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Friday, 13 December 2013

Ukrainian Billionaire Denies Russian Gas Role | World | RIA Novosti

Ukrainian Billionaire Denies Russian Gas Role | World | RIA Novosti:

"A Ukrainian billionaire denied on Friday that he could return as a middle man in a deal to supply Russian gas to Ukraine, a news agency in Kiev reported.
Dmitry Firtash said he had no intention of being an intermediary in gas supplies to Ukraine, according to Ukrainskie Novosti.
The comment followed Russian reports suggesting that there could be a revival of an arrangement in place before 2009, when Russia’s state-owned Gazprom sold gas to an intermediary company, which then resold the fuel to Ukraine's Naftogaz.
"I don't intend to embark on any intermediary activities. All the rest is rumors that are not based on anything," Ukrainskie Novosti reported Firtash as saying."

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EMERGING MARKETS-Ukraine's currency hits four-year low as weekend protests near | Reuters - #EuroMaidan

EMERGING MARKETS-Ukraine's currency hits four-year low as weekend protests near | Reuters:

"Ukraine's hryvnia slipped to new four-year lows on Friday while depreciation bets on the currency intensified on expectation that the near-bankrupt country will hurtle into crisis without a speedy aid infusion.

Across other emerging markets, currencies came under pressure against the dollar ahead of next week's meeting of the U.S. Federal Reserve which some expect will signal the start of the stimulus wind-down.

Focus remains on Ukraine however. With Kiev due to hold talks with Russia next week, anti-government protesters were preparing for a fresh weekend rally. The European Union, meanwhile, is holding out the promise of aid provided Ukraine signs a trade pact that it ditched last month.

But the political turmoil has put the economy into deep-freeze, and raised questions about how the country will defend its currency peg to the dollar and repay debts."

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Bank housekeeping: Russian regulator shuts down 3 more lenders — RT Business

Bank housekeeping: Russian regulator shuts down 3 more lenders — RT Business:

"Russia’s Central Bank (CBR) has revoked the licenses of three mid-sized banks on Friday, which brings the total to 30 lenders that have been closed down under the CBR crusade against dubious lenders since the start of the year.

Licenses were withdrawn from Investbank, Smolensky Bank, Russia’s 125th largest, and Project Finance Bank, the country’s 129th biggest bank. Individual deposits total $2.2 billion (70 billion rubles), according to the Deposit Insurance Agency (DIA).

Elderly clients broke through the door of Investbank, office windows were smashed, and hundreds of people rushed to enter the bank, only be refused in Kaliningrad."

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Putin's Gas Gambit Backfires

Putin's Gas Gambit Backfires:


Under Vladimir Putin, Russia's massive reserves of natural gas have increasingly become a weapon -- one the Kremlin has not hesitated to use to cow neighbors and boost Russian influence. Moscow has used threats of gas cut-offs or outright cuts more than 50 times since the end of the Soviet Union, analysts say.
But judging by the roiling turmoil in the Ukraine, Russia's use of the energy weapon may have backfired, undermining some of its foreign-policy goals and sparking a resurgence of Ukrainian nationalism.
Moreover, and more important for Russia's aspirations, its ability to wield energy as a geopolitical tool is waning and will likely continue to do so, thanks to a spate of changes that are rocking the energy world: new supplies of gas, especially from the United States, greater seaborne gas trade, and a gradually unifying European gas market."

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EADS flies higher - YouTube

EADS flies higher - YouTube:


EADS, which had sales of €56bn last year, has turned its focus to the bottom line after the collapse of its merger with BAE Systems a year ago. Investors love the results. Lex's Joseph Cotterill discuss developments at the aerospace and defence group."

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Soaraway first half forecast for Middle East carriers | The National

Soaraway first half forecast for Middle East carriers | The National:


Middle East airline profits are expected to soar by as much as half next year driven by an increasing global demand for long haul and domestic flights and rising tourist numbers.

According to figures published yesterday by the International Air Transport Association (Iata), Middle Eastern airlines are set to post net profits of a combined US$2.4 billion in 2014 – a 50 per cent increase from their predicted 2013 total of $1.6bn.

The industry body said margins for airlines in the region were also set to improve over the coming year, from 3.8 per cent in 2013 to a more comfortable 4.7 per cent in 2014, underpinned by a recovering global market and strong oil revenues in Arabian Gulf states."

