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Wednesday, 9 July 2014

Qatar cuts holding in London Stock Exchange by a third - Telegraph

Qatar cuts holding in London Stock Exchange by a third - Telegraph:



"Qatar Holding is to trim its 15pc stake in the owner of the London Stock Exchange by a third ahead of a $1.6bn rights issue by the British bourse to fund its acquisition of Russell Investments.



The Middle East investor on Wednesday night instructed Citigroup and Bank of America Merrill Lynch to sell a 4.83pc stake in LSE Group in an overnight accelerated bookbuild process.



The sale is expected to have been completed by the time the market opens on Thursday morning, with the shares likely to be sold to a broad range of institutions rather than a single buyer."



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Thomas Piketty on the history of money - YouTube

Thomas Piketty on the history of money - YouTube: ""



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Iceland - expect write-offs on banks - YouTube

Iceland - expect write-offs on banks - YouTube: ""



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North Sea oil and gas companies’ profits at 5-year low

North Sea oil and gas companies’ profits at 5-year low:



"The United Kingdom made its position clear, underlining the importance of the Southern Corridor and Azerbaijan for Europe's energy security.



‘Discussions about the progress of the Southern Corridor (SC) gas pipeline route will be on the agenda when Business and Energy Minister Michael Fallon visits Azerbaijan this week (9-11 July),’ the Department of Energy & Climate Change wrote on Wednesday.



While having potential problems with indigenous production, the country is increasingly voicing the need to diversify European gas sources.  "



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Ukraine Risk Premium Fades for EU Gas on High Inventories - Bloomberg

Ukraine Risk Premium Fades for EU Gas on High Inventories - Bloomberg:



"The biggest natural gas inventories in Europe since at least 2010 are deflating the risk premium stemming from the crisis between Russia and Ukraine, sending prices for supplies during the winter to a four-year low.



The winter contract in the U.K., Europe’s largest market, would drop 6.9 percent if the Ukraine crisis ended, according to the median estimate of seven traders, brokers and analysts surveyed by Bloomberg from July 3-7. Gas for the six months from October rose 6.5 percent on March 3, the first trading day after Russian President Vladimir Putin got approval to send troops into Ukraine, which carries about 15 percent of Europe’s needs.



Russia cut gas supplies to Ukraine on June 16 after OAO Gazprom and NAK Naftogaz Ukrainy failed to agree on a price for future deliveries and on debt payments, echoing similar disputes that saw flows to Europe reduced amid freezing weather in 2006 and 2009. High European inventory levels mean capacity is limited this year and demand upside is “minimal,” Citigroup Inc. analysts including Seth Kleinman said in a July 7 report."



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MIDEAST STOCKS-Qatar, Egypt lead gains; UAE consolidates | News by Country | Reuters

MIDEAST STOCKS-Qatar, Egypt lead gains; UAE consolidates | News by Country | Reuters:



"Qatar's bourse outperformed the region on Wednesday after the country's top bank reported strong second-quarter results, while United Arab Emirates markets continued to consolidate on declining volumes after a sharp rebound.



The Doha index rose 1.3 percent as most stocks gained. Industries Qatar was the main support, adding 2.3 percent.



Shares in mobile phone operator Ooredoo, which dropped 23 percent last month on profit-taking and concern about the conflict in Iraq, where the company earns a fifth of its revenue, continued to rebound and jumped 3.9 percent."



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Dubai’s Nakheel Says 1H Net Surges 54% on Higher Demand - Bloomberg

Dubai’s Nakheel Says 1H Net Surges 54% on Higher Demand - Bloomberg:



"Nakheel PJSC, developer of the man-made islands off Dubai’s coast, said first-half profit surged 54 percent on property sales and improved take-up at its retail and leasing units.



Net income rose to 1.85 billion dirhams ($504 million) from 1.2 billion dirhams a year earlier, the Dubai-based company said in an e-mailed statement today. The developer sold 627 homes and said its leased properties were almost fully occupied.



Nakheel, whose losses helped push Dubai to the brink of default in 2009, plans to repay all of its 5.54 billion dirhams of bank loans four years early as real estate demand surges and customer payments improve. The developer is now concentrating on projects that provide steady revenue, including plans to build 10 hotels with a total of 2,900 rooms in the next three years as well as 7.9 million square feet of shops, restaurants and other leased space."



