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Monday, 19 May 2014

Etihad Airways stake in Virgin Australia rises to 21.24 per cent | The National

Etihad Airways stake in Virgin Australia rises to 21.24 per cent | The National:

"Etihad Airways has increased its holdings in Virgin Australia, with the deal boosting its stake in the carrier above 20 per cent, according to a bourse statement.

In a filing to the Australian Securities Exchange (ASX), Virgin Australia stated that the voting power of Etihad has increased to 21.24 per cent from 19.9 per cent.

Etihad has been waiting for regulatory approval to increase the holding after an offer of new shares last year was not fully subscribed by retail investors."

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UPDATE 1-Dubai Islamic Bank to buy Indonesian bank stake | Reuters

UPDATE 1-Dubai Islamic Bank to buy Indonesian bank stake | Reuters:

"Dubai Islamic Bank (DIB) will purchase a 25 percent stake in Indonesian Islamic lender Bank Panin Syariah, it said on Monday, as the United Arab Emirates-based bank looks to expand into the world's most populous Muslim nation.

Under the agreement, DIB - the largest Islamic bank in the UAE - will "jointly manage and operate" Bank Panin Syariah along with parent Bank Pan Indonesia, which will remain a controlling shareholder, it said in a Dubai bourse filing.

DIB Chief Executive Adnan Chilwan this month said that the bank was in talks to buy a 40 percent stake in an Indonesian Islamic bank, adding that it hoped to conclude a deal before the end of the year using its own cash to fund the purchase."

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MIDEAST STOCKS-Dubai in biggest drop in 8 mths, most mkts fall | Reuters

MIDEAST STOCKS-Dubai in biggest drop in 8 mths, most mkts fall | Reuters:

"Dubai's index makes its one-day decline in eight months on Monday and technical indicators suggest it will fall further, while most other Middle East markets also retreated.

Dubai fell 5.5 percent to 4,856 points, its lowest close in a month and biggest one-day loss since Aug. 27.

"I think we'll see more selling - the key is that Dubai broke and then closed below 5,000 points," said Bruce Powers, technical strategist and president at WideVision in Dubai.

"It looks like we're going to 4,715, whether we go below that remains to be seen." 

There was little apparent reason for Dubai's sudden sell-off apart from declines on global markets due to jitters about slowing growth China."

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Gazprom to sign monumental gas deal with China — RT Business #EuroMaidan

Gazprom to sign monumental gas deal with China — RT Business:

"Russia and China are set to sign a long-awaited 30-year gas contract during a two-day meeting, when Russian President Vladimir Putin visits Shanghai on May 20-21. 

Gazprom, Russia’s largest natural gas producer, and China National Petroleum Corporation (CNPC) are set to sign a gas deal that will send 38 billion cubic meters of natural gas a year eastward to China’s burgeoning economy, starting in 2018.

The timing is almost flawless as Russia is looking to shield itself from Western sanctions by pivoting towards Asia, and China desperately needs to switch from dirty coal to more environmentally friendly natural gas."

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Ukraine Bonds Rise to 5-Week High as BofA to Commerzbank Upgrade - Bloomberg #EuroMaidan

Ukraine Bonds Rise to 5-Week High as BofA to Commerzbank Upgrade - Bloomberg:

"Ukraine’s Eurobonds gained, sending the yield to the lowest in five weeks, after Bank of America Corp. and Commerzbank AG raised their recommendations on the debt on diminishing risks from the standoff with Russia.

The yield on the dollar notes due 2017 fell 48 basis points to 11.97 percent at 12:50 p.m. in Kiev, the lowest since April 11 on a closing basis. The hryvnia strengthened 1.3 percent to 11.8015 per dollar after weakening 2.6 percent last week.

President Vladimir Putin ordered Russian troops near the border back to base, the state-run RIA news service reported, even as Ukrainian forces continued fighting insurgents in the east of the country. The country’s territorial integrity is unlikely to be threatened to an extent that would endanger the International Monetary Fund aid plan, Bank of America said as it raised Ukraine’s bonds to marketweight from underweight."

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DFM crashes 5.5% and ADX down 2.5% as euphoria turns into a rush to the exit « ArabianMoney

DFM crashes 5.5% and ADX down 2.5% as euphoria turns into a rush to the exit « ArabianMoney:

"The Dubai Financial Market tumbled 5.5 per cent today as euphoria over the economic outlook turned into a rush to the exit and cash out profits. At the weekend ArabianMoney warned that the market was on an unsustainable high. The Abu Dhabi Securities Exchange also slumped by 2.5 per cent.

Nobody really questions the strong economic outlook for the United Arab Emirates where high oil revenues underpin a secure federation whose diversification is widely seen as a model for the region. It is is simply a question of whether a 60 per cent surge in DFM equity values this year is justified by five per cent or so GDP growth, and that on top of a more than doubling of the DFM last year."

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Global Islamic banking assets set to exceed US$3.4 trillion by 2018 -

Global Islamic banking assets set to exceed US$3.4 trillion by 2018 - Business Intelligence Middle East - - News, analysis, reports:

"Global Islamic banking assets with commercial banks are on course to exceed US$3.4 trillion by 2018, fueled by growing economic activity in core Islamic finance markets according to specialists at EY’s Global Islamic Banking Center. 

The Center has also announced the launch of its Mandarin and Turkish editions of its Islamic banking research today.

Across the six markets of Qatar, Indonesia, Saudi Arabia, Malaysia, UAE and Turkey (QISMUT), the combined profits of Islamic banks broke the US$10 billion mark for the first time at the end of 2013. If the current growth rate continues, the Islamic banking profit pool across QISMUT markets is set to exceed US$25 billion by 2018."

