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Monday, 9 June 2014

Global securitisation bankers look to future - YouTube

Global securitisation bankers look to future - YouTube: ""



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MIDEAST STOCKS-Dubai tumbles, led by Arabtec; Egypt up after Sisi sworn in | Agricultural Commodities | Reuters

MIDEAST STOCKS-Dubai tumbles, led by Arabtec; Egypt up after Sisi sworn in | Agricultural Commodities | Reuters:



"Dubai's bourse fell sharply on Monday as investors booked profits in the region's best-performing market this year, while Egypt was lifted by the inauguration of a new president and an offer to buy a large stake in investment bank EFG Hermes. 




The Dubai benchmark tumbled 4.1 percent to 4,771 points, its biggest decline since May 20. Builder Arabtec led losses, tumbling 9.7 percent to 5.42 dirhams. 




The stock has tripled in value this year, making it one Dubai's most volatile names, and many analysts think it has become overvalued; five out of eight think it is a "sell" or a "strong sell", while none view it as a "buy", according to Thomson Reuters data



"Aggressive selling on Arabtec after it broke below the important neckline support level of 6.25 dirhams brought negative sentiment to other stocks as well," said Shiv Prakash, senior technical analyst at NBAD Securities."



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Dubai says property market driven by fundamentals, not speculators | Reuters

Dubai says property market driven by fundamentals, not speculators | Reuters:



"Growth in real estate demand in Dubai has been due to an improving economy, not speculation, the emirate's Land Department said on Monday after the central bank warned that the property market might be overheating.



"Growth in demand from investors is a result of an improvement in fundamental economic factors, rather than down to speculation," Dubai Land Department Director General Sultan Butti Bin Mejren said in a statement.



He also said Dubai's doubling of the fee it charges on property transactions to 4 percent last year was helping to stop speculators.



Mejren did not comment directly on whether his department, which oversees the real estate market, might take fresh steps to cool demand. But his remarks indicated he was broadly satisfied with the current situation."



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Russia Pushes Back Multi-Billion Dollar Privatization Plans | News | The Moscow Times

Russia Pushes Back Multi-Billion Dollar Privatization Plans | News | The Moscow Times:



"Russia is putting off the planned privatization of three companies this year, a government minister was quoted as saying on Monday, the latest delay in a program increasingly held hostage by economic uncertainty linked to the crisis in Ukraine.



With the dollar-denominated RTS share index down about 5 percent and the ruble down 4.3 percent on the year, weakened by Western sanctions over Russia's annexation of Crimea, the government has moved away from earlier deadlines to privatize companies such as Rostelecom.



"We expect a significant decline in revenues from privatization, to 170.8 billion rubles ($5 billion)," Deputy Finance Minister Tatyana Nesterenko said, RIA Novosti reported."



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Global gas prices may be at their peak, say analysts | Middle East Eye

Global gas prices may be at their peak, say analysts | Middle East Eye:



"Global demand for natural gas is expected to skyrocket over the next few decades, but prices could well be close to, or already at their peak, say analysts. 




With gas prices at record highs in Japan, and sluggish economic growth in Europe continuing to undermine demand, the global market may be in line for a readjustment which could put pressure on riskier projects that are still in their infancy.



“In Europe, if anything, we expect to see a dampening of demand,” said Matt Loffman, a senior energy analyst at energy research group Douglas-Westwood. 




“There are several pipeline projects that are currently half finished and should be coming online. For instance, there is a lot of excitement about pipelines that are coming through Azerbaijan and we’re expecting to see more gas from Kurdistan [in northern Iraq]."



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Dubai Stocks Drop Most in 3 Weeks Led by Arabtec as Rally Fades - Bloomberg

Dubai Stocks Drop Most in 3 Weeks Led by Arabtec as Rally Fades - Bloomberg:



"Dubai’s shares fell the most in almost three weeks, led by Arabtec Holding Co. (ARTC), as investors bet the market’s world-beating rally has lost steam.



