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Friday, 1 November 2013

▶ UK's hopes for sukuk bonds - YouTube

▶ UK's hopes for sukuk bonds - YouTube:

"The UK plans to launch a sukuk bond with the aim of attracting lucrative Islamic finance deals. Neil Miller, global head of Islamic finance at Linklaters, explains to capital markets correspondent Robin Wigglesworth the attraction of a UK sukuk bond.


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Kurdistan: oil pipeline to Turkey is a reality | beyondbrics

Kurdistan: oil pipeline to Turkey is a reality | beyondbrics:

Iraq’s semi autonomous region of Kurdistan has given its clearest signals yet that it is preparing to realise the export of oil and gas by pipeline via Turkey, independent of the Iraqi central government in Baghdad.

Ashti Hawrami (pictured), the Regional Government’s minister of natural resources, said that the central government will have to accept that the Kurdistan Regional Government can export oil and gas without interference from Baghdad.

Speaking at a conference in Istanbul on October 31, Hawrami said: “Nowhere in the world does 1m barrels a day (of crude oil production capacity) remain stranded forever.”

“Oil export is a reality, it is happening,” he said referring to the fact that following the breakdown last year of an agreement with Baghdad which saw Kurdish crude exported through the Baghdad controlled Iraq-Turkey (Kirkuk-Ceyhan) pipeline, Kurdish crude has been exported through Turkey by truck, independent of Baghdad."

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The week ahead: Rocket plan - YouTube

The week ahead: Rocket plan - YouTube:

"Muhammad Morsi goes on trial in Egypt, talks resume over Iran's nuclear programme, New Yorkers elect a new mayor and India launches a mission to Mars.


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Slowly but surely, Novatek is breaking Gazprom’s gas monopoly | beyondbrics

Slowly but surely, Novatek is breaking Gazprom’s gas monopoly | beyondbrics:

"As Russia moves to liberalize liquefied natural gas exports, foreign companies are getting serious about buying gas from the Novatek-led Yamal LNG venture. In the space of just over one week both Chinese National Petroleum Corporation and Spanish Fenosa have signed up to take LNG from the groundbreaking venture that will end Gazprom’s monopoly on Russia’s foreign gas trade.

Novatek, Russia’s biggest independent gas producer, appears finally to be making headway in a campaign to strip Gazprom of its gas export privileges. A Russian government committee approved legislation to liberalize LNG exports this week. Officials say the new rules, allowing independents to ship LNG to foreign markets for the first time, will be implemented by the end of the year. Gazprom’s monopoly on pipeline gas exports will remain intact. “This is a very serious decision that, to a certain extent, does away with the monopoly on exports,” Dmitry Medvedev, Russian prime minister, told a government meeting."

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Romania’s biggest IPO: a privatisation breakthrough? | beyondbrics

Romania’s biggest IPO: a privatisation breakthrough? | beyondbrics:

"It was the biggest initial public offering in Romania’s history, and the latest of several big IPOs in eastern Europe. But will Friday’s part-privatisation of natural-gas utility Romgaz reinvigorate Romania’s stalled liberalisation programme?

The sale of 15 per cent of Romgaz was five times oversubscribed and raised 1.7bn lei ($517m), above the 1.38bn lei minimum, Bloomberg reported on November 1. The government sold 57.8m shares at 30 lei each through the Bucharest Stock Exchange (BVB), as well as global depository notes on the London Stock Exchange. Both will start trading on November 12. Some 60 per cent of shares went to foreign investors.

“The IPO shows the energy sector in Romania is seen by investors as an interesting market, with good potential to develop,” Romanian economic journalist Cristian Pantazi told beyondbrics. “For the BVB, it shows that there is money in the local market, but investors are afraid of risk and willing to go only to safe places. The success is moderate, given the fact that a few months ago some government officials said they were expecting to raise €600m ($800m).”"

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Fannie Mae sues 9 leading world banks over $800mn loss from Libor rigging — RT Business

Fannie Mae sues 9 leading world banks over $800mn loss from Libor rigging — RT Business:

"US mortgage agency Fannie Mae has filed a lawsuit against nine of world’s biggest banks, citing $800 million in losses it claims came from the manipulation of the key interbank rate - Libor.

The lawsuit filed at the District Court of Manhattan is against Bank of America, Barclays, Citigroup, Credit Suisse Group, Deutsche Bank AG, JPMorgan Chase & Co, Rabobank, Royal Bank of Scotland and UBS AG, claiming they artificially lowered the rate from 2007 to 2010, the Washington Post reported.

