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Tuesday, 1 July 2014

Qatar Airways CEO Akbar Al Baker threatens to halt Airbus orders if slots denied - The Economic Times

Qatar Airways CEO Akbar Al Baker threatens to halt Airbus orders if slots denied - The Economic Times:

"Qatar Airways could reconsider ordering Airbus aircraft if it could not obtain landing rights - or slots - at European airports, Chief Executive Akbar Al Baker told a German newspaper in an interview.

"If they (European airport slots) are limited further, we will stop buying European aircraft. We have 186 orders at Airbus. What impact would that have on German jobs?" the Handelsblatt daily quoted Al Baker as saying in its Tuesday edition. 

Fast-growing Middle East airlines such as Qatar and Emirates have said that European governments were seeking to restrict fair competition by giving airlines based closer to home preference when awarding airport slots.

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RusAl One Step Closer to $3.6 Billion Debt Deal | News | The Moscow Times

RusAl One Step Closer to $3.6 Billion Debt Deal | News | The Moscow Times:

"Russian aluminum giant RusAl has approval for a $3.6 billion debt restructuring deal from another of its creditors, German financial services provider Portigon, two sources familiar with the decision said.

The move brings RusAl, the world's largest aluminum producer, a step closer to reaching a deal that will revise the terms of its syndicated debt, giving the company time to turn itself around after a slump in aluminum prices.

The deal has yet to be approved by one creditor — Britain's part-nationalized lender Royal Bank of Scotland, one source told Reuters."

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Dubai Shares Rebound as Amlak’s New Debt Agreement Boosts Emaar - Bloomberg

Dubai Shares Rebound as Amlak’s New Debt Agreement Boosts Emaar - Bloomberg:

"Dubai stocks ended three days of declines after a mortgage provider part-owned by Emaar Properties PJSC (EMAAR) proposed a new debt deal, boosting shares in the developer of the world’s tallest tower.

The DFM General Index (DFMGI) gained 3.2 percent to 4,067.67 at the close in the emirate, after declining as much as 5.4 percent. Emaar, which has the biggest weighting on the index and holds 45 percent (AMLAK) of Amlak Finance PJSC’s shares, rallied 5.8 percent to 8.90 dirhams, ending a three-day rout. The lender is proposing an initial 20 percent payment to depositors, or about 2 billion dirhams ($545 million), and to repay the remaining debt owed over 12 years, its spokesman said by e-mail.

“Amlak’s news is positive for Emaar,” Nayal Khan, head of institutional sales and trading at the Naeem Holding brokerage in Dubai, said by e-mail. “It’s exposure to Amlak was considered impaired by the market.”"

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Dubai’s Amlak Finance Offers Lenders New $2.7 Billion Debt Deal - Bloomberg

Dubai’s Amlak Finance Offers Lenders New $2.7 Billion Debt Deal - Bloomberg:

"Amlak Finance PJSC (AMLAK), the Dubai-based Islamic mortgage provider, has proposed a new deal to restructure about $2.7 billion in debt.

The Dubai-based company part-owned by Emaar Properties PJSC (EMAAR) met lenders last month to present the deal, a spokesman confirmed in an e-mailed response to questions. If the deal is agreed, Amlak will make an initial 20 percent down-payment to depositors worth about 2 billion dirhams ($545 million) the spokesman said. The remaining debt to “commercial depositors” will be paid over 12 years, with about 1.4 billion dirhams turned into a convertible instrument, he said.

“Following the meeting, depositors have been given two months to assess and accept Amlak’s restructuring package after which Amlak will be able to start repaying its debt and take the next steps to lift the suspension of the trading of its shares, which has been in place since 2008,” the spokesman said."

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The mid-year market mood - YouTube

The mid-year market mood - YouTube: ""

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Russian Manufacturing Slows for 8th Month Straight | News | The Moscow Times

Russian Manufacturing Slows for 8th Month Straight | News | The Moscow Times:

"Russian manufacturing activity slowed in June for the eighth consecutive month, hurt by the crisis in Ukraine, a business survey showed Tuesday.

The HSBC purchasing managers' index, or PMI, edged up to 49.1 last month from 48.9 in May, but remained below the 50.0 mark that separates expansion from contraction.

New orders fell for the sixth time in the last seven months, suggesting output growth may not be sustained in July either, HSBC said in a statement."