The DFM General Index retreated 4.1 percent to 4,771.10 at the close, making it the worst performer so far today among more than 90 gauges tracked globally by Bloomberg. Shares of construction company Arabtec plunged 9.7 percent, the most since March 2013, and Emaar Properties PJSC (EMAAR) dropped 3.7 percent, after the United Arab Emirates’ central bank said the country’s property market may be overheating.



“Due to the high profits that people have been able to generate over the past year, you may see continuous selling pressure on the market,” Mohammed Ali Yasin, managing director of NBAD Securities in Abu Dhabi, said by phone today. “Breaking the 5,000 level yesterday was a negative signal” and there could be support at 4,750, he said."



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How Dubai Got Its Mojo Back. But Has It Learned Anything Along The Way?



"I was in Dubai last week for Euromoney’s Middle East Awards for Excellence dinner, and after a couple of years between visits, several things stood out. One, the relative lack of traffic jams; two, the greatly improved efficiency of the airport; and three, a sense that the good times are coming back.With a difference, one hopes, because if there’s one thing that Dubai has proven in the last five years it’s that one can have too much of a good thing.



Dubai experienced the financial crisis a little later than the rest of the world, but when it did, the impact was resounding. It came within a whisker of sovereign default at the end of 2009 – and, even if there was no technical default, still plenty were burned by the debt restructuring that followed in 2010 – while towers were left unfinished and expats abandoned their sports cars at Dubai Airport in order to get out of the country rather than suffer the consequences of being a bad debtor in the United Arab Emirates.



Not only did Dubai’s economy suffer, so did its reputation with international investors. But there is a sense that things are improving now. The cranes are back – not to anything like the same extent as before, but again, that’s no bad thing – and the infrastructure is now in place for further expansion. The mass transit system is up and running, there are many more lanes to carry traffic across the Creek, and th

How Dubai Got Its Mojo Back. But Has It Learned Anything Along The Way?



"I was in Dubai last week for Euromoney’s Middle East Awards for Excellence dinner, and after a couple of years between visits, several things stood out. One, the relative lack of traffic jams; two, the greatly improved efficiency of the airport; and three, a sense that the good times are coming back.With a difference, one hopes, because if there’s one thing that Dubai has proven in the last five years it’s that one can have too much of a good thing.



Dubai experienced the financial crisis a little later than the rest of the world, but when it did, the impact was resounding. It came within a whisker of sovereign default at the end of 2009 – and, even if there was no technical default, still plenty were burned by the debt restructuring that followed in 2010 – while towers were left unfinished and expats abandoned their sports cars at Dubai Airport in order to get out of the country rather than suffer the consequences of being a bad debtor in the United Arab Emirates.



Not only did Dubai’s economy suffer, so did its reputation with international investors. But there is a sense that things are improving now. The cranes are back – not to anything like the same extent as before, but again, that’s no bad thing – and the infrastructure is now in place for further expansion. The mass transit system is up and running, there are many more lanes to carry traffic across the Creek, and th

Ukraine Egg King Bond Fortunes Tied to Putin - Business

Ukraine Egg King Bond Fortunes Tied to Putin - Business:



"Holders of Oleg Bakhmatyuk’s dollar bonds have no shortage of causes for concern as Ukraine’s egg king battles with the fallout from a swooning currency, questions on governance and insurgency in the country’s east.



Instead, the bonds are gaining as investor sentiment perks up with the conflict against Russia abating. The $500 million of notes due March 2018 from Bakhmatyuk’s UkrLandFarming holding company have climbed about 10 percent to 87.35 cents on the dollar since the start of May. Debt maturing in October 2015 issued by Avangardco Investments Plc, the group’s London-traded egg-production unit, is at 95.63 cents, from 90.5 cents on May 9, according to prices on Trace.



Appetite for Ukraine’s government and corporate debt is responding to signs of progress in easing the turmoil and after a $17 billion bailout approved by the International Monetary Fund on May 1 staved off financial collapse. Russian President Vladimir Putin held his first talks with Ukraine’s new leader, Petro Poroshenko, on June 6 and met with President Barack Obama in meetings brokered by France, which sought to use the backdrop of D-Day commemorations to ease tensions."



