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Sunday, 24 November 2013

Israel Stocks Extend Rally as Traders Weigh Iran; Saudi Gains - Bloomberg

Israel Stocks Extend Rally as Traders Weigh Iran; Saudi Gains - Bloomberg:

"Israel’s benchmark stock index advanced for a seventh day, tracking gains in U.S. shares last week, as investors weighed lower borrowing costs and Iran’s nuclear accord with world powers. Saudi shares rose.
The TA-25 Index (TA-25) increased as much as 0.7 percent to 1,354.53, the highest intraday level on record. The index, which closed at a record on Nov. 21, closed up 0.5 percent at 1,352.96 in Tel Aviv. Bank Leumi Le-Israel Ltd. climbed to the highest in more than two years while Cellcom Israel Ltd. (CEL) advanced 2.2 percent. Saudi Arabia’s Tadawul All Share Index advanced 0.6 percent"

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U.A.E. Stock Market Bulls Find a Friend in Bank of America Merrill Lynch - Middle East Real Time - WSJ

U.A.E. Stock Market Bulls Find a Friend in Bank of America Merrill Lynch - Middle East Real Time - WSJ:

"
European Pressphoto Agency
Dubai’s main stocks gauge has gained about 80% this year.
Stock markets in the United Arab Emirates could move higher even after posting some of the best returns in the world so far this year, according to analysts at Bank of America Merrill Lynch.

Dubai’s main stock index is up by about 80% year-to-date, while neighboring Abu Dhabi’s is up around 46%. A rebound across the Arab Gulf has taken hold this year after a drawn-out period of declines in the wake of the financial crisis. Some analysts see Dubai’s particularly fast recovery as underpinned by better performance in the underlying economy, while others have raised concerns that the market is overheating."

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Sberbank-Owned Turkish Lender Gets $1Bln Loan | Business | The Moscow Times

Sberbank-Owned Turkish Lender Gets $1Bln Loan | Business | The Moscow Times:

"Turkish lender Denizbank secured a one-year syndicated loan in two tranches of $328 million and 503 million euro ($677 million) at a total cost of Libor/Euribor + 75 basis points, the bank said Friday.

The bank, owned by Russia's Sberbank, said the deal was coordinated by Standard Chartered and Wells Fargo and 47 banks from 23 countries took part in the deal."

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Abu Dhabi investment firm TNI names new CEO to replace Osmansoy | Reuters

Abu Dhabi investment firm TNI names new CEO to replace Osmansoy | Reuters:

"Abu Dhabi-based investment firm, The National Investor (TNI), has appointed a new chief executive officer to replace Orhan Osmansoy, who resigned after nine years at the helm, the company said in a statement on Sunday.

The new chief, Yasser Geissah, joins TNI after working with commercial and investment banking firms in the United Arab Emirates, including Abu Dhabi Invest Co, National Bank of Abu Dhabi and CAPM Investment. The statement did not mention where Geissah was most recently working.

Sources had told Reuters last week that Orhan Osmansoy resigned after expanding the company into a regional investment firm, operating in private equity, investment advisory and asset management businesses."

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Dubai Shares Gain on Expo Bets as Gulf Stock Rise Amid Iran Deal - Bloomberg

Dubai Shares Gain on Expo Bets as Gulf Stock Rise Amid Iran Deal - Bloomberg:

"Dubai’s benchmark stock index rose to the highest in almost two weeks on bets the emirate will win the right to host the World Expo 2020. Shares in other Gulf markets climbed as Iran signed a nuclear accord.
The DFM General Index (DFMGI) climbed 0.8 percent to 2,913.89 at 10:56 a.m. in the emirate, bringing the gain for the year to 79 percent. Emaar Properties PJSC, builder of the world’s biggest shopping mall by floor space, rose 0.3 percent and Dubai Investments PJSC (DIC) was poised for the highest close since October 2008. Kuwait’s gauge advanced 0.5 percent and Qatar’s increased 0.7 percent.
Dubai is one of four cities competing to host the World Expo and results will be announced Nov. 27. A successful bid would be a milestone in Dubai’s recovery from a property crash in 2009 that wiped as much as 65 percent off home prices. It would boost economic growth by 0.5 of a percentage point per year and by about 2 percentage points in 2020, Bank of America Corp. said in a Sept. 26 report."

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UPDATE 2-Qatar bank grants Tunisia $500 mln to support currency reserve | Reuters

UPDATE 2-Qatar bank grants Tunisia $500 mln to support currency reserve | Reuters:

"* Qatar deposit to help stabilize economy, reserves

* Ruling Islamists trying to end political crisis

* Tunisia's lenders pushing for reforms to cut deficit (Adds quote and more economic details)

By Tarek Amara

TUNIS Nov 23 (Reuters) - Qatar National Bank, part owned by the Gulf state's sovereign wealth fund, has given Tunisia a $500 million deposit to support its foreign currency reserves, a senior official in Tunisia's central bank said on Saturday.

The deposit was made as Tunisia's Islamist-led government faces pressure from lenders such as the World Bank and the International Monetary Fund to make reforms to trim its budget deficit and end a political crisis.

"Qatar National Bank gives a deposit of $500 to the central bank, which supports foreign currency reserves .. it is a shot of oxygen for the economy," the official told Reuters, asking not to be identified because he was not authorised to speak to the media on the matter."