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Middle East ETFs: UAE and QAT Off to a Rough Start - July 9, 2014 - Zacks.com

Middle East ETFs: UAE and QAT Off to a Rough Start - July 9, 2014 - Zacks.com:



"Like most Middle East nations, the UAE and Qatar are also having a tough time these past few weeks owing to escalating violence in Iraq, and concerns of this becoming a wider regional conflict. This has triggered a broad based sell-off in leading stock market bourses. We note that these two countries were recently upgraded from frontier to emerging markets status by the index compiler MSCI.  
 



In fact, the Dubai market – the DFM General Index – lost a whopping 22% in the past month, the most since November 2008.  Following the fall, the Dubai stock market has entered a bearish phase after the longest bull rally since 2005."



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News Story | Investors Sniff Opportunity In #Ukraine But Wont Bite | Monitor Global Outlook

News Story | Investors Sniff Opportunity In Ukraine But Wont Bite | Monitor Global Outlook:



"With an elected president in Kiev and pockets of armed violence now reliably confined to the southeastern provinces of Donetsk and Luhansk, long-term investors are once again beginning to kick the tires on investment opportunities in Ukraine.



“Some of the private-equity [PE] and special-situations funds are starting to take a look at Ukraine again,” says Brian Best, a managing director at Dragon Capital in Kiev, speaking of investors with three- to five-year time horizons. “We’re starting to talk to those investors about various opportunities in the country.”



The agriculture and food sector, he says, may be the first place that draws their attention, following earlier foreign-backed projects in the industry that seek to build on the country’s rich farming tradition."



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Moody’s Shows Sharjah Coming of Age With Sukuk: Islamic Finance - Bloomberg

Moody’s Shows Sharjah Coming of Age With Sukuk: Islamic Finance - Bloomberg:



"As Dubai works toward its ambition of becoming the global capital of the burgeoning Islamic economy within three years, neighboring emirate Sharjah is also getting bigger in Shariah finance.



The third-biggest sheikhdom in the United Arab Emirates has approached banks about a debut sukuk sale, according to two people with knowledge of the matter, who asked not to be identified because the information is private. Moody’s Investors Service last week gave state-backed Sharjah Islamic Bank PJSC an A3 rating, one step above Dubai’s flagship Shariah-compliant lender, citing its strong capital buffers.



Banking assets that adhere to Islamic regulations are set to double to $3.4 trillion by 2018 from last year as investors seeking vehicles that meet the religion’s ban on interest pour in cash, according to Ernst & Young LLP estimates. While Moody’s said that Sharjah’s economic growth this year is expected to be 0.5 percent, a 10th of Dubai’s, the ratings company also pointed to the government’s low levels of debt and strong finances."



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Emirates finalizes $56 bn order for 150 Boeing 777X planes « ASHARQ AL-AWSAT

Emirates finalizes $56 bn order for 150 Boeing 777X planes « ASHARQ AL-AWSAT:



"Dubai airline Emirates finalized a 56 billion US dollar order to buy 150 Boeing 777X jets on Wednesday, firming up a commitment made last year, just weeks after scrapping an order with rival plane-maker Airbus.



The deal includes purchase rights for an additional 50 airplanes which, if exercised, could increase the value to about 75 billion dollars at list prices, Boeing said in a statement.



“With the order for 150 777Xs, Emirates now has 208 Boeing 777s pending delivery, creating and securing jobs across the supply chain,” Emirates president Tim Clark said."



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Dubai's Emaar Properties Faces Market Oversupply Risks - Moody's » Gulf Business

Dubai's Emaar Properties Faces Market Oversupply Risks - Moody's » Gulf Business:



"Dubai’s Emaar Properties faces a risk of oversupply in the emirate’s real estate market, ratings agency Moody’s said in a report on Tuesday, as the developer launches new projects and embarks on expansion of its existing assets.



Dubai is still recovering from its 2009 debt crisis but property firms have launched a slew of new housing, retail and hospitality projects – stoking fears of another boom-bust cycle in the emirate’s real estate market.



Most recently, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum announced plans on Saturday to build an entertainment and hotel district that will include the world’s largest shopping mall and over 100 hotels."



