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Saturday, 3 May 2014

Mubadala Petroleum says Qatar pipeline on track for completion | The National

Mubadala Petroleum says Qatar pipeline on track for completion | The National:



"An expansion of the Qatar-UAE gas pipeline is on track to be completed by the end of the year despite the lack of a deal for extra fuel, said Mubadala Petroleum, its majority shareholder.



Work began last year on a US$250 million upgrade to the Dolphin Pipeline’s gas compression facilities, which would allow Qatar to export the full 3.2 billion standard cubic feet that the pipeline was built to accommodate. A little over 2 billion scf comes to the UAE today.



The continued work on the expansion indicates hopes for continued cooperation with Qatar even as a diplomatic spat hinders cross-border business. Earlier this year, Dubai-based Danube put on hold a Dh30m retail unit there, citing an uncertain investment climate, and Qatar Petroleum was reported to have backed away from partners Mubadala Petroleum and Oman Oil in bidding for Occidental Petroleum’s Middle East assets."



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Dumping stocks before the Ukraine civil war starts makes very good sense « ArabianMoney

Dumping stocks before the Ukraine civil war starts makes very good sense « ArabianMoney:



"Major geopolitical crises such as the one now unfolding in the Ukraine have a long history of depressing stock markets and the message on rebounds is very mixed. 




Stock markets plunge on uncertainty and reach a point of maximum pessimism but they can remain depressed for long periods. Think Pearl Harbor or Russia’s August 2008 invasion of Georgia."



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Fighting the odds: Sharjah's monumental attempts to step out of Dubai's shadow | Al Bawaba

Fighting the odds: Sharjah's monumental attempts to step out of Dubai's shadow | Al Bawaba:



"Frustrated at successive years of being overshadowed by its larger and more illustrious rivals Dubai and Abu Dhabi, Sharjah’s economic policymakers are hoping that this year the emirate will cast off its status as a feeder community for its neighbours and start to generate some real economic momentum of its own. 




The emirate’s government is pulling out the stops in an effort to burnish its credentials as a trade and investment partner of choice. In a statement of intent, it has raised its international profile, becoming the Capital of Islamic Culture for 2014 and the Capital for Arab Tourism in 2015. When it comes to “keeping up with the Joneses”, Sharjah’s leadership aims to ensure that no stone lies unturned - and that its economy feels the benefit.



There are some encouraging signs that it is making progress in its ambition to develop its economy."



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Bank Muscatel’s Islamic unit plans $300m dual-currency sukuk issue | GulfNews.com

Bank Muscatel’s Islamic unit plans $300m dual-currency sukuk issue | GulfNews.com:



"The Islamic unit of Bank Muscat, Oman’s largest lender, plans a dual-currency US dollar and riyal sukuk issue worth around $300 million (Dh1.1 billion) that would be the first sukuk sale by a bank in the country.



The issue, which could carry tenors of between three and five years, would be part of a 500 million riyal ($1.3 billion) sukuk programme which the bank’s shareholders approved in March, said Sulaiman Al Harthy, group general manager of Meethaq, Bank Muscat’s Islamic operation.



He added, “The idea is to have the sukuk in dual currency since Omani riyals are pegged to the US dollar.” The sukuk, which would be the first international issuance of Islamic bonds from Oman and still require regulatory approval, would help to fund Meethaq’s expansion."



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Templeton’s Hasenstab Sells Russia Bonds, Adds Ukraine - Bloomberg #EuroMaidan

Templeton’s Hasenstab Sells Russia Bonds, Adds Ukraine - Bloomberg:



"Franklin Templeton sold Russian bonds during the first quarter while adding to its almost $8 billion in Ukrainian debt as conflict between the countries escalated. 




The asset manager, whose $190 billion global bond group is managed by Michael Hasenstab, cut holdings of dollar debt from Russia’s government and state-owned companies with a face value of about $29 million during the period, part of a reduction of more than $200 million in Russian securities over six months to $1.2 billion, the company’s latest filings show. Franklin Templeton increased Ukrainian dollar and euro bond holdings by $62 million in the first quarter to $7.6 billion.



As the rising threat of war spurs bond losses on both sides of the border, Hasenstab, known for making contrarian bets on nations including Ireland and Hungary, is favoring Ukraine over Russia after visiting Kiev last month and touting the country’s long-term economic potential. Ukrainian dollar bonds lost an average 8 percent this year as Russian notes dropped 4.4 percent, JPMorgan Chase & Co. indexes show."



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JPMorgan Joins BofA, Citi in Reducing Exposure to Russia - Bloomberg

JPMorgan Joins BofA, Citi in Reducing Exposure to Russia - Bloomberg:



"JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C), the three biggest U.S. banks, reduced Russian assets last quarter amid the crisis in Ukraine.



JPMorgan’s exposure to Russia dropped 13 percent to $4.7 billion as of March 31 from the end of 2013 and Citigroup’s fell 9 percent to $9.4 billion, according to regulatory filings yesterday from the New York-based companies. Bank of America said May 1 that it reduced the firm’s exposure 22 percent.



While political tensions in Russia and Ukraine haven’t yet had a material impact on results, “future developments, including the imposition of any additional sanctions against Russian entities, business sectors, individuals or otherwise, could negatively impact the business,” Citigroup said in its filing."



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Turkey’s Bonds Rally With Stocks on Interest-Rate Cut Wagers - Bloomberg

Turkey’s Bonds Rally With Stocks on Interest-Rate Cut Wagers - Bloomberg:



"Turkish bonds rose, pushing yields down to a five-month low, and stocks jumped as the central bank offered more funding to lenders two days after Governor Erdem Basci said he may cut borrowing costs.



Yields on 10-year bonds dropped 29 basis points, or 0.29 percentage point, to 9.06 percent, the lowest since Nov. 20. The Borsa Istanbul 100 Index (XU100) added 1.7 percent, the second-best advance among 93 gauges monitored by Bloomberg after Brazil’s Ibovespa Index. The lira advanced 0.4 percent to 2.0984 against the dollar by 5:41 p.m. in Istanbul, recording seventh consecutive days of gains. 




The central bank lent 20 billion liras ($9.5 billion) at an auction of one-week repurchase agreements today, the highest amount since April 9. Basci said this week the central bank may trim rates gradually, after Prime Minister Recep Tayyip Erdogan called for an emergency rate cut earlier this year."



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