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Wednesday, 6 August 2014

UPDATE 1-Qatar emir issues law raising foreign ownership limits for stocks | Reuters

UPDATE 1-Qatar emir issues law raising foreign ownership limits for stocks | Reuters:



"Qatar's emir has issued a law providing for foreign investors to own up to 49 percent of listed Qatari companies, part of reforms to expand the stock market and develop the financial industry.



"The law stipulates that non-Qatari investors are allowed to own no more than 49 percent of the shares of Qatari shareholding companies listed on Qatar Exchange," the official Qatar News Agency (QNA) said on Wednesday.



Originally announced in late May, the law also lets foreigners own more than 49 percent of a firm in special cases if they obtain approval from the Qatari cabinet."



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@AgronomyUkraine: Ukraine set to harvest a record winter wheat crop

Agronomy-Ukraine: Ukraine set to harvest a record winter wheat crop:



"The Director of the Ukrainian Hydrometeorological Centre is saying that this year’s winter wheat crop will break all records.



Not entirely sure what the Hydrometeorological Centre actually is, I'd always assumed it was the weatherman but they issue crop yield predictions so I might have got that wrong.



Either way to say the winter wheat crop will break all records is a big statement considering it doesn't include Crimea or the crop from the conflict zone but does take in to account the harvest is coming to a close."



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Corporate Ukraine Rocked by Mriya Missed Debt Payment - Bloomberg

Corporate Ukraine Rocked by Mriya Missed Debt Payment - Bloomberg:



"Ukrainian businesses are being punished by bond investors after restructuring plans by Mriya Agro Holding Plc sparked an exodus from the market. 




Dollar-denominated company Eurobonds tumbled 6.2 percent in the two days through Aug. 4, the worst loss among 55 nations in the Bloomberg Dollar Emerging Market Corporate Bond Index. Securities due April 2018 from Ternopil, Ukraine-based Mriya led the selloff with a 44 percent drop after the farming group said on Aug. 1 it had missed debt payments and was seeking to revamp its business.



Fighting between government troops and pro-Russia rebels in eastern Ukraine is deepening the country’s recession and driving up companies’ costs as the hryvnia depreciates. The sovereign bonds fell for a third day yesterday as the military said Russia had massed 45,000 soldiers on its border, while Ukrainian troops advanced on rebel strongholds Luhansk and Donetsk."



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Patience wears thin over Dubai World debt restructuring talks | The National

Patience wears thin over Dubai World debt restructuring talks | The National:



"There is in banking a phenomenon known as “deal fatigue”. It happens when negotiations over a particular transaction are taking so long, with problems that appear so intractable, that the participants are suddenly inclined to get up from the table and walk away.



It may be just for a brief pause and rethink about how to best approach the issue afresh, or it may become a complete withdrawal from the transaction altogether. 




There are signs that at least a couple of the 100-odd creditors to Dubai World (DW) are experiencing deal fatigue at the moment and are wondering whether it is worth their while devoting any more time and effort to the issue."



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UAE bounced cheque law hurts businesses, economists say | The National

UAE bounced cheque law hurts businesses, economists say | The National:



"Criminal punishment related to bounced cheques in the UAE disproportionately disadvantages entrepreneurs and SMEs, economists and business owners said on Tuesday.



The UAE’s Commercial Transactions Law states that issuing a cheque while knowingly lacking the funds to cover it is a criminal offence. Cheques are widely used as collateral for large purchases and loans made to businesses and consumers.



“Creating a climate of entrepreneurship means allowing that some businesses are not going to succeed,” said Rachel Ziemba, the director of global emerging markets at Roubini Global Economics."



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Putin Sanctions Order Spurs Plunge in Russian ADRs - Bloomberg

Putin Sanctions Order Spurs Plunge in Russian ADRs - Bloomberg:



"Russian stocks plunged to a three-month low in U.S. trading as President Vladimir Putin signaled that he plans to retaliate against international sanctions threatening to hurt the nation’s $2 trillion economy.



The Bloomberg Russia-US Equity Index fell 2.1 percent to 82.25 in New York yesterday, its seventh drop in nine sessions. The decline pushed the average price of stocks on the gauge to 5.6 times projected 12-month earnings, the lowest in three months. Mining company OAO Mechel and natural-gas producer OAO Gazprom (OGZPY) were the worst performers, each tumbling more than 3.5 percent. Lender OAO Sberbank fell 3.2 percent.



Stocks sank as Putin ordered the government to prepare a response to U.S. and European Union sanctions for his support of a rebellion in eastern Ukraine. The latest round of measures targeted the banking and energy industries with financing restrictions and export bans. Putin is showing no signs of backing down. The deputy head of Ukraine’s National Defense and Security Council said Aug. 4 that he was concerned about a buildup of 33,000 Russian troops and 160 tanks near the border."



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MIDEAST STOCKS-Suez Canal plan aids Egypt breakout; Emaar weighs on Dubai | News by Country | Reuters

MIDEAST STOCKS-Suez Canal plan aids Egypt breakout; Emaar weighs on Dubai | News by Country | Reuters:



"Egyptian stocks rose in heavy trade on Tuesday, buoyed by news of a $4 billion plan to build a new Suez Canal alongside the existing waterway, while Emaar Properties pushed down Dubai as the company fell after its second-quarter earnings.



The chairman of Egypt's Suez Canal Authority said the expansion project, part of a larger plan to develop the area, would be completed within five years though Egypt would try to finish it in three.



It is not yet clear how the project will be financed or which companies will benefit. But the government's willingness to go ahead with it sent a positive signal of its intention to invest in economic growth over the next few years, and to begin closing some of the country's huge infrastructure gap."



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Genel Energy weathers Iraq conflict - YouTube

Genel Energy weathers Iraq conflict - YouTube: ""



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Busy month for IPOs - YouTube

Busy month for IPOs - YouTube: ""



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