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Monday, 11 November 2013

Saudi Arabia to target agro-investments abroad | Arab News

Saudi Arabia to target agro-investments abroad | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"Saad Khalil, director of King Abdullah’s Initiative for Saudi Agricultural Investment Abroad, recently revealed that 35 countries have been targeted for agro-investment so far.
Khalil said investments are available in these countries to produce basic and strategic commodities for food security for both the Kingdom and target countries.
“We still don’t have accurate information as to whether there has been growth or decline in the volumes of agro-investment abroad,” he added.
The Agricultural Development Fund, the financing arm of the initiative, will announce the terms and conditions for funding abroad with the aim of regulating and streamlining the investment process."

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Daily and weekly UAIndex averages up at weekend - Business - News - Ukraine Business Online

Daily and weekly UAIndex averages up at weekend - Business - News - Ukraine Business Online:

"Friday ended a good but not great week for the UAIndex, good enough that at least the daily and weekly averages were in positive territory.

Agrokultura AB, which often finds itself vying for most volatile title with Agroton, was not only #1 on the Best Performing list but took Volume Leader honors, up +2.70% on trade of 176,484  shares.

Most impressive on the Worst Performing list was Milkiland, down -4.00% on trade of a mere 3,620 shares."

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Deutsche Telekom to Acquire GTS Central Europe for $730m - Bloomberg

Deutsche Telekom to Acquire GTS Central Europe for $730m - Bloomberg:

"Deutsche Telekom AG (DTE) agreed to buy GTS Central Europe for 546 million euros ($730 million), adding landline networks in countries where the German phone company’s services are predominantly wireless.
Deutsche Telekom is acquiring Warsaw-based GTS from private-equity firms including Columbia Capital, HarbourVest Partners, Innova Capital and M/C Partners, the Bonn-based company said yesterday. The transaction, subject to regulatory approvals, will give Deutsche Telekom landline grids in Poland, the Czech Republic, Hungary and Romania.
The price of the purchase, which values GTS at 6.3 times earnings before interest, taxes, depreciation and amortization, “is not a bargain but still an acceptable price,” said Heike Pauls, an analyst at Commerzbank AG in Frankfurt, who has a hold rating on Deutsche Telekom shares. That compares with an industry valuation of six times Ebitda, she said."

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Kerry Says U.A.E. Trade With Iran Plunges 83% on Sanctions - Bloomberg

Kerry Says U.A.E. Trade With Iran Plunges 83% on Sanctions - Bloomberg:

"U.S. Secretary of State John Kerry said business between the United Arab Emirates and Iran has plunged 83 percent because of international sanctions against the Islamic republic.
“Just today in our conversation I learned that it has gone from some $23 billion in business down to $4 billion,” Kerry said in a news conference with U.A.E. Foreign Minister Abdullah bin Zayed in Abu Dhabi. “That’s a huge sacrifice.”
Iran and world powers failed to reach an agreement to limit the country’s nuclear program during talks in Geneva. Another round of negotiations is set to resume on Nov. 20. The U.A.E. is among U.S. allies in the six-member Gulf Cooperation Council that oppose allowing Iran to develop nuclear weapons."

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Saudi Gazette - Gulf banker plans own investment bank in Dubai

Saudi Gazette - Gulf banker plans own investment bank in Dubai:

"Emad Mansour, a veteran Gulf Arab banker, is planning to set up an investment bank in Dubai’s tax-free financial zone, he said on Sunday, joining a growing list of regional bankers taking advantage of a revival in deal making and a retreat by big investment banks.

Mansour, who has about 20 years of investment banking experience in the region, was most recently the chief executive of Doha-based Qatar First Bank (QFB), a sharia-compliant investment bank, which he helped set up in 2008. In September, QFB said Mansour had resigned as CEO.

The executive, who also previously ran the investment banking operations of Saudi Arabia-based Samba Financial Group, will file an application to the regulator of Dubai International Financial Center (DIFC), and aims to launch the business in the first half of 2014, Mansour said in a telephone interview."

