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Saturday, 12 October 2013

Saudi Gazette - Fracking changes market landscape

Saudi Gazette - Fracking changes market landscape:

"Late last year, when the energy guru Fatih Birol, while presenting the IEA World Energy Outlook 2012 asserted that the energy world was undergoing a major transformation – he also presented a timeframe for the revolution to materialize. Peaking in 2020, US crude production would overtake Saudi Arabia by 2017, he then projected.

He added that over the next few years, traditional gas producers too would lose their market influence. “They would be losing market share in the coming years.” Citing figures, he pointed out that over the next three years, the US was destined to outpace the largest gas producer – Russia - too.

The forecasts are coming true – albeit – much earlier than projected. Making projections, looking into the energy crystal ball, is a hazardous profession. Interestingly, Fatih has adopted this as a profession.
The US is now destined to end 2013 as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia, the US Energy Information Administration (EIA) is now saying. And this happens despite Russia’s considerable untapped unconventional gas reserves, as the energy giant struggles to maintain output. "

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Gas and oil won’t make Lebanon happier | Opinion , Commentary | THE DAILY STAR

Gas and oil won’t make Lebanon happier | Opinion , Commentary | THE DAILY STAR:

"A responsible and happy citizenry forms the fundamental underpinning of a happy nation. How does gas and oil figure in the happiness equation?

Gas and oil are the latest drama in Lebanon, Israel and Cyprus. While all three states, for different reasons, are failed products of imperial Europe, Lebanon – a gravely distorted democracy with regional ailments – may be the one to gain the least and lose the most from gas and oil discoveries offshore.

Still buried under water, gas and oil are yet scarcely resources that pay. Instead, they have already fueled monkey-shine politics in the tradition of all Lebanese public affairs. Hence their discovery has chiefly provoked nepotism among the usual oligarchs-cum-politicians who are experts in organized looting."

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Sunland Group profits halved after failed legal bid against Dubai duo Matthew Joyce and Angus Reed - Yahoo!7

Sunland Group profits halved after failed legal bid against Dubai duo Matthew Joyce and Angus Reed - Yahoo!7:

"Gold Coast developer Sunland Group's failed legal pursuit of two Australians for alleged fraud and deception in Dubai has cost the company half its profit this financial year.

Sunland , advising that $5.7 million would be released to pay the legal fees of Melbourne man Matthew Joyce and Perth's Angus Reed, after the company dropped its fight to stay the payment in the High Court.

Sunland's decision to abandon fighting the costs order is the latest twist in an aggressive challenge of and verdicts, which found Sunland launched a protracted and bitter damages case against two men over a controversial property deal in the height of Dubai's property boom in 2007 entirely without merit.

At the time Mr Joyce and another man, Marcus Lee, were employed by the United Arab Emirates property developer Nakheel, which was managing sales on the multi-billion dollar fantasy development on the Dubai Waterfront."

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At least 7 potentially bidding for Versace stake: sources | Reuters

At least 7 potentially bidding for Versace stake: sources | Reuters:

"
A sign is seen for high-end retail store Versace along 5th Avenue in New York May 19, 2013.
Credit: Reuters/Eric Thayer
At least seven potential buyers are in the running to bid for a minority holding in Italian fashion house Versace, which plans to sell a 15-20 percent stake to fund growth, sources close to the talks told Reuters on Friday.

Versace's financial advisers, Banca IMI (ISP.MI) and Goldman Sachs (GS.N) "have told a small group of investors that they can proceed with the bidding process", one source said.

The investors considering buying the stake include Italy's state-controlled fund FSI, Bahrain's Investcorp INVB.BH, and private equity firms Ardian, Permira, KKR & Co (KKR.N), Clessidra and Blackstone (BX.N), the sources said."

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Arab Bankers Argue Over Benevolent Dictatorship Versus Democracy - Bloomberg

Arab Bankers Argue Over Benevolent Dictatorship Versus Democracy - Bloomberg:

"Political unrest since 2011 shows that the Arab world is best served by “benevolent” dictators who can prevent chaos, the head of one of the region’s biggest banks said.
“I know I am controversial but this is how I believe,” Ibrahim Dabdoub, chief executive officer of National Bank of Kuwait, said during a panel at the International Institute of Finance in Washington today. “Look at the way Egypt has turned into. Not that good, but better than the chaos we have seen,” Dabdoub said, referring to the military’s ouster of Islamist President Mohamed Mursi in July. “Democracy in the Arab world, we won’t see it soon.”
His remarks reflect a debate in the Arab world about the pro-democracy uprisings in Egypt, Libya and Tunisia, where the toppling of autocratic leaders failed to bring immediate economic benefits. The turmoil that followed the revolts will cost the seven most affected countries about $800 billion by the end of next year, according to HSBC Holdings Plc estimates."

