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Friday, 3 January 2014

Life as a children's doctor in Africa

Farhad Irani on banking in the UAE | Mashreq Bank | Video | World Finance

Farhad Irani on banking in the UAE | Mashreq Bank | Video | World Finance:

"World Finance interviews Farhad Irani, Executive Vice President and Head of Retail Banking Group of Mashreq, one of the UAE’s top financial institutions
As one of the UAE’s top financial institutions, Mashreq Bank is leading the way in terms of innovation. Farhad Irani, Executive Vice President and Head of Retail Banking Group, discusses the developments in smart banking in the region, and what the new code of conduct from the UAE Banks Federation means for the financial services industries.


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Abu Dhabi's ATIC to invest up to $10 billion in U.S. chip plant | Reuters

Abu Dhabi's ATIC to invest up to $10 billion in U.S. chip plant | Reuters:

"Abu Dhabi's Advanced Technology Investment Company (ATIC) plans to invest up to $10 billion over the next two years in GlobalFoundries' New York semiconductor factory, its chief executive said on Friday.

ATIC owns unlisted GlobalFoundries, having completed a buy-out of joint venture partner Advanced Micro Devices in March 2012. ATIC is controlled by Abu Dhabi state investment fund Mubadala.

"We have received commitments from Mubadala for an additional $9-10 billion for expansion of our facility in New York," ATIC Chief Executive Ibrahim Ajami told Reuters.

ATIC also plans to invest in GlobalFoundries' chip manufacturing facilities in Germany and Singapore, Ajami said without elaborating."

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Top 10 events that shook Russian economy in 2013 — RT Business

Top 10 events that shook Russian economy in 2013 — RT Business:

"3 Rosneft finalizes $55 billion buy-up of TNK-BP, becomes world’s biggest listed oil company

Rosneft became the world's largest listed crude oil producer in March after acquiring TNK-BP in a $55 billion deal, which added about 9 million tons of oil to the company’s production output. Since the deal acquisition, the oil-magnate has been picking up many independent Russian producers as well as ramping up crude and LNG ventures in Vietnam, China, Venezuela. Russian oil output, the largest in the world, reached 10.61 barrels per day in November, a post-Soviet record.


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EM bonds: a record 2013 | beyondbrics

EM bonds: a record 2013 | beyondbrics:

"Global bond sales from emerging markets have defied all odds to hit a record high in 2013.

Despite the market turmoil caused this summer by concerns over the US Federal Reserve’s plans to scale back its monetary stimulus programme, EM bond issuance jumped to $506bn last year, surpassing the record $488bn in 2012, according to data from Dealogic.


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Gazprom and European gas markets: Paying the piper | The Economist

Gazprom and European gas markets: Paying the piper | The Economist:

"

THE combustibility of natural gas makes it a potent weapon. When Gazprom, a giant gas company controlled by the Russian state, cut off supplies to Ukraine in early 2009, in a dispute over unpaid bills, Europeans farther west suffered too. Gazprom provides about a quarter of their gas, to heat homes, fire industrial furnaces and fuel power stations, much of it via a pipeline through Ukraine. European utilities and regulators have since tried to reduce the Russian company’s market power. Although they may seem to be winning the battle, Gazprom could yet outmanoeuvre its customers.

The main battleground is the method of setting the price of gas. Gazprom is keen that its European customers continue to buy expensive gas on long contracts, sometimes lasting decades, with prices linked to the cost of oil. Gazprom makes a nice profit on such customers, since oil is pricey but it produces its gas cheaply from vast fields developed in the Soviet era. However, a high and rising proportion of European gas is now traded on spot markets at lower prices, set by supply and demand."

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Rally in bank shares propels UAE indices higher | GulfNews.com

Rally in bank shares propels UAE indices higher | GulfNews.com:

"UAE indices started the new year on a strong footing on Thursday, led by bank shares. Among the Gulf markets, Dubai was the top performer, followed by Abu Dhabi and Qatar.
Dubai index rallied more than three per cent to close at 3472.29 points on Thursday.
The index hit a high of 3488.97 points and a low of 3354.39 points during intra trade.
Among the gainers, Dubai Islamic Bank (DIB) rose 11.94 per cent to Dh6, followed by Emirates NBD by 4.72 per cent to Dh6.65 and Tabreed by 4.17 per cent to Dh2.50. DIB surged the most in five years.
Bellwether Emaar rose 3.14 per cent to Dh7.88 while Arabtec traded at 1.74 per cent to Dh2.92."

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UAE’s stellar stock markets now face ‘year of delivery’ | The National

UAE’s stellar stock markets now face ‘year of delivery’ | The National:

"Fund managers are warning of a challenging year ahead for the country’s stock markets, after Dubai’s index rose more than 100 per cent last year.

“It’s going to be difficult because most of the re-rating happened in 2013,” said Fadi Al Said, the Dubai-based head of equities at Ing Investment Management.

“The opportunities are fewer, stocks have gone up drastically and they are going to have to deliver. This year is going to be the year of delivery.”

Yesterday, the first trading session of the new year brought robust gains in Dubai and Abu Dhabi."

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Gazprom Top Pick to Bernstein for 2014: Russia Overnight - Bloomberg

Gazprom Top Pick to Bernstein for 2014: Russia Overnight - Bloomberg:

"OAO Gazprom (OGZD)’s biggest drop in six months is a buying opportunity after the world’s biggest producer of natural gas increased exports to Europe to a record last year, Sanford C. Bernstein & Co. said.

American depositary receipts of Gazprom fell 4.2 percent to $8.29, the deepest decline since June 19. The retreat sent valuations to 3.2 times estimated earnings, a third of the average multiple for its peers. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in New York dropped 1.7 percent to a 100.65, the worst decline in six months.

While a price reduction on Gazprom’s supplies to Ukraine and a delayed agreement with China sent shares down 11 percent in 2013, a 16 percent increase in the company’s exports will boost earnings, Bernstein said. Gazprom, which provides about a quarter of Europe’s natural gas, said on Dec. 30 that it increased sales to the region as customers won price reductions and colder weather boosted demand."

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Flights Grounded as Northeast Snow Shuts Roads, Offices - Bloomberg

Flights Grounded as Northeast Snow Shuts Roads, Offices - Bloomberg:

"threatened to bring blizzard conditions to the region with snow and wind chills today, disrupting travel amid highway closures and thousands of flight cancellations.

Boston may receive as much as 14 inches (36 centimeters) of snow and its western and southern suburbs might get as much as 18 inches, said Kim Buttrick, a National Weather Service meteorologist in Taunton, Massachusetts. New York City will probably get 5 to 9, the weather service said.

Blowing and drifting of powdery snow will make travel conditions “extremely dangerous,” the weather service said in a blizzard warning, adding that “strong winds and very cold wind chills” are expected through this afternoon. The threat of whiteout conditions prompted New York Governor Andrew Cuomo to order the Long Island Expressway closed at midnight."

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