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Qatar National Bank Q2 Net Profit Edges Up, Beats Estimates » Gulf Business

Qatar National Bank Q2 Net Profit Edges Up, Beats Estimates » Gulf Business:



"Qatar National Bank (QNB), the largest lender in the Gulf Arab region, posted a 1.5 per cent rise in second quarter net profit on Tuesday, beating analysts’ expectations despite slowing loan growth.



The bank, whose results are generally seen as a bellwether for the sector’s performance in Qatar, made a net profit of QAR2.64 billion ($725.2 million) in the three months to June 30, compared with QAR2.6 billion in the corresponding period of last year, according to its financial statement.



Analysts polled by Reuters on average forecast QNB would make a quarterly net profit of QAR2.53 billion."



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Airbus staff quizzed in SFO probe into alleged Saudi corruption - FT.com

Airbus staff quizzed in SFO probe into alleged Saudi corruption - FT.com:



"The UK Serious Fraud Office has made arrests and questioned six individuals in connection with its long-standing investigation into alleged corruption in Saudi Arabia by a subsidiary of Airbus, the European aerospace and defence group.



Two individuals who have been questioned are still employees at GPT Special Project Management – the Airbus subsidiary that specialises in communications equipment for the Saudi national guard – according to people familiar with the investigation. Another two are former GPT employees.



In addition, two UK Ministry of Defence officials have also been questioned by the SFO in connection with its investigation, said two people with knowledge of the situation. The MoD declined to comment."



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Putin deliberates on #Ukraine - YouTube

Putin deliberates on Ukraine - YouTube: ""



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Rising inequality and greater risk - YouTube

Rising inequality and greater risk - YouTube: ""



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Brokers reject regulator's claim they are to blame for stock market meltdown | The National

Brokers reject regulator's claim they are to blame for stock market meltdown | The National:



"Stockbrokers yesterday complained about being made scapegoats by market regulators for the Arabtec-led market meltdown last month.



The Securities and Commodities Authority (SCA) carried out inspections of brokerages last month, it has emerged, where it requested reports that detailed margin calls accompanying the 50 per cent decline in Arabtec stock between May and June.



“They tried to put the blame on us,” said Fathi Ben Grira, the chief executive at Mena Corp, an Abu Dhabi investment company. “You can’t blame margin calls for what happened in the market. What happened in the market was Arabtec.”"



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Warburg Pincus purchase of mercator only the first of many in Mena | The National

Warburg Pincus purchase of mercator only the first of many in Mena | The National:



"With hindsight, you might ask why it took so long for a shrewd investor to snap up mercator, the aviation software business bought by US private equity group Warburg Pincus (WP) earlier this year.



The business is one of the Emirates’ genuine success stories. It was set up in 1995 by dnata, the aviation services unit of the Emirates Airline group, and grew by offering software services to airlines in emerging markets in Asia and Africa. By 2007, it was serving a stack of carriers with financial accounting, cargo tracking, baggage handling and safety services.



Joe Landy, WP’s co-chief executive, saw the success of meractor and its potential, and bought it for an undisclosed amount (reckoned to be in the hundreds of millions of dirhams). “Significant progress has been made in carving out mercator as a standalone entity from dnata. The company has continued to make good progress and win new customers. Customer feedback on our investment in mercator has been very positive. Dnata and Emirates have proved to be excellent partners in mercator,” he says."



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Dubai Holding chief says company needs $6.8b to build new mega-mall | GulfNews.com

Dubai Holding chief says company needs $6.8b to build new mega-mall | GulfNews.com:



"Dubai Holding will need Dh25 billion ($6.8 billion) to build an entertainment district that will include the world’s largest shopping mall, its chief executive said on Tuesday.



His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced on Saturday plans to build the “Mall of the World”, encompassing an 8 million square foot mall connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms.



The plans, and other new building projects, have led some analysts to warn that Dubai risks overbuilding again as it did a decade ago."



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India, UAE discuss strategic oil storage lease — sources | GulfNews.com

India, UAE discuss strategic oil storage lease — sources | GulfNews.com:



"India is in talks to lease part of its planned strategic storage to UAE’s’ state oil company Adnoc, two government sources said, as New Delhi moves to protect its economy against crude price shocks and supply disruptions.



India, the world’s fourth largest oil consumer, imports about 80 per cent of its oil needs and is building emergency storage capacity to hedge against energy security risks.



