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Thursday, 15 May 2014

How the euro was saved - YouTube

How the euro was saved - YouTube: ""



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Visa, MasterCard must pay $3bn to stay in Russia - Morgan Stanley — RT Business

Visa, MasterCard to pay $3bn to stay in Russia - Morgan Stanley — RT Business:



"Under Russia's new legislation, Visa and MasterCard will have to pay $3 billion in ‘security fees’ to continue operating in Russia, more than five times higher than the companies combined revenues, a new Morgan Stanley report says.



Under the new plan, Visa will be required to pay Russia’s Central bank $1.9 billion, and MasterCard will have to fork out $1 billion, according to an estimate by Morgan Stanley, Kommersant reported on Thursday.



Russian President Vladimir Putin signed a law on foreign payment systems on May 5 that requires foreign payment systems to be levied at 25 percent of an average amount of transfers profit during one calendar day in Russia, to be paid each quarter to the Central Bank. The law will be enacted on July 1."



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MIDEAST STOCKS-Gulf investors book profits on some MSCI picks | Agricultural Commodities | Reuters

MIDEAST STOCKS-Gulf investors book profits on some MSCI picks | Agricultural Commodities | Reuters:



"Dubai and Qatar's bourses fell on Thursday as investors booked profits in many stocks including those that MSCI picked to be part of its emerging market index. 




Dubai's benchmark dropped 2.6 percent, largely due to Emaar Properties and Dubai Islamic Bank which fell 4.1 and 4 percent respectively.



Index compiler MSCI late Wednesday said both companies would be among those moving to its emerging market benchmark from the frontier market index at the end of May.



Emaar's inclusion had appeared certain to investors, while analysts were confident Dubai Investment Bank would also make the cut after the lender increased its foreign ownership limit last December to 25 percent of its shares from 15 percent."



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Dubai Slays Home Price Gain of 35% With Loan Restrictions - Bloomberg

Dubai Slays Home Price Gain of 35% With Loan Restrictions - Bloomberg:



"Naseema Ahmed, a broker at Indus Real Estate LLC in Dubai, has been digging through her e-mails for leads after failing to sell a single home in the past month. She had been closing deals at a clip of about six a week since the market began recovering in 2012.



Dubai’s housing market is slowing after the world’s biggest price increases in 2013 prompted the United Arab Emirates Central Bank to restrict mortgage lending and the government doubled transaction fees.



Ahmed’s sales drought is good news for Dubai financial authorities who have been trying to tame a market that has lurched between boom and bust since it was opened to foreign buyers in 2002. Home values will rise by 12 percent in 2014 after surging by about 51 percent last year, said Steven J. Morgan, head of the Middle East at broker Cluttons LLC."



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Total free fall: Ukraine economy to plunge 7% in 2014, no growth in 2015 — RT Business #EuroMaidan

Total free fall: Ukraine economy to plunge 7% in 2014, no growth in 2015 — RT Business:



"Ukraine’s economy, heading for darker depths than previously estimated, will contract seven percent this year and may not expand at all in 2015, the European Bank for Reconstruction and Development (EBRD) said in a new report.



“Ukraine’s economy is going through a painful macroeconomic adjustment with high short-term costs for growth,” the report says.



The EBRD slashed Ukraine’s growth forecast by 8.5 percent, as their last report estimated a 1.5 percent expansion in 2014.



“Since our forecast in January 2014, events in Ukraine/Russia have significantly increased geopolitical and economic uncertainty, with direct negative effects on the economies of Ukraine and Russia and potentially wider implications for the region as a whole,” the report continues."



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Ukraine crisis spurs 93 percent surge in first-quarter emerging market CDS trade | Reuters

Ukraine crisis spurs 93 percent surge in first-quarter emerging market CDS trade | Reuters:



"Emerging market credit default swap trading volumes surged 93 percent in the first quarter as investors scrambled to protect fixed-income portfolios because of the crisis unfolding between Ukraine and Russia.



Data released on Wednesday from EMTA, the emerging market debt trading and investment industry trade association, showed $409 billion in volume during the first quarter versus $212 billion logged in the same period a year ago.



Compared to the fourth quarter of last year, CDS volumes rose 48 percent.



"The healthy rise of CDS volumes came on the back of an increase seen for market volatility. Excluding China's new entry, it is notable that half of the nominal volume increase among sovereign contracts was due to Russian trades," David Spegel, global head of emerging market credit research at BNP Paribas in London said in the EMTA statement."



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Brazil's rising stars - YouTube

Brazil's rising stars - YouTube: ""



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Emerging markets luxury takes flight - YouTube

Emerging markets luxury takes flight - YouTube: ""



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Quiet but strong month for bonds in the the Middle East and North Africa | The National

Quiet but strong month for bonds in the the Middle East and North Africa | The National:



"April was a positive month for bonds in the Middle East and North Africa, with the Citi Mena Broad Index returning 0.71 per cent over the month as news flow out of the region continued to be generally upbeat. However, they underperformed worldwide emerging market bonds.



