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Thursday, 25 September 2014

Russia's Sanctioned VEB Bank Gets Huge State-Funded Capital Boost | News | The Moscow Times

Russia's Sanctioned VEB Bank Gets Huge State-Funded Capital Boost | News | The Moscow Times:



"Russian state development bank VEB will get 30 billion rubles ($780 million) from the state to boost its capital, the bank's chairman Vladimir Dmitriyev told reporters Thursday.



The European Union and United States imposed sanctions on VEB over Moscow's role in the Ukraine crisis, limiting the bank's ability to raise funds on Western markets.



Dmitriyev told reporters last week VEB was expecting to be recapitalized by 100 billion rubles a year till 2020."



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SOCAR discusses energy projects with Turkmenistan

SOCAR discusses energy projects with Turkmenistan:



"After eyeing business opportunities in Greece and Bulgaria, Azerbaijan confirmed its commitment to increase ties with Turkmenistan. 



‘President of Turkmenistan Gurbanguly Berdimuhamedov received Socar President. He emphasized the importance of bilateral friendly ties and neighborhood relations between Turkmenistan and Azerbaijan,’ reads a note released on Wednesday.



The parts discussed opportunities in the energy sector, reviewing joint projects."



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Dubai’s Marka Retail Start-up Spikes as Trading Starts - Middle East Real Time - WSJ

Dubai’s Marka Retail Start-up Spikes as Trading Starts - Middle East Real Time - WSJ:



"Shares of Marka, a brand-new retail and hospitality company in the United Arab Emirates, began trading at a huge premium to their initial public offering valuation on the Dubai Financial Market Thursday, underscoring both a revival of confidence and what could be a sign that this booming desert bourse is overheating again.



Marka raised about $75 million in the IPO despite not having significant assets or operations. Investors put in bids for 36 times the shares on offer, and the stock started trading Thursday at a premium of 77% above the 1 U.A.E. dirham ($0.27) issue price.



Investors are banking on Marka’s plan to open three retail stores in the U.A.E. early next year, entering a crowded local luxury-retailing market. Marka has agreements with six brands, including a line of shoes being introduced by Portuguese soccer star Cristiano Ronaldo, to market their products across the Arab Gulf."



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Lex on Sports Direct's Tesco punt - YouTube

Lex on Sports Direct's Tesco punt - YouTube: ""



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MidEast Shares Mixed, Dubai Firms Ahead of IPO of Emaar Properties' Malls Unit - NASDAQ.com

MidEast Shares Mixed, Dubai Firms Ahead of IPO of Emaar Properties' Malls Unit - NASDAQ.com:



"MidEast stocks were mixed, with Dubai slipping as Thursday is the last day investors can sell stock and subscribe to the IPO of Emaar Properties' malls business.



Subscription closes on Friday and sources familiar with the matter told Reuters on Wednesday that the institutional tranche had been subscribed 7.5 times at the top end of the 2.50-2.90 dirham price range. Institutional investors were net sellers of stocks on Thursday, according to bourse data.



Meanwhile, Saudi shares rebounded a bit after two days of declines on news National Commercial Bank will float in October."



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U.S. Allies’ Stock Rallies Dented in Middle East - Bloomberg

U.S. Allies’ Stock Rallies Dented in Middle East - Bloomberg:



"The stock rallies in Saudi Arabia, Dubai and Qatar, among the best in the world this year, are showing signs of faltering amid the escalating conflict between a U.S.-Arab coalition and Islamist militants.



The Saudi Tadawul All Share Index (SASEIDX) slumped the most since August 2013 during trading yesterday as investor concern mounted that Gulf Cooperation Council members aiding U.S. airstrikes on the Islamic State in Syria may be at risk of retaliatory attacks. The measure finished at the lowest in a month. Dubai’s DFM General Index dropped 1.2 percent, the most in two weeks, while Qatar’s QE Index slid for a fourth day.



The losses curb gains this year that have put the three gauges among the 10 best performers in dollar terms out of more than 90 tracked globally by Bloomberg. Dubai’s is the second-best, having advanced about 50 percent in the period. The United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Jordan all joined the first wave of U.S.-led airstrikes against the Islamic State in Syria Sept. 23."



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Saudi Arabia poised to tip into deficit

Saudi Arabia poised to tip into deficit:



"Saudi Arabia risks falling into a budget deficit next year and may have to tap its reserves, the International Monetary Fund (IMF) has warned.



