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Saturday, 12 July 2014

Royal Dutch Shell plc Exits Saudi Arabia Gas Project

Royal Dutch Shell plc Exits Saudi Arabia Gas Project:

"Shells exits Kidan gas project

Kidan, located in the Rub al-Khali desert that spans much of the southern Arabian Peninsula, was to be developed by Shell alongside Saudi Aramco, the Kingdom's national oil company, as part of the South Rub al-Khali, or SRAK, field development joint venture. But likely due to overwhelming economic, logistical and technical challenges, Shell decided to back out.

In an emailed statement to the Oil & Gas Journal, a Shell spokesman said the company "has decided to end further investment in the Kidan development." It's not the only one. According to Reuters, at least three Western firms including Italy's ENI (NYSE: E  ) , Spain's Repsol and France's Total (NYSE: TOT  ) have also scrapped plans to search for gas in the Rub al-Khali.

One of the biggest challenges these companies faced in developing the Rub al-Khali, which means "the empty quarter" in Arabic, is the presence of what's known as "sour gas," which contains large quantities of hydrogen sulfide, a highly toxic and corrosive compound."

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British Business Club in Ukraine: #Ukraine Economy - Very Bad

British Business Club in Ukraine: Ukraine Economy - Very Bad:

"During the past few weeks I have come to the conclusion that the economic situation in Ukraine is BAD....VERY BAD.  It is always difficult to find out what is really going on in Ukraine because people are reluctant to tell the truth.  Perhaps now is the time for Ukrainians to admit that the situation is worse than most people realise.

The time has come for Ukraine to stop 'acting' like a rich country. Why do I say this? Well take a look at the price of property for sale in Kyiv for example or the price of Motor Vehicles.  The price of property is way beyond prices in EU countries plus I'm sure most people already know that buying a car in Ukraine is one of the most expensive markets in Europe.

There is far too much ‘acting’ still going on in Ukraine. If you have ever visited a typical Ukraine company HQ office you find the very best quality usually Italian designed furniture, drinks cabinet, floors, reception etc.  The whole place shows luxury at the so called VIP standard.       (I admit it is not always the same outside Kyiv). I have visted many during the past years.  They want to create the illusion that they are a very successful organisation and they assume that this is the only reason you will want to do business with them. As we say back in the UK, ‘’It’s all smoke and mirrors.’’ Just a trick. But more accurately I call it acting. Why? Well because you will also find the same company with the luxury show off office has not paid its employees for many months as it will have informed them that ‘due to the crisis’, we have no money for salaries."

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China considers reducing intervention in currency market - YouTube

China considers reducing intervention in currency market - YouTube: ""

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Are Banks Prepared For Another Dubai Property Bubble? » Gulf Business

Are Banks Prepared For Another Dubai Property Bubble? » Gulf Business:

"Dubai’s booming property market has once again come under scrutiny, thanks to a swift increase in prices, a rapidly growing international investor base and a steady stream of off-plan project launches by developers.

Residential real estate prices in Dubai soared 27.7 per cent year-on-year in January to March, according to property consultants Knight Frank, with prices close to pre-crisis levels in some areas.

In a recent report, the International Monetary Fund (IMF) cautioned authorities in the UAE to stem speculative demand before it damages the market and causes another property crash."

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Bahrain cannot take its eyes of the ball |

Bahrain cannot take its eyes of the ball |

"The controversy surrounding the visit to Manama by the US assistant secretary of state for democracy, human rights and labour, Tom Malinowski, is no good news for Bahrain’s economy. In an abrupt move, Bahraini officials placed the visitor as persona no grata and reflecting, in turn, the political differences between Manama and Washington.

Among other adverse effects, the negative media coverage relating to the case could undermine business transactions and lead to potential losses for the Bahraini side. (The US and Bahrain are bound by a free-trade agreement dating back to August 2006.)

The World Investment Report 2014, issued by the World Conference on Trade and Development (Unctad), gives a mixed performance rating to Bahrain regard Foreign Direct Investment (FDI) inflow and outflow. On the one hand, Bahrain enticed FDI inflows of $989 million in 2013, a notable growth of 11 per cent from the previous year. On the other hand, outflows were higher by 14 per cent to above $1 billion."

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Ukrainian Credit-Rating Outlook Raised to Stable at S&P - Bloomberg

Ukrainian Credit-Rating Outlook Raised to Stable at S&P - Bloomberg:

"Ukraine had its credit-rating outlook raised to stable from negative by Standard & Poor’s after the country obtained a $17 billion bailout loan from the International Monetary Fund.

S&P maintained the eastern European nation’s rating at CCC, eight levels below investment grade. It cut its assessment from CCC+ on Feb. 21 amid deadly street protests that unseated President Viktor Yanukovych.

“Full disbursement of the IMF program and related multilateral lending should enable Ukraine to meet its external financing needs over the next year,” S&P analysts said in an e-mailed statement. “However, we still consider that there is a significant likelihood that the IMF program could be derailed by geopolitical risks and a severe recession that puts pressure on the program’s macroeconomic expectations.”"

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