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Wednesday, 29 October 2014

Gulf SWFs Still Lag on Transparency, Report Says - Middle East Real Time - WSJ

Gulf SWFs Still Lag on Transparency, Report Says - Middle East Real Time - WSJ:



"

The sovereign wealth funds of the energy-rich Arab Gulf are some of the world’s largest pools of capital, collectively holding more than $1 trillion of assets. But their strategies, returns and approaches to risk aren’t often disclosed, something political risk consultancy GeoEconomica singles them out for in a new report. 




Gulf funds lag global peers in compliance with the so-called Santiago Principles, a voluntary set of guidelines funds agreed upon in 2008, the report says.



At that time, worry was growing that these huge funds might use their financial muscle to accomplish political objectives in foreign countries. The funds wanted to convince the international community that they were only seeking financial gain by more clearly spelling out their investment policies, financial information and governance structures"



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Ukraine’s Largest Capital Market Shut Even as Vote Fuels Rally - Bloomberg

Ukraine’s Largest Capital Market Shut Even as Vote Fuels Rally - Bloomberg:



"The biggest rally in Ukrainian stocks in eight weeks masks the fact that the region’s largest capital market for the war-torn country’s companies, the Warsaw Stock Exchange, is shut for issuance in the foreseeable future.



Thirteen Ukrainian companies have sold 2.9 billion zloty ($871 million) of shares in neighboring Poland since 2006, according to data compiled by Bloomberg. The index of Warsaw-listed Ukrainian stocks surged 3.3 percent yesterday, the most since Sept. 3, paring this year’s drop to 45 percent. It climbed a further 0.4 percent to a two-week high today.



Parties led by President Petro Poroshenko and Prime Minister Arseniy Yatsenyuk won a general election two days ago in a “victory for those supporting Ukraine’s westernizing agenda,” according to Standard Bank Group Ltd. While such prospects helped fuel stock gains, Ukrainian companies still face deteriorating economic conditions and must regain the trust of Warsaw investors, according to mutual fund KBC TFI SA."



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Problems emerge for StanChart - YouTube

Problems emerge for StanChart - YouTube: ""



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DP World volume container handling rises 9% | The National

DP World volume container handling rises 9% | The National:



"DP World, one of the world’s biggest port operators, said the volume of containers it handled in the first nine months of the year gained 9 per cent, boosted by growth in business in the Asia-Pacific, Indian subcontinent region, Europe and the UAE. In the third quarter, volumes grew 8.4 per cent, it said.



The port operator said it handled 44.8 million twenty foot equivalent units (TEU) across its global portfolio in the first nine months this year, up from 40.7 million in the same period last year. “It is evident that the significant investment of recent years is aiding in the delivery of stronger volume growth,” said Sultan Ahmed bin Sulayem, DP World’s chairman.



“Our flagship Jebel Ali port achieved yet another new record, with 4 million TEU handled in the third quarter. The port is operating at almost maximum utilisation and we are therefore pleased to announce that Terminal 3 is now operational, adding 2 million TEU capacity to Jebel Ali port,” he added. A further 2 million is expected to come on line in the second half of 2015, taking total Jebel Ali capacity to 19 million TEU, he said."



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UK building infrastructure to develop it as western Islamic finance hub, official says | GulfNews.com

UK building infrastructure to develop it as western Islamic finance hub, official says | GulfNews.com:



"The United Kingdom is trying to build infrastructure to develop Islamic finance through regulations in insurance, sukuks, mortgages, taking it a step closer for it to become a western hub, United Kingdom’s economic secretary to the treasury department told Gulf News.



“UK aims to be a western hub for Islamic finance and build on our global importance as a financial centre, we think Islamic finance as a new potential growth market and so we want to be a part of it,” Andrea Leadsom, economic secretary to the treasury, United Kingdom told Gulf News.



“We think we have made quiet good strides towards developing our Islamic finance market,” said Leadsom said."



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Russia ETF Swells as Valuations Lure Bargain Hunters - Bloomberg

Russia ETF Swells as Valuations Lure Bargain Hunters - Bloomberg:



"Investors are piling into the biggest exchange-traded fund tracking Russian equities at a record pace as the cheapest valuations in emerging markets and easing tension in Ukraine spur bets stocks will rebound.



The number of outstanding shares in the Market Vectors Russia ETF (RSX) has soared 59 percent since early August to 94.5 million, the highest level since April 2011. The demand is building after the fund tumbled 12 percent in the last three months to trade near a five-year low.



The ETF is swelling as investors speculate that Russian stocks, which have dropped the most in the world this year as international sanctions curbed growth, will recover amid signs the seven-month conflict in Ukraine is easing. Foreign Minister Sergei Lavrov said yesterday the country will recognize the results of parliamentary elections in the former Soviet republic as a cease-fire entered its eighth week."



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MIDEAST STOCKS-Markets diverge on mixed results; Qatar, Egypt outperform | Reuters

MIDEAST STOCKS-Markets diverge on mixed results; Qatar, Egypt outperform | Reuters:



"Strong performances by property developers lifted Qatar's bourse on Tuesday, while Egypt rebounded after a pull-back prompted by violence in Sinai. Other markets in the region consolidated after mixed third-quarter earnings.



Dubai's index was nearly flat. Shares in logistics firm Aramex rose 0.3 percent after it reported a 16 percent rise in third-quarter net profit to 69.5 million dirhams ($18.95 million) on Monday.



Although the figure was lower than the average estimate of analysts polled by Reuters, who had expected 74.8 million dirhams, some analysts called it impressive. NBK Capital said in a note it was pleased with the numbers and maintained a "buy" recommendation on the stock."



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Aabar Said to Plan Refinancing of UniCredit Stake - Bloomberg

Aabar Said to Plan Refinancing of UniCredit Stake - Bloomberg:



"Aabar Investments PJSC is planning to refinance a stake valued at $2.2 billion in UniCredit SpA, three people with knowledge of the matter said.



The investment firm, owned by Abu Dhabi’s sovereign wealth fund, is talking with lenders including Deutsche Bank AG, Bank of America Corp., BNP Paribas SA and HSBC Holdings Plc about refinancing the stake, two of the people said, asking not to be identified as the information is private.



Aabar is the biggest shareholder in UniCredit, according to the bank’s website, with a stake of just over 5 percent."



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Dubai Insists the Boom is Not a Bubble This Time Around - Bloomberg

Dubai Insists the Boom is Not a Bubble This Time Around - Bloomberg:



"Alongside the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk.



If, in the evening, you stroll through this air-conditioned, hassle- and haggle-free caricature of a market, staffed mostly by smiling South Asians, you can amble out onto the shores of man-made Burj Khalifa Lake, named after the world’s tallest building, which looms over it.



Here -- bumping elbows with a veritable United Nations General Assembly of residents and tourists decked out in everything from dishdashas to Dior -- you can gawk at the Dubai Fountain, Bloomberg Markets magazine will report in its December issue. Every half-hour, an array of computer-choreographed nozzles sends jets of water erupting from the lake’s surface 500 feet into the air, gyrating to Middle Eastern pop one minute and Andrea Bocelli singing “Con Te Partiro” the next."



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