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Monday, 22 September 2014

UPDATE 1-Abu Dhabi bourse in talks over four potential IPOs, two this year | Reuters

UPDATE 1-Abu Dhabi bourse in talks over four potential IPOs, two this year | Reuters:



"Abu Dhabi Securities Exchange (ADX) is in discussions with four companies about listing on the index, with two potentially taking place before the end of the year, ADX Chief Executive Rashed al-Baloushi said on Monday.



Should the listings go ahead, they would the first on the exchange since 2009. 




New flotations on the bourse had been held back by low investor confidence after the index slumped in the wake of the global financial crisis and a local real estate crash, as well as an unfavourable regulatory regime that pushed Abu Dhabi companies to seek listings in London."



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Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts | Reuters

Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts | Reuters:



"An economic rebound has catapulted house prices and rents in Dubai to Manhattan-like peaks, the Gulf emirate's top property website says, forcing increasing numbers of residents to move to its cheaper outskirts or even to consider returning home abroad.



Rents fell 1 percent in the third quarter after 10 straight quarters of price rises, property consultants CBRE reported this week. But the sustained cost of living surge has driven hundreds of families to relocate to smaller homes on the fringes of the opulent, highrise urban canyon that soars out of empty desert.



Research by Dubai website Dubizzle showed rents and house prices in Dubai's prime locations now match those in Manhattan."



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U.A.E. Appoints Mansouri Central Bank Chief, Replacing Suwaidi - Bloomberg

U.A.E. Appoints Mansouri Central Bank Chief, Replacing Suwaidi - Bloomberg:



"The United Arab Emirates appointed Mubarak Al Mansouri as central bank governor, replacing Sultan bin Nasser Al-Suwaidi who held the post at the second-biggest Arab economy since 1991.



Mansouri will join the regulator’s board headed by Khalifa Mohammed Al Kindi and that includes Khalid Juma Al Majid, Younis Haji Al Khoori, Khalid Ahmed Al Tayer, Khalid Mohammed Salem Balama and Hamad Mubarak Bu Amim, state-run WAM news agency reported. The new governor is the chief executive officer of Emirates Investment Authority, which holds stakes in companies including Emirates Telecommunications Corp. (ETISALAT)



The U.A.E., which pegs its dirham currency to the U.S. dollar, is the fourth-biggest OPEC oil producer and home to one of the world’s biggest sovereign wealth funds, the Abu Dhabi Investment Authority. The nation’s economic growth may slow to 4.5 percent this year from 4.76 percent in 2013, according to the median estimate of 14 analysts surveyed by Bloomberg."



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MidEast Shares Mixed, Saudi Stocks Fall on Profit-Taking Ahead of NCB Share Sale - NASDAQ.com

MidEast Shares Mixed, Saudi Stocks Fall on Profit-Taking Ahead of NCB Share Sale - NASDAQ.com:



"MidEast shares were mixed, with Saudi stocks losing ground on profit-taking as investors pile up cash ahead of next month's flotation of National Commercial Bank IPO-NACO.SE ( NCB ), the kingdom's largest bank by assets.



 NCB will sell 15% of its shares to the public and place a further 10% with a state fund, it said on Sunday. The initial public offering is expected to be one of the largest ever in the Gulf region.



Saudi Arabia's market will be closed for a national holiday on Tuesday."



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Russian Lender VTB Warns of Hit From Ukraine Crisis - WSJ

Russian Lender VTB Warns of Hit From Ukraine Crisis - WSJ:



"Russian state-controlled lender VTB VTBR.MZ -1.15% Group could report a $1.4 billion loss for 2014 because of the crisis in Ukraine, the bank's chief executive said Monday.



Andrey Kostin, speaking in the Kremlin to Russian President Vladimir Putin, said the bank has already lost 26 billion rubles ($672 million) because of the crisis in Ukraine, and that figure could double for the full year.



The estimate for Russia's second-largest lender after another state-controlled bank Sberbank SBER.MZ -1.81% compares to VTB's record net profit of 101.5 billion rubles posted for 2013, results that the bank's top managers have already said would be unachievable this year."



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Ukraine Eases Requirements on Forex Conversion - WSJ

Ukraine Eases Requirements on Forex Conversion - WSJ:



"In an attempt to feed its domestic market with much needed foreign currency, the National Bank of Ukraine on Monday eased requirements on conversion of incoming money, and simultaneously slashed the amount of currency a private person can buy at a bank in one day.



The bank said the measures will be "temporary, and will be cancelled following the normalization of the currency market."



Despite a fragile truce between the government and pro-Russian separatists in the east of the country, the national currency, the hryvnia, is trading only just above the all-time lows reached at the end of August, and volumes remain low. Ukraine's economy, suffering from the war, an ongoing political crisis and Russia's virtual ban on Ukraine goods, is expected to contract by at least 7% this year."



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Iron ore: Fe, fi, fo, fum - YouTube

Iron ore: Fe, fi, fo, fum - YouTube: ""



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Dubai's Limitless Holds "Positive" Talks On Debt Restructuring - CEO - Gulf Business

Dubai's Limitless Holds "Positive" Talks On Debt Restructuring - CEO - Gulf Business:



"Dubai government-owned property firm Limitless has held positive talks with creditors as it seeks to re-negotiate the terms of a $1.2 billion debt facility which has already been restructured once before, its chief executive told Reuters on Sunday.



