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Thursday, 27 March 2014

MIDEAST STOCKS-Egypt drops as Sisi presidential run sparks profit-taking | Reuters

MIDEAST STOCKS-Egypt drops as Sisi presidential run sparks profit-taking | Reuters:



"* Egypt's bourse succumbs to profit-taking after brief rally



* EFG Hermes' 2013 loss amplifies market's decline



* Market seen needing new catalyst to resume rally



* Qatar's blue chips lift index

* Banks again weigh on Bahrain



By Olzhas Auyezov

DUBAI, March 27 (Reuters) - Egypt's market made its largest decline in seven months on Thursday after former army chief Abdel Fattah al-Sisi said he would run for president, spurring investors to book profits from a sustained market surge.



Cairo's main index was up as much as 1.4 percent shortly after opening, but ended 2.7 percent lower, its largest drop since last August.



That slump trimmed 2014 gains to 21.7 percent as many investors, who had long expected Sisi's announcement, closed positions.



"It was more or less expected that the market should bounce reacting to the Sisi news," said Mohamed Radwan, director of international sales at Pharos Securities. "When the news was confirmed profit taking took place.""



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New Issue-ICICI(Bahrain) prices A$150 mln 2019 bond | Reuters

New Issue-ICICI(Bahrain) prices A$150 mln 2019 bond | Reuters:



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Qatar announces contracts worth $23 bln at defence conference | Reuters

Qatar announces contracts worth $23 bln at defence conference | Reuters:



"Qatar announced contracts worth $23 billion on Thursday to buy attack helicopters, advanced anti-missile interception systems and other military equipment, as the Gulf state accelerates a military build-up.



The world's top liquefied natural gas (LNG) exporter announced deals with 20 companies, including firms from the United States which were awarded deals worth 27.5 billion Qatar riyal ($7.55 billion), said a spokeswoman for a Doha defence conference where the announcements were made.



The announcements included a contract with Boeing to buy 24 Apache helicopters for 8.9 billion riyals."



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Risk assessment is upside down - YouTube

Risk assessment is upside down - YouTube: ""



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Oman sets up committee to ensure financial stability | Reuters

Oman sets up committee to ensure financial stability | Reuters:



"Oman's government and regulators have set up a "financial stability committee" to monitor and manage risks in the banking and capital markets, the Gulf nation's finance ministry said on Wednesday.



The creation of the committee follows a suggestion by the International Monetary Fund last year that Oman's authorities "should articulate a formal mandate over financial stability".



The Supreme Committee for Financial Stability includes the chief executive of the Capital Market Authority, representatives from the finance ministry and the ministry of commerce and industry, and the head of the central bank's financial stability unit."



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IMF Offers Ukraine Up to $18 Billion in Loans | TIME.com #EuroMaidan

IMF Offers Ukraine Up to $18 Billion in Loans | TIME.com:



"(KIEV, Ukraine) — The International Monetary Fund says it will loan Ukraine’s fledgling government between $14 billion and $18 billion.



 Ukraine had faced three months of anti-government protest when President Viktor Yanukovych fled the country late February. The new government is struggling to keep the country’s economy afloat. Russia’s takeover of the Crimean Peninsula exacerbated the issue.



After talks in Kiev, the IMF said in a statement Thursday that the precise amount would be determined once Ukrainian authorities offered more precision on their needs and it was clear what other aid the country would receive."



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Russia To Aid Banks, Companies in Case of Crisis - Finance Ministry | Business | RIA Novosti

Russia To Aid Banks, Companies in Case of Crisis - Finance Ministry | Business | RIA Novosti:



"MOSCOW, March 27 (RIA Novosti) – Russia will support banks and help companies with large external debts by using the National Welfare Fund if a financial crisis occurs in the country, Prime news agency cited Finance Minister Anton Siluanov as saying on Thursday.



“The NWF is an emergency resource that can be used in the case of a crisis to help banks and large companies and corporations that have large obligations before external creditors,” Siluanov said, adding: “But I don’t see any grounds for this yet.”"