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Photos of Dubai International Financial Center - Business Insider

Photos of Dubai International Financial Center - Business Insider:

"The Hollywood design firm 5+design presented its master plan for the Dubai International Financial Center to the rulers of Dubai, and the United Arab Emirates has approved.

Managing Partner of 5+ Michael Ellis said the massive projects aims to "bring continuity between the rest of the world’s international financial centers" by filling the time zone gap between London and New York in the west and Hong Kong and Tokyo in the east.

The complex will be on the north side of the city, situated between the Emirates Towers and the Burj.

Construction will begin this month and is estimated to continue for up to five years, according to lead design partner Tim Magill. Cost has not been calculated but 5+ told Business Insider that "it is going to be quite an expensive project."

Check out the renderings:

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"

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Football at a better price - YouTube

Football at a better price - YouTube:

"Investing in a football club is an attractive proposition for many, but club valuations are often wildly optimistic. Tom Markham, PhD student at Henley Business School at the University of Reading, has developed a new system and tells Emma Boyde that he thinks he is closer to getting the price right.

"

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Help to Buy sparks supply and demand fears - YouTube

Help to Buy sparks supply and demand fears - YouTube:

"The UK government's Help to Buy scheme means buyers can put down a deposit of 5% on a property worth up to £600k and apply for a government-backed mortgage. Will the scheme aid the UK recovery without causing a housing bubble? Daniel Garrahan reports.

"

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▶ The week ahead: An uncertain future - YouTube

▶ The week ahead: An uncertain future - YouTube:

"Politicians battle over America's debt ceiling, the country's Supreme Court considers affirmative action, Argentina awaits news of its president and Alexei Navalny's appeal is heard in Moscow.

"

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UAE re-affirms commitment to support Arab countries in transition | GulfNews.com

UAE re-affirms commitment to support Arab countries in transition | GulfNews.com:

"Washington: Minister of State for Financial Affairs, Obaid Humaid Al Tayer, on Friday re-affirmed the United Arab Emirates’ commitment to support Arab countries in transition, noting that in July it gave $3 billion (Dh11 billion) to Egypt in the form of a $1 billion grant and a $2 billion no-interest loan, and in May pledged $5 million to the Transition Fund, established by the G8 Deauville Partnership with Arab Countries in Transition.
Al Tayer was speaking after a meeting of finance ministers of the Deauville Partnership with Arab Countries in Transition, an international effort launched by the G8 at the Leaders Meeting in Deauville, France in 2011. The ministerial meeting is part of the three-day annual meeting of The International Monetary Fund and The World Bank which began on Friday in Washington DC.
Al Tayer also noted that the Arab Gulf states, including the UAE, in 2011, gave $10 billion in five-year grants to Jordan and Morocco."

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Romania to Sell 15% of Romgaz, Biggest Gas Producer, This Year - Bloomberg

Romania to Sell 15% of Romgaz, Biggest Gas Producer, This Year - Bloomberg:

"Romania plans to sell 15 percent of Romgaz SA, its largest natural-gas producer, in an initial public offering this year as part of the eastern European country’s agreement with the International Monetary Fund.
Romgaz shares will trade on the Bucharest Stock Exchange as well as in London as global depositary receipts, Romgaz and the government said in a joint statement today. Romania will keep at least 70 percent of Romgaz and property-restitution fund Fondul Proprietatea SA will have a 15 percent stake in the company. The total value of the offering may reach as much as 600 million euros ($814 million), Gabriel Dumitrascu, head of the Energy Department’s asset-sale program, said on Sept. 19.
“The listing of Romgaz is part of the ambitious program initiated by the Romanian government to introduce private investors into strategic companies in the context of reforming the energy sector,” Energy Minister Constantin Nita said in the statement."

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IMF Commends Egypt $3 Billion Plan to Create Jobs, Boost Economy - Bloomberg

IMF Commends Egypt $3 Billion Plan to Create Jobs, Boost Economy - Bloomberg:

"The International Monetary Fund commended Egypt’s plan to boost public spending by $3 billion to create jobs and stimulate economic growth as political unrest keeps private investment subdued.
“We do think it’s a good idea,” Masood Ahmed, head of the Middle East and Central Asia department at the IMF, said in a briefing today in Washington.
The stimulus is financed by aid from Saudi Arabia, the United Arab Emirates and Kuwait, which have pledged $12 billion to Egypt since the military toppled Islamist President Mohamed Mursi in July. The Gulf money offers Egypt a “window” to carry out reforms that would direct more spending toward capital investment, Ahmed said."

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