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Sunday, 15 June 2014

No gas deal reached between Russia and Ukraine, talks to continue - sources — RT Business

No gas deal reached between Russia and Ukraine, talks to continue - sources — RT Business:



"Despite a looming deadline, Russia and Ukraine failed to reach a gas deal during EU-mediated talks in Kiev on Sunday, but agreed to continue negotiations, sources say. 




The negotiations failed to produce any “results” so far, a source told Reuters. 




Another source told the news agency that the talks are not over yet, but there has been “nothing so far.”"



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Analysis on the possible delivery of Iranian gas via Turkey to European markets

Analysis on the possible delivery of Iranian gas via Turkey to European markets:



"As the struggle between Russia and the West in Ukraine deepens, Europe is beginning to reconsider its options vis-à-vis weakening Russia’s energy monopoly in the European market. Throughout the political negotiations with Moscow, the energy dependency has remained starkly obvious as Europe’s ‘Achilles heel’. In the context of changing international environment, Iran’s role in delivering gas to European markets introduces an interesting new dynamic, representing a potential alternative in the diversification of European energy sector. According to old estimates, Iran has the world’s second-largest natural gas reserves after Russia. BP’s recent statistics, however, indicates that Iran has risen to the first place with its 33.6 trillion cubic meters of blue fuel. International sanctions have targeted Iran’s energy sector since 2010, limiting its technical and financial capacity to deliver gas to international markets, largely by hindering the development of its energy sector’s infrastructure. Now, following the sanctions relief resulting from the November 2013 interim agreement to curb its nuclear activity, Iran is seeking to bring more foreign companies into its energy sector. If the international sanctions against Iran are removed entirely, Iranian gas could be delivered to European markets; this would increase the significance of the Turkish route. This analysis will look at the possibility of exporting Iranian gas to Europe via Turkey, evaluating the existing problems and obstacles along with the advantages of the TANAP and TAP projects, constituting the EU-proposed Southern Gas Corridor."



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Abu Dhabi: So Blindingly Rich It's Almost Sickening

Abu Dhabi: So Blindingly Rich It's Almost Sickening:



"First, a disclaimer.



I suffer from blue collar anger, which is a bloody curse in this Age of Entitlement.  Mom didn’t graduate high school. Dad got laid off from a defense contractor and I clawed my way through bachelors and masters degrees on my dime.  There you have it.  So one look at Abu Dhabi, the capital of the United Arab Emirates, has a guy like me feeling shut out. And that’s okay. I’ve accepted my ninety-nine percenter caste. But wherever you look in Abu Dhabi — with its artistic sky scrapers so 21st C it makes the United States look worn out — you subtly understand that there are parts of this world that are not for the riff-raff to experience. Luckily, I am a journalist, so I can poke around where I don’t belong, far adrift from Manhattan.



Sand, Sand and More Than Sand



There are seven different types of sand in Al Ain.  It’s not Abu Dhabi, but it is the region’s oasis and former home to its founding father. It’s surprisingly green here, for a desert. Al Ain is old school. It looks emerging market rustic and historic in that way cultured travelers appreciate."



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Dubai Leads Market Slump Across Mideast on Iraq Unrest - Bloomberg

Dubai Leads Market Slump Across Mideast on Iraq Unrest - Bloomberg:



"Dubai shares fell, leading stock market declines across the Middle East, as escalating violence in Iraq reignited a sell-off.



The DFM General Index (DFMGI) plunged 4.7 percent to 4,609.28, the lowest close since April 6. The measure has fallen more than 9 percent since it was included in MSCI Inc.’s emerging-markets index at the start of the month. Emaar Properties PJSC (EMAAR), the company with the largest weighting on the gauge, tumbled 5.1 percent today. Qatar’s QE Index dropped 1.6 percent



“Any regional unrest is bad news for the market, certainly if it’s looking for an excuse to correct anyway,” Julian Bruce, the head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by telephone."



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Arabtec Plunges as Dubai Bourse Amends Aabar Stake: Dubai Mover - Bloomberg

Arabtec Plunges as Dubai Bourse Amends Aabar Stake: Dubai Mover - Bloomberg:



"Arabtec Holding Co. (ARTC) dropped the most allowed as the Dubai exchange said Aabar Investments PJSC cut its stake in the United Arab Emirates’ biggest publicly-traded construction company for a second time in a week.



The shares plunged 10 percent to 4.5 dirhams at the close. Data on the Dubai Financial Market website showed Abu Dhabi’s state-controlled Aabar cut its stake in Arabtec to 14.32 percent today from 18.85 percent as of June 11. The website later updated the holding to 18.94 percent.



A spokesman for the bourse confirmed Aabar’s current holding and said he wasn’t immediately able to comment on the figures earlier displayed on the website. The Dubai exchange posted a notification to investors after the market closed, reiterating that Aabar’s stake is 18.94 percent."



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Dubai faces moment of truth over looming property bubble | Reuters

Dubai faces moment of truth over looming property bubble | Reuters:



""Keep calm. There's no bubble", proclaimed a giant poster on a 40-storey building overlooking a Dubai highway, advertising a property finding portal late last year. That may have been true at the time, but the risks are rising.



A leap in bank lending to the construction industry indicates financial institutions have resumed pouring money into real estate projects in the last few months, after cutting back sharply in the wake of Dubai's 2008 crash.



At the same time, property prices have been soaring on the back of Dubai's economic boom, increasing the chance of the market rising to unsustainable levels."



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Britain to launch sukuk | Economy | Saudi Gazette

Britain to launch sukuk | Economy | Saudi Gazette:



"Britain is set to become the first Western country to issue an Islamic bond or sukuk as the government targets wealthy Middle East and Asian investors.



The five-year bond is intended to raise £200million and an investor roadshow will be held next week in Saudi Arabia, Dubai, Abu Dhabi, Qatar and Malaysia.



Other countries in the race to launch a sovereign sukuk include Luxembourg, Hong Kong and South Africa as they seek to tap a pool of Islamic investment forecast to reach £1.3 trillion next year."



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UPDATE 4- #Ukraine, #Russia agree to hold new gas talks on Sunday | Reuters

UPDATE 4-Ukraine, Russia agree to hold new gas talks on Sunday | Reuters: "



Ukraine and Russia failed to end a gas pricing dispute at talks on Saturday but agreed to meet again on Sunday, a day before a Russian deadline for Kiev to pay a $1.95 billion debt or have its gas supplies cut off.



Halting deliveries to Kiev could disrupt the gas flow to the European Union, which receives gas via Ukraine, but the chances of a breakthrough have been hit by tensions over an uprising by pro-Russian separatists in east Ukraine.



The two sides did little other than set out their positions at talks with European Energy Commission Guenther Oettinger in a Kiev hotel before deciding to resume discussions in the morning."



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GCC states spread the wealth around | GulfNews.com

GCC states spread the wealth around | GulfNews.com:



"The Gulf Cooperation Council (GCC) maintains a quite substantial sovereign wealth funds (SWFs), and much to their credit, they invest these across a wide global footprint.



In fact, they have a track record of showing readiness to contribute handsomely to solve critical global financial problems. This was put to display at the height of sub-prime market crisis in 2008, with the GCC contributing generously to a special fund to help those hit with the calamity.



Several international banks depended on financial support from GCC funds to help overcome the crisis, in part through buying stakes in the affected banks."



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