In the filing Fannie Mae said it lost about $800 million on “swaps, mortgages, mortgage-backed securities and other variable rate transactions” tied to Libor.

The London Interbank Offered Rate (Libor) serves as a standard interest rate for loans between banks and is a benchmark for the estimated $360 trillion in lending to businesses and consumers."

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Asia PMIs: 5 out of 6 ain’t bad | beyondbrics

Asia PMIs: 5 out of 6 ain’t bad | beyondbrics:

PMI scores | Source: HSBC / Markit
Asian manufacturers are more positive than any point since April, according to the latest Markit / HSBC PMI surveys.

The purchasing managers index for October for six Asian economies (China, India, Indonesia, South Korea, Taiwan and Vietnam) showed that five scored over the 50 mark that separates expansion from contraction, and with none showing a decline in sentiment. It’s a big improvement on just two months ago when only China was showing any postive signs.

Of the PMI surveys, Taiwan stood out as most improved, going from 52.0 to 53.0. After the poor GDP data out on Thursday, the strong PMI is further evidence of a stronger end to the year, as analysts suggested."

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Ukranian News - S&P Downgrades Ukraine's Ratings To B- To B

Ukranian News - S&P Downgrades Ukraine's Ratings To B- To B:

"The Standard&Poor's international rating agency has downgraded long-term soverign ratings of Ukraine to B- from B, S&P has said.
The rating agency also lowered the long-term Ukraine national scale rating to 'uaBBB-' from 'uaA-'.
Ratings outlook is Negative.
According to the agency, the Ukrainian government has yet to implement a strategy to secure sufficient foreign currency to meet its elevated external financing needs.
The outlook remains negative, reflecting our opinion that there is at least a one-in-three likelihood of a downgrade over the next year if Ukraine's net international reserves decline faster than the agency currently expects and external and fiscal commitments become increasingly difficult to meet.
The downgrade reflects our view that the government's strategy is increasingly unlikely to secure sufficient foreign currency to meet its elevated external financing needs."

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Growing Popularity of Islamic Banks

Growing Popularity of Islamic Banks:

"Can religious faith, God and money ever be brought into a harmonious co-existence? Yes, they can, say the acolytes of Islamic banking. Islamic banks are becoming ever more popular in Turkey, even if not everyone is particularly enthusiastic about the development.
Islamic banks – so-called participation banks – are growing in popularity in Turkey. Statistics released by the Participation Banks Association of Turkey (TKBB) reveal that Islamic banking in Turkey has been growing at a rate of around 25 to 30 per cent a year since 2006. The number of branches in the country has grown from around 800 at the beginning of this year to more than 900 at the present time.
There are currently four banks operating in the market. Three of them are based in the Gulf and all have impressive sounding names: "Bank Asya", "Turkiye Finans", "Kuveyt Turk" und "Albaraka Turk"."

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Sensex hits new record high of 21,293.88, up 129.36 points - The Times of India

Sensex hits new record high of 21,293.88, up 129.36 points - The Times of India:

"The BSE benchmark sensex on Friday hit a new high of 21,293.88 by gaining over 129 points in opening trade on sustained foreign fund inflows in banking, auto, metal and realty sectors.

Rising for the fourth straight session, the sensex rose 129.36 points, or 0.61%, to trade at record high of 21,293.88 points, surpassing previous intra-day record high of 21,206.77 reached on January 10, 2008. It had rallied 594.24 points in the past three sessions.

Stock brokers said sentiments remained bullish on continued foreign funds inflow and the RBI easing liquidity situation by cutting marginal standing facility (MSF) to 8.75% in its monetary policy on Tuesday."

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Dubai debuts on global property investment hotspot list |

Dubai debuts on global property investment hotspot list |

"IP Global, a leading property investment company specialising in securing prime investment opportunities in emerging and developed markets around the world, has announced the release of its latest Property Barometer for third quarter 2013.
This quarter, the barometer showcases only what it calls ‘bright’ categories, therefore the best investment destinations at the current time. Dubai and Edinburgh make debut appearances in the third quarter investment ‘hot list’, alongside U.S. destinations including Chicago, New York, Boston and Seattle, and the Australian cities of Melbourne, Sydney and Brisbane. German cities Munich and Berlin, which were favourites in the first quarter, have made a comeback and Tokyo makes its second appearance of the year."

