Google+ Followers

Monday, 20 January 2014

Moving closer: Qatar agrees to slash price for LNG export – The Express Tribune

Moving closer: Qatar agrees to slash price for LNG export – The Express Tribune:



"Qatar has offered to revise the price down for export of liquefied natural gas (LNG) to Pakistan in a proposed government-to-government arrangement that will help ease acute energy shortages.



“Qatari government has agreed to slash the LNG price further compared to its earlier offer during talks in Islamabad early this month,” a source told The Express Tribune.



The price will be negotiated and finalised in talks between ministers of the two countries in Doha on February 8. The volume of LNG imports would also come up for discussion.



Petroleum Minister Shahid Khaqan Abbasi will lead the Pakistani delegation during the deliberations."



'via Blog this'

Cemex: back to square one in Egypt? | beyondbrics

Cemex: back to square one in Egypt? | beyondbrics:



"Cemex, the Mexican cement giant, is breathing a little sigh of relief.



 It had been biting its nails ahead of a ruling from an Egyptian appeals court on whether its 1999 purchase, in a privatisation, of Assiut Cement Company (ACC), should stand.



 A lower court in 2012 ordered the purchase agreement annulled in a case brought by two former employees. 




The investment was one of the largest in Egypt, and Cemex now owns 95 per cent of Assiut. Cemex’s Egyptian operations represent roughly 8 to 10 per cent of consolidated ebitda, analysts say, so an unfavourable ruling could have triggered some share selling."



'via Blog this'

Turkey: rate decision acid test for central bank | beyondbrics

Turkey: rate decision acid test for central bank | beyondbrics:



"
The Turkish lira hit the latest in a series of all-time lows against the dollar on Monday when it fell to TL2.502, on a day when the country’s new economy minister said a further slide would not be a problem and called on the central bank not to increase interest rates.



 An interest rate rise might in normal circumstances be expected at the bank’s monetary policy committee meeting on Tuesday.



 But this is Turkey."



'via Blog this'

Abu Dhabi economy is resilient: Moody’s - Emirates 24/7

Abu Dhabi economy is resilient: Moody’s - Emirates 24/7: "In a recent report, global ratings agency Moody’s Investors Service has hailed Abu Dhabi’s economic stability and the emirate’s prudent management of its hydrocarbon wealth, maintaining that Abu Dhabi’s credit strengths includes economic resilience to global downturns.



 In a report published on January 16, 2014, Moody’s says that Abu Dhabi’s Aa2 rating with stable outlook is primarily supported by the prudent management of the proceeds from its vast hydrocarbon reserves. In particular, the rating agency highlights how the proceeds have resulted in structurally large fiscal and external surpluses, a very low level of direct government debt and the sizeable accumulation of sovereign wealth fund assets.



 The rating agency’s report is an update to the markets and does not constitute a rating action."



'via Blog this'

MIDEAST STOCKS-Real estate boosts Dubai; earnings misses weigh on Saudi sentiment | Reuters

MIDEAST STOCKS-Real estate boosts Dubai; earnings misses weigh on Saudi sentiment | Reuters:



"* Dubai index testing major technical resistance



 * Nears 50 pct retracement of drop from January 2008 peak



 * Saudi's Savola slides after Q4 earnings miss estimates

* Qatar Islamic Bank climbs after Q4 net more than triples



 * Level of demand in Mesaieed Petrochemical IPO not yet clear



 By Nadia Saleem

DUBAI, Jan 20 (Reuters) -



Dubai's bourse surged on Monday, led by real estate-related shares, as investors bet on a further rebound in the emirate's property prices. Other regional markets were mixed, with Saudi Arabia soft after some high-profile earnings misses.



 Dubai's residential property prices in 2013 rose 22 percent on average while rents improved 17 percent, consultants Jones Lang Lasalle said in a report on Sunday; they predicted further gains this year, though at a slower pace as new supply comes onstream.



 Union Properties climbed 2.7 percent and Deyaar Development jumped 6.0 percent. In a fresh sign of optimism in the sector, Kleindienst Group said it had started building a huge resort complex on the World, the man-made archipelago off Dubai's coast which has been left mostly vacant since the emirate's real estate crash in 2008."



'via Blog this'

EU suspends ‘certain sanctions’ as Iran halts 20% uranium enrichment — RT News

EU suspends ‘certain sanctions’ as Iran halts 20% uranium enrichment — RT News:



"The EU has announced it is suspending “certain sanctions” against Iran as it halts its 20 percent enrichment of uranium. This marks the landmark nuclear deal between Tehran and the six world powers coming into force.



 The European Council has announced that certain EU sanctions against Iran will be suspended starting Monday."



'via Blog this'

Shell to sell Australian energy interests to Kuwaiti state company - Your Middle East

Shell to sell Australian energy interests to Kuwaiti state company - Your Middle East:



"Energy giant Royal Dutch Shell announced on Monday the sale of stakes in Australian natural gas assets for more than one billion US dollars to a Kuwaiti state company.



 Shell said it had agreed to sell its 8.0-percent equity interest in the Wheatstone-Iago gas field and 6.4-percent interest in the Wheatstone liquefied natural gas project for $1.135 billion (837 million euros) to the Kuwait Foreign Petroleum Exploration Company.



 Despite the sales, "Shell will remain a major player in Australia's energy industry", Shell's new chief executive officer Ben van Beurden said in a statement.



