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Friday, 31 October 2014

#Ukraine’s Economy Shrinks Despite Military Spending - WSJ - WSJ

Ukraine’s Economy Shrinks Despite Military Spending - WSJ - WSJ:



"Ukraine’s economy continued its rapid slide in the third quarter of 2014, gross domestic product data from the state statistics service showed Thursday. 




The war-torn country’s GDP declined by 5.1% in the third quarter compared with a year ago, as the hryvnia and industrial production declined amid a war in the eastern part of the country, and the ensuing military spending failed to mitigate the overall decline.



The economy shrank 4.7% in the second quarter and by 1.1% in the first."



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Qatar urged to build the UK’s Northern Powerhouse - Yorkshire Post

Qatar urged to build the UK’s Northern Powerhouse - Yorkshire Post:



"David Cameron has asked the Emir of Qatar to put billions of pounds into creating a Northern Powerhouse and east west High Speed Rail.



The Prime Minister met with the Emir on Wednesday night to look at how Qatar, which has ploughed some £20bn into the UK in recent years, could become an even bigger investor in the UK’s list of much-needed infrastructure projects.



Downing Street said the PM specifically highlighted the Conservative’s “Northern Powerhouse” proposal with a plea to invest in infrastructures and manufacturing."



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Al Noor Hospitals profit up more than 20% as healthcare needs grow | The National

Al Noor Hospitals profit up more than 20% as healthcare needs grow | The National:



"Al Noor Hospitals has reported a 20.4 per cent increase in revenue for the third quarter, continuing to benefit from the healthcare needs of the UAE’s rapidly expanding population.



The Abu Dhabi-based healthcare group announced revenue of $101.2 million for the three months to the end of last month, up from $84m in the same period last year.



Al Noor described its gross margins as “stable”, giving no details regarding costs and profitability."



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The imponderables from the oil price slide | GulfNews.com

The imponderables from the oil price slide | GulfNews.com:



"It is often the basic concepts that can explain the most sophisticated and controversial of issues, like the current drop in oil prices.



Many op-eds talked about Economics 101, or 201, and how it’s crucial to understand that a surplus in supply would result in a continuous decline in price as long as demand stays stagnant, or it doesn’t increase in a way that meets increasing supply.



Once the two meet, prices will stop dropping, sure. This might be the case, but let’s explore the numbers a bit more and see where that will take us."



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Bank Muscat’s Islamic unit plans maiden sukuk in Q1 2015 | GulfNews.com

Bank Muscat’s Islamic unit plans maiden sukuk in Q1 2015 | GulfNews.com:



"The Islamic unit of Bank Muscat, Oman’s largest lender, plans to tap the Islamic bond market in the first quarter of next year, in what would be the first sukuk sale by a bank in the country, a bank official said on Wednesday.



The lender has received regulatory approval for the issue, which would help fund its expansion, said Sulaiman Al Harthy, group general manager of Meethaq, Bank Muscat’s Islamic operation.



A size for the issue has yet to be determined, but it would fall under a 500 million rial ($1.3 billion) sukuk programme which the bank’s shareholders approved in March this year, Harthy told Reuters at an industry conference in Dubai."



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Russia Seen Raising Rates as Ruble Plunge Feeds Inflation - Bloomberg

Russia Seen Raising Rates as Ruble Plunge Feeds Inflation - Bloomberg:



"Russia’s central bank will probably increase its benchmark interest rate for the fourth time this year, bringing it to the highest level since it was introduced 13 months ago, to halt a currency run that’s stoking inflation.



The Bank of Russia will raise its key rate to 8.5 percent from 8 percent, according to 22 of 31 economists surveyed by Bloomberg. Two predict a move to 9 percent, with increases of a quarter-point and 75 basis points forecast by one analyst each. Five economists see no change. The central bank will announce its decision at about 1:30 p.m. in Moscow today.



Governor Elvira Nabiullina has moved to tighten policy since the crisis in Ukraine flared in March, increasing borrowing costs to cool inflation expectations and halt the largest capital outflows since the collapse of Lehman Brothers Holdings Inc. in 2008. The ruble gained the most among developing-nation currencies yesterday, rebounding from a record as speculation mounted that the central bank will raise rates."



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Sinopec Buys Saudi Yanbu Refinery Stake for $562 Million - Bloomberg

Sinopec Buys Saudi Yanbu Refinery Stake for $562 Million - Bloomberg:



"China Petroleum & Chemical Corp. (386) will invest $562 million to buy its parent’s stake in an oil-processing plant in Saudi Arabia to consolidate its position as Asia’s biggest refiner.



The Beijing-based company, known as Sinopec, will hold 37.5 percent in Yanbu Co., it said in a filing yesterday to the Hong Kong stock exchange. Saudi Arabian Oil Co., known as Saudi Aramco, will owns the balance of 62.5 percent, Sinopec said.



China Petrochemical Corp., Sinopec’s state-owned parent, signed an agreement with Aramco in January 2012 to develop a refinery in the Saudi city of Yanbu at a cost of as much as $10 billion. The 400,000 barrel-a-day plant may start this year, Saudi Aramco Chief Executive Officer Khalid al-Falih said at the time."



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No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower - Bloomberg

No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower - Bloomberg:



"Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month.



State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according to seven respondents in a Bloomberg survey of traders. Six people forecast prices to be unchanged and two predict an increase.



Saudi Arabia’s decision may signal whether the biggest producers in the Organization of Petroleum Exporting Countries will offer bigger discounts to defend market share as the highest U.S. output in three decades boosts global supplies. After the most recent price cut on Oct. 1, Brent crude tumbled 9 percent and West Texas Intermediate slumped 11 percent amid speculation that OPEC won’t reduce production."



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#Russia Agrees to Terms With #Ukraine Over Gas Supply - Bloomberg

Russia Agrees to Terms With Ukraine Over Gas Supply - Bloomberg:



"Russia agreed to terms for restoring natural-gas exports to Ukraine, laying the groundwork to prevent residents going without heat as temperatures drop.



The gas negotiations, brokered by the European Union, came as pro-Russian rebels stepped up attacks on Kiev government forces. They violated the wobbly truce 45 times in the past 24 hours, the Defense Ministry said on Facebook today. One civilian was killed by shelling, the Donetsk city council said on its website. European leaders said they hoped the agreement would help mend ties between the two countries.



“This breakthrough will not only make sure that Ukraine will have sufficient heating in the dead of the winter,” European Energy Commissioner Guenther Oettinger told a news conference in Brussels last night. “It is also a contribution to the de-escalation between Russia and Ukraine.”"



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US stays on course - YouTube

US stays on course - YouTube: ""



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