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‘Dubai closer to becoming capital of Islamic economy’ |

‘Dubai closer to becoming capital of Islamic economy’ |

"Dubai’s selection as host of the 10th session of the World Islamic Economic Forum 2014 — one of the world’s largest gatherings to share knowledge, experience and expertise in Islamic economy — will take the emirate a step closer to its vision of becoming the world capital of the Islamic economy.
The announcement came during the opening day of the World Islamic Economic Forum 2013 in London, being attended by a high-level Dubai delegation headed by Mohammad Abdullah Al Gergawi, Chairman of the Executive Office of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Chairman of the Higher Committee for the Development of the Islamic Economy Sector, including top government and Dubai Chamber of Commerce and Industry officials.
Al Gergawi accredited this achievement to the vision of Shaikh Mohammad, who initiated the “Dubai: Capital of the Islamic Economy” initiative and laid clear guidelines to focus efforts on the various aspects of developing the Islamic economy, and whose ambitious strategy has started to bear fruit."

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Abu Dhabi Investment Authority set for big French property deal | The National

Abu Dhabi Investment Authority set for big French property deal | The National:

"Abu Dhabi Investment Authority (Adia) is in advanced negotiations to buy a €750 million (Dh3.75 billion) property portfolio from the Swiss bank UBS.

According to filings made with the French competition commission, the Abu Dhabi sovereign wealth fund, through its subsidiary Tamweelview European Holdings, is in talks with the UBS-owned Docks Lyonnais to sign what could be the biggest deal in French commercial real estate this year.

The portfolio includes the 24,000 square metre 19th century 6-8 Boulevard Haussmann office block in the 9th arrondissement of Paris currently let to the French bank BPI as its headquarters."

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Dubai Airports warns GCC to invest in managing airspace or face worsening congestion | The National

Dubai Airports warns GCC to invest in managing airspace or face worsening congestion | The National:

"The GCC risks facing worsening air traffic congestion unless it can match the multibillion-dollar airport investments on the ground with a plan to manage the skies, Dubai Airports warns.

There was a need for a single air traffic management system to oversee both civil and defence aviation, said the company’s chief executive Paul Griffiths.

He was speaking after overseeing the opening this week of the passenger terminal at Al Maktoum International Airport, destined to eventually become the world’s largest airport with an annual passenger capacity of 160 million."

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▶ Frontier markets - still time to buy? - YouTube

▶ Frontier markets - still time to buy? - YouTube:

"Frontier markets are up 15 per cent compared to a 2 per cent rise in emerging markets. Rob Minto, the FT's emerging markets assistant editor, looks at the factors driving the success of frontier markets and whether investors have missed the rally.


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Credit Suisse Exchanged $4.5 Billion Qatar Notes to CoCos - Bloomberg

Credit Suisse Exchanged $4.5 Billion Qatar Notes to CoCos - Bloomberg:

"Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, said it exchanged $4.5 billion of notes held by the Qatar Investment Authority into debt that qualifies as capital under stricter rules.
The Zurich-based bank and Qatari sovereign wealth fund swapped the Tier 1 capital notes for contingent-convertible bonds on Oct. 23 in a transaction approved by Swiss financial regulator Finma, Credit Suisse said in a report today.
The bank and Persian Gulf nation have boosted ties after the wealth fund participated in Credit Suisse’s capital increase during the 2008 financial crisis. The swap helps the Swiss lender meet demands from the regulator that it boost reserves of capital that can better absorb losses amid turmoil such as that following the meltdown of the U.S. housing market."

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National Bank of Abu Dhabi Plans Eight Banking Hubs for Growth - Bloomberg

National Bank of Abu Dhabi Plans Eight Banking Hubs for Growth - Bloomberg:

"National Bank of Abu Dhabi PJSC, the United Arab Emirates’ biggest bank by assets, plans to set up eight global hubs and build five “international bank franchises” as part of its overseas expansion strategy.
The state-controlled lender will focus on Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris and Washington DC to serve clients in five key industries, Chief Executive Officer Alex Thursby said at a news conference in Abu Dhabi today. NBAD plans to tap trade and investment flows across the Middle East, Africa and Asia, said Thursby, who joined in July from Australia & New Zealand Banking Group Ltd. (ANZ)
The bank also plans to build “more than a one-branch presence” in five countries which will typically be those with large populations, have fast-growing economies and a rapidly expanding middle class, Thursby said. The lender is seeking to set up between 10 and 20 branches in these countries, with Egypt being the first and Malaysia likely the second, he said."

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