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Africa the big prize for Dubai private equity group – beyondbrics - Blogs - FT.com

Africa the big prize for Dubai private equity group – beyondbrics - Blogs - FT.com:



"After a deal-making spree in Africa in 2013 that included investments in Ghana, Cote d’Ivoire and Kenya, Dubai-based private equity group Abraaj is on track for an equally active 2014.



Abraaj, which has $7.5bn in assets under management, expects to complete four transactions in the region by the end of the year, including in South Africa, Nigeria and Kenya, partner Sev Vettivetpillai told beyondbrics.



Within the next 12 to 18 months, Abraaj expects to deploy between $200m and $300m in sub-Saharan Africa from its existing funds and to raise an additional $500m to $750m in capital, he said.



“We expect the next 12 to 18 months to be quite active,” he said. “The four deals, I would call them landmark deals. The companies that we’re working with and looking to buy are regional players already.” He added that the companies were in the financial services, consumer goods and logistics sectors."



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Barclays faces a £300m lawsuit from Amanda Staveley over Abu Dhabi deal | This is Money

Barclays faces a £300m lawsuit from Amanda Staveley over Abu Dhabi deal | This is Money:



"Barclays faces a £300million lawsuit from Amanda Staveley the hotshot deal maker who helped broker the bank’s emergency fundraising with Abu Dhabi investors during the financial crisis.



The legal action is linked to a Serious Fraud Office investigation into £322million of fees paid by Barclays to Qatari investors who pumped £4.6billion into the bank  in 2008 in two fundraisings.



Both Abu Dhabi, which Staveley worked for, and Qatar took part in the second fundraising, for which Staveley is reported to have  been paid an estimated £30million-£40million."



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Exclusive: The list of officially cancelled projects in Dubai - Emirates 24/7

Exclusive: The list of officially cancelled projects in Dubai - Emirates 24/7:



"Dubai Courts has put out a list of developers and their cancelled projects.



To date, Dubai’s Real Estate Regulatory Agency (Rera) has never officially published the list of cancelled projects.



Eighteen developers have been listed on the court's website with the total number of cancelled projects being 36. No date of when the information was uploaded has been mentioned on the website."



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Market analysis: much volatility as summer slowdown approaches | The National

Market analysis: much volatility as summer slowdown approaches | The National:



"UAE bourses were volatile last month ahead of the country’s inclusion in the MSCI Emerging Market Index, effective from last Monday.



The Dubai Financial Market General Index touched 5,374 points during the month before it closed down at 5,087 at the end of May, recording a monthly gain of 0.56 per cent. Abu Dhabi’s index was up by 4.13 per cent, mainly supported by strong performance from the banking sector. During the month, both Abu Dhabi and Dubai experienced increased trading as both active and passive emerging market funds started to build positions ahead of the index change.



After going through strong rallies in the first four months of this year, the market was finally subjected to a correction in the middle of last month after the announcement of the UAE and Qatar stock inclusions and weights in the index. Most of the blue-chip names corrected by 20 to 30 per cent before staging a strong rebound. Notable movements happened in Emaar, DP World and Abu Dhabi banks."



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Inflation in GCC Member States ranges from 1.53% to 2.8% by end of April 2014 | GulfNews.com

Inflation in GCC Member States ranges from 1.53% to 2.8% by end of April 2014 | GulfNews.com:



"Latest reports released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) show inflation rates increased across the GCC region between 1.53 per cent and 2.8 per cent over a 12-month period through April 2014. Qatar topped the list with an inflation rate of 2.8 per cent for the same period, followed by Kuwait with 2.72 per cent, Saudi Arabia with 2.7 per cent, the UAE with 2.12 per cent, Bahrain with 1.9 per cent, and Oman with 1.53 per cent.



