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Saturday, 5 October 2013

Cadogan, Eni Move Toward Ukraine Shale Gas Development

Cadogan, Eni Move Toward Ukraine Shale Gas Development:

"

Zakhidgazinvest LLC will examine the environmental state of areas for shale gas exploration, reports the press service of Volyn Regional State Administration.

During the first phase, Zakhidgazinvest (Westgasinvest) intends to explore the area in Ivanychi district of the Ivano-Frankivsk region. "With good organization and proper preparation, the work on the exploration of shale gas deposits could begin in the summer of 2014," said the administration.

In October 2012, Cadogan Petroleum Plc  and Nadra Ukrainy sold a 50.01% stake in unconventional gas joint venture Zakhidgazinvest to Eni S.p.A. Cadogan retained a 15 per cent stake while Nadra Ukrainy holdings dropped to a 34.99 per cent stake.

The deal followed a cooperation agreement signed between Cadogan and Eni in 2011, under which the two companies agreed to invest up to $55 million (USD) in shale gas exploration and production in Ukraine."

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“The fate of Ukraine now exclusively in the hands of Yanukovych” – Yatseniuk | Odessablog's Blog

“The fate of Ukraine now exclusively in the hands of Yanukovych” – Yatseniuk | Odessablog's Blog:

"About 2 weeks ago I wrote this about an erudite comment made by Polish Foreign Minister Radek Sikorsk, who stated -  “President of Ukraine Viktor Yanukovych and former Prime Minister of Ukraine Yulia Tymoshenko know what to do in the next few days.”

When made, a timely reminder that both Ms Tymoshenko and the President had yet to agree to any proposals put to them to negotiate a very sensitive issue relating to the freeing from jail of Ms Tymoshenko.

Following the conclusion of the German elections, Germany extended a formal offer of treatment to Ms Tymoshenko for her medical issues.  She subsequently accepted whatever the offer and whatever negotiated strings that come with it."

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Wife of Matthew Joyce tells of Dubai torment | News.com.au

Wife of Matthew Joyce tells of Dubai torment | News.com.au:

"
Matthew Joyce with his family. Picture: Siddarth Siva
AFTER almost five years of being in limbo in Dubai with her three young children, the wife of jailed Australian property developer Matthew Joyce says she may be forced to break up her family.

Angela Higgins has revealed the agonising decision she is forced to make between staying in Dubai to support her husband and returning to Australia for the sake of her children, Jack, 11, Clancy 9, and William, 7.

Higgins said the family lives a "fish bowl life", and she fears her husband may never be able to return to Australia.

She now believes diplomatic intervention is the only way her family will ever return home together.

"I think without forceful representations from the Australian government, we will never return to Australia as a whole family," Higgins said.

"I can't stress enough that we need the Australian government."

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Saudi Arabia central bank says not worried about U.S. debt limit | Reuters

Saudi Arabia central bank says not worried about U.S. debt limit | Reuters:

"The central bank of Saudi Arabia, one of the world's top holders of U.S. government bonds, said on Saturday it was not worried by the political deadlock in Washington that could cause the United States to default on its debt.

Asked if he was concerned, central bank governor Fahad al-Mubarak told reporters: "No. They have been there before and it has been resolved." He did not elaborate.

Mubarak was speaking on the sidelines of meetings of Gulf Arab monetary and finance officials in Riyadh."

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Oman’s new Islamic bank opens for business | GulfNews.com

Oman’s new Islamic bank opens for business | GulfNews.com:

"Islamic banking services could make up to 20 per cent of the country’s overall financial services sector in the future, according to a senior banker.
“It will enhance the value contribution of the banking sector to the Sultanate’s GDP and create further employment opportunities for Omani jobseekers,” said Hamoud Bin Sangour Al Zadjali, executive president of the Central Bank of Oman, at the opening of a new Islamic financial entity, ‘alizz Islamic Bank’ and only the country’s second such. “No doubt, the establishment will enhance the opportunities of funding various businesses projects, especially small and medium enterprises.”
The new bank’s deposit products include a current account based on the concept of ‘Qard-Hassan’, allowing customers instant access to their money in multiple currencies, using their international debit card. Customers can avail of a Mudaraba-based savings account and term investment deposit. It is the first fully-fledged Islamic bank in the country to offer Sharia-compliant titanium and platinum credit cards."

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Wizz Air to fly to European cities from Al Maktoum International Airport | GulfNews.com

Wizz Air to fly to European cities from Al Maktoum International Airport | GulfNews.com:

"Hungarian carrier Wizz Air is on track to launch operations from Dubai’s newest airport this month despite questions surrounding fellow launch carrier nasair.
György Abrán, chief commercial officer at Wizz Air said there had been “no changes on our side” and that everything “will be going ahead as planned” for its flights to start from Al Maktoum International Airport at Dubai World Central (DWC) on October 27.
Earlier this week Saudi Arabia’s low-cost carrier nasair had said it was currently “evaluating the financial feasibility of operations from DWC”. Nasair was unable to indicate when it would commence flights from the airport despite being unveiled alongside Wizz Air as launch carriers earlier this year."

