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Sunday, 1 December 2013

ECONOMICS - Egypt to get $5 billion in fresh aid from Saudi Arabia

ECONOMICS - Egypt to get $5 billion in fresh aid from Saudi Arabia:

"A new package of Saudi financial aid to Cairo will be announced within a few days, a high-ranking Egyptian Finance Ministry official said Dec. 1.

The package amounts to $5 billion, the official, who spoke on the condition of anonymity, told the Anadolu Agency over the phone. He said negotiations between Cairo and Riyadh over the package lasted for a month and the package would be in the form of grants, a deposit at the Central Bank of Egypt and petroleum products.

The official added that the aid package is expected to include $1 billion in non-refundable grants."

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Building a Competitive Economy Will Take 7-15 Years, Says Kudrin | Business | The Moscow Times

Building a Competitive Economy Will Take 7-15 Years, Says Kudrin | Business | The Moscow Times:

"The Russian economy's conversion to a more competitive model will take from 7 to 15 years to achieve, former Finance Minister Alexei Kudrin said.

The peak of the economic crisis is past, but systemic imbalances have still not been removed, Kudrin said, speaking at the Russian-German Chamber of Commerce, Vedomosti reported Friday.

While Europe is still stuck in a serious risk zone, he said, and stabilization of state debt will begin only after 2016, Russia has it own problems, 60 percent of which are tied up with internal political issues. Russia was unable to make use of high oil prices to push through necessary reforms, Kudrin said. "We got bogged down in the transition period."

According to the European Bank for Reconstruction and Development, post-Soviet reforms stalled in the mid-2000s and are still no further on now."

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Zain wants to keep majority control of Bahrain arm after IPO | Reuters

Zain wants to keep majority control of Bahrain arm after IPO | Reuters:

"Telecom operator Zain (ZAIN.KW) wants to retain majority control of its Bahraini subsidiary after the unit's initial public offering, but has yet to agree the exact terms of the share sale, the Kuwaiti firm's chief executive said on Sunday.

Zain Bahrain must float 15 percent of its shares and list on Bahrain's bourse by year-end.

Zain holds a 56.3 percent stake in the company, so Zain would no longer be majority owner should existing shareholders be required to sell shares in the IPO on a proportional basis.

"We're still having a discussion as to whether it will be (a) primary or secondary (listing) and what the dilution factor will be," Scott Gegenheimer, Zain's chief executive told reporters on the sidelines of a conference in Dubai."

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LUKoil Ready for Work in Iran | Business | The Moscow Times

LUKoil Ready for Work in Iran | Business | The Moscow Times:

"LUKoil, Russia's No. 2 oil producer, is ready to resume cooperation with Iran when international sanctions are lifted, chief executive Vagit Alekperov said Friday.

Iran and six world powers reached a deal last weekend to curb Tehran's nuclear program in exchange for limited sanctions relief.

U.S. and European Union sanctions, which prevent energy companies from investing in Iran and have slashed Tehran's oil exports from 2.5 million barrels per day to about 1 million bpd, remain in place.

"After sanctions are lifted — definitely. We are interested in all regions where hydrocarbon reserves lie," Alekperov told Interfax in the city of Perm, answering a question about the possible lifting of sanctions on Iran."

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MIDEAST STOCKS-Egypt turns around in thin trade; banks lift Oman, Qatar | Reuters

MIDEAST STOCKS-Egypt turns around in thin trade; banks lift Oman, Qatar | Reuters:

"* Bargain-hunters help Egypt bourse gain 1.4 pct

* Assembly prepares to roll outdraft constitution

* Oman index rises on positive newsflow

* Leading lender Bank Muscat says to recover $39 mln

By Olzhas Auyezov

DUBAI, Dec 1 (Reuters) - Egypt's bourse posted the biggest gain in the region on Sunday, rising 1.4 percent in thin trading as the country was readying a draft constitution for a national referendum.

