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Friday, 30 May 2014

Total Sells $1.5 Billion Azeri Gas-Project Stake to Turkey - Bloomberg

Total Sells $1.5 Billion Azeri Gas-Project Stake to Turkey - Bloomberg:



"Total SA (FP) sold its 10 percent stake in Azerbaijan’s Shah Deniz gas project to Turkey’s state oil company for $1.5 billion as part of an asset-sale plan.



TPAO Turkiye Petrolleri AO will buy Total’s stake in the field and South Caucasus pipeline, the French company said today in a statement. Total entered the Caspian Sea project in 1996.



After the deal, France’s largest oil company will have sold $16 billion of assets since 2012, pushing through its target of raising $15 billion to $20 billion through divestments, it said.



“The sale of our interest in Shah Deniz is in line with Total’s active portfolio management and the focus of its investment capability on more strategic assets,” Michael Borrell, senior vice president for continental Europe and central Asia, said in the statement."



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The week explained: May 30th 2014 - YouTube

The week explained: May 30th 2014 - YouTube: ""



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Is the Middle East the new hub of global aviation? - CNN.com

Is the Middle East the new hub of global aviation? - CNN.com:



"

After a decade of construction and almost four years behind schedule, the Middle East's latest airport destination began full operations earlier this week.



Hamad International Airport in Doha, Qatar, will eventually occupy 29 square kilometers (roughly a third of the size of Doha city itself) and comes in at a total cost of $15 billion.



The giant facility will have an annual capacity of 50 million passengers as well as public spaces for art exhibitions, a VIP terminal inspired by Arabian sailboats and an aquatic themed mosque.



Like an increasing number of oil and gas rich cities in the region, Doha is attempting to diversify its economy to make the most of new trade and tourism opportunities."



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DIFC unites litigation and arbitration bodies | The National

DIFC unites litigation and arbitration bodies | The National:



"The DIFC’s litigation and arbitration functions are to be consolidated under a new single dispute settlement umbrella body, under the terms of a new law issued by Dubai’s ruler.



Law No 7 of 2014, announced by Sheikh Mohammed bin Rashid on Wednesday, amends the DIFC’s founding law and mandates the establishment of a Disputes Resolution Authority within the centre.



The authority will consist of the DIFC Courts, an “arbitration body”, and “other subsidiary committees or institutions established under the laws and regulations of the DIFC”, according to a statement from the Dubai Media Office.



The new Disputes Resolution Authority will be headed by Chief Justice Michael Hwang, the current president of the DIFC Courts."



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UAE bourse regulator backtracks on greenfield public offerings | The National

UAE bourse regulator backtracks on greenfield public offerings | The National:



"The UAE stock market regulator has reversed its opposition to greenfield IPOs and provided exemptions in a bid to win back any local companies considering a listing abroad, analysts and investors say.



Until this year, the UAE Securities and Commodities Authority’s (SCA) regulatory framework for initial public offerings was quite restrictive and even dissuaded some companies from looking to raise cash from local equity markets. 




“You have to raise 55 per cent and companies end up with a massive capital base that is exaggerated,” said Majd Maaiteh, the head of securities at National Bank of Abu Dhabi. “For founder shareholders, there’s no option to exit or cash out.”



A greenfield IPO is the process of raising cash to list a company that is neither in operation nor has a track record, as a shell or holding firm to then acquire existing businesses."



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Strong fiscal position supports Sharjah’s credit strength | GulfNews.com

Strong fiscal position supports Sharjah’s credit strength | GulfNews.com:



"The credit strength of Sharjah is primarily supported by its very strong fiscal and government debt position, Moody’s Investors Services said in a report on Thursday.



Sharjah’s A3 rating is primarily supported by the emirate’s very strong fiscal and government debt position, characterised by small fiscal deficits, low levels of government debt and manageable wider public-sector debt.



According to the rating agency Sharjah’s credit strength is also supported by the relatively higher degree of economic diversification — compared to the rest of the UAE (UAE, Aa2 stable) and countries in the Gulf Cooperation Council (GCC).



The emirate’s government finances benefit significantly from membership in the federation of the UAE, because the federal Ministry of Finance funds a large portion of public services for UAE nationals directly from its own budget, including defence and a basic level of education and health care. Sharjah’s competitive manufacturing sector and its relatively higher degree of economic diversification compared to other emirates in the Gulf Cooperation Council (GCC) also provides credit strength."



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Still no alternative to dollar - YouTube

Still no alternative to dollar - YouTube: ""



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Singapore Home Prices May Fall More: Standard Chartered - Bloomberg

Singapore Home Prices May Fall More: Standard Chartered - Bloomberg:



"Singapore’s home prices will probably fall further before the housing curbs introduced in the past five years are scaled back, Standard Chartered Plc (STAN)’s Southeast Asia head said.



“You would start to take away some of these measures if price growth reaches a certain level of equilibrium,” Lim Cheng Teck, chief executive officer for Asean or the Association of Southeast Asian Nations, said in an interview in Singapore yesterday. “I don’t think we are at an equilibrium yet.”



The city’s private home prices dropped by the most in almost five years following a campaign that started in 2009 to curb property market speculation, with government curbs ranging from taxes on property sales, additional levies on foreign buyers and mortgage limits."



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Ukraine Leads Distressed Debt Rally as Poroshenko Election - Bloomberg

Ukraine Leads Distressed Debt Rally as Poroshenko Election - Bloomberg:



"Ukrainian corporate bonds helped lead the longest distressed-debt rally in more than a year among emerging markets as investors bet billionaire President-elect Petro Poroshenko will ease political tensions with Russia.



Notes sold by the eastern European nation’s riskiest companies rose 8.7 percent this month through yesterday, according to Bank of America Merrill Lynch’s Distressed Emerging Markets Corporate Plus Index. The measure’s 3.4 percent gain capped a four-month, 12.5 percent, winning streak, the longest since the period ended February 2013.



‘Chocolate King’ Poroshenko, 48, pledged to visit eastern regions to end fighting with separatists, after Russia annexed the Black Sea peninsula of Crimea in March. The International Monetary Fund has meted out $3.2 billion in aid as part of a $17 billion loan to help Ukraine pay its debt, as the nation had its rating cut to nine levels below investment grade by Moody’s Investors Service."



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Geneva, Dubai Rank as Priciest Cities in World for Hotels - Bloomberg

Geneva, Dubai Rank as Priciest Cities in World for Hotels - Bloomberg:



"World travelers looking for a cheap place to stay may want to avoid Geneva, Dubai and Miami.



The three cities rank among the most expensive markets for hotel rooms, according to an index compiled by Bloomberg. In Geneva, the average cost for a night is $308, followed by Dubai at $273, Kuwait City at $253 and Zurich at $250. Miami is next as the costliest place for lodging in the U.S., at $245 a night.



Room costs are pushed up in high barrier-to-entry markets where developable land is scarce and the number of hotels limited, as well as by a relatively affluent customer base. In cities such as Edinburgh, which ranks above London, a limited supply of lower-end rooms pushes up expenses for visitors.

"



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