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Friday, 27 June 2014

Turkmenistan Seeks Gas Markets | Eurasia Review

Turkmenistan Seeks Gas Markets | Eurasia Review:



"Turkmenistan, sitting on top of one of the globe’s biggest reserves of natural gas, is looking for new markets and delivery routes.



The British consultancy Gaffney, Cline and Associates, put the reserves of the Galkynysh field in Mary Oblast alone at between 13.1 trillion and 21.2 trillion cu. m. Furthermore, estimates of gas reserves are going up.



“Geological exploration has shown that [Galkynysh] has more gas than previously announced,” Oil and Gas and Mineral Resources Minister Mukhammetnur Khalylov said."



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Guest post: Ukraine sets course for Europe – beyondbrics - Blogs - FT.com

Guest post: Ukraine sets course for Europe – beyondbrics - Blogs - FT.com:



"Ukraine, along with Georgia and Moldova, has signed far-reaching free trade and association agreements with the European Union. This is a landmark agreement for Ukraine and will be transformational.



Petro Poroshenko, Ukraine’s president, has indicated that his country aims for EU membership but this is a long-term goal, likely 10 to 15 years away at least. Ukraine is realistic and understands the changing politics in the EU, which goes against further enlargement as nationalism builds in EU member states. But as with Turkey, the EU accession process is more important than the end result. The process will transform Ukraine by providing a key anchor for reform. It will enable Ukraine to adapt to European core values including the rule of law, democracy and a market economy. This is what the Maydan demonstrations were all about.



Many people (surprisingly even in the west) argue that the EU was wrong in making Kiev decide between east and west and is therefore responsible for the subsequent violent developments in Ukraine. They also argue that Ukraine would benefit by being placed between east and west, as a conduit for trade between the two. I could not disagree more. This is simply naive."



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ITAR-TASS: Russia - Russia seeks to develop energy, investment cooperation with Qatar — Putin

ITAR-TASS: Russia - Russia seeks to develop energy, investment cooperation with Qatar — Putin:



"Russia seeks to develop energy and investment cooperation with Qatar, Russia’s President Vladimir Putin has said.  “We hope for restoring comprehensive cooperation with Qatar as soon as possible. Energy and investments are our priorities,” Putin said at a ceremony of receiving credentials from foreign ambassadors on Friday.



“We also stand for security in the Persian Gulf and other trouble spots in the Middle East,” he said.



Relations between Russia and Qatar complicated in 2011, when Russian Ambassador Vladimir Titorenko was assaulted by Qatar airport security and customs officers. Following the incident Russia lowered the level of diplomatic relations with Qatar."



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Qatar Will Make You Rich - iShares MSCI Qatar Capped ETF (NASDAQ:QAT) | Seeking Alpha

Qatar Will Make You Rich - iShares MSCI Qatar Capped ETF (NASDAQ:QAT) | Seeking Alpha:



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The Dubai Market Dropped 25 Percent. It's Still Overvalued - Businessweek

The Dubai Market Dropped 25 Percent. It's Still Overvalued - Businessweek:



"Dubai’s stock market is in the midst of an epic crash. After falling 6.7 percent on Tuesday, the biggest drop since August, Dubai’s largest stock index, the DFM General Index, is down 25 percent from its peak in May.



A sell-off that steep usually presages a nice buying opportunity, but it looks as if Dubai stocks might have further to fall. Relative to other emerging market stock indices, Dubai’s remains overvalued.



Bloomberg | Dubai stocks remain pricey 
                     

As Bloomberg’s Chart of the Day shows, based on a ratio of price to current annual earnings, Dubai’s DFM General Index is 37 percent more expensive than the MSCI Emerging Market Index. Unless you think that Dubai’s fundamentals are stronger than they currently appear, any buying opportunity might be a few weeks away."



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Builder’s shaky foundations dent UAE’s credibility | Considered View | Breakingviews

Builder’s shaky foundations dent UAE’s credibility | Considered View | Breakingviews:



"The shaky foundations of the most prominent builder in the United Arab Emirates have dented the country’s credibility. Shares in Dubai-based Arabtec, which helped erect the world’s tallest tower in the emirate, have more than halved since May 15, wiping almost $4.9 billion off its market value. The debacle is a warning to investors attracted by the UAE’s new emerging market status.