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The Ukraine crisis provides both risks and opportunities for Azerbaijan

The Ukraine crisis provides both risks and opportunities for Azerbaijan:



"The Kremlin’s partition of Crimea from Ukraine has put other states along Russia’s “near abroad” on edge. But while most of Russia’s neighbors seem to be worried about becoming Vladimir Putin’s next target, one state, Azerbaijan, stands to benefit, at least over the longer term, from the sudden turn of events. 



The Crimean crisis has revived fears among European Union states over their dependency on Russian natural gas imports, as well as the reliability of Ukraine as a transit state. This, in turn, is giving greater impetus to energy diversification projects across Europe, creating an opportunity for Azerbaijan to capitalize on its role as an alternative energy supplier at the head of the Southern Corridor energy route.  




Azerbaijan already plays an important role as a regional supplier. In 2012, Azerbaijan exported 24 million tons of oil and 7 billion cubic meters (bcm) of natural gas, primarily via the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzerum pipelines, respectively. Azerbaijan also has plans to significantly increase its natural gas exports once the Shah Deniz II gas field comes online in 2017-2018. That will mean an additional 10 (bcm) of Azerbaijani gas heading to Europe. "



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No Dubai property market bubble despite price rises, says investment guru Marc Faber | The National

No Dubai property market bubble despite price rises, says investment guru Marc Faber | The National:



"Marc Faber, the famed investor known for his often gloomy opinions on markets, has warned of asset bubbles in the US and China but does not see one yet in Dubai’s property market.



Mr Faber, the author of the Gloom, Boom & Doom Report newsletter, said that after their huge bull run since 2009, US stocks would enter a bear market, dragging prices down by 20 or 30 per cent.



In China, a huge build-up in consumer credit since the government unveiled an economic stimulus plan in 2008 would burst sooner or later, he said.



But Dubai’s property market was at a less critical phase, Mr Faber said on the sidelines of the Middle East Investment Summit in Dubai on Wednesday."



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Multimedia Cable TV Plans Biggest Warsaw IPO Since December - Bloomberg

Multimedia Cable TV Plans Biggest Warsaw IPO Since December - Bloomberg:



"Multimedia Polska SA owners seek to sell a 49 percent stake in Poland’s third-biggest cable TV operator by the end of June in what is set to be central Europe’s largest initial public offering since December. 




Multimedia will return to public trading after its owners delisted it from the Warsaw Stock Exchange in 2011, taking advantage of low valuations and starting a search for an industry investor. In 2012 Multimedia hired JPMorgan Chase & Co. to help it find a buyer and dropped the plan the same year. Sales have increased 12 percent since 2011 as the company boosted its customer base, while net income dropped 31 percent.



The value of initial and secondary share offerings of European companies has jumped 51 percent to a seven-year high of $61 billion this year from a year earlier. BI European Cable and Satellite index, which shows market capitalization of pay TV providers in Europe, trades at an all-time high after it gained 44 percent since the start of 2013."



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U.S. Oil Boom Shifts Alliance as Obama Visits Saudi King: - Bloomberg

U.S. Oil Boom Shifts Alliance as Obama Visits Saudi King: - Bloomberg:



"When Barack Obama sits down tomorrow with Saudi Arabia’s King Abdullah, he’ll do so knowing the U.S. is importing the least crude in two decades, a shift changing America’s strongest relationship in the Arab world.



Five years after Obama’s first visit to Riyadh, the drilling of shale oil fields from North Dakota to Texas has put the U.S. on the path to energy independence, weakening economic interdependence between the two nations as they work through disagreements on Syria and Iran.



The U.S. energy boom that’s upended global markets is now reshaping political alliances built over decades. Almost 70 years after Franklin Roosevelt cemented relations with the Saudi royal family, the U.S. finds itself free to address policy differences with oil as less of a bargaining chip, analysts said. The shift gives the U.S. a freer hand in shaping Middle East policy, especially in seeking an accommodation with Iran while lessening Saudi influence in Washington."



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