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Saturday, 20 December 2014

Bahrain tourism 'hit by hotels clamp'

Bahrain tourism 'hit by hotels clamp':

"The recent measures targeting three and four-star hotels are taking a heavy toll on the tourism industry in Bahrain.

A leading Asian hotelier has stopped his expansion plans in Bahrain and started transferring his investments abroad.

Sources told our sister paper Akhbar Al Khaleej that the investor had already bought two hotels in Dubai and Sri Lanka."

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‘Black Friday’ hastens Christmas sales - YouTube

‘Black Friday’ hastens Christmas sales - YouTube: ""

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Hello 2015: Russian equities – time to buy? | beyondbrics

Hello 2015: Russian equities – time to buy? | beyondbrics:

"Russian asset prices have taken a severe battering this year and are now ranked as among the cheapest in the world. The obvious question many are now asking is, “is this a good time to buy” or “is there more pain to come” which might lead to even lower prices and valuations in 2015?

Apart from the cheap valuations, the reason why investors are asking that question now is because, during Russia’s previous two recent crises, in 1998/’99 and 2008/’09, we had similar situations where the reasons to continue avoiding the country were overwhelming but it was, nevertheless, exactly the right time to buy. 

In October 1998 the RTS Index hit a low of 38.5 and then rose to a peak of 2,500 in May 2008. In late January 2009 the Index closed at just under 500 but three months later it reached 1,000. Recently the RTS Index reached 700, at which level it was down 50 per cent since the start of the year while the MSCI Emerging Markets Index was just about flat."

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Ukraine’s Rating Cut by S&P as IMF Delay Raises Default Risk - Bloomberg

Ukraine’s Rating Cut by S&P as IMF Delay Raises Default Risk - Bloomberg:

"Ukraine’s credit rating was cut by Standard & Poor’s, which said a default could become inevitable as central bank reserves are melting and a bailout is being held up as fighting in the country’s easternmost regions continues.

S&P lowered the long-term sovereign rating one level to CCC-, nine steps below investment grade, assigning a negative outlook, according to a report published today. The country’s 2017 dollar bonds gained, the hryvnia was little changed.

“A default could become inevitable in the next few months if circumstances do not change, for instance if additional international financial support is not forthcoming,” S&P analysts led by Ana Jelenkovic said in a statement from London."

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Belarus Steps Up Capital Controls to Stem Ex-Soviet Currency Rot - Bloomberg

Belarus Steps Up Capital Controls to Stem Ex-Soviet Currency Rot - Bloomberg:

"Belarus imposed capital controls that include a fee on all foreign-exchange purchases, as the fallout from Russia’s biggest currency crisis since 1998 spread across the former Soviet Union.

The measures announced by the central bank in Minsk range from an increase to 50 percent of the share of mandatory sales of foreign revenue for companies to a 30 percent charge on currency purchases by individuals and legal entities, according to a statement today. The regulator also raised interest rates on its liquidity operations to 50 percent and instructed banks to halt issuing local-currency loans until Feb. 1.

The central bank said it was reacting to the situation in neighboring countries, primarily in Russia, and sought to “prevent the development of negative tendencies on the currency and financial markets of Belarus and raise the attractiveness of savings in Belarusian rubles.”"

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Oil Surges From Five-Year Low as OPEC Comments Add Volatility - Bloomberg

Oil Surges From Five-Year Low as OPEC Comments Add Volatility - Bloomberg:

"Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.

West Texas Intermediate climbed 4.5 percent in New York, the biggest gain since August 2012. Both WTI and Brent rose more than 5 percent during the session. A measure of expected WTI futures movements and a gauge of options value was at the highest level since October 2011, data compiled by Bloomberg show.

While Ali Al-Naimi, Saudi Arabia’s oil minister, said yesterday that a slump in prices was temporary, he also said it would be “difficult, if not impossible” for OPEC to curb its oil production amid a glut, the Saudi Press Agency reported. Prices rose immediately after his remarks, before ending the day at the lowest in five years. The nation accounted for about 13 percent of global oil output last year, BP Plc estimates."

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BBC News - Manufacturers face 'bloodbath' in Russia, says Renault Nissan boss

BBC News - Manufacturers face 'bloodbath' in Russia, says Renault Nissan boss:

"The chief executive of Renault Nissan, Carlos Ghosn, has said that manufacturers in Russia are facing a "bloodbath" because of the plunge in the value of the rouble. 

The currency has been dropping steadily for several months, but suffered very sharp falls earlier this week.

The two firms have stopped taking orders for some new models and raised prices on others."

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