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Saturday, 31 May 2014

Abu Dhabi Investment buys Aurobindo shares worth Rs 99 cr -

Abu Dhabi Investment buys Aurobindo shares worth Rs 99 cr -

"Abu Dhabi Investment Authority - Gulab has picked up a 0.5 percent stake (worth Rs 99 crore) in  Aurobindo Pharma  through a block deal on the National Stock Exchange on Friday.

Abu Dhabi Investment bought 14,75,687 equity shares at Rs 670.51 apiece while Morgan Stanley Asia Singapore Pte offloaded 0.6 percent stake ( out of 1.6 percent stake as of March 2014 ) in healthcare company.

Morgan Stanley sold 17,32,500 equity shares at Rs 669.92 apiece.

On Friday, Aurobindo Pharma stock closed at Rs 669.80, up 5.14 percent after hitting a record high of Rs 679.80. Market capitalisation of the company currently stands at Rs 19,521.79 crore."

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Ukraine’s GDP to drop by 5% in 2014 – Fitch — RT Business

Ukraine’s GDP to drop by 5% in 2014 – Fitch — RT Business:

"Fitch Ratings has predicted that Ukraine’s GDP will diminish by five percent in 2014, as the crisis will continue to weigh on the protest-torn country's economy. 

“We forecast GDP to contract by 5 percent this year,” Charles Seville, director for sovereigns at Fitch Ratings in London, said in an article titled 'New Ukrainian President Faces Major Challenges.'

“Ex-Crimea, industrial production shrank 6 percent year on year in April, and consumer spending is well down, especially in the east,” he continued.

While inflation in April was 3.3 percent, the agency predicts it will rise due to gas tariffs and pass-through of exchange rate depreciation.

“Public finances are under pressure but the government has increased tax collection and contained spending, narrowing the fiscal deficit,” the article states."

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Al Tayyar Travel acquires Cooperative Travel Management |

Al Tayyar Travel acquires Cooperative Travel Management |

"Saudi Arabia’s Al Tayyar Travel Group Holding has signed an acquisition agreement with UK-based Cooperative Travel Management (CTM) worth 85 million Saudi riyals, according to a statement on Thursday.

The deal was funded from the company’s revenues, and all legal procedures to finalise the deal will be completed accordingly, according to the statement.

Through the acquisition, the company aims to expand the scope of its businesses in Europe. The financial revenues from the deal are expected to begin in the third quarter of the year, the company said in the statement.

Earlier this year, Al Tayyar Travel Group acquired Elegant Resorts, Thomas Cook’s UK luxury travel tour operating entity."

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Ukraine Edges Toward Russia Gas Deal as Eastern Clashes Persist - Bloomberg

Ukraine Edges Toward Russia Gas Deal as Eastern Clashes Persist - Bloomberg:

"Russia and Ukraine moved closer to a deal that would keep gas flowing between the countries even as they spar over Russian support for separatists seeking to break away from the government in Kiev.

After talks brokered by the European Union in Berlin, Ukraine made its first payment in months to Russia’s OAO Gazprom (OGZD), transferring $786 million to pay for gas received in February and March. While debts and future payments remain in dispute, EU Energy Commissioner Guenther Oettinger welcomed yesterday’s steps as “building blocks for a package that, given the evident goodwill of all parties today, doesn’t seem out of reach.” Talks are due to continue next week. 

In eastern Ukraine, the army is fighting to regain control from the pro-Russian separatists. Insurgents killed a Ukrainian soldier and wounded two in an attack on a military vehicle in the Kharkiv region, the National Guard said on its website yesterday. A group of about 80 rebels attacked a border post in Luhansk, Interfax-Ukraine said. A day earlier, the separatists downed a military helicopter, killing a general and 13 soldiers."

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Polish Economy Grows at Quickest in 2 Years on Loan Costs - Bloomberg

Polish Economy Grows at Quickest in 2 Years on Loan Costs - Bloomberg:

"Poland’s economy grew at the fastest pace in two years in the first quarter as record-low borrowing costs stoked consumer spending and corporate investments.

Gross domestic product surged 3.4 percent from a year earlier last quarter, compared with 2.7 percent in the previous three months, according to a preliminary estimate published today by the Central Statistical Office in Warsaw. That exceeded the 3.3 percent preliminary estimate published May 14. GDP rose 1.1 percent from the previous quarter.

Borrowing costs, kept at a record low since July, will be maintained unchanged at least until the end of the third quarter, helping the European Union’s largest eastern economy gather pace, according to the central bank’s economic outlook. It predicts full-year growth of 3.6 percent, more than double last year’s rate."

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