India had initially planned to fill the oil storage without overseas participation, but it is now drawn to deals similar to those that the Abu Dhabi National Oil Company (Adnoc) struck earlier with Japan and South Korea."



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Oil suppliers quick to counter Iraqi uncertainty | GulfNews.com

Oil suppliers quick to counter Iraqi uncertainty | GulfNews.com:



"Events seldom unfold in isolation and the recent surge in sectarian violence in Iraq appears to be leading to some shifts in Asian crude oil markets. Two things stand out as recent developments; firstly the increasing supply from Iran and secondly the reduction in the official selling price of Saudi Arabia’s main crude grade for Asian refiners.



While neither may be directly linked to the startling advances of militants in Iraq, they show that crude markets will subtly do what is necessary to ensure energy needs are met. Iranian crude exports were 1.21 million barrels per day (bpd) in June, down from 1.33 million bpd in May, according to sources that track tanker movements.



Notwithstanding the small drop in June, Iran is shipping considerably more crude than the 1 million bpd permitted under an agreement between Tehran and the six world powers negotiating a deal to limit Iran’s nuclear programme. China, Iran’s biggest buyer, certainly hasn’t held back in taking cargoes, with May imports rising 36.4 per cent from a year earlier to 757,900 bpd."



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CTC Leads Russia ADR Retreat on Renewed Sanctions Concern - Bloomberg

CTC Leads Russia ADR Retreat on Renewed Sanctions Concern - Bloomberg:



"CTC Media Inc. and Yandex NV (YNDX) led a drop among Russian companies trading in the U.S. as more fighting in Ukraine rekindled concern that the European Union will introduce new sanctions, hurting advertising revenue.



CTC, the television broadcaster whose billionaire co-owner is already targeted by U.S. sanctions, fell 5.3 percent in New York yesterday. The company gets more than 90 percent of its revenue from advertising, data compiled by Bloomberg show. Yandex, Russia’s biggest Internet company, fell to the lowest level since May. The Bloomberg Russia-US Equity index declined 0.4 percent to 92.95. 




Stocks fell as rebels seized a town in eastern Ukraine and the EU mulled additional sanctions, stemming a rally spurred by the easing of tension in the former Soviet republic after the election of a new president. The penalties such as travel bans and asset freezes on allies of President Vladamir Putin are having a “serious indirect influence” on the economy, Deputy Finance Minister Sergey Storchak said on the ministry’s Facebook page yesterday."



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Djibouti Scraps DP World Port Concession Citing Corruption - Bloomberg

Djibouti Scraps DP World Port Concession Citing Corruption - Bloomberg:



"Djibouti’s government said it rescinded DP World (DPW)’s concession at the Doraleh Container Terminal after finding evidence of corruption and has begun arbitration proceedings.



The agreement was canceled after an investigation that showed an accord signed with the company “unfairly favored” Dubai-based DP World, according to a statement e-mailed by Consulum, a London-based communications consultancy, on behalf of the government. Talks aimed at resolving the matter have broken down and the state will seek damages for losses it has incurred, it said.



DP World rejected the accusations and will “vigorously defend our position during arbitration,” the company said in an e-mailed response to a request for comment. “We are disappointed that the government has chosen to take this action after working so closely with us as partners over the past 14 years.”"



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Buyout Firm Jadwa Sees No IPO Fatigue in Saudi Share Sale - Bloomberg

Buyout Firm Jadwa Sees No IPO Fatigue in Saudi Share Sale - Bloomberg:



"Jadwa Investment Co., the Saudi Arabian private-equity firm with more than $5 billion in assets, said it prefers exiting investments through initial public offerings as investor demand for share sales increases.



“We don’t have any concerns about fatigue or the market slowing down at any time soon,” Chief Executive Officer Tarek Al Sudairy said in a July 6 phone interview from Riyadh, the Saudi capital. “Initial public offerings are a good way to absorb liquidity and protect the market from overheating.”



Saudi Arabian companies raised $760 million through share sales in the six months through June, the most active first half since 2009 when $1.04 billion was raised, according to data compiled by Bloomberg. National Commercial Bank plans to sell shares before the end of the year in what will be the largest IPO in Saudi Arabia for more than 12 years, while energy producer Acwa Power also plans to list on the Tadawul exchange."



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