Consulting Middle East.

Average room rates in Abu Dhabi fell 4.7% to US $105.82, resulting in negative RevPAR growth of 3.8%. The performance has been seen as a result of low demand in the summer, combined with the restriction on sales and consumption of food and liquor during Ramadan.

Occupancy in Abu Dhabi grew 0.5 percentage points to 50.1% due to offers such as SummerFest Abu Dhabi, which helped relieve the decline in occupancy that is common during the summer. Abu Dhabi was only market in the report to see negative profitability levels, which fell from marginal levels in 2012 due to the high operating costs in the UAE capital."

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Singapore firms to play bigger role in Qatar

Singapore firms to play bigger role in Qatar:

"As the GCC-Singapore Free Trade Agreement (GSFTA) entered into force from September 1, Singaporean and Qatari companies will now be able to play an increasing role in the Qatar’s development story without facing much hassle.
Besides FTA, Qatar and Singapore are negotiating to ink Investment Guarantee Agreements (IGAs) to further deepen and strengthen bilateral relations, according to a statement issued by the Singapore’s Ministry of State for Trade and Industry yesterday.
The FTA with Qatar is part of the Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA)."

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Carrefour operator Majid Al Futtaim raising $1.5bn credit line - The National

Carrefour operator Majid Al Futtaim raising $1.5bn credit line - The National:

"Majid Al Futtaim Holding, the operator of Carrefour stores in the Middle East, is raising more than US$1.5 billion from a revolving credit facility to replace a loan, according to a banker familiar with the plan.

The Dubai-based company, which postponed the sale of perpetual bonds in June, is raising the five-year loan in dollars and dirhams, said the banker, who asked not to be identified because the information is not public yet. The debt is priced at around 200 basis points, or 2 percentage points, above the London interbank offered rate with about 15 banks expected to participate, the banker said.

A spokesman for Majid Al Futtaim Holding, who asked not to be identified because of company policy, declined to comment."

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Tawazun and Caracal announce merger - The National

Tawazun and Caracal announce merger - The National:

"A merger of two UAE defence manufacturers will bring their military and sporting guns under one brand name.

Tawazun Holding, the UAE-based strategic investment company focused on specialised manufacturing and industry, said the merging of its two units, Caracal International and Tawazun Advanced Defense Systems (Tads), would help to "maximise global commercial opportunities" for the new company.

The announcement was made yesterday at the Abu Dhabi International Hunting & Equestrian Exhibition, at which Tawazun is the official weaponry partner."

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New boss is making his mark at the DIFC - The National

New boss is making his mark at the DIFC - The National:

Jeff Singer, the chief executive of the DIFC, believes the personal touch will be important in winning new business. Satish Kumar / The National
It's hard to pin Jeff Singer down these days. Earlier this week he jetted in on the red-eye from the United States to Dubai, made his first formal presentation to the media as chief executive of the Dubai International Financial Centre Authority and was immediately off again to the airport to do what he regards as the core of his job: winning new business for the DIFC.

"I've got a lot of business development meetings on," he says in a phone call on his way to the airport. "That's the goal, developing DIFC. I don't often travel just to conferences or to be a speaker. The trip has to be about one-to-one meetings with potential partners. The personal touch always helps."

The personal touch has been much in evidence during his five years in the UAE"

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What Is Behind Success Of Tehran Stock Exchange? - Al-Monitor: the Pulse of the Middle East

What Is Behind Success Of Tehran Stock Exchange? - Al-Monitor: the Pulse of the Middle East:

A trader speaks with a stock market official beneath the electronic board at the
Tehran Stock Exchange, Sept. 15, 2010. (photo by REUTERS/Caren Firouz)

The Tehran Stock Exchange (TSE) has been viewed as a phenomenon in the midst of the declining Iranian economy. The TSE Price Index (TEPIX) currently hovers at about 59,000 — up more than 500% since 2009, about 50% since the beginning of the current Iranian year (March 21) and about 28% since the election of Hassan Rouhani as president (June 14). As the following graph indicates, there are occasional adjustments downward — such as in the days running up to the presidential election on June 14 — however, the overall trend is upward. The question is how one can understand this uninterrupted rise and what factors are influencing this phenomenal growth.

