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Sunday, 25 May 2014

Gazprom's global moves at work

Gazprom's global moves at work:


The Russian natural gas conglomerate Gazprom has been in the spotlight, especially in Europe for quite some time, often trying to shed the negative features from its image, as portrayed often by the press and segments of the public. As of late, and in the midst of the Ukrainian crisis that has gradually evolved into an energy crisis. Gazprom is orchestrating a set of moves that could be classified as counter offensive on multiple fronts, so as to solidify its position amidst intense international pressure and competition but also Russian calls for a reduction of its role in favor of other energy players such as Rosneft and Novatek."

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MIDEAST STOCKS-Qatar hits record high before MSCI move; Egypt up before vote | Reuters

MIDEAST STOCKS-Qatar hits record high before MSCI move; Egypt up before vote | Reuters:

"Qatar's main share index surged to a record close on Sunday as investors targeted stocks that will be included in MSCI's emerging market index, while Egypt hit a 69-month peak before this week's presidential vote.

MSCI will upgrade Qatar, along with the United Arab Emirates, from frontier market status at the end of this week, adding 10 Doha-listed stocks to its emerging market benchmark.

Masraf Al Rayan will be Qatar's lead stock in the index, accounting for about a quarter of the country's weighting; the Islamic lender's shares jumped 10 percent on Sunday to its daily limit-high.

Industries Qatar and Qatar Electricity and Water , which MSCI will also add to its emerging market index, climbed 3.8 and 3.5 percent respectively."

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Egypt Stocks Advance to Six-Year High Before Poll; Qatar Gains - Bloomberg

Egypt Stocks Advance to Six-Year High Before Poll; Qatar Gains - Bloomberg:

"Egypt’s benchmark index climbed to the highest since 2008 on bets tomorrow’s presidential election will be peaceful. Qatar’s measure surged to a record.

The EGX 30 Index increased 0.4 percent to close at 8,762.86 in Cairo, the highest since August 2008. The gauge has advanced 29 percent this year, more than seven-times the gains for MSCI’s emerging markets index. About 836 million Egyptian pounds ($117 million) of shares traded, compared with a one-year daily average of 579 million pounds. Ezz Steel, the country’s largest publicly traded manufacturer of the metal, rose the most since May 20. Qatar’s QE Index jumped 2.6 percent. 

Former Defense Minister Abdel-Fattah El-Sisi is widely expected to win the vote, and investors are speculating the military’s tightening grip on power will help restore order and boost the economy after three years of unrest. The North African country’s benchmark index, the fourth-best performing this year among more than 90 tracked by Bloomberg, has advanced in nine of the last 11 trading days."

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Qatar Investment Authority allocates $2bn to Russian fund - Doha News

Qatar Investment Authority allocates $2bn to Russian fund - Doha News:

"Amid ongoing tensions with the Ukraine and subsequently, the United States and European Union, Russia has been forging deeper business ties with Qatar, whose sovereign wealth fund has recently agreed to invest $2 billion there.

The Qatar Investment Authority (QIA), one of the world’s biggest wealth funds, has been increasingly focusing on emerging markets like Russia, China and India. 

In this latest deal, the QIA is forging a joint development with state-backed private equity fund Russian Direct Investment Fund (RDIF). The news was confirmed by RDIF CEO Kirill Dmitriev at a meeting between Russian President Vladimir Putin and foreign investors, the Gulf Times reports.

The $10 billion fund works with international partners to invest in projects in Russia, with the aim of lowering some of the risk involved by the foreign companies as they are partnering with the state."

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Russian Strategy To Buy Up Europe’s Refineries Exposed | Eurasia Review

Russian Strategy To Buy Up Europe’s Refineries Exposed | Eurasia Review:

"Russia’s strategy of buying up oil refineries in Europe could compromise the bloc’s energy security, EU officials said in a draft report prepared for the region’s leaders.

Europe’s refining sector has been weakened by a combination of high oil prices, slack demand and poor profit margins, prompting many companies to sell off refining units, which Russia has been buying.

Russia’s Lukoil, for instance, owns refining operations in Italy, the Netherlands, Bulgaria and Romania. Gazprom through its oil arm Gazprom Neft also owns refineries.

In a report prepared ahead of a summit meeting of EU leaders in June, the European Commission is expected next week to make public its vision of how to improve energy security in response to the crisis in Ukraine, the transit route for roughly half the gas Russia exports to the European Union."

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Dubai workers for British firm beaten by police over strike - Middle East - World - The Independent

Dubai workers for British firm beaten by police over strike - Middle East - World - The Independent:

"A major British building contractor has been accused of handing striking construction workers over to Dubai police who then beat, imprisoned, and deported them.

Workers helping to build a new university campus were attacked after going on strike asking for an increase to their salary of £121 a month, according to eyewitnesses spoken to by The Independent on Sunday.

Managers at BK Gulf, a joint venture company run by UK-based construction firm Balfour Beatty, alerted police to the strike at a site where New York University is being built. The eyewitnesses, most of whom were working on the new Abu Dhabi campus of New York University, described officials at BK Gulf videotaping striking workers last October before police kicked down doors and arrested dozens. Others were tricked into meetings with management, only to find police waiting for them."

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Institutional investors may have an edge in Emaar listing | The National

Institutional investors may have an edge in Emaar listing | The National:

"Some retail shareholders in Emaar Properties fear they will be frozen out of the forthcoming initial public offering of its malls business by international institutions favoured by the company’s army of advisers.

Emaar will employ eight investment banks as advisers or book runners on the Dh8 billion to Dh9bn IPO, now scheduled for September on the Dubai Financial Market. The marketing of the issue will be heavily skewed towards US and European investors, one adviser said on condition of anonymity.

“It will be listed only on DFM but the focus will be on institutions. There will be no special pre-emption arrangement for existing Emaar shareholders and [there is] a risk there will not be enough shares to go around for retail investors. The allocation between institutions and retail has not been finally decided, but it will be far more towards institutions,” the adviser said."

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Mubadala unit joins with Rosneft in energy deal | The National

Mubadala unit joins with Rosneft in energy deal | The National:

"Mubadala Petroleum and Rosneft have agreed to cooperate in the exploration and production of oil and gas assets in Siberia and elsewhere, as the Russian state-owned producer looks to mitigate US and European sanctions through new trade links and diversified business.

The Rosneft chief executive, Igor Sechin, and the UAE Energy Minister Suhail Al Mazroui signed the non-binding agreement yesterday in the presence of the Russian president Vladimir Putin at the St Petersburg International Economic Forum.

It provides for the participation of Mubadala Petroleum in the development of Rosneft assets in Eastern Siberia and Rosneft participation in international projects carried out by Mubadala Petroleum.


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UAE markets find support, at least for now |

UAE markets find support, at least for now |

"Last week the Dubai Financial Market General Index (DFMGI) dropped to a seven-week low before bouncing to close at 4,864.03, down 317.11 or 6.12 per cent for the week. Not surprisingly, market breadth was bearish with 27 declining issues and six advancing, while volume declined slightly to reach a three-week low.

This was the worst weekly performance for the index since the first week of September 2013. More importantly some key short-term technical levels were surpassed to the downside. In addition to reaching a seven-week low, the DFMGI fell below its 12-week exponential moving average (ema) (55-day ema on daily chart) for the first time since early-September 2013. However, it did not close below it, which would be a stronger bearish indication. These moving averages are another way of identifying support for the 36-week uptrend. The 12-week ema and 55-day ema are now at 4,738.41 and 4,761.74, respectively."

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