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Upstart Abu Dhabi Airline Becomes Ally to European Carriers - NYTimes.com

Upstart Abu Dhabi Airline Becomes Ally to European Carriers - NYTimes.com:

"Just a few years ago, James Hogan, the chief executive of Etihad Airways, probably would have had trouble scoring a meeting with one of his European counterparts. These days, however, it seems he’s never been so popular.

Like its larger Persian Gulf rivals — Emirates of Dubai and Qatar Airways — Etihad, of Abu Dhabi, once faced stiff resistance from established flag carriers. The big European airlines like Lufthansa, British Airways and Air France-KLM lobbied their governments to restrict the fast-growing Gulf carriers’ access to European airports for fear of losing market share on lucrative long-distance routes, particularly to Asia and the Middle East.

They also argued that Etihad and its peers, backed by deep-pocketed governments and not burdened with outdated terminals, airport taxes and rigid wage schemes, enjoyed an unfair advantage that European airlines could never match."

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To This Tycoon, Iran Sanctions Were Like Gold - NYTimes.com

To This Tycoon, Iran Sanctions Were Like Gold - NYTimes.com:

"
Reza Moattarian
Babak Zanjani began his 
career selling sheepskins 
and became a critical actor 
in Iran’s effort to evade 
sanctions on oil sales.
He called himself the “economic basij,” a reference to Iran’s hard-line paramilitary organization and defender of the Islamic Revolution. He drove a black Mercedes 500 SL and wore a $30,000 watch, as befits a man who put his self-worth at $13.5 billion.

Not bad for a 39-year-old who began his career in the 1980s selling sheepskins and emerged more recently as a critical actor in Iran’s effort to evade United States sanctions on its oil sales.

But it has all come tumbling down for the tycoon, Babak Zanjani, whose accounts were frozen by the United States Treasury in April and who has been blacklisted by the European Union."

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Capital Outflow - Economics - The Ukrainian Week

Capital Outflow - Economics - The Ukrainian Week: "Capital travels across the globe in the blink of an eye in pursuit of profit. A country that offers plenty of options for more efficient business or the production of new goods or services is the perfect destination. As soon as new ideas run out and managers relax – which is inevitable sooner or later – capital disappears. Emerging markets are going through this right now. Their economies are slowing down and there is no motive for capital to remain there.

Earlier this month, the business magazine, The Economist, published the Capital-Freeze Index (see The Turkish syndrome). Its 20-point scale assesses the vulnerability of emerging economies to an abrupt halt of capital inflow based on four variables. These including the current account balance, the ratio of short-term external debt and external-debt payments to government reserves, credit growth and the Chinn-Ito measure of financial openness. Ukraine scored 12 points and landed fourth to seventh of 26, together with Brazil, Argentina and Venezuela. Its risk for a sudden stop of external financing is among the highest.

"

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▶ What now for EM? - YouTube

▶ What now for EM? - YouTube:

"Talk of an end to US monetary stimulus has caused turmoil in emerging economies, and now there are fears a US shutdown could affect global interest rates. Glenn Maguire, chief Asia-Pacific economist at ANZ Bank, joins the FT's Lindsay Whipp to discuss EM options.

"

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▶ Switzerland's FX investigation - YouTube

▶ Switzerland's FX investigation - YouTube:

"The Swiss financial regulator is investigating financial groups over the potential manipulation of currency markets. Companies editor Brooke Masters talks to Daniel Garrahan about whether there are echoes of the Libor probe.

"

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▶ The week ahead: Heating up - YouTube

▶ The week ahead: Heating up - YouTube:

"Barack Obama cancels an Asian trip, talks begin over forming a government in Germany, the Nobel prizes are awarded and a solar-powered race takes place in Australia.

"

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Usmanov Tightens Grip Over MegaFon in Wireless Growth Bet - Bloomberg

Usmanov Tightens Grip Over MegaFon in Wireless Growth Bet - Bloomberg:

"Billionaire Alisher Usmanov tightened his grip over OAO MegaFon (MFON) by boosting his stake in a holding company that controls the second-biggest Russian wireless carrier, betting on continued growth in mobile-data demand.
Garsdale, an investment vehicle that controls MegaFon, bought 13.5 percent of its own shares from the founders of Scartel, a data carrier recently purchased by MegaFon, Usmanov’s investment firm USM Holdings said in an e-mailed statement. The transaction boosts USM’s stake in Garsdale to about 95 percent from 82 percent, according to data compiled by Bloomberg. Garsdale owns just over 50 percent of Moscow-based MegaFon.
Usmanov competes with fellow billionaires Mikhail Fridman, who controls VimpelCom Ltd. (VIP), and Vladimir Evtushenkov, who controls OAO Mobile TeleSystems (MBT), as consumers in Russia increasingly browse the Web on their mobile phones. MegaFon completed its purchase of Scartel this month, gaining a faster, so-called fourth-generation network."

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