TSE Price Index since the beginning of the current Iranian year

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Regional crisis 'not affecting Saudi Arabia's economy' | Arab News

Regional crisis 'not affecting Saudi Arabia's economy' | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"The regional crisis has not affected Saudi Arabia's economy so far as its GDP (gross domestic product) is expected to rise 4 percent in real terms this year, according to Said Al-Shaikh, senior vice president and chief economist of the National Commercial Bank (NCB).
Releasing the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q3 on Tuesday, Al-Shaikh said: “The positive business outlook is feeding more enthusiasm with companies remaining steady for investment in business expansion. The GDP fall in 2013 compared to 7.8 percent in 2012 is due to lesser oil production.”
In 2012, Saudi Arabia's average oil production was 9.9 million barrels per day (bpd). In 2013, the oil production is between 9.5 million bpd and 9.6 million bpd.
However, “If Syria is attacked, oil prices will reach $125 per barrel depending on the magnitude of the attack and it also depends on how long it prolongs,” Al-Shaikh said."

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UAE moves into top 20 of world's most productive global economies - The National

UAE moves into top 20 of world's most productive global economies - The National:

"The UAE has moved into the ranks of the 20 most productive global economies for the first time, according to the World Economic Forum (Wef).

The Wef's latest "Global Competitiveness Report" - its annual survey of the most efficient and dynamic economies - puts the UAE at 19th, up five places from last year.

For the fifth consecutive year, Switzerland was ranked the most competitive economy in the world, ahead of Singapore, Finland and Germany.

The United States regained its top-five status, while the highest-ranked Middle East country was Qatar, at 13th."

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Saudi Gazette - Saudi private sector growth accelerates in August

Saudi Gazette - Saudi private sector growth accelerates in August:

The Saudi non-oil producing private sector witnessed continuous expansion last August, the latest monthly results of the Saudi British Bank (SABB) headline SABB/HSBC Saudi Arabia Purchasing Managers’ Index showed Tuesday.

The headline PMI rose to a four-month high of 57.5 in August this year, up from July’s 56.6. Operating conditions have improved in every month of the survey history to date.

The latest rate of increase was in line with that seen in July. Concurrently, stocks of purchases accumulated at the weakest pace since December 2011, with the vast majority of survey respondents indicating unchanged inventory levels."

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QP, Sasol tie-up sees Qatar turn world leader in GTL

QP, Sasol tie-up sees Qatar turn world leader in GTL:

Al-Sada with Strauss (centre) and Cachalia at the opening of Sasol Qatar office.
QP’s relationship with Sasol has contributed to Qatar’s position as the world leader in the gas-to-liquids (GTL) market, said HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada.

He was speaking at the inauguration of Sasol’s new office at The Gate, West Bay.

Al-Sada expressed pleasure at the inauguration of the new offices, which he said “marks the continued presence and investment of Sasol in Qatar.”

“Qatar Petroleum and Sasol have enjoyed an excellent working relationship through the Oryx GTL joint venture.

“The new Sasol offices will help build on the strong foundations that have been laid so far towards a larger scale and scope of co-operation.”"

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Victor Pinchuk's Art Collection - Business Insider

Victor Pinchuk's Art Collection - Business Insider:

After months of delay, Victor Pinchuk’s Interpipe group revealed in its financial report for last year — issued at the start of August but given a release date of May 23 – how much financial trouble the Ukrainian pipe and steelmaker is now facing.
The impact of this on the international art market is about to be felt in art auctions scheduled for later this month and in October in London and New York. That’s because Pinchuk’s record-priced acquisitions of two artists, Englishman Damien Hirst and American Jeff Koons, have created an overhang of their works in the market place.
According to speculation by London and New York art dealing sources, these works may be forced into sale at a heftier discount than Hirst and Koons have already been taking."

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