“We have a revised business plan which we are discussing with creditors. The discussions have been positive and we hope we can announce the outcome of these talks soon,” Mohammed Rashed told Reuters on the sidelines of a real estate event.



The discussions were centred on re-negotiating the terms of the debt, he said without giving any further details."



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UPDATE 1-Dubai World restructuring deal seen soon - top govt official | Reuters

UPDATE 1-Dubai World restructuring deal seen soon - top govt official | Reuters:



"One of Dubai's top government officials said on Sunday he expected state-owned conglomerate Dubai World to reach a deal in the near future on renegotiating its debt repayment schedule.



Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee, also dismissed concerns the emirate could overstretch itself again as it announces a raft of new construction projects.



But he added that Dubai would need to keep inflation under control if it was to remain an affordable place to live."



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#Ukraine Is On The Brink Of Total Economic Collapse - Business Insider

Ukraine Is On The Brink Of Total Economic Collapse - Business Insider:



"

While we see a great deal of media coverage of Ukraine-related geopolitical risks, there hasn't been sufficient discussion about the dire economic and fiscal conditions the nation is facing.



Writing about men in masks fighting in eastern Ukraine sells far more advertising than covering the nation's economic activity. However it's the economy, not the Russian army that has brought Ukraine close to the brink.



And just to be clear, some of Kiev's economic and fiscal problems were visible long before the spat with Russia "



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Nasdaq Dubai wins $1bn Hong Kong sovereign bond listing | The National

Nasdaq Dubai wins $1bn Hong Kong sovereign bond listing | The National:



"Nasdaq Dubai, the international stock exchange within the Dubai International Financial Centre, has won its second big Asian sukuk this month, with the listing of a US$1 billion sovereign bond by the government of Hong Kong.



The move by Hong Kong was welcomed by Dubai authorities. “Choosing Nasdaq Dubai as a platform to list the world’s first dollar sukuk issued by a AAA-rated government falls in line with the initiative launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the centre of Islamic economy,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Executive Council, told Wam.



The Hong Kong listing follows the successful issue of a 1bn yuan (Dh598.15 million) sukuk by Agricultural Bank of China, China’s third biggest bank by assets, which also began trading on Nasdaq Dubai yesterday."



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Blackstone Halting Efforts to Find Deals in Russia, FT Says - Bloomberg

Blackstone Halting Efforts to Find Deals in Russia, FT Says - Bloomberg:



"Blackstone Group LP (BX), the world’s biggest manager of alternative assets, is backing off efforts to find deals in Russia, the Financial Times reported, citing an unidentified person with knowledge of the matter.



The firm isn’t renewing contracts with consultants it employs in the country, according to the newspaper. Tensions between Russia and nations including the U.S. mounted this year, leading to sanctions, as Russian President Vladimir Putin annexed the Crimean peninsula and supported rebels seeking to split eastern Ukraine.



Blackstone Chairman Steve Schwarzman joined the international advisory board of the Kremlin-backed Russian Direct Investment Fund three years ago. The $10 billion fund was created to stimulate investments in privately held businesses and wean the state off its dependence on commodities. Its investment partnerships have helped draw foreign capital into Russia’s economy, according to its website."



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Russian oligarch's arrest a warning from Putin, says hedge fund boss | Business | The Guardian

Russian oligarch's arrest a warning from Putin, says hedge fund boss | Business | The Guardian:



"The arrest of one of Russia's richest men last week was an attempt by President Vladimir Putin to protect himself from a palace coup, according to one of his most vocal critics.



Bill Browder, the hedge fund manager who has become a crusader against Russian corruption, said the arrest of Vladimir Yevtushenkov was intended to send a message to any oligarch plotting moves against Putin, as the value of their assets drops in the wake of western sanctions.



Yevtushenkov was released on Friday, after being put under house arrest for three days on charges of money laundering."



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Sukuk issue to boost Dubai’s global ambitions - FT.com

Sukuk issue to boost Dubai’s global ambitions - FT.com:



"Dubai’s financial centre is to issue an Islamic bond to pay down bank debt and drive a new phase of growth as the city seeks to become the hub for trade and finance between emerging markets.



The Dubai International Financial Centre, already the region’s main financial hub as it approaches its 10th anniversary, hopes to grow by 50 per cent over the next three years by linking Europe and North America with Asia and, increasingly, Africa.



“South-south financial relationships are going through Dubai,” Essa Kazim, the government-owned DIFC’s governor, told the Financial Times in an interview. “We can act as a gateway to Africa.”"



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Saudi Arabia plays a complicated game with oil prices | The National

Saudi Arabia plays a complicated game with oil prices | The National:



"The recent sharp fall in oil prices shows a game within a game. Brent crude has lost nearly US$20 since June to fall below $100 a barrel, its lowest level for two years, even as Saudi Arabia cut 400,000 barrels per day from its production. The Saudis compete against non-Opec producers, while playing both with and against their Opec peers.



Saudi Arabia has a particularly complicated task at the moment. It firstly has to take the lead in deciding on a reasonable overall Opec production level. This never-ending question is one in which it is well versed in answering.



Economic weakness in China led a sharp slowdown in demand. US production was driven by shale to its highest level since 1986 this year, and is likely to beat its all-time high next year, with new deepwater production also on the way. The stronger dollar also puts pressure on the price."



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