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Thursday, 2 October 2014

Victim of shale revolution, Nigeria stops exporting oil to US – beyondbrics - Blogs - FT.com

Victim of shale revolution, Nigeria stops exporting oil to US – beyondbrics - Blogs - FT.com:



"Nigeria has become the first country to completely stop selling oil to the US due to the impact of the shale revolution – an astounding reversal as the African nation was only four years ago one of the top-5 oil suppliers to America.



According to the US Department of Energy, Nigeria did not export a single barrel of crude to US-based refiners in July for the first time since records start in 1973. Preliminary data suggest the trend continued in August and September.



Many oil producers have seen their exports to the US drop as domestic production rises thanks to the use of new technologies such as horizontal drilling and hydraulic fracturing, or fracking. But Nigeria is the first to fully stop exporting crude."



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National Bank of Kuwait Says Sells Qatar Bank Stake For $538m - Gulf Business

National Bank of Kuwait Says Sells Qatar Bank Stake For $538m - Gulf Business:



"National Bank of Kuwait has sold its 30 per cent stake in unlisted International Bank of Qatar for KD155 million ($537.5 million), the Kuwaiti lender said on Thursday.



The largest bank in Kuwait will book a profit of KD25 million from the sale in its 2014 accounts, it said in a bourse filing, after the sale to an unspecified group of Qatari investors.



NBK added the sale was still subject to regulatory approvals in Qatar."



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Ukraine's Naftogaz Says It Has Repaid Bond - WSJ

Ukraine's Naftogaz Says It Has Repaid Bond - WSJ:



"Ukrainian state gas company Naftogaz said Wednesday it has repaid its $1.595 billion Eurobond and an accumulated coupon of $75.76 million, settling an urgent bill with bondholders.



"The payment was sent today to Euroclear and Clearstream clearing systems," the company said in an emailed statement.



Although Ukraine officials have repeatedly said in the recent days that the company would honor the bond, the debtholders were worried that the country, facing political and financial crises, would fail to pay."



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DP World Australia workers strike over working conditions and pay | The National

DP World Australia workers strike over working conditions and pay | The National:



"DP World’s operations in Australia have been hit by a series of strikes as part of wrangling between the company and local trade unions over working conditions and pay.



The work stoppages by local employees came as the UAE-based ports operator yesterday announced plans to develop a free zone in Senegal.



The Maritime Union of Australia (MUA) said that it would take a series of limited industrial actions at three DP World ports in the country between yesterday and tomorrow."



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Dubai World agrees restructuring with largest creditors | GulfNews.com

Dubai World agrees restructuring with largest creditors | GulfNews.com:



"Dubai World’s biggest creditors have agreed a deal with the state-owned conglomerate to renegotiate its debt repayment schedule, one of Dubai’s top government officials said on Wednesday.



However, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group in his capacity as chairman of Dubai’s Supreme Fiscal Committee, also denied that some of the emirate’s most high-profile state-owned companies, such as Emirates airline, could join a rush of initial public offerings being planned in the coming months.



Strong demand for a $1.58 billion (Dh5.8 billion) IPO of Emaar Properties’ malls unit last month shows confidence running through Dubai’s economy thanks to increased revenue from travel and tourism and a recovery from a property crash and debt crisis at state-linked companies."



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Russian ETF Lures Cash as Bear Market Proves No Deterrent - Bloomberg

Russian ETF Lures Cash as Bear Market Proves No Deterrent - Bloomberg:



"Foreigners are loading up on wagers that Russia’s stock-market rout is poised to reverse.



They’ve poured $608 million into a U.S.-based exchange-traded fund focused on Russian equities in the past two months, the most since 2011, even as the ETF plunged 6.9 percent during the period. The benchmark Micex Index, which is quoted in rubles, gained 2.3 percent in August and September, far from the bear market that the dollar-denominated RTS Index entered this week for the second time in 2014.



While the ETF bet hasn’t paid off so far, there are bullish signs luring investors: the conflict in Ukraine that has saddled Russia with sanctions is easing; stock valuations are near a five-year low; and the ruble, a key variable to the ETF’s performance, is now trading close to levels where the central bank has pledged to support it."



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Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years - Bloomberg

Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years - Bloomberg:



"Emaar Malls Group PJSC jumped as much as 21 percent on its first day of trading following an initial public offering last month that was the largest in Dubai since 2007.



The unit of the United Arab Emirates’ biggest-listed developer, Emaar Properties PJSC (EMAAR), climbed to as high as 3.50 dirhams, and was trading at 3.27 dirhams at 10:59 a.m. local time. About 324 million shares were traded. Dubai’s benchmark DFM General Index, the second-best performer this year among more than 90 indexes tracked globally by Bloomberg, dropped 1.9 percent to the lowest since Sept. 14.



“We weren’t expecting anything less from the Emaar Malls debut,” Ahmed Shehada, the Abu Dhabi-based head of advisory and institutions at NBAD Securities LLC, said by e-mail. “The blue-chip name overshadows any valuations and its performance reflects Emaar’s underlying ownership of the company.”"



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Singapore Sukuk Hub Goal Leaves a Lonely Sabana: Islamic Finance - Bloomberg

Singapore Sukuk Hub Goal Leaves a Lonely Sabana: Islamic Finance - Bloomberg:



"Sabana (SSREIT) Shariah-Compliant Industrial REIT is the sole entity in Singapore to have sold sukuk this year in a setback to the republic’s ambitions to become an Islamic finance hub.