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UAE credit bureau launched |

UAE credit bureau launched |

"The UAE has approved the bylaws for the creation of a nationwide credit bureau that would help create a more robust credit environment in the country by allowing lenders to better establish the credit standing of borrowers.

His Highness Shaikh Mohammad bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, has issued Cabinet Resolution No. 16 of 2014 that paves the way for the official launch of the much-awaited Al Etihad Credit Bureau.

Al Etihad Credit Bureau was created by virtue of Federal Law No. 6 of 2010 which defined ways for requesting, gathering, preservation, analysis, categorization, use, circulation and protection of credit information and related information."

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Doing Business with Putin’s Russia: Why it’s Dangerous to Trade with People who don’t Believe in Trade

I spent the 1990s teaching economics at a business school in Moscow. Our students were graduates of FizTech, Mekh-Mat, MIFI—the whole alphabet soup of science and technology schools that had fed the Soviet military-industrial establishment. These young men and women had degrees in things like “laser weapons platform design” that weren’t in much demand in Boris Yeltsin’s new Russia. Now they wanted to become financial analysts, accountants, and business IT specialists.

The students were incredibly bright and had great quantitative skills, but there were ideas in our American-style MBA curriculum that many of them found hard to grasp. Not my subject, economics. None of them had ever had an econ course before, but they ate up equations and models like breakfast cereal. Instead, the hardest thing for some of them to grasp was the idea that business could be something other than a zero-sum game.

Kuwait eases rules for listing joint-stock companies | Reuters

Kuwait eases rules for listing joint-stock companies | Reuters:

"Kuwait has eased capital rules for joint-stock companies to list on the stock exchange to encourage firms to raise funds and broaden their shareholder base, the Gulf state's financial regulator said.

The new regulations are part of a series of rulings this year from the Capital Markets Authority (CMA), which is trying to boost activity on the sluggish market as well as clamp down on any suspicious dealings.

Under the new rules for listing on the main market, joint-stock companies need annual profits of 5 percent of their capital, instead of the previous 7.5 percent, the CMA said."

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Is catastrophe boom worrying? - YouTube

Is catastrophe boom worrying? - YouTube: ""

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Risk appetite on rise among Gulf-based individual investors |

Risk appetite on rise among Gulf-based individual investors |

"Gulf-based individual investors surveyed in the UAE, Qatar and Kuwait ranked as the world’s most risk tolerant investor group, according to a global survey by Natixis Global Asset Management, a global asset management company in the world.

Nearly 70 per cent of Gulf-based respondents are more willing to endure higher levels of risk now than they could a few years ago, in contrast to less than half of global investors (49.7 per cent) who say the same. The survey finds that for more than 83 per cent of the Gulf investors, asset growth is increasingly becoming a priority over simply protecting principal.

The risk tolerance in Europe was found still lagging with 71 per cent of respondents in the mood to take as little risk as possible. The overall mood is better in the US, with 53 per cent of respondents willing only to assume minimal risk. Progress is evident, but it is not happening at a velocity that creates exposure to the additional risk necessary to meet retirement objectives."

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Swiss Reject World’s Highest Minimum Wage of $25 Per Hour - Bloomberg

Swiss Reject World’s Highest Minimum Wage of $25 Per Hour - Bloomberg:

"Swiss voters rejected the world’s highest national minimum wage, striking down a proposal for an hourly rate of 22 francs ($25).

The initiative was opposed by 76.3 percent of voters, the government in Bern said yesterday. Polls, including one by gfs.bern, forecast that outcome.

“It’s a strong sign to Switzerland as a center of employment,” Economy Minister Johann Schneider-Ammann said at a news conference in Bern. “Accepting the initiative would have led to job cuts in economically weak, rural areas.”"

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Cyprus Drilling Success May Offer EU Gas Alternative to Russia - Bloomberg

Cyprus Drilling Success May Offer EU Gas Alternative to Russia - Bloomberg:

"Cyprus said success drilling in deep waters off the eastern Mediterranean island this year may offer Europe a way to loosen Russia’s grip on its energy supplies. 

Cyprus, which has proven reserves of as much as 6 trillion cubic feet of natural gas, is looking to find another 4 trillion to 5 trillion cubic feet, Energy Minister George Lakkotrypis said. Such a discovery, about a quarter the size of Israel’s giant Leviathan find, would allow the country to proceed with plans for a liquefied natural gas terminal.

An LNG plant on Cyprus could also process gas from elsewhere in the Levant Basin, an area that may hold 122 trillion cubic feet of gas, and ship it by sea to markets in western Europe, where supplies are now threatened by the crisis in Ukraine. Russia, which provides about 15 percent of the region’s needs through Soviet-era pipelines crisscrossing its western neighbor, has threatened to cut supplies from June."

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Deutsche Bank Gains Qatar as Holder in $11 Billion Share Sale - Bloomberg

Deutsche Bank Gains Qatar as Holder in $11 Billion Share Sale - Bloomberg:

"Deutsche Bank AG, Germany’s largest bank, sold about 60 million shares to the Qatari royal family as it announced plans to raise 8 billion euros ($11 billion) in its second-biggest capital increase.

Paramount Holdings Services Ltd., an investment vehicle of Qatar, purchased 1.75 billion euros of shares at 29.20 euros apiece, the Frankfurt-based bank said in a statement last night. Deutsche Bank plans to raise an additional 6.3 billion euros from a rights offer in June.

Engulfed in legal probes over the alleged rigging of benchmark rates and currencies, Deutsche Bank has focused on shrinking its balance sheet to bolster finances ahead of a European Central Bank exam this year to assess banks’ ability to withstand shocks. A slump in debt trading has eroded earnings as it scaled back operations. The capital increase is the biggest since the company sold about 10 billion euros of shares in 2010 to fund its purchase of Deutsche Postbank AG."

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