When weighed against March 2014 figures, Oman topped the list with an increase of 0.58 per cent, followed by 0.3 per cent in Saudi Arabia, 0.25 per cent in the UAE, 0.2 per cent in Qatar, and 0.08 per cent in Kuwait. Bahrain was the only country in the GCC region to witness decline in inflation rates where it recorded 0.7 per cent in the month of April 2014, compared to the previous month.



As for price growth within different categories of the general consumer price index in each GCC member state, figures revealed an increase over the 12-month period through April 2014 as follows: Education increased by 5.0 per cent in Bahrain and 4.56 per cent in the UAE.
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UAE banking sector to face stringent capital and liquidity rules | GulfNews.com

UAE banking sector to face stringent capital and liquidity rules | GulfNews.com:



"The Central Bank of UAE is in the process of reviewing and updating banking sector regulations to align local regulations with international best practice, according to the Financial Stability Report published by the apex bank on Sunday. The review will take into account specific requirements of the UAE economy, .



The report said the changes will require banks to hold capital in line with the requirements of Basel III rules, a set of international capital adequacy standards.



“New regulations aim to strengthen our prudential framework in line with the latest international developments and Basel III guidelines,” said Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank in the preface of the report.
"



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Russian Stocks’ Oil Link Gains on Eased Ukraine Concern - Bloomberg

Russian Stocks’ Oil Link Gains on Eased Ukraine Concern - Bloomberg:



"Russian stocks are showing the strongest link to oil prices in more than a year as concern that the Ukraine crisis will escalate fades and investors focus on a main driver of economic growth.



The dollar-denominated RTS stock index rose 4.9 percent in Moscow last week, pushing its 35-day correlation coefficient with West Texas Intermediate crude to 0.53, the highest since May 2013. A reading of 1 implies two securities are trading in lockstep, while -1 signals the opposite.



Oil is Russia’s top export and along with natural gas contributes about half its budget revenue. The RTS index had a negative correlation coefficient of as much as 0.37 in March as stock-market volatility surged during the country’s standoff with Ukraine. The link between crude and equities is returning to more typical levels as tensions ease. President Vladimir Putin met with the former Soviet republic’s new leader on June 6, easing concern that the conflict will intensify.

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World Needs Record Saudi Oil Supply as OPEC Convenes - Bloomberg

World Needs Record Saudi Oil Supply as OPEC Convenes - Bloomberg:



"OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for global markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude.



Just six months ago, energy analysts predicted output from the Organization of Petroleum Exporting Countries would climb too high and Saudi Arabia needed to cut to make room for other suppliers. They changed their minds after production from Libya, Iran and Iraq failed to rebound as anticipated, and industrialized nations’ stockpiles fell to the lowest for the time of year since 2008. Saudi Arabia may need to pump a record 11 million barrels a day by December to cover the other member nations, says Energy Aspects Ltd., a consultant.



“Now it’s not whether the Saudis will make room, but whether they’ll keep it going and maintain enough spare capacity,” said Jamie Webster, a Washington-based analyst at IHS Inc., an industry researcher. “OPEC is increasingly having a hard time just doing its job of bringing all the barrels needed.”"



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Sipchem-Sahara $5.8 Billion Merger on Hold as Structure Elusive - Bloomberg

Sipchem-Sahara $5.8 Billion Merger on Hold as Structure Elusive - Bloomberg:



"Saudi International Petrochemical Co. (SIPCHEM) and Sahara Petrochemicals Co. put on hold a planned merger that would have created a Saudi Arabian chemicals company with about $5.8 billion in market value. Their shares declined. 




The companies said it would be difficult to proceed with the merger using a structure acceptable to both sides under the current regulatory framework, according to a statement yesterday. Saudi International Petrochemical, known as Sipchem, and Sahara may revive talks in the future, they said.



The proposed deal was a rare sign of merger and acquisition activity in the kingdom that has fallen 83 percent this year, according to data compiled by Bloomberg. Saudi Basic Industries Corp., the world’s biggest petrochemicals maker by market value, said in July it was seeking investment opportunities in the U.S. as sales in Europe and China slow."



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