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Monday, 25 November 2013

Gulf Air year-on-year losses cut by 50% | GulfNews.com

Gulf Air year-on-year losses cut by 50% | GulfNews.com:

"Gulf Air, Bahrain’s national carrier, has cut its year-on-year losses by more than 50 per cent, the airline stated in a statement on Sunday.
The cut in year-on-year losses comes as the airline benefited from a strong summer and improved cost efficiency driven by its restructuring plan.
Gulf Air started its restructuring plan in December last year after falling into financial difficulty. It has since cut its workforce by 27 per cent. Year-on-year expenses have reduced by nearly 30 per cent, largely driven through operational and maintenances costs and the workforce reduction."

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UAE Cabinet approves rules for GCC market integration | GulfNews.com

UAE Cabinet approves rules for GCC market integration | GulfNews.com:

"The Cabinet has approved the implementation of standard rules and principles for the integration of GCC financial markets, as well as the UAE’s Halal food control system
The standard rules were approved at Sunday’s Cabinet meeting, chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, were present."

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Dubai TV network OSN’s valuation surges 72% ahead of planned IPO | The National

Dubai TV network OSN’s valuation surges 72% ahead of planned IPO | The National:

"Dubai-based Orbit Showtime Network (OSN) is worth US$4.3 billion, according to a new valuation by Arqaam Capital.

The brokerage said the new figure represents a 72 per cent increase following OSN’s acquisition of Pehla Media & Entertainment.

Separately, OSN yesterday secured a $200m financing facility.

Arqaam’s valuation, in a research note, places the pay-TV network among the biggest media companies in the region ahead of a planned initial public offering."

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CAPM Investments advising on IPO as UAE market conditions improve | The National

CAPM Investments advising on IPO as UAE market conditions improve | The National:

"CAPM Investments is advising on an initial public offering, its first deal since the Abu Dhabi-based investment company was acquired by Finance House last year.

The transaction was awaiting regulatory approval by the markets regulator, the Securities and Commodities Authority (SCA), sources familiar with the deal said. It is understood that the company it was advising would be involved in the food and beverages sector.

Mahdi Mattar, the chief executive of CAPM, declined to comment on the IPO mandate yesterday, but said he was “seeing a revival of entities expressing interest in going public”."

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CEO pay cap limit initiative rejected by Swiss referendum — RT Business

CEO pay cap limit initiative rejected by Swiss referendum — RT Business:

"Switzerland has rejected a proposal to limit the salary of CEO’s to 12 times that of their lowest-paid employees, following a massive campaign by big business who spent millions in advertising against the measure.

The measure was opposed by 65 percent of voters, the government of Bern said Sunday, claiming a voter turnout of 53 percent, the highest in the last three years. The proposal was rejected by a margin of around two to one.

“It’s a big relief,” Valentin Vogt, president of the Swiss Employers’ Association, said in an interview on Swiss national television SRF. “It’s a signal that it’s not up to the state to have a say in pay.”"

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Putin Bets on Gazprom Purge as Slowdown Threatens Legacy - Bloomberg

Putin Bets on Gazprom Purge as Slowdown Threatens Legacy - Bloomberg:

"Vladimir Putin wasn’t having a great day. The Russian president had spent the August morning in a helicopter over Khabarovsk, near the Chinese border, surveying flood damage that had left tens of thousands of people homeless.
Then he met with senior advisers who were on the trip, for a briefing on economic issues. They drew parallels to another brewing storm: The energy-export model Putin had relied on to restore Russia’s economic strength had run its course, he was told, said two officials on the trip. The state-dominated economy needed a shock, and, to prevent stagnation as growth slowed, a reset. Something had to be done."

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Boeing to UBS Help Luxoft Lessen Country Risks: Russia Overnight - Bloomberg

Boeing to UBS Help Luxoft Lessen Country Risks: Russia Overnight - Bloomberg:

"Luxoft Holding Inc. (LXFT), the software development unit of Moscow-based IBS Group Holding Ltd., rallied to the highest level in five months in New York on prospects the company will benefit from revenue outside of Russia.
The company, whose clients include Boeing Co. and UBS AG, has more than doubled since its June debut, climbing 12 percent to $37.70 last week. The advance sent valuations to 20 times estimated earnings, surpassing the average multiple of 6.7 for the average company on the Bloomberg-Russia-US Equity Index. The gauge of the most-traded Russian stocks in the U.S. posted a fifth weekly decline. RTS index futures rose 0.3 percent to 145,090 in U.S. hours."

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