"



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Russian economy avoids recession | Russia Beyond The Headlines

Russian economy avoids recession | Russia Beyond The Headlines:



"Russian GDP grew by 1.1 percent in the first five months of this year, according to estimates  by the Economic Development Ministry. Economic Development Minister Alexei Ulyukayev says this trend will continue until the end of the year. “In order to have 0.5 percent growth for the year, there should be zero growth the rest of the time, and there is no reason for that,” he said.



In April, the Economic Development Ministry lowered its baseline economic growth forecast for 2014 from 2.5 percent to 0.5 percent, which implies a technical recession (a situation in which the economy contracts for two quarters in a row based on seasonally adjusted data).



The New Economic School and Renaissance Capital’s Macro Monitor shows that GDP may have risen by 0.9 percent year-on-year in the second quarter, as in the first quarter. Adjusted for seasonality, GDP may have gone from shrinking in the first quarter to growing 1.3 percent in the second. For 2014 as a whole, the monitors anticipate 1.6 percent economic growth, which is the highest known forecast."



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Rosneft Signs Oil Deal With BP | News | The Moscow Times

Rosneft Signs Oil Deal With BP | News | The Moscow Times:



"Rosneft signed its second major agreement with BP on Friday since sanctions were imposed on the Russian oil company's chief executive, a close ally of President Vladimir Putin, over the Ukraine crisis.



The five-term agreement, signed in Khabarovsk in Russia's Far East in the presence of BP's chief executive, Bob Dudley, will supply the British company with up to 12 million tons of oil products which can be replaced by oil, Rosneft said.



It said the deal assumed a prepayment of at least $1.5 billion which had been arranged by leading global financial institutions. Rosneft did not disclose the name of the banks but said supplies could start in July."



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Qatar shares head for worst month since 2009 | Business , Regional | THE DAILY STAR

Qatar shares head for worst month since 2009 | Business , Regional | THE DAILY STAR:



"Qatar’s shares fell, heading for the worst month in more than five years amid lingering concerns it might lose the right to host the 2022 football World Cup.



The benchmark QE Index tumbled 2.4 percent to 11,816.50, the lowest since March 31. The shares have lost 14 percent so far in June, poised for the biggest monthly drop since February 2009. Shariah-compliant lender Masraf Al Rayan led the decline with a 4.8 percent retreat. A FIFA panel looking into the awarding of the tournament to Qatar will issue a report in July into the possibility of corruption.



“Investors are still fretting about the World Cup” and foreign institutions continue to take money out of the market, said Bobby Sarkar, head of research at Qatar National Bank Financial Services."



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Etihad ready to embark on final stages of Alitalia stake purchase | The National

Etihad ready to embark on final stages of Alitalia stake purchase | The National:



"Etihad Airways has outlined the final steps required for it to seal the acquisition of a 49 per cent stake in Alitalia.



The steps will require a matter of months, the airline said.



In an emailed statement yesterday, Etihad said the remaining steps are: completing the transaction documents; finalising of the conditions precedent; applying for regulatory approval; and final shareholder and board approvals."



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Arabtec resumes decline on Dubai Financial Market | The National

Arabtec resumes decline on Dubai Financial Market | The National:



"Arabtec’s decline resumed yesterday as the company’s shares dropped a further 5.4 per cent to close at Dh 3.10, wiping out signs from Wednesday that a recovery in the builder’s stock might be under way.



The Dubai Financial Market, on which Arabtec trades, was mostly flat over the course of the day, closing down 0.7 per cent at 4,222.75.



Emirates NBD had a strong day on the exchange, gaining 7.3 per cent – followed by Commercial Bank of Dubai, which gained 4.4 per cent, and Dubai Islamic Insurance and Reinsurance, which gained 1.9 per cent."



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NBAD facilitates UK’s debut Sovereign Sukuk | GulfNews.com

NBAD facilitates UK’s debut Sovereign Sukuk | GulfNews.com:



"The National Bank of Abu Dhabi, NBAD, has successfully executed the UK government’s debut Sukuk issue in its capacity as Joint Lead Manager and Joint Book runner.



