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Sunday, 18 May 2014

Oman ex-minister gets three years in jail for corruption - The Voice of Russia

Oman ex-minister gets three years in jail for corruption - News - World - The Voice of Russia: News, Breaking news, Politics, Economics, Business, Russia, International current events, Expert opinion, podcasts, Video:



"Mohammed bin Nasir Al-Khusaibi, a former Omani commerce minister, was jailed for three years for corruption on Sunday, the most senior government figure to be convicted in a campaign against graft in the Gulf Arab state. According to Reuters, he was found guilty by Muscat's Court of First Instance of paying bribes worth $1 million to the ex-undersecretary of the Ministry of Transport and Communication for civil aviation to win a contract for the first phase of the Muscat International Airport.



Directors-general of some ministries and company executives have been among dozens of Omanis and expatriates convicted and jailed in a series of cases involving kickbacks for contracts awarded by state-run institutions since late last year."



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Qatar to take Deutsche Bank stake as part of cap increase: sources | Reuters

Qatar to take Deutsche Bank stake as part of cap increase: sources | Reuters:



"The Qatari royal family is set to take a stake in Deutsche Bank as part of a planned multi-billion capital increase, two people familiar with the transaction told Reuters on Sunday.



Qatar will buy new Deutsche Bank shares ahead of a rights issue targeting investors worldwide, the sources said.



The exact size of the stake that Qatar will hold after the transaction will depend on whether it fully uses its subscription rights or sells part or all of them, the sources added.



Germany's flagship lender is preparing a multi-billion euro capital increase, sources told Reuters earlier on Sunday, as Germany's biggest lender aims to draw a line under investor doubts about its capital position."



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STOCKS NEWS MIDEAST: Egypt dips as investors wait on presidential vote | Reuters

STOCKS NEWS MIDEAST: Egypt dips as investors wait on presidential vote | Reuters:



"Egypt's index eases from Thursday's 69-month high as investors await next week's presidential election before committing more cash to the market.



Property developer Talaat Moustafa and telcom operator Mobinil are among the main drags, falling 1.1 and 3.2 percent respectively.



The benchmark drops 0.3 percent to 8,532 points. On Thursday, it ended at 8,553 points, its highest close since August 2008.



"We need a catalyst to pass through 8,600 points. We might see a slight correction," says Mohamed Radwan, head of equities at Pharos Securities in Cairo."



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Iran Says Ready To Supply Natural Gas To Europe

Iran Says Ready To Supply Natural Gas To Europe:



"Good diplomats find opportunities in crises, and Iran's policymakers seem to be following the rule.



Amid rising tensions between the European Union and Moscow over Ukraine, Iranian oil officials have repeatedly said Tehran is ready to supply natural gas to Europe, which currently gets 30 percent of its gas imports from Russia.



The offer by Iran, which has the world's second largest natural-gas reserves after Russia, might seem surprising when the EU currently bans the import of Iranian natural gas as part of sanctions over Tehran's nuclear program.



But Iran may hope the energy offer will add incentives for lifting the international sanctions as Tehran and world powers hold talks in Vienna this week aimed at solving the nuclear crisis. "



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News Analysis: Abu Dhabi's Etihad looks to shake off historical trends with linkup with Italy's Alitalia airline - Xinhua | English.news.cn

News Analysis: Abu Dhabi's Etihad looks to shake off historical trends with linkup with Italy's Alitalia airline - Xinhua | English.news.cn:



"Abu Dhabi-based Etihad Airlines is nearing a partnership deal with Alitalia, Italy's flagship air carrier that Etihad officials predict will return to profitability by 2017. But the deal depends on Alitalia's ability to re-organize its massive debt, strike a deal with labor unions, and shake off the weight of history.



Alitalia has been down this road before.



Between 2003 and 2006, the airline was in partnership talks with Air France and Dutch carrier KLM, but those talks fell apart when trade union talks broke down and when Alitalia refused to de-emphasize its under-utilized Malpensa airport hub outside of Milan, which is closer to Air France's Paris hub than to Alitalia's other hub in Rome."



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Turnaround at Dubai-based Topaz takes hold | The National

Turnaround at Dubai-based Topaz takes hold | The National:



"René Kofod-Olsen, the chief executive of the Dubai-based Topaz Energy and Marine, admits that with hindsight, the early part of 2011 was not the perfect time to consider an initial public offering by a Middle East company on the London stock market.



The Arab Spring convulsions were in full swing, while global markets had been rocked by the economic aftershocks of the Japanese earthquake and tsunami. 




Topaz, a subsidiary of the Oman conglomerate Renaissance Holdings, had been planning a US$500 million London listing, but called it off at the last minute as doubts about investor appetite became apparent. Later that year, Topaz was rocked by the discovery of fraud at a Kazakh subsidiary and doubts about its strategic corporate structure."



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Momentum slows in Dubai, while Abu Dhabi bounces off support | GulfNews.com

Momentum slows in Dubai, while Abu Dhabi bounces off support | GulfNews.com:



"Last week the Dubai Financial Market General Index (DFMGI) declined 120.95 or 2.28 per cent to close at 5,181.14. Most listings participated in the weakness with 26 declining against eight advancing. Volume decreased from the prior week.



The index just barely made a new high, reaching 5,406.62 versus the prior week’s high of 5,394.88. Earlier in the week it dropped below the prior week’s low for the first time in nine weeks. That’s when the current rally began following a 9.07 per cent decline. The total advance during the rally has been 39.73 per cent. Last week’s 2.28 per cent decline was the DFMGI’s weakest performance since the beginning of the nine-week uptrend.



Even though the previous week’s low (5,078.37) was exceeded to the downside, we did not see a daily close below it. That would have given confirmation of weakness and increased the odds for further downward pressure. Given that, the DFMGI remains in a three-week consolidation phase with uncertainty as to the next likely direction. But there are additional signs to be diligent."



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