One sign that Saudi Arabia is in danger of dipping into deficit is its "break-even oil price" – the price oil would need to be for the country to balance its budget. The IMF, in its annual consultation paper released Wednesday, notes that Saudi Arabia's break-even price has risen to $89 a barrel in 2013 from $78 a barrel in 2012.



It would be the first time since 2010 that the Middle East's largest economy records a deficit for its government finances. Apart from domestic expenditures such as ambitious infrastructure outlays, pressure on government finances is also coming from substantial aid pledges to countries across the Arab World."



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EconoMonitor : EconoMonitor » What Went Wrong? #Russia Sanctions, EU, and the Way Out

EconoMonitor : EconoMonitor » What Went Wrong? Russia Sanctions, EU, and the Way Out:



"Without a diplomatic solution, the sanctions against Russia will have an adverse impact on its economy, but could also push Europe to a triple-dip recession. 



Last March – after months of escalation in the Crimea and Eastern Ukraine – President Obama initiated sanctions against Russia in financial services, energy, defense and related materials sectors.



New sanctions ensued in July, when Washington launched unilateral restrictions targeting powerful interests in Russia’s financial, energy, and military technology sectors. After Malaysia Airlines Flight 17 was shot down in Ukraine and 300 people perished, Brussels joined in the sanctions against Russia."



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#Ukraine — call the sovereign debt cops | FT Alphaville

Ukraine — call the sovereign debt cops | FT Alphaville: "

. . .Which is an announcement by the Ukrainian Security Service on Thursday that it has opened an criminal investigation into just how Ukraine managed to sell $3bn of some curious bonds to Russia in the last months of Viktor Yanukovych’s government.



The bond was the first part of a $15bn bailout which the Maidan protests quickly interrupted. One allegation against the previous administration is that a payment of $450k to Russia’s VTB Capital — the bond’s sole lead manager — was illegal. 




You might suppose a criminal case like this (and the recent invasion of its country) would suggest Ukraine treat the Russian bond as odious debt. But, as far as we’re aware, Kiev still intends to pay it in full…"



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Gulf Petrochem acquires Shell’s bitumen plant in India | GulfNews.com

Gulf Petrochem acquires Shell’s bitumen plant in India | GulfNews.com:



"UAE-based Gulf Petrochem on Wednesday announced its acquisition of the Royal Dutch Shell Specialties Bitumen plant at Savli, near Vadodara in Gujarat, India. The acquisition, through a direct purchase, will complement the construction of a high capacity storage terminal for various petroleum products at Pipavav in Gujarat and meet the ever increasing demand for Bitumen Specialty products in West and North India, the company said in a statement.



Gulf Petrochem will begin to manufacture 30,000 MT per annum of Bitumen Specialty products that includes Bitumen Emulsions, Micro-surfacing Emulsions, Crumb Rubber Modified Bitumen, Polymer Modified Bitumen and various other Cold Mix road construction products.



The company will also upgrade the plant to manufacture Bitumen products that adhere to new specifications laid down by Indian Roads Congress."



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#Ukraine PM says likely to readjust IMF programme | Reuters

Ukraine PM says likely to readjust IMF programme | Reuters:



"Ukraine will probably have to readjust its $17-billion (10.41 billion British pound) loan programme with the International Monetary Fund due to the country's costly conflict with pro-Russian separatists in the east, the prime minister said on Wednesday.



"Probably, We do understand that we have to readjust the programme," Ukrainian Prime Minister Arseny Yatseniuk said, according to a webcast of his speech at the Council on Foreign Relations in New York.



"Because when we started the programme with the IMF, it was a peace programme," he said. "For today, this is a wartime government and a wartime programme.""



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Sushi Bubble Pops for Moscow Middle Class as Ruble Drops - Bloomberg

Sushi Bubble Pops for Moscow Middle Class as Ruble Drops - Bloomberg:



"Vladimir Putin’s first decade in power came to be known in Moscow as the “sushi years,” so totally had raw fish become a dining staple for the rising consumer class in his capital.



The sushi bubble is deflating now, hastened by the plunge in the ruble and the trade war triggered by Putin’s intervention in Ukraine that has foodies complaining about substitutes from as far away as Chile.



“The black swan event for our industry has been the confrontation with the West,” Rostislav Ordovsky-Tanaevsky Blanco, founder and chairman of OAO Rosinter, Russia’s largest restaurant holding company, said in an interview. “It’s hit costs on the foods that we had imported from Europe and the U.S., and the full effects have yet to be felt.”"