This ground breaking investment vehicle is the first-ever Sovereign Sukuk by a non-Islamic country and the first ever offered to the public in Pounds Sterling. The deal is for £200 million and has a maturity of five years. The offering was 11.5 times oversubscribed and was very well received by the investor community, and in particular by major institutional and Islamic accounts.



“This mandate confirms NBAD’s position as a leading Debt Capital Markets and Sukuk House and is testament to our capability to deliver innovative term financing solutions for our customers,” said Alex Thursby, the Group Chief Executive Officer of NBAD."



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Former Soviet Nations to Seal European Ties - Bloomberg

Former Soviet Nations to Seal European Ties - Bloomberg:



"Ukraine will be joined by fellow ex-Soviet republics Georgia and Moldova in tying their future to the European Union, risking a widening rift with Russia that threatens to hit their economies.



The three countries will today sign free-trade agreements with the 28-nation bloc and Georgia and Moldova will also sign association agreements. Ukraine inked that accord in March after the Kremlin’s opposition helped derail a previous attempt last November, sparking protests that turned deadly and lead to the ouster of President Viktor Yanukovych three months later.



Former Soviet countries are deciding on political and economic alliances as the crisis in Ukraine reverberates in the region. While Belarus and Kazakhstan last month joined Russia to form the Eurasian Union, the three countries signing deals in Brussels are anchoring themselves with the EU. They may face economic measures from their former Soviet partner, which has protested being left out of the negotiations."



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Emerging Markets Show Biggest Premium Since ’12 With ETFs - Bloomberg

Emerging Markets Show Biggest Premium Since ’12 With ETFs - Bloomberg:



"Nobody likes missing a bull market, even if it’s happening half a world away. 




With stocks rising from Sao Paulo (IBOV) to Moscow to Istanbul, asset managers have piled almost $11 billion into developing-nation exchange-traded funds listed in the U.S. this quarter, the most since 2012, according to data compiled by Bloomberg. That’s sent the premium of the biggest -- Vanguard Group Inc.’s FTSE Emerging Markets ETF (EMB) -- to an average 0.2 percentage-point over its underlying assets, the widest gap in two years.



Investors are returning to developing-nation ETFs after pulling $31 billion from them in the year through March on concern that the end of easy-money policies from central banks and flare-ups of violence from Thailand to Ukraine would destabilize markets. Stocks in emerging economies are outperforming developed for the first time in six quarters, climbing 5.2 percent, while all but three of 296 emerging-market sovereign dollar bonds tracked by Bloomberg gained in the first half, the broadest rally in at least three years, the data show.

"



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Rusal Seeks Court Approval of Debt Plan After Lender Backing - Bloomberg

Rusal Seeks Court Approval of Debt Plan After Lender Backing - Bloomberg:



"United Co. Rusal will apply for court backing for a restructuring of two loans, for $4.75 billion and $400 million, after winning support for its plans from the majority of creditors.



Rusal, the world’s biggest aluminum producer, will seek approval from courts in England and Jersey to pursue the plan, supported by 94 percent of its lenders, the Moscow-based company said. The so-called scheme of arrangement can be used when at least 75 percent of creditors by value approve of restructuring, Rusal said. 




To allow extra time for negotiations with the 6 percent of holdout creditors, or until the courts make a ruling, a majority of the lenders said they will defer demands for repayment until the end of October, Rusal said. The original debt waiver accord was due to expire on July 7."



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Oil Heads for Weekly Drop as Iraq Unrest Spares Southern Output - Bloomberg

Oil Heads for Weekly Drop as Iraq Unrest Spares Southern Output - Bloomberg:



"Brent and West Texas Intermediate crudes headed for the first weekly declines since violence erupted in northern Iraq, as the crisis has so far spared oil output from OPEC’s second-largest producer.



Futures were little changed in London and poised for a 1.4 percent weekly loss. Iraqi forces held the Baiji oil refinery in the north of the country after repelling the latest attack by Islamist militants. Fighting hasn’t spread to Iraq’s south, home to more than three-quarters of its production. U.S. crude stockpiles rose last week, while analysts in a Bloomberg News survey had forecast a fall.



“We haven’t seen any real escalation, and there is still oil coming out of the south of the country,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone today. “Oil will probably continue to drift lower.”"



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