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Friday, 16 January 2015

Falling through the franc's floor - YouTube

Falling through the franc's floor - YouTube: ""



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Why the end of the Swiss ceiling? - YouTube

Why the end of the Swiss ceiling? - YouTube: ""



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New York court will not block Adia arbitration against Citigroup | The National

New York court will not block Adia arbitration against Citigroup | The National:



"A New York appeals court has dismissed an attempt by Citigroup to block a second round of arbitration proceedings launched against it by the Abu Dhabi Investment Authority (Adia).



It is the latest development in a long-running legal battle related to the fund’s investment in the US bank in 2007.



An appeals court judge in New York ruled on Wednesday that the bank had not demonstrated a clear basis for an injunction against the second arbitration and stated that it was the arbitrators, not the courts, that should decide whether the arbitration should proceed."



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An insolvency law can be a gamechanger for UAE | GulfNews.com

An insolvency law can be a gamechanger for UAE | GulfNews.com:



"Towards the end of last year, it was announced that the UAE’s long-anticipated reform of the insolvency reform bill was reaching its final stages before implementation.



The legal framework was drawn up following the establishment of the Dubai World Tribunal that resulted from its inability to pay creditors in November 2009. The case cast a spotlight on the UAE, who until today does not have an officially passed insolvency bill that helps local businesses as well as international investors in manoeuvring the, at times, muddy waters of financial difficulty that many businesses experience at some point in their life cycle.



The end of 2013 saw the UAE move a step closer to implementing this, with the referral of a revised draft of the legislation to the Ministry of Justice. This was followed by an almost 12-month long discussion on the subject and its intricacies with representatives of the local government of all seven emirates."



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Russia May Resort to Currency Restrictions If Outflows Continue to Mount - Bloomberg

Russia May Resort to Currency Restrictions If Outflows Continue to Mount - Bloomberg:



"Russian capital outflows probably doubled last year and the government may resort to currency restrictions if the pace doesn’t ease in 2015, according to a Bloomberg survey of economists.



Capital controls are likely if private money leaves at a $240 billion annualized rate in 2015, or $60 billion this quarter, according to the median estimate of 14 economists. Outflows more than tripled to $48 billion in the fourth quarter from the previous three months, pushing last year’s total to $133.3 billion, according to the survey. That’s the most since in 2008 and compares with $61 billion in 2013. Russia last had inflows in 2007, according to central bank data.



Capital flight is bleeding an economy already squeezed by sanctions over Ukraine and the lowest oil prices since 2009. With investors heading for the exit, outflows are blunting efforts to reverse Russia’s biggest currency crisis since 1998, undermining business confidence and driving up borrowing costs."



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Oil Heads for Longest Weekly Losing Streak Since 1986 - Bloomberg

Oil Heads for Longest Weekly Losing Streak Since 1986 - Bloomberg:



"Oil headed for the longest run of weekly declines since March 1986 as OPEC forecast weaker demand for its crude, adding to signs that a global supply glut that spurred last year’s price collapse may persist.



Futures swung between gains and losses in New York and are set for an eighth weekly drop. Demand for oil from the Organization of Petroleum Exporting Countries will average 28.8 million barrels a day, the lowest in 12 years, the group said in a report on Jan. 15. Venezuela, one of OPEC’s 12 members, is seeking to coordinate a plan to calm prices, according to President Nicolas Maduro.



Oil fell almost 50 percent last year, the most since the 2008 financial crisis, as supplies swelled amid the fastest pace of U.S. production in more than three decades while OPEC resisted calls to cut output. Goldman Sachs Group Inc. and Societe Generale SA were among banks to reduce their price forecasts this week."



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Welcome to ‘Normal’ Crude Oil Price, Trading at 100-Year Average - Bloomberg

Welcome to ‘Normal’ Crude Oil Price, Trading at 100-Year Average - Bloomberg:



"The theory goes that commodity prices move in “supercycles” or bursts of phenomenal surges, followed by longer, less-exciting periods. As such, a barrel of oil at $50 is, well, normal.



Many people think the oil price has crashed, but it has just gone back to its long-term historical trend, according to Ruchir Sharma at Morgan Stanley Investment Management Inc. That makes a barrel of oil at around $50 just about right based on a 100-year inflation-adjusted average, said Sharma, who manages $25 billion as head of emerging markets.



“The price of oil is returning to normal in its long-term 100-year history,” Sharma said in an interview from New York. “We tend to have a short memory and we tend to forget that the price of oil breached the $50 a barrel level only a decade ago.”"



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