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Sunday, 20 October 2013

Qatar Islamic Bank misses Q3 forecasts as profit drops 12.4 pct | Reuters

Qatar Islamic Bank misses Q3 forecasts as profit drops 12.4 pct | Reuters:

"Qatar Islamic Bank (QIB), the Gulf state's fourth-largest lender by market value, reported a 12.4 percent drop in third-quarter net profit on Sunday, missing analysts' average forecast.

The bank made a net profit of 345.1 million riyals ($94.8 million) in the three months to Sept. 30, compared with 393.9 million riyals in the same period a year ago, it said in a bourse statement.

QIB posted a nine-month net profit of 975.1 million riyals, compared with 1.1 billion riyals for the same period last year.

The third-quarter results missed the average forecast of eight analysts in a Reuters poll who had expected the bank to post a quarterly net profit of 360 million riyals."

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Business in Brief | Business | The Moscow Times

Business in Brief | Business | The Moscow Times:

"Canada's Uranium One to Delist Shares as Rosatom Takes Control

Canadian miner Uranium One, which Russian nuclear corporation Rosatom just took private, will delist from the Toronto Stock Exchange and the Johannesburg Stock Exchange on Oct. 21 and Oct. 22, respectively, its parent firm said Saturday.

Last month, Uranium One said it received regulatory approvals for going private with Rosatom units.

In January, Russia's state uranium company agreed to pay $1.26 billion to take Canada's Uranium One private, as the successor to the Soviet Union's nuclear industry seeks to strengthen its grip on supplies. "

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MIDEAST STOCKS-Saudi petchems surge on earnings; most mkts up on global cues | Reuters

MIDEAST STOCKS-Saudi petchems surge on earnings; most mkts up on global cues | Reuters:

"* Saudi petchems surge to 17-month high

* Saudi Kayan swings to Q3 profit

* Global rally boosts regional shares after holiday

* Dubai index at new 5-yr high on retail buying

By Nadia Saleem

DUBAI, Oct 20 (Reuters) - Saudi Arabia's petrochemical shares led a bourse rally on Sunday as earnings boosted sentiment, while most regional markets also rose as they resumed trading after a week-long holiday and reacted positively to the U.S. averting a debt default.

Shares in Saudi Kayan Petrochemical surged 9.6 percent to a nine-month high after it swung to a third-quarter profit.

The company made a profit of 43.3 million riyals ($11.55 million), compared to a net loss of 178.4 million riyals in the same period last year, according to a bourse statement.

Parent firm Saudi Basic Industries Corp (SABIC) jumped 5.4 percent, helping lift the sector's index by 5 percent to a 17-month high."

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London Array secures $424m Abu Dhabi funding - Energy - ArabianBusiness.com

London Array secures $424m Abu Dhabi funding - Energy - ArabianBusiness.com:

"The London Array project, designed to be the world’s largest offshore wind energy facility, has secured an estimated $424m in new financing from Abu Dhabi controlled Masdar Energy UK, it was reported.
Contributing to the refinancing were Siemens Bank gmbH, Bank of Tokyo-Mitsubishi UFJ Ltd, KFW-IPEX Bank and Sumitomo Mitsui Banking Corp, a report in UK trade publication Electric Light & Power quoted Masdar as confirming.
The report said an additional $93.75m loan was provided by the UK Green Investment Bank.
The UK has agreed to an European Union goal of generating 30 percent of its power from renewable energy by 2020. It currently generates about half of this."

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Dubai bourse surges to five-year high as Eid ends - Stocks - ArabianBusiness.com

Dubai bourse surges to five-year high as Eid ends - Stocks - ArabianBusiness.com:

"Dubai's share index jumps to a new five-year high on renewed buying by retail investors as week-long Eid holidays end. Optimism over third-quarter earnings, to be announced in the next few weeks, and a positive global backdrop help the market.
The index climbs 2.1 percent to 2,890 points, its highest intra-day level since November 2008.
Shares in blue chip Emaar Properties advance 2.7 percent and Dubai Financial Market, the Gulf's only listed bourse, climbs 4.0 percent."

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So How Big a Deal is the Pending “$13 Billion” JP Morgan Settlement? « naked capitalism

So How Big a Deal is the Pending “$13 Billion” JP Morgan Settlement? « naked capitalism:

"One of the big news stories of the weekend is that JP Morgan and the Department of Justice, brokering a settlement of liability across multiple Federal agencies, have reached a tentative $13 billion settlement on the bank’s mortgage-related conduct in the run-up to the crisis. The terms have not been finalized because a big open item is that JP Morgan will make an admission of some sort, and the deal could still founder over that.

While the media is all agog over the prospect of the “biggest settlement evah” with a single company, concentration has risen greatly in a lot of industries, particularly banking, so bigger companies and even mild inflation means settlements should get larger over time. So size is not a metric of accomplishment. The question is what was the actual liability and is the settlement an adequate remedy? We have the same problem here as with the mortgage settlement: save for a couple of types of bad conduct, it looks as if not enough discovery was done to know the extent of the conduct and hence what an appropriate remedy would be."

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BBC News - Why is Libyan oil production not at pre-uprising levels? (Click through to video)

BBC News - Why is Libyan oil production not at pre-uprising levels?:

"
The people of oil-rich Libya had high hopes the economy would prosper following the uprising in their country that brought an end to Muammar Gaddafi's rule.

However, two years later those dreams seem a long way off, as Simon Atkinson reports."

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Vicious Serco? UK public service company entwined in major fraud scandal — RT News

Vicious Serco? UK public service company entwined in major fraud scandal — RT News:

"UK service company Serco has its fingers in numerous government pies, running British services from transport to prisons while staying invisible to the ‘man on the street.’ The global giant now faces investigation for fraud as it seeks new contracts.

Towards the end of September, the company was alleged in a government report to have charged for the service of tagging criminals who were dead, in prison, or were never tagged at all.

Serco and private security giant G4S overcharged the government by tens of millions of pounds for the practice, which, according to Big Four accountancy firm PricewaterhouseCoopers, could date back as far as 1999.

The expose prompted Britain’s Serious Fraud Office to confirm that they are assessing information on Serco provided by the Ministry of Justice. "

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