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Wednesday, 4 June 2014

Ukraine ready to sign EU trade deal ‘immediately’ - Poroshenko — RT Business

Ukraine ready to sign EU trade deal ‘immediately’ - Poroshenko — RT Business:



"Ukraine’s President-elect Petro Poroshenko is ready to sign a deal establishing free trade between the EU and Ukraine, right after his inauguration on June 7. The agreement lies at the heart of the Ukraine crisis and he hopes it will help “restore peace".



"I'm ready to sign the economic part of the Association Agreement and to enter a free trade zone with the EU immediately after the inauguration," Poroshenko said during a meeting in Warsaw on Wednesday with Austrian President Heinz Fischer.



Kiev signed the political part of the trade agreement, which will break down barriers between Ukraine’s $145 billion economy and Europe’s nearly $17 trillion economy.



It had been reported that Poroshenko may be hesitant to sign the agreement, as he may need some time to address Ukraine’s desperate internal problems first, and not rush into foreign partnerships."



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MIDEAST STOCKS-Egypt rebounds, UAE and Qatar remain weak | News by Country | Reuters

MIDEAST STOCKS-Egypt rebounds, UAE and Qatar remain weak | News by Country | Reuters:



"Egypt's bourse rebounded on Wednesday after several days of weakness, while many major stocks in the United Arab Emirates and Qatar extended declines following a jump that their inclusion in MSCI's emerging market index had sparked.



Egyptian investors, who had been selling stocks en masse, resumed buying, lifting the Cairo index 1.9 percent.



The benchmark fell 7.5 percent in two sessions after the government first announced plans for a 10 percent capital gains tax last Thursday, and had remained muted until Wednesday.



"It was capitulation, the end of fighting (by local investors)," said Chamel Fahmy, vice-president for sales and trading at Egypt's HC Securities and Investment. 




Foreign investors continued buying during the sell-off, he said. Locals have now followed suit while foreigners have moved to the sidelines."



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Qatari Stocks Extend Rout to Three Days as World Cup Woes Mount - Bloomberg

Qatari Stocks Extend Rout to Three Days as World Cup Woes Mount - Bloomberg:



"Qatar’s shares fell for a third day and bonds dropped on concern the Persian Gulf nation may lose the right to host the 2022 soccer World Cup, potentially jeopardizing some of its $200 billion investment plans.



The benchmark QE Index (DSM) slid 0.6 percent to close at 13,142.69, the lowest since May 22. The yield on the benchmark 5.25 percent government bond due in January 2020 gained two basis points, or 0.02 of a percentage point, to 2.43 percent at 3:41 p.m. in Doha, data compiled by Bloomberg show.



Qatari stocks, among the world’s best performers this year, have lost 4.1 percent in the past three days after Britain’s Sunday Times reported that payments were made to soccer officials in return for allowing the Arab country to host the tournament. Rashid al Mansoori, chief executive officer of the Qatar Exchange, said in an interview today the nation won the bid with “credibility” and corruption allegations were “noise.”"



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Standard and Poor's Slaps Negative Outlooks on 18 Russian Banks | News | The Moscow Times

Standard and Poor's Slaps Negative Outlooks on 18 Russian Banks | News | The Moscow Times:



"Standard and Poor's has downgraded the outlooks of 19 mid-sized Russian banks, saying the country's deteriorating economic growth and the risks created by the political crisis in Ukraine will likely hit the banks' asset quality and profitability.



The U.S. credit rating agency said in a press release Tuesday that it had knocked the outlook on 18 banks down from "stable" to "negative," among them Vozrozhdeniye, Petrocommerce and International Bank of St. Petersburg, all comfortably within Russia's top 100 banks. Bank Soyuz, also in the top 100, had its outlook switched from "positive" to "stable."



A further 11 banks, including Bank of Moscow, Uralsib and Nomos, all among Russia's top 20 banks, had their outlooks confirmed at "stable," as did Otkritie, which ranks 32 by assets, according to rating agency RIA Ratings."