The real estate investment trust raised S$100 million ($79 million) in September after selling S$90 million of the debt in March, according to data compiled by Bloomberg. While the city introduced rules allowing for Shariah-compliant bond sales in 2006, offerings have been limited to issuers such as Sabana, the Monetary Authority of Singapore and energy services company Swiber Holdings Ltd. 




Singapore is among a growing number of countries that are trying to grab a share of the Islamic finance industry, whose banking assets Ernst & Young LLP forecasts will double to $3.4 trillion by 2018. Hong Kong, Luxembourg and the U.K. have sold debut sukuk this year, joining the dominant markets of Malaysia, Indonesia and the Middle East."



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MIDEAST STOCKS-Barwa's Qatar, Abu Dhabi's Dana Gas jump on deal announcements | Reuters

MIDEAST STOCKS-Barwa's Qatar, Abu Dhabi's Dana Gas jump on deal announcements | Reuters:



"Developer Barwa Real Estate helped lift Qatar's bourse on Wednesday after announcing a land sale deal with the government, while Abu Dhabi's Dana Gas rose after signing a new contract in Egypt.



Qatar's benchmark rose 0.2 percent as shares in Barwa jumped 3.5 percent and were among the main supports.



Barwa said on Wednesday it would sell land worth 2.54 billion riyals ($697.4 million) to the government, the latest state assistance which the indebted developer has received."



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Bourses close for Eid | Economy | Saudi Gazette

Bourses close for Eid | Economy | Saudi Gazette:



"Stock exchanges across the Middle East will close for the Muslim holiday of Eid Al-Adha next week, but some markets will reopen earlier than others.



Bourses in Saudi Arabia, Qatar, Kuwait and Oman will close for the whole week starting Oct. 5 and trading will resume on Oct. 12, according to exchanges and regulators.



Stock exchanges in Bahrain and Egypt will be closed between Oct. 5 and Oct. 7 inclusive, while markets in the United Arab Emirates will shut down for Oct. 5 and Oct. 6. "



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Putin Reserve Rubles Vanish in Crimea Grab  - Bloomberg

Putin Reserve Rubles Vanish in Crimea Grab  - Bloomberg:



"The same day in February that forces loyal to Vladimir Putin swept into Crimea, drawing international outrage that has since isolated Russia and diminished the ruble, China’s yuan surpassed the Swiss franc as the seventh most-used currency in the world.



It was another victory for Chinese President Xi Jinping in his bid to make the yuan an international reserve currency, and an economic retreat for Putin. After proclaiming in 2007 that the ruble was poised to become a haven for global investors, the Russian leader has watched it fade, a victim of his nation’s stagnating economy since the land grab in Ukraine. Now so much money is leaving Russia that its central bank is considering temporary capital controls, according to two officials with direct knowledge of the discussions.



The ruble’s share of global trading dropped to 0.4 percent from 0.6 percent since 2012, falling five places to rank 18th most-traded in the world, while the yuan tripled to 1.5 percent, according to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT. Even as protests in Hong Kong this week challenged China’s leadership, direct trading began between the yuan and the euro, capping a year in which trade with European Union nations grew 12 percent.

"



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EFG Hermes Buys EDP Renovaveis Wind Farms for $208 Million - Bloomberg

EFG Hermes Buys EDP Renovaveis Wind Farms for $208 Million - Bloomberg:



"EFG-Hermes Holding SAE said its private-equity unit bought almost half a portfolio of wind-power projects in France from EDP Renovaveis SA for $208 million.



EFG agreed to buy a 49 percent equity stake and outstanding shareholder loans in EDPR France, a unit of EDP Renewables that operates 33 wind farms totaling about 334 megawatts, the Cairo-based bank said today in an e-mailed statement. 




“Our first investment beyond the borders of the Middle East and Africa is a natural outgrowth of our emphasis on infrastructure private equity and, moreover, marks the launch of our direct investment strategy,” EFG Hermes Co-Chief Executive Officer Karim Awad said."



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Dubai Sheikh Ahmed Sees Steps to Limit Property Price Increases - Bloomberg

Dubai Sheikh Ahmed Sees Steps to Limit Property Price Increases - Bloomberg:



"Dubai’s leadership is concerned that rising property prices could make the emirate “too expensive” and it will consider steps to limit increases, said the chairman of the city’s Supreme Fiscal Committee.



“I hope it holds at this level as I don’t want to see high inflation, to keep Dubai as an attractive place to do business,” Sheikh Ahmed bin Saeed Al Maktoum told reporters today. The real estate market “is getting expensive in certain areas. We are focused on what we can do to not see it get too expensive.”



The sheikh’s comments come after home-price increases slowed significantly in the second quarter after government and financial authorities moved to cool the market last year. Property values rose 3 percent from the first quarter, down from 6 percent in the previous three months."



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Saudi Bank to Raise $6 Billion in World's Second-Biggest IPO of Year - Bloomberg

Saudi Bank to Raise $6 Billion in World's Second-Biggest IPO of Year - Bloomberg:



"National Commercial Bank, the largest bank in Saudi Arabia, will raise 22.5 billion riyals ($6 billion) in its initial public offering starting this month.



The bank will sell 500 million shares at 45 riyals apiece, according to a statement on the Saudi Stock Exchange’s website. Subscription for the IPO will take place between Oct. 19 and Nov. 2, with 300 million shares allocated to Saudi individual investors and the rest to the country’s Public Pension Agency.



The share sale will be the second biggest of the year globally, trailing only Chinese e-commerce business Alibaba’s $25 billion IPO last month and ahead of Japan Display’s $3.1 billion March IPO, according to data compiled by Bloomberg. It will also be the largest ever in the Middle East, surpassing the $5 billion raised by DP World in 2007, according to the data."



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