Good news during the month included the IMF raising its 2014 forecast for GDP growth in the UAE and Qatar to 4.4 per cent and 5.9 per cent respectively, spurred by double-digit growth in construction, financials, property and business services as both countries continued to diversify their economies and invest heavily in infrastructure.



The IMF, however, lowered its growth forecast for Saudi Arabia from 4.4 per cent to 4.1 per cent as “Saudisation” led to the mass expulsion of immigrants and the authorities grappled with a serious Mers outbreak, which has killed more than 100 people since 2012."



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Dubai’s ICD launches $700m sukuk, $300m bond issue | GulfNews.com

Dubai’s ICD launches $700m sukuk, $300m bond issue | GulfNews.com:



"Investment Corporation of Dubai (ICD), which holds some of the emirate’s main assets, has launched a $700-million Islamic bond, or sukuk, issue and a $300-million conventional bond, according to a lead manager.



The Gulf state is looking to take advantage of lower yields and increased appetite for its paper as it benefits from a strong rebound after the global financial crisis left its economy in tatters.



The debt sale this week comes after it raised $750 million late last month to help finance its fiscal debt, pay for infrastructure projects and to refinance more expensive obligations.



The profit rate for the six-year sukuk is 160 basis points over mid-swaps, while the spread on the 10-year conventional bond is 210bps over mid-swaps, according to a document from one of the lead managers."



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UAE gets emerging market status | GulfNews.com

UAE gets emerging market status | GulfNews.com:



"Global markets index provider MSCI late on Wednesday officially reclassified the MSCI United Arab Emirates (UAE)  and MSCI Qatar Indexes from Frontier Markets to Emerging Markets, coinciding with the May 2014 Semi-Annual Index Review.



As part of the May 2014 Semi-Annual Index Review, there are no additions and one deletion from the MSCI UAE Index, resulting in nine constituents. The nine companies in the UAE Index are Abu Dhabi Commercial Bank, Aldar Properties, Arabtec, DP World, Dubai Financial Market, Dubai Islamic Bank, Emaar Properties, First Gulf Bank and National Bank of Abu Dhabi.



The MSCI UAE Index has a pro forma weight of 0.58 per cent in the MSCI Emerging Markets Index, based on data as of April 17, 2014."



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VimpelCom Rout Seen Extending as Ukraine Saps Currencies - Bloomberg

VimpelCom Rout Seen Extending as Ukraine Saps Currencies - Bloomberg:



"VimpelCom Ltd. (VIP), the worst performer among the most-traded Russian shares in the U.S. this year, will probably keep falling as weakening currencies in two of its biggest markets erode earnings, according to IFC Metropol.



Ukraine’s hryvnia has sunk 31 percent since the nation’s bloody standoff with Russia began in November, while the ruble is down 4.6 percent. Those losses, the worst among major eastern European countries, are cutting into the wireless phone company’s dollar-based financial results.



The company yesterday lowered its 2014 sales and earnings targets after trailing analysts’ estimates in the first quarter, citing increased competition and currency declines. VimpelCom, which is listed on the Nasdaq Stock Market, fell 5.4 percent to $7.81 in New York. It was the worst performance on the Bloomberg gauge of the most-traded Russian shares in the U.S, which rose 0.2 percent. The wireless provider has plunged 40 percent this year, compared with the index’s 17 percent decline."



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Russian Growth Slowest Since 2009 on Sanctions, Poll Says - Bloomberg

Russian Growth Slowest Since 2009 on Sanctions, Poll Says - Bloomberg:



"Russia’s first-quarter economic growth was probably the slowest since a 2009 recession as the country’s standoff against the U.S. and its allies over Ukraine shrivels up investment, a survey of economists showed.



Gross domestic product advanced 0.7 percent in January-March from a year earlier after a 2 percent gain in the previous quarter, according to the median estimate of 19 economists in a Bloomberg survey. The Economy Ministry projects that output expanded 0.8 percent in the period. The Federal Statistics Service in Moscow may report its first estimate today.



The U.S. and the European Union responded to President Vladimir Putin’s takeover of Crimea from Ukraine with sanctions and warned they are ready to take further measures if the former Soviet republic’s May 25 presidential election is disrupted. The $2 trillion economy was stalling even before the penalties hit. The International Monetary Fund said April 30 that Russia is already in recession."



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Qatar Alters Laws as Workers Die on Pre-World Cup Projects - Bloomberg

Qatar Alters Laws as Workers Die on Pre-World Cup Projects - Bloomberg:



"Qatar, host of the 2022 World Cup, said it will amend labor laws after the death of dozens of immigrant workers on construction projects drew a storm of criticism from human rights and labor groups.



The government plans to increase penalties for employers who confiscate the passports of migrant workers to 50,000 riyals ($13,700) from 10,000 riyals, and stiffen penalties for failures to pay wages on time or provide adequate information, Interior Ministry officials told a press conference in Doha today.



The ministry also said it will scrap the current system of exit permits, which requires employers’ consent for employees to leave the country. It will change a system of sponsorship, called Kafala, under which migrants can only work for the company that sponsored their entry into Qatar. Under the new rules, employers will no longer be financially responsible for their employees."



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