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Saturday, 26 October 2013

No Party Wins Majority in Czech Election |

No Party Wins Majority in Czech Election |

"A special parliamentary election called in the Czech Republic left no party with a majority on Saturday, which could lead to protracted negotiations aimed at forming a coalition government.

The two-day election was called to end a political crisis triggered by the center-right government’s collapse in a whirlwind of allegations about corruption and marital infidelity.

With all the votes counted by the Czech Statistics Office, the left-wing Social Democrats won 20.45 percent, or 50 seats, in the 200-seat lower house of Parliament. The party’s ally, the Communists, finished third, receiving 14.91 percent of the vote, or 33 seats.

The Communists had hoped to give the Social Democrats their tacit support in a coalition government that would give the Communists a share of the power for the first time since the 1989 Velvet Revolution, which ended 40 years of communist rule in the country."

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U.S. judge narrows Dubai bank claims versus ING over investment losses | Reuters

U.S. judge narrows Dubai bank claims versus ING over investment losses | Reuters:

"A U.S. judge on Friday narrowed Mashreq PSC's MASB.DU claims in a lawsuit that alleged ING Groep NV (ING.AS) lost more than $40 million of the Dubai bank's money by investing it in "toxic" securities.

U.S. District Judge Lorna Schofield denied ING's bid to dismiss the complaint in its entirety, ruling that Mashreq's breach of contract claim should stand.

However, she dismissed the bank's breach of fiduciary duty and fraud claims as duplicative of the contract claim. As a result, she said, Mashreq cannot pursue punitive damages in addition to the $43 million it claims it is owed, as New York law does not generally allow for punitive damages on a breach of contract claim."

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Saudi Gazette - Oil prices and US-Iran bid for reconciliation | @neaimsa

Saudi Gazette - Oil prices and US-Iran bid for reconciliation:

"OPEC basket oil prices started to slightly decrease in the international oil markets from its increasing trends witnessed in the last four months reaching $106.7 per barrel from an average September monthly oil price of $108.7. The slight decrease in the price is attributed to the political tension in the Middle East due to the latest US political position on the Syrian issue and the recent American-Iranian political reconciliation. It’s worth mentioning here that the current price is similar to December 2012 average monthly price ($106.5) reflecting the fact that price fluctuation in 2013, including the latest three- month price increases, is primarily due to the Middle East political tension and not supply shortages. The same argument can be said for Brent and WIT crude types reaching $110 and $98 a barrel, respectively. "

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Ukraine eggmaker’s hard-boiled expansion plan -

Ukraine eggmaker’s hard-boiled expansion plan -

"AvangardCo, the London-listed Ukrainian egg producer, has increased its output in the first nine months of the year to more than 5bn eggs, as it aims to take on a larger US rival and become the world’s biggest egg producer.
The Ukrainian company, which listed shares on the London Stock Exchange in 2010, has invested $500m over the past four years to construct two major poultry complexes and a new egg processing plant.
On Friday, the group reported a 9 per cent increase in egg production in the nine months to September 30, which has allowed it to expand its exports to 33 countries – primarily the fast growing markets of the Middle East, north Africa, and Central Asia."

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Yngve Slyngstad, Norway oil fund - YouTube

Yngve Slyngstad, Norway oil fund - YouTube:

"Yngve Slyngstad, head of Norway's oil fund, explains why the world's largest sovereign wealth fund could dramatically increase its property investments.


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Potash Corp. CEO Calls Uralkali Move ‘Dumbest Thing’ - Bloomberg

Potash Corp. CEO Calls Uralkali Move ‘Dumbest Thing’ - Bloomberg:

"Potash Corp. of Saskatchewan Inc. Chief Executive Officer Bill Doyle said rival potash producer OAO Uralkali’s decision to boost sales volumes at the expense of prices has been self-destructive after the price of the commodity slumped and customers deferred purchases.
Russia’s Uralkali, the world’s biggest supplier, upended the potash market in July when it quit a marketing joint venture with its competitor in Belarus and said it would sell the fertilizer at lower prices.
Potash Corp. yesterday posted lower-than-expected third-quarter revenue and cut its full-year earnings forecast. Doyle said the Saskatoon, Saskatchewan-based company remains committed to Canpotex Ltd., a joint venture that markets potash from the largest North American producers and seeks to support prices at the expense of volume. He said Uralkali’s policy is a failure."

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Georgian Billionaire Set to Lower Curtain on Rose Revolution - Bloomberg

Georgian Billionaire Set to Lower Curtain on Rose Revolution - Bloomberg:

"Georgians are set to elect a presidential candidate backed by their billionaire prime minister in a vote that will bring the curtain down on an era that pivoted the country toward the U.S. and Europe.
Bidzina Ivanishvili, who pulled off a shock victory over President Mikheil Saakashvili’s party in parliamentary elections last year, is backing Giorgi Margvelashvili in the Oct. 27 ballot. Margvelashvili, a former education minister, has more than twice the support of his nearest rival in the latest polls.
Capturing the presidency would complete a transition from the 2003 Rose Revolution that usurped ex-Soviet Foreign Minister Eduard Shevardnadze and loosened Georgia’s ties with Russia. With his stated goal of reshaping Georgian politics complete, Ivanishvili said he’ll hand the premier’s job to an ally after the new president is sworn in next month."

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WTI Oil Swings, Poised for Biggest Weekly Loss Since June - Bloomberg

WTI Oil Swings, Poised for Biggest Weekly Loss Since June - Bloomberg:

"West Texas Intermediate swung between gains and losses as it headed for the biggest weekly decline since June, amid speculation that record U.S. crude production will further bolster stockpiles.
Futures traded in a 66 cents-a-barrel range in New York after gaining for the first time in four days yesterday. Government data this week showed the U.S. pumped crude at the fastest rate since 1989, while stockpiles rose during the U.S. fall refinery maintenance season to the highest level since June. Saudi Arabia, the world’s largest oil exporter, is reducing shipments in response to a possible surplus in supply, according to data from a tanker tracker yesterday.
“Lower crude oil processing led to rising U.S. crude oil inventories, which pushed prices lower in recent days,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “Processing rates must almost reach summer peak levels to drain inventories again, given rising supplies.”"

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Oil’s $5 Trillion Permian Boom Threatened by $70 Crude - Bloomberg

Oil’s $5 Trillion Permian Boom Threatened by $70 Crude - Bloomberg:

Gaylon Wampler/Corbis
Oil and gas operations the Permian Basin oil and gas field of West Texas.
Bryan Sheffield, a third-generation oil wildcatter in Texas’s Permian Basin, knows what he’ll do if crude drops to $80 a barrel: shut down half his drilling rigs and go on a takeover hunt for weaker rivals.

Sheffield is among producers who’ve together invested $150 billion in the Permian since 2010 seeking their piece of an oil trove estimated to be worth as much as $5 trillion. As the money pours in, risks are mounting of a bust as analysts including Marshall Adkins of Raymond James & Associates Inc. forecast crude is heading down to $70 a barrel next year, a price that would slow drilling in the most expensive U.S. shale formation."

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