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Investors Flock to Russia ETF as Ukraine Tension Eases - Bloomberg

Investors Flock to Russia ETF as Ukraine Tension Eases - Bloomberg:



"Investors betting on a rebound in Russian stocks are piling into the benchmark exchange-traded fund for the market at the fastest pace in six months.



They poured $183 million into the Market Vectors Russia ETF (RSX) in the eight days through Sept. 23, the longest streak of daily inflows since March, data compiled by Bloomberg show. The shares gained 2.3 percent to $23.98 yesterday, reducing their decline to 1.9 percent since President Vladimir Putin moved to annex the Black Sea peninsula of Crimea in late February.



The ETF and the Bloomberg Russia-US Equity Index rallied amid mounting speculation that Ukraine will reach a peace accord with rebels as a cease-fire entered its 20th day. NATO said on Sept. 22 that Russia, which denies involvement in the conflict, has embarked on a “significant” withdrawal of its forces from the former Soviet republic."



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Barclays Probe of Qatar Deal Said to Turn to Disclosure, FT Says - Bloomberg

Barclays Probe of Qatar Deal Said to Turn to Disclosure, FT Says - Bloomberg:



"A U.K. probe into Barclays Plc (BARC)’s dealings with Qatar’s sovereign-wealth fund during the financial crisis has shifted to look at whether transactions were properly disclosed, the Financial Times reported.



The Serious Fraud Office has moved away from looking for corruption in the bank’s push to get funding from the Qataris, the newspaper said, citing unidentified people with knowledge of the inquiry. Instead investigators are examining whether the firm or certain former directors breached general disclosure rules against false or misleading statements, the paper said.



The probe has centered on fees the London-based bank paid the Qatar Investment Authority while raising 7 billion pounds ($11.4 billion) in 2008 from investors, including the Qataris, to help the firm avoid a bailout during the financial crisis. The investigators, who haven’t made any decision on charges, have questioned former executives and directors and now are seeking information from additional members of the board who served during the fundraising, the Financial Times said."



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Marka Jumps on Trading Debut in DFM’s First IPO Since 2009 - Bloomberg

Marka Jumps on Trading Debut in DFM’s First IPO Since 2009 - Bloomberg:



"Marka PJSC (MARKA), a Dubai-based retail operator, rose 80 percent on its first day of trading in Dubai.



Marka shares jumped to 1.8 dirhams at 10:01 a.m. local time, as 11.7 million shares were traded. There are no limits on how much a stock can rise or decline on its first day of trading. The DFM General Index advanced 0.2 percent to 5,074.23. 




“Commencing trading is a major achievement for both Marka and our shareholders,” Khaled AlMheiri, vice chairman of Marka’s board of directors, said in e-mailed comments yesterday. “The company is currently looking at prospective acquisition opportunities that will reflect positively on the company’s revenues and profitability, in the near term.”"



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Abraaj Said to Plan Raising $500 Million Fund for Turkey Deals - Bloomberg

Abraaj Said to Plan Raising $500 Million Fund for Turkey Deals - Bloomberg:



"The Abraaj Group Ltd., a buyout firm focused on emerging markets, is raising a $500 million fund to invest in Turkey, two people with knowledge of the matter said.



Abraaj, which has about $7.5 billion in global assets under management, according to its website, plans to reach its fundraising target by the end of the year, the people said, asking not to be identified as the information isn’t public. The private-equity firm is already talking to potential acquisition targets in Turkey, one of the people said.



Private-equity investors including Carlyle Group LP, BC Partners Ltd. and KKR & Co. LP (KKR) are seeking to benefit from economic growth in Turkey that’s exceeded an annual average of five percent during Recep Tayyip Erdogan’s decade-long rule as prime minister."



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Abraaj Said to Plan Raising $500 Million Fund for Turkey Deals - Bloomberg

Abraaj Said to Plan Raising $500 Million Fund for Turkey Deals - Bloomberg:



"The Abraaj Group Ltd., a buyout firm focused on emerging markets, is raising a $500 million fund to invest in Turkey, two people with knowledge of the matter said.



Abraaj, which has about $7.5 billion in global assets under management, according to its website, plans to reach its fundraising target by the end of the year, the people said, asking not to be identified as the information isn’t public. The private-equity firm is already talking to potential acquisition targets in Turkey, one of the people said.



Private-equity investors including Carlyle Group LP, BC Partners Ltd. and KKR & Co. LP (KKR) are seeking to benefit from economic growth in Turkey that’s exceeded an annual average of five percent during Recep Tayyip Erdogan’s decade-long rule as prime minister."



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