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Southern Gas Corridor to link Azerbaijan with European countries - Trend.Az

Southern Gas Corridor to link Azerbaijan with European countries - Trend.Az:



"The Southern Gas Corridor is forging new links between Azerbaijan and the countries that will benefit from the energy supplies stretching into the heart of Europe, BP head Robert Dudley said at the opening of the 21st International Caspian Oil and Gas Exhibition in Baku on June 3.



He stressed that at the end of last year a major step was taken to approve the stage two development of the Shah Deniz field.



"This is one of the most complex challenges ever undertaken in the global oil and gas industry," Dudley said. "It represents the largest foreign direct investments made in Azerbaijan."



"As the construction activity ramp up it will create over 10,000 jobs in Azerbaijan and tens of thousands jobs in the countries along the Southern Gas Corridor," he said."



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What to expect from Draghi - YouTube

What to expect from Draghi - YouTube: ""



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Energy supply investment of $48 trillion needed by 2035, says IEA | The National

Energy supply investment of $48 trillion needed by 2035, says IEA | The National:



"The world needs to spend US$48 trillion on energy supply investment by 2035, the International Energy Agency said today.



The prediction in the World Energy Investment outlook report highlights the crucial importance of Middle East oil production over the next decade.



A potential shortfall in investment in production in the Middle East could create a $15 spike in the oil price by 2035, it warns.



The emergence of tight oil in North America and new deepwater conventional supplies from Brazil have “put oil developments in the Middle East somewhat in the shade in recent years”."



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Writedown hits bottom line for TDIC with loss of Dh1.13bn | The National

Writedown hits bottom line for TDIC with loss of Dh1.13bn | The National: "Abu



Dhabi’s Tourism Development and Investment Company lost Dh1.13 billion last year amid a writedown of more than Dh600 million on hospitality assets.



In a filing of its accounts for last year with the London Stock Exchange on Monday, TDIC said it had agreed to write down Dh658.4m on the sale of hospitality assets for Dh948m. It did not specify what the hospitality assets were. 




Construction costs for the developer of Saadiyat Island surged last year. The construction cost of residences there is listed at Dh1.93bn in the London filing, under the heading of direct costs from residential sales. The previous year, similar costs were reported as Dh203 million.



Still, TDIC narrowed its annual loss from Dh2.15bn in 2012. The company, established in 2006, also reported losses in 2008, 2009 and 2010."



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BA chief open to joint venture talks with Qatar Airways | The National

BA chief open to joint venture talks with Qatar Airways | The National:



"The British Airways chief said yesterday that a potential joint venture with Qatar Airways is still under discussion.



“We look at various different structures of joint ventures. You can have a revenue share, you can have a profit share, you can have things that fall between the middle. This is all the sort of issues that are subject to discussions between us,” said Willie Walsh, the chief executive of British Airways.



“It won’t necessary have to mean a profit share, but we will have discussions about these issues in the right time.”



The Qatar Airways chief executive Akbar Al Baker has previously said that the Gulf airline is open to the possibility of a revenue-sharing partnership with other members of the oneworld alliance, which it joined in October."



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UAE’s asset price recovery is fundamentally sound | GulfNews.com

UAE’s asset price recovery is fundamentally sound | GulfNews.com:



"Abu Dhabi’s fiscal strength, improved liquidity in the banking system, relatively low leverage in the corporate sector and considerable progress in deleveraging of Dubai’s government related entities make the asset price surge in recent months more realistic according to economists.



“While we have for some time been highlighting our concerns regarding the sustainability of asset price inflation, we consider that Dubai today is much more resilient to such shocks than it was at the height of the previous cycle in mid-2008, for three main reasons,” said Farouk Soussa, Chief Middle East Economist of Citigroup.



In contrast to the previous asset price boom of mid-2008, Soussa said the banking sector liquidity is less vulnerable to exogenous shocks and is likely to remain supportive of local asset markets. In addition, in recent years Dubai’s economy made considerable progress on deleveraging and smoothing debt maturities. Refinancing risk among some of Dubai’s Government Related Entities (GREs) has been significantly reduced."



