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Saturday, 15 February 2014

Indian business group makes realty push into Dubai | GulfNews.com

Indian business group makes realty push into Dubai | GulfNews.com:



"One of the biggest Indian-owned businesses in the wider Gulf, the R.P. (Ravi Pillai) Group plans to deploy $1.5 billion (Dh5.5 billion) on real estate development in Dubai, with two projects in Business Bay and another at Downtown. It is the first time the $3 billion plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now.



Acquiring the plots came to a “few hundred millions of dirhams”, according to a top official. The Group is targeting real estate as contributing 10 per cent of overall turnover before the end of the decade. During this period, group turnover is projected to grow at between 5-10 per cent, according to the founder and chairman, Dr Ravi Pillai in a telephone interview from Bahrain where the Group is headquartered.



The 3 million square feet project will have serviced apartments, residences and a dedicated retail precinct as well as a five-star hotel. Others include a five-star hotel in Dubai Marina to be operated by Crowne Plaza, a four-star hotel in Bur Dubai to be managed by India’s ITC Group; and a serviced apartment complex near Downtown Dubai."



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Putin says EU-Ukraine ties 'welcome' - German source - World | The Star Online

Putin says EU-Ukraine ties 'welcome' - German source - World | The Star Online:



"Russian President Vladimir Putin told Germany's visiting foreign minister on Friday he would welcome closer economic ties between the Europe Union and Ukraine, a German source said.



"Putin said steps towards economic convergence between the EU and Ukraine were welcome," said a source in the delegation of German Foreign Minister Frank-Walter Steinmeier, who met Putin and Foreign Minister Sergei Lavrov in Moscow on Friday.



Putin's reported remarks to Steinmeier would appear to contrast Lavrov's comment in a joint news conference with Steinmeier that the EU wanted to create a "sphere of influence" by pressing Ukraine to forge closer ties with Europe."



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Fitch Downgrades 13 Ukrainian Banks to 'CCC' | Reuters #EuroMaidan

Fitch Downgrades 13 Ukrainian Banks to 'CCC' | Reuters:



"MOSCOW, February 14 (Fitch) Fitch Ratings-London/Moscow-14 February 2014: Fitch Ratings has downgraded 13 Ukrainian banks' Long-term foreign currency Issuer Default Ratings (IDRs) to 'CCC' from 'B-'. The banks are JSC The State Export-Import Bank of Ukraine (Ukreximbank), JSC State Savings Bank of Ukraine (Oschadbank), PJSC CB PrivatBank (Privat), Joint Stock Commercial Industrial & Investment Bank (Prominvestbank), Public Joint Stock Company UkrSibbank, Ukrsotsbank (Ukrsots), PJSC VTB Bank (VTBU), ProCredit Bank (Ukraine) (PCBU), PJSCCB Pravex-Bank (Pravex), PJSC Credit Agricole Bank (CAB), PJSC Alfa-Bank (ABU), Pivdennyi Bank (PB) and Industrialbank (INB). A full list of rating actions is provided at the end of this rating action commentary. "



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RAK Airport targets low cost hub strategy | GulfNews.com

RAK Airport targets low cost hub strategy | GulfNews.com:



"RAK Airport can be transformed into a key regional hub for low cost carriers in the coming years, its top executive has said.



Mohammad Qazi, Acting Chief Executive Officer, said in an interview he wants to see the airport catering to the smaller and medium size airlines and other similar sized industry groups.



“We are very ideally designed for low cost operation … we have structured towards that kind of operation,” he said.



The aviation industry in the United Arab Emirates is currently dominated by huge international players Emirates and Etihad that operate out of their respective hubs in Dubai and Abu Dhabi. The emergence of flydubai and Air Arabia has also contributed to significant growth of the country’s region. The later has helped develop Sharjah International Airport as a reputable alternative to Dubai International. But Ras Al Khaimah’s fledging industry is yet to see the same heights."



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East European Recovery Gathers Speed as Romanian GDP Surges 5.2% - Bloomberg

East European Recovery Gathers Speed as Romanian GDP Surges 5.2% - Bloomberg:



"Eastern Europe’s economic growth picked up pace last quarter as a recovery strengthened in the euro area, which buys the bulk of the region’s locally made goods, and consumers spent more.



Romania’s expansion beat forecasts by the biggest margin as gross domestic product jumped 5.2 percent compared with the 2.8 percent predicted in a Bloomberg survey. On average, GDP growth in Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia quickened to 2.5 percent, the fastest expansion in 18 months, from 1.8 percent in the third quarter, according to London-based researcher Capital Economics Ltd. 




Growth “will strengthen further this year,” William Jackson, emerging-markets economist at Capital, said today by e-mail. “We expect a gradual improvement in the euro zone, which should support the region’s export-led industrial sector. Meanwhile, domestic demand should continue to strengthen on the back of improvements in labor markets, looser credit conditions and an easing of fiscal austerity.”"



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WTI Crude Holds Above $100 on U.S. Consumer Confidence - Bloomberg

WTI Crude Holds Above $100 on U.S. Consumer Confidence - Bloomberg:



"West Texas Intermediate crude settled above $100 for a fourth day this week on better-than-expected U.S. consumer confidence.



Prices gained 0.4 percent since Feb. 7, capping the longest stretch of weekly increases in more than a year. The Thomson Reuters/University of Michigan preliminary index of sentiment held at 81.2 this month, and supplies at Cushing, Oklahoma, the delivery point for New York futures, slid to a three-month low. WTI was lower for most of the day after the Federal Reserve said factory production dropped the most since May 2009 in January.




“The economic news is not really bad,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “You are getting some pretty strong support around $100. We’ve seen such a reduction in Cushing inventories.”"



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