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Qatar GDP Growth Rebounds To 6.2% in Q1, Construction Jumps » Gulf Business

Qatar GDP Growth Rebounds To 6.2% in Q1, Construction Jumps » Gulf Business:

"Qatar’s economic growth rebounded to 6.2 per cent on an annual basis in January-March after a slowdown in the final quarter of 2013 as a double-digit surge in construction activity helped offset a decline in hydrocarbons, data showed on Monday.

Overall gross domestic product growth slowed to a downwardly revised 5.5 per cent in the previous quarter due to a sharp fall in the hydrocarbon sector, which accounts for more than half the $202 billion economy. Other sectors continued to expand rapidly.

“The high growth in the first quarter of 2014 is the result of a double-digit rise seen mainly in construction, trading, hospitality and financial sectors coupled with over 9.2 per cent jump in the country’s population,” the Qatar Statistics Authority said."

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Adia reaffirms commitment to emerging markets | The National

Adia reaffirms commitment to emerging markets | The National:

"The Abu Dhabi Investment Authority has reaffirmed its commitment to emerging markets as it reported a decline in long term investment returns measured over 20 years.In its review of 2013, published this morning, Adia reported that its global investments generated returns of 7.2 per cent at the end of last year, compared with 7.6 per cent in 2012, measured in US dollars over a period of 20 years. Returns over 30 years averaged 8.3 per cent in 2013, compared with 8.2 per cent in 2012.

The sovereign wealth fund does not disclose the annual performance of its investments.

Adia noted that while equities in Europe, the US and Japan had performed well during 2013, bond markets and emerging markets had suffered because of uncertainty over the future of US bond purchases."

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Dubai office rents recovery gains pace | The National

Dubai office rents recovery gains pace | The National:

"The rebound in rents for Dubai’s hard-hit office market looks set to gain pace over the coming months.

“Over the period of the next 12 months, demand for prime office space will continue to increase as companies upgrade their existing setup or expand their offerings in light of the recent positive activity,” said Nick Maclean, the managing director at CBRE Middle East. “The lack of high-quality offices in the CBD area and the increased demand from corporates has resulted in rentals slowly rising in prime locations.”

Earlier this year Tecom, which operates Dubai Internet City, Dubai Media City and Dubai Knowledge Village, increased rents and service charges by as much as 43 per cent in some areas."

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Dubai stock market driven down as fund managers cite 'violation of margin regulations' | The National

Dubai stock market driven down as fund managers cite 'violation of margin regulations' | The National:

"Fund managers yesterday blamed brokers for extending excessive credit to investors as the Dubai market lost more than a quarter of its value in less than two months.

It followed another day of heavy selling on UAE markets as the Dubai Financial Market dropped 4.3 per cent, with some stocks touching the 10 per cent downward limit which caps daily declines.

They blame margin calls, where brokers demand more cash from an investor to top up trading accounts, for forcing more selling and extending a rout that has sliced about 25 per cent from the market since its May 6 peak."

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Middle East sales fuel UK aerospace boom |

Middle East sales fuel UK aerospace boom |

"UK aerospace companies see big opportunities to export components to Chinese aircraft makers, and are also benefiting from a boom in sales to the Middle East, a new survey has found.

But some British aerospace companies are concerned about their ability to capitalise on the surge in demand for passenger jets because of a shortage of lending by banks and insufficient numbers of skilled workers, according to the survey by ADS, the UK industry trade body.

The UK aerospace industry is the second largest in the world after the US and, l although British companies no longer manufacture entire jets, they are key suppliers to Airbus and Boeing."

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Richest Ukrainian Walks $13 Billion Tightrope - Bloomberg

Richest Ukrainian Walks $13 Billion Tightrope - Bloomberg: "

Each day at noon, hundreds of thousands of factory workers in Ukraine’s rebel hotbed pause as sirens blare for three minutes, a behavioral tool Rinat Akhmetov is using to help guard the country’s largest fortune. 

The daily signal of defiance against pro-Russian militias and pay raises throughout his companies are just some of the measures the billionaire is taking to rally support for the federal government in the Donbas industrial basin, where the majority of his 300,000 workers live. Most of them backed the revolt when the fighting began three months ago. Not anymore, according to company officials.

“Now 99 percent of the workforce correctly understands the events that are happening and supports the principle that Donbas is part of Ukraine,” Enver Tskitishvili, who runs the Azovstal mill, a unit of Akhmetov’s Metinvest steel producer, said in his office in the port city of Mariupol. Donbas, the heart of the Soviet coal industry, covers the Donetsk and Luhansk regions along Ukraine’s border with Russia."

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