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Fujairah terminal-to-port pipeline turns operational | The National

Fujairah terminal-to-port pipeline turns operational | The National:

"A pipeline connecting a major oil products terminal with the Port of Fujairah is now operational, allowing the emirate to further expand its oil logistics industry.

Vopak Horizon Fujairah yesterday inaugurated a set of pipelines that connect oil product storage tanks to extra berths at the port.

That allows the joint venture of a Dutch company and Emirates National Oil Company to offload products onto 11 tankers at once, four more than by just using its on-site jetty."

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Doha Bank leads GCC push into India since easing of rules | The National

Doha Bank leads GCC push into India since easing of rules | The National:

"Doha Bank has become the first Gulf lender to move into India since the regulator eased rules for foreign banks entering the country.

It coincides with a report from PricewaterhouseCoopers (PwC) which says that India is now too important a market for overseas banks to ignore, despite the apprehensions foreign lenders face amid political and economic uncertainties.

“India continues to pose a unique dilemma,” said Shinjini Kumar, the professional services consultancy’s head of banking and capital markets for India."

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Non-resident Indians need to be cautious in spending |

Non-resident Indians need to be cautious in spending |

"A sharp rise in India’s consumer prices will impact the spending and investment pattern of non-resident Indians (NRIs) according to financial experts.
A general increase on prices above most forecasts, especially food prices to 14.72 per cent last month is expected to impact the family budgets of many NRIs who send a significant portion of their earnings to support families in India.
“Rising cost of living in India is indeed a big concern for NRIs. On the face of it, decline in rupee’s exchange value might look attractive, but the debasing of the currency simply means its purchasing power gets eroded,” said Y. Sudhir Kumar Shetty, Chief Operating Officer of UAE Exchange Centre."

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UAE and India sign crucial investment protection pact |

UAE and India sign crucial investment protection pact |

"India and the UAE signed a crucial investment protection agreement in New Delhi on Thursday, which is expected to result in the UAE investing $2 billion (Dh7.34 billion) in Indian infrastructure projects.
The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed after a meeting between UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan and Indian External Affairs Minister Salman Khurshid.
While both nations are each others’ largest trading partners with trade totalling over $75 billion (Dh275.25 billion), the investments have not kept pace."

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London Losing to Moscow as VTB Group Says Buy Local - Bloomberg

London Losing to Moscow as VTB Group Says Buy Local - Bloomberg:

"The Moscow exchange scored another victory in its bid to lure Russian equity trading from London when VTB Group recommended buying the local shares of the country’s biggest retailer and selling its offshore receipts.

VTB, which told investors to purchase OAO Magnit locally on Dec. 11, follows BCS Financial Group and TKB BNP Paribas in advising clients to shift into shares traded on OAO Moscow Exchange.

The firms’ recommendations stand to extend the inroads that Moscow bourse officials have made in taking Russian equity trading back from London and New York. Trading volumes in 10 of the biggest Russian companies were the same in Moscow and London yesterday. In the past year, London volume was about 50 percent greater. RTS index futures rose 0.2 percent to 139,440 in U.S. hours, and the Bloomberg Russia-US Equity Index added 0.2 percent."

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Ukraine Riots Flash Buy Signal to Foreigners as Bonds Scooped Up - Bloomberg

Ukraine Riots Flash Buy Signal to Foreigners as Bonds Scooped Up - Bloomberg:

"As Ukrainians took to the streets of Kiev on Nov. 22 to protest a government decision to break off European Union trade talks, foreign investors piled into local-currency bonds. As protests raged on, they kept buying.

Non-resident investors boosted their holdings of hryvnia sovereign debt by 55 percent within 24 hours on Nov. 22 to 6.73 billion hryvnia ($813 million), as the government faced a backlash to its decision to focus on repairing economic ties with Russia. Since then, foreign holdings of Ukrainian debt jumped to 9.37 billion hryvnia yesterday, the most since April 2011, according to data on the central bank’s website.

Investors buying debt of Europe’s least credit-worthy borrower are betting President Viktor Yanukovych will get enough foreign aid to stem a plunge in foreign reserves (UAINRSL) and meet almost $17 billion of debt payments through 2015. Ukraine sold hryvnia notes due in 2020 at 14.3 percent on Dec. 10, compared with 13.9 percent on seven-year debt in Egypt, which like Ukraine holds Moody’s Investors Service’s fifth-lowest credit rating."

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