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Qatar image would suffer more than economy if World Cup lost | GulfNews.com

Qatar image would suffer more than economy if World Cup lost | GulfNews.com:



"Qatar’s sizzling growth would slow if it lost the right to host the 2022 World Cup soccer tournament, but the tiny country is so rich that the impact on its economy and financial markets would be much smaller than the blow to its reputation.



The Qatari stock market sank 1.1 percent on Monday, underperforming the region, after a British newspaper published what it said was evidence of corruption in Qatar’s successful bid to host the World Cup. Qatar and tournament organisers denied the allegations.



Plans to spend billions of dollars on building stadiums could be scrapped if the allegations eventually lead to a reversal of FIFA’s decision to award the World Cup to Qatar, which has a population of 2.1 million and no reason to build the venues solely for its own population.



Construction of related infrastructure, including road and rail links, could be slowed or put on hold, and real estate firms might suspend hotel projects involving thousands of rooms."



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Ukraine Bond Repayment Belies Gutted Economy: East Europe Credit - Bloomberg

Ukraine Bond Repayment Belies Gutted Economy: East Europe Credit - Bloomberg:



"As Ukraine repays its $1 billion dollar bond, sentiment for the nation’s notes is souring with the economy withering amid fighting between government forces and pro-Russia separatists.



The yield on the July 2017 note rose 19 basis points in the past four days to 9.72 percent yesterday as the government cracked down on rebels in Donetsk and Luhansk in Ukraine’s industrial heartland in the east. Optimism that the country would avoid war with Russia spurred an 8.7 percent return for its dollar-based securities in May, the biggest gain among 56 emerging markets tracked by Bloomberg.



While an International Monetary Fund bailout is helping the country repay the dollar note maturing today, the European Bank for Reconstruction and Development forecasts the economy will shrink 7 percent this year after the government pledged to lower its budget deficit to win the aid. Russia, which annexed Ukraine’s Crimea peninsula in March, has given the country until June 9 to prepay for natural-gas supplies or face a cutoff.

"



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Qatar Losing World Cup Looks Good Bet as Scandal Hurts Markets - Bloomberg

Qatar Losing World Cup Looks Good Bet as Scandal Hurts Markets - Bloomberg:



"Betting on Qatar losing the right to host the 2022 soccer World Cup was suspended by a U.K. bookmaker because of new allegations about the bidding process.



Gala Coral Group Ltd. stopped accepting wagers because its oddsmakers believe there’s a good chance the tournament will be taken away from the desert emirate, spokesman John Hill said. The uncertainty caused stocks and bonds to tumble on Qatari markets yesterday.



Mohammed bin Hammam, a former soccer executive from Qatar, paid more than $5 million to influence officials before tournament voting in 2010, the U.K.’s Sunday Times newspaper reported June 1. Bin Hammam declined to comment on the story, while Qatari organizers said he played no role in their bid and that they had the highest standard of ethics.



U.K. bettors staked a “five-figure” sum on Qatar losing the tournament at odds as high as 5-1 yesterday, Hill said by phone yesterday. A successful $1 bet would yield a $5 profit, plus the stake."



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Mashreq Expects Consumer Bank Profit Surge on Wealth, SMEs - Bloomberg

Mashreq Expects Consumer Bank Profit Surge on Wealth, SMEs - Bloomberg:



"Mashreqbank PSC (MASQ), Dubai’s third-biggest lender, expects its consumer business profit to double this year, driven by the wealth management and small companies segments as the United Arab Emirates’ economy rebounds.



Profit at the consumer banking arm may rise to about 1 billion dirhams ($272 million) in 2014 from 450 million dirhams last year, and jump to 2.5 billion dirhams in three years, Farhad Irani, the lender’s head of retail banking said in an interview on June 1. An increase in credit and debit card payments in the U.A.E., where Mashreq is both an issuer and a manager of payments, is also helping boost growth, he said.



“Dubai and the U.A.E. have become the magnet of wealth being attracted from the hinterland, Syrians, Iranians, Jordanians, Africans, Indians in Africa and the U.K.,” Irani said from his office in Dubai. “The big transformation started happening from the second quarter of last year.”"



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