 "However, we are refocusing our investment to where we can add the most value with Shell's capital and technology. We are making hard choices in our world-wide portfolio to improve Shell's capital efficiency," he added."



'via Blog this'

Three More Banks Lose Licenses | Business | The Moscow Times

Three More Banks Lose Licenses | Business | The Moscow Times:



"The Central Bank has continued its crackdown on the banks by revoking the licenses of another three credit institutions, Vedomosti reported Monday.



 Reliability bank, based in Kurgan, south Russia; the National Payment Company based in Moscow; and Imbank, based in Makhachkala, Dagestan, have all had their licenses taken away due to violations of banking laws.



 While Reliability bank has been implicated in a number of suspect financial transactions, Imbank has concealed significant losses that would have otherwise provided grounds for its bankruptcy, the regulator said. The total shortage of funds identified at Imbank currently exceeds 90 million rubles (about $2.7 million)"



'via Blog this'

Ukraine’s sliding currency | beyondbrics

Ukraine’s sliding currency | beyondbrics:

"
Source: Thomson Reuters
How long can Kiev hold the hryvna? As fastFT reports, the currency has edged down for nine straight days to 8.37 to the US dollar, its weakest since September 2009.



 It looks like a managed devaluation, of sorts. The exchange rate is controlled by the central bank so its slide shouldn’t be seen as a direct reaction to the turmoil on Kiev’s streets. But monetary policy can be almost as haphazard as the government’s reaction to opposition protesters.



 The government may well be giving into pressure for a weaker hryvna from big business. Competing currencies in the region such as the Russian rouble and the Turkish lira are weakening, and Ukraine’s exporters are hurting.




“They know the hryvna has to be weaker,” says Timothy Ash of Standard Bank. “They would probably like 8.60 or 8.70 by the end of the year but they don’t want to do anything extreme while there is pressure from the streets.”"



'via Blog this'

Businessman Marcus Lee arrives back in Australia after four-year Dubai corruption ordeal - ABC News (Australian Broadcasting Corporation)

Businessman Marcus Lee arrives back in Australia after four-year Dubai corruption ordeal - ABC News (Australian Broadcasting Corporation):



"Australian businessman Marcus Lee has arrived on home soil after being detained in Dubai on fraud charges for more than four years.



 Mr Lee's homecoming marks the end of an ordeal which began in 2009 when he and his colleague Matthew Joyce were arrested and accused of fraud by Gold Coast development company Sunland.



 He served nine months in prison before being acquitted twice of fraud charges relating to a property deal.



 On Friday, Mr Lee and his wife Julie tried to board a flight home but were turned away by authorities."



'via Blog this'

District Cooling Buyout is Welcome Relief for Dubai World Creditors - Middle East Real Time - WSJ

District Cooling Buyout is Welcome Relief for Dubai World Creditors - Middle East Real Time - WSJ:



"Dubai district cooling firm Empower bought local rival Palm Utilities from Dubai World’s investment arm for $500 million, the latest asset sale by the government conglomerate one year before the first repayment under its $25 billion restructuring is due.

The deal, which Empower will fund from its own reserves as well as equity and debt financing, will create the world’s largest district cooling company. District cooling is a process whereby water is chilled at a plant and then channeled through a network of pipes to large-scale developments such as skyscrapers. It is considered a more energy-efficient and less noisy alternative to the rooftop air-conditioning systems commonly found in the Middle East.

The plan to merge the two firms had been mooted since 2011 but took several years of discussions at the highest government levels to be completed. Empower is a joint venture between state utility Dubai Electricity and Water Authority, or Dewa, and Dubai Technology and Media Free Zone, or Tecom. Palm Utilities is a unit of Istithmar World, part of Dubai World."



'via Blog this'

GFH Soars to 22-Month High on Leeds United Sale: Dubai Mover - Bloomberg

GFH Soars to 22-Month High on Leeds United Sale: Dubai Mover - Bloomberg:



"Gulf Finance House EC (GFH) climbed to the highest in more than 22 months after the investment company said it signed an agreement with a group of British investors to sell 75 percent of its stake in Leeds United Plc.

The shares gained 9.6 percent to 0.86 dirhams in Dubai, the highest close since March 2012. GFH will retain a 10 percent holding in the club after completion of the deal, it said in a statement on the Dubai Financial Market website, without disclosing its value, citing a confidentiality agreement.

The Bahrain-based firm is selling Leeds about 14 months after buying the soccer club as it prepares to begin making payments on $110 million of debt it restructured in May 2012. The transaction, which requires approval from the English Football Association, will have a positive impact on the company’s financial position, GFH said in the statement."



'via Blog this'

Will Buffett pay a dividend? - YouTube

Will Buffett pay a dividend? - YouTube:



"The performance of Warren Buffett's investment vehicle Berkshire Hathaway is legendary. But does he have more cash than he can use? Dan McCrum, FT Alphaville columnist, discusses with John Authers whether the time has come for Buffett to pay a dividend.






"



'via Blog this'

▶ Shell shock - YouTube

▶ Shell shock - YouTube:



"Lex's Joseph Cotterill and Alan Livsey on Royal Dutch Shell's worse-than-expected earnings, and the implications for the oil group's refining activities and search for a higher return on capital.






"



'via Blog this'