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Sunday, 27 July 2014

Qatar state spending up 13 pct last FY, slowest in 11 yrs | Reuters

Qatar state spending up 13 pct last FY, slowest in 11 yrs | Reuters:



"Qatar's state spending increased 12.7 percent last fiscal year, the lowest rate in 11 years, as slow growth in current expenditure offset a sharp rise in funds spent on infrastructure projects, data showed on Sunday.



Expenditure rose to a record high of 231.7 billion riyals ($63.6 billion) in the year that ended in March, from 205.6 billion riyals in 2012/13, preliminary finance ministry data released by the central bank showed.



Last year's spending was 10 percent more than initially planned. But the margin by which actual spending overshot the plan was the lowest in five years, suggesting the government has begun reining in excesses of the previous four years, when on average it spent almost a quarter more than originally planned."



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Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg

Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg:



"Shares in Dubai ended a three-day losing streak amid investor bets second quarter earnings at Emaar (EMAAR) Properties PJSC, the developer of the world’s tallest tower, will exceed expectations. Stocks in Qatar fell.



The DFM General Index (DFMGI) advanced 2.1 percent to 4,747.95, the biggest jump since July 21, at 1:26 p.m. local time. Emaar, the stock with the biggest weighting on the gauge, climbed 2 percent. Dubai Islamic Bank PJSC., the largest Shariah-compliant lender in the United Arab Emirates, added 5.3 percent. Qatar’s QE Index dropped 0.7 percent to 12,861.25. 




Emaar is forecast to report second-quarter net income of 936 million dirhams ($255 million), up from 675 million dirhams a year earlier, according to the median estimate of four analysts surveyed by Bloomberg. The company doesn’t say when it will release earnings. Nakheel PJSC, developer of the man-made islands off Dubai’s coast, said on July 9 first-half profit surged 54 percent to 1.85 billion dirhams."



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Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg

Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg:



"Shares in Dubai ended a three-day losing streak amid investor bets second quarter earnings at Emaar (EMAAR) Properties PJSC, the developer of the world’s tallest tower, will exceed expectations. Stocks in Qatar fell.



The DFM General Index (DFMGI) advanced 2.1 percent to 4,747.95, the biggest jump since July 21, at 1:26 p.m. local time. Emaar, the stock with the biggest weighting on the gauge, climbed 2 percent. Dubai Islamic Bank PJSC., the largest Shariah-compliant lender in the United Arab Emirates, added 5.3 percent. Qatar’s QE Index dropped 0.7 percent to 12,861.25. 




Emaar is forecast to report second-quarter net income of 936 million dirhams ($255 million), up from 675 million dirhams a year earlier, according to the median estimate of four analysts surveyed by Bloomberg. The company doesn’t say when it will release earnings. Nakheel PJSC, developer of the man-made islands off Dubai’s coast, said on July 9 first-half profit surged 54 percent to 1.85 billion dirhams."



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Wary of Sanctions, Foreigners Reduce Russian Holdings | News | The Moscow Times

Wary of Sanctions, Foreigners Reduce Russian Holdings | News | The Moscow Times:



"Foreign equity and bond investors who had tentatively ventured back into Russia after a huge early-2014 selloff are again slashing their holdings for fear of being caught in the crossfire of Western sanctions.



Russia has fared worst among the big emerging equity markets this year, with dollar-based losses of 13 percent.



The ruble is down 5 percent against the dollar, second only to the Argentine peso, and investors are demanding a 2.8 percentage point premium to U.S. Treasuries to hold Russian dollar bonds, 80 basis points higher than January."



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