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News.Az - SOCAR president: We are ready to cover Europe’s gas needs

News.Az - SOCAR president: We are ready to cover Europe’s gas needs:

"Azerbaijan is ready to cover Europe’s need for natural gas, president of the State Oil Company of the Republic of Azerbaijan (SOCAR) Rovnag Abdullayev said.

At a press conference in Istanbul Hotel Grand Tarabya, SOCAR president said that the proven gas reserves in Azerbaijan are estimated at $ 3 trillion cubic meters and the basis for the development of energy cooperation between Baku and the European Union is a project of the Southern Gas Corridor.

According to him, with the introduction of new gas capacities, the export potential of Azerbaijan will not fall below 40-50 billion cubic meters per year by 2025.

"Most of this gas will go to the European markets, requiring us to create a safe corridor for energy", the head of SOCAR said."

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Who lost Ukraine? | The World

Who lost Ukraine? | The World:

"I have just spent an interesting day in Washington, part of which was spent listening to European and US officials discussing Ukraine’s decision to halt talks on a bilateral pact with the EU. This decision by the Yanukovitch administration is a big blow to both the EU and the US, which had been hoping to draw Ukraine decisively into the Western orbit. It also a minor triumph for the Russians. One disappointed western analyst says that – “It is the first time that the West has lost a soft power contest with Russia.”

And yet the reaction from Western officials was calmer than I expected. Broadly speaking, the view seems to be that it’s a great shame – but that the biggest loss is to Ukraine itself. In the long-term, it is hoped that this will become apparent and that the Ukrainians will look West again. There is also a strong view that the Russians won this particular struggle through the use of inducements that were not available to the West. As one analyst put it – “In the end, this came down to money. And not money for Ukraine itself. Money for particular groups in Ukraine.”"

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Russian reforms can’t seem to get off first base | GulfNews.com

Russian reforms can’t seem to get off first base | GulfNews.com:

"
mage Credit: Dwynn Ronald V. Trazo©/Gulf News
In early November, the Russian government released its latest macroeconomic forecast. It could not have been an easy decision: Whereas President Vladimir Putin and his government campaigned in 2012 on a promise that the Russian economy would grow at 5-6 per cent per year during his six-year term, the growth rate is now expected to average just 2.8 per cent from 2013 to 2020.
Minister of Economic Development Alexei Ulyukaev explicitly acknowledged that achieving the targets set by Putin “will take longer”. In some cases, that means much longer. For example, in May 2012, Putin promised to increase Russia’s labour productivity by 50 per cent by 2018; the current forecast does not envision this outcome even by 2025.
For independent observers, the ministry’s grim forecast comes as no surprise. Judging by low stock prices and high capital outflows, investors were already betting against high growth rates. Now Putin and Prime Minister Dmitry Medvedev are pessimistic as well."

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Global Islamic economy valued at $6.7 trillion | The National

Global Islamic economy valued at $6.7 trillion | The National:

"The global Islamic economy has a potential value of US$6.7 trillion, bigger than the economies of every country in the world except China and the USA, according to a new report published today.

The study, by the Dubai authorities in partnership with information group Thomson Reuters, “for the first time collectively sized the potential of the Islamic economy sectors and the convergence of their global opportunities”.

It is published ahead of the Global Islamic Economy Summit to be opened in Dubai tomorrow.

The report estimates the current global expenditure of Muslim consumers on food and lifestyle sectors such as cosmetics, tourism and media to be $1.62tn lastyear, and forecast to reach $2.47tn by 2018."

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Canada's Bank of Montreal expands from Abu Dhabi hub in pursuit of business with Middle East sovereign wealth funds | The National

Canada's Bank of Montreal expands from Abu Dhabi hub in pursuit of business with Middle East sovereign wealth funds | The National:

"Bank of Montreal plans to use its office in Abu Dhabi as a hub to expand its investment banking business in the region.

Canada’s fourth largest bank has spotted an opportunity as more regional sovereign wealth funds seek alternatives to the traditional havens of the United States and Europe in the developed world.

Kevin Lynch, a Bank of Montreal vice chairman, said most investment funds went into Europe and the US before the global financial crisis in 2008.

“Right now we want to grow from here and serve the region. We think this is an excellent place to be located,” Mr Lynch said last week. “What Abu Dhabi offers is a perfect match for us. We’d rather grow in one place and travel around the region.”"

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Damac’s executive chairman to join region’s richest from share sale | The National

Damac’s executive chairman to join region’s richest from share sale | The National:

"Hussain Sajwani, Damac Properties’ founder and executive chairman, stands to make a personal windfall of hundreds of millions of dollars from the luxury property developer’s London share offer this week.

The planned US$500 million offering would propel Mr Sajwani into the ranks of the region’s richest billionaires. The long-awaited debut of Damac shares, in the form of global depositary receipts (GDRs), will take place on Wednesday following a global roadshow by investment bank advisers.

GDRs are a form of quasi-equity occasionally used by emerging market companies in listings on western exchanges."

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Iran to Reap $7 Billion in Sanctions Relief Under Accord - Bloomberg

Iran to Reap $7 Billion in Sanctions Relief Under Accord - Bloomberg:

"Iran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached today in Geneva, the Obama administration said.
In return for Iran limiting its nuclear program, the interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.
The accord also will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said."

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