The 50-member constituent assembly began voting on Saturday to approve the draft, article by article, and once this process is complete it will submit the document to interim President Adli Mansour, who will set a date for the referendum.

The adoption of a new constitution is a key part of the army-planned political transition plan meant to lead to parliamentary and presidential elections next year.

"Retail investors are reacting positively to these news," said Mohamed Radwan, director of international sales at Pharos Securities."

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Iran says it will produce more gas from field shared with Qatar | Fox News

Iran says it will produce more gas from field shared with Qatar | Fox News:

"Iran's President Hassan Rouhani says his country intends to increase production from a giant gas field shared with neighboring Qatar.

The Sunday report by state TV quotes Rouhani as saying Iran that intends to match Qatar's production by 2017.

Rouhani said Iran will use the additional production from the South Pars field — known as North Dome in Qatar — to "develop" Iran.

Iran's media says Qatar's current gas production from the field is about 1 1/2 times that of Iran's."

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Qatar's Masraf Al Rayan agrees terms of Islamic Bank of Britain offer | Reuters

Qatar's Masraf Al Rayan agrees terms of Islamic Bank of Britain offer | Reuters:

"Masraf al-Rayan MARK.QA, Qatar's largest sharia-compliant bank by market value, has agreed with the Islamic Bank of Britain (IBB) the terms of a cash offer for IBB's entire capital, Masraf al-Rayan said on Sunday.

The bank did not disclose the actual terms of the offer.

IBB is majority-owned by another Qatari lender, Qatar International Islamic Bank QIIB.QA, which has been in discussions with Masraf Al Rayan over its sale since mid-2012.

"As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market," Adel Mustafawi, Group Chief Executive of Masraf Al Rayan, said in a bourse statement."

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EU says deflation not serious threat - YouTube

EU says deflation not serious threat - YouTube:

"


Ben Hall, FT world news editor, talks to Olli Rehn, the EU's economic and monetary affairs commissioner, about the threat of deflation, rebalancing in Europe, the role of Germany and who will pay for bank failures"

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Advances in UAE aviation sector soar to new heights | The National

Advances in UAE aviation sector soar to new heights | The National:

"Concrete on the extension of Dubai International Airport’s newly-refurbished runway had only been dry a couple of weeks by the time of the official formation of this country on December 2, 1971.

The extra 3,300 feet added to the runway together with a new terminal capable of handling 1,200 people in air-conditioned comfort was one of the early steps taken in advancing the country’s foothold in the aviation industry.

Forty-two years on and such advances have soared to new heights."

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Dubai Expo 2020: After euphoria comes the question ‘how to pay for it?’ | The National

Dubai Expo 2020: After euphoria comes the question ‘how to pay for it?’ | The National:

"Dubai’s World Expo 2020 victory is focusing attention on the emirate’s debt – estimated by one bank to be around US$103 billion – as it is expected to renew borrowing to fund projects linked to the event.

The Dubai Government has hinted that a sizeable chunk of the funding for the exhibition is likely to come from borrowing, either directly or from its stable of state-linked firms.

As much as $43bn in infrastructure projects would need to be developed in preparation for the event, Deutsche Bank estimated in a report released last week."

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Renault Readying to Renew Iran Exports Pending Details - Bloomberg

Renault Readying to Renew Iran Exports Pending Details - Bloomberg:

"Renault SA (RNO) is readying to resume the export of car parts to Iran pending “clarifications” on the easing of trade sanctions against the country, said Gilles Normand, chairman of the French automaker’s Asia-Pacific region.
“We can start the preparatory work” with suppliers while “waiting for the go-ahead on the possibility to exports parts to Iran,” Normand said in an interview in Tehran. Such a move would require an opening of financial transactions channels with the country, he said.
A preliminary agreement last month between Iran and six world powers in Geneva allows for the lifting of some sanctions on the auto industry. Normand, speaking on the sidelines of the Auto Industry International Conference held in the Iranian capital yesterday, said implementation will take time."

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