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Brent Rises Second Day After Iran Talks Fall Short of Agreement - Bloomberg

Brent Rises Second Day After Iran Talks Fall Short of Agreement - Bloomberg:

"Brent crude rose for a second day after Iran and six world powers failed to agree on curbs to the Persian Gulf nation’s nuclear program, tempering expectations of an end to the decade-long stalemate.
Futures increased as much as 0.6 percent in London while West Texas Intermediate gained 0.3 percent. International Atomic Energy Agency chief Yukiya Amano is leading inspectors to Tehran for negotiations after Iran’s talks in Geneva with the United Nations Security Council and Germany ended without a deal. Prices also climbed as Chinese government data showed an expansion in industrial production in October.
“The market may have been too optimistic about this current process leading to an actual change like a wind-down of the sanctions,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “That was enough to remind the market about risk in the Middle East.”"

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UAE anti-fraud bill under review | The National

UAE anti-fraud bill under review | The National:

"An anti-fraud bill under review by a Federal National Council committee is intended to curb counterfeit products, replica sales and smuggling.

Commercial fraud is minimal when it comes to food and medication but fake bags, toys, clothes, electronics and even car parts are common.

“That does not mean it is not there 100 per cent, but it is limited with food and medicine,” said Ali Al Nuaimi (Ajman), deputy head of the finance committee, which is debating the 25-article bill privately.

“But imitations of brands and replicas are in the market. This law will play a big role to stop this.”"

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Franklin Templeton in $5 billion Ukraine debt gamble

Franklin Templeton in $5 billion Ukraine debt gamble:

"Franklin Templeton, a big U.S. money manager known for astute but aggressive bets in the sovereign debt market, has emerged as the dominant bankroller of Ukraine despite the country teetering on the edge of an economic crisis.

The investment group has snapped up Ukrainian international debt with a face value of almost $5 billion at the end of August, nearly a fifth of the country's outstanding international government bonds according to data gleaned from Bloomberg.

The investments have been directed by Michael Hasenstab, who was also the architect of Franklin Templeton's massive purchase of Irish debt, which helped calm the country's financial markets in the wake of the euro zone crisis."

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▶ Will Mexico overturn Brazil? - YouTube

▶ Will Mexico overturn Brazil? - YouTube:

"Brazil has been the Latin American market top dog for 10 years, but that is being challenged by Mexico. Bartosz Pawlowski, global head of emerging market strategy at BNP Paribas, explains to Jonathan Wheatley why he thinks Mexico's climb could continue.


"

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Australian men Matthew Joyce and Marcus Lee cleared of bribery, fraud-related charges in Dubai - ABC News (Australian Broadcasting Corporation)

Australian men Matthew Joyce and Marcus Lee cleared of bribery, fraud-related charges in Dubai - ABC News (Australian Broadcasting Corporation):

"A four-year legal nightmare in the Middle East for two Australian businessmen appears to be all but over.

Matthew Joyce and Marcus Lee have not been able to leave Dubai since 2009 when Gold Coast development company Sunland accused them of fraud-related charges over a property deal.

The threat of 10 years jail has been hanging over Mr Joyce's head after he was convicted at trial in June but that conviction was later overturned.

Mr Lee was acquitted, but Dubai prosecutors appealed against the outcomes for both men.

The Dubai Court of Appeal has now ruled that both men did nothing wrong, clearing the pair of bribery and fraud-related charges."

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Abu Dhabi's Waha Capital Q3 profit soars | Reuters

Abu Dhabi's Waha Capital Q3 profit soars | Reuters:

"Waha Capital, an Abu Dhabi-based investment firm, posted a near fourfold increase in its third-quarter profit as income from its portfolio companies increased sharply.

Waha posted a quarterly profit of 107.1 million dirhams ($29.2 million), compared with 27.5 million dirhams for the year-ago period, it said in a bourse statement on Monday.

The investment firm said income from its portfolio companies, which include New York-listed AerCap Holdings , rose to 84.9 million dirhams during the quarter from 49.5 million dirhams for the same period last year."

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