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Wednesday, 27 May 2015

Short Qatar stocks, long paper shredders | FT Alphaville

Short Qatar stocks, long paper shredders | FT Alphaville:



"And so to the US Department of Justice’s indictment on Wednesday of nine Fifa officials, alleging a RICO conspiracy, wire fraud, money laundering, etc…



The indictment alleges that, between 1991 and the present, the defendants and their co-conspirators corrupted the enterprise by engaging in various criminal activities, including fraud, bribery and money laundering. Two generations of soccer officials abused their positions of trust for personal gain, frequently through an alliance with unscrupulous sports marketing executives who shut out competitors and kept highly lucrative contracts for themselves through the systematic payment of bribes and kickbacks. All told, the soccer officials are charged with conspiring to solicit and receive well over $150 million in bribes and kickbacks in exchange for their official support of the sports marketing executives who agreed to make the unlawful payments. 
Most of the schemes alleged in the indictment relate to the solicitation and receipt of bribes and kickbacks by soccer officials from sports marketing executives in connection with the commercialization of the media and marketing rights associated with various soccer matches and tournaments…"


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UPDATE 3-MIDEAST STOCKS-Qatar drops on FIFA World Cup probe, arrests | Reuters

UPDATE 3-MIDEAST STOCKS-Qatar drops on FIFA World Cup probe, arrests | Reuters:



"Qatar's stock market fell sharply on Wednesday after Swiss authorities opened criminal proceedings against individuals on suspicion of mismanagement and money laundering related to the award of rights to host the 2018 and 2022 soccer World Cups.



Switzerland's Office of the Attorney General said it suspected that irregularities occurred in the allocation of the FIFA World Cups of 2018 and 2022, which were awarded to Russia and Qatar respectively.



Separately, six high-ranking soccer officials, including two vice-presidents of world governing body FIFA, were arrested by Swiss police on Wednesday and detained pending extradition to the United States."



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Martin Sorrell on brand value - YouTube

Martin Sorrell on brand value - YouTube: ""



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MIDEAST STOCKS-Saudi Arabia flat, Egypt inches down - Yahoo Maktoob News

MIDEAST STOCKS-Saudi Arabia flat, Egypt inches down - Yahoo Maktoob News:



"Stock markets in Saudi Arabia and Egypt moved very little in early trade on Wednesday, lacking strong catalysts.



Brent crude has risen 1.1 percent to $64.42 per barrel on Wednesday but has yet to recover fully from Tuesday's drop of more than 2 percent.



The main Saudi stock index has fluctuated near the previous day's close. Leading retail lender Al Rajhi Bank slipped 0.9 percent to 66.75 riyals after Al Jazira Capital cut its target price for the stock to 61.50 riyals from 63.90 riyals, citing two straight year-on-year declines in quarterly profit and a slowdown in lending activity."



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Saudi regulator to increase allocation for institutional investors in IPOs | The National

Saudi regulator to increase allocation for institutional investors in IPOs | The National:



"Saudi Arabia’s Capital Markets Authority plans to increase the proportion of shares offered via initial public offerings allocated to institutional investors to help reduce market volatility.



The move comes as Saudi Arabia’s Tadawul stock exchange prepares for the direct entry of foreign investors for the first time.



The CMA said that the move to increase institutional investor involvement in IPOs would be a boost for the Arabian Gulf’s biggest stock market."



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Rosneft considers exiting JV with Crescent in Sharjah | The National

Rosneft considers exiting JV with Crescent in Sharjah | The National:



"Russia’s Rosneft may exit its joint operations in Sharjah with the UAE’s Crescent Petroleum, after its two-well gas exploration programme proved unsuccessful.



The Russian energy producer issued a statement to The National that said the joint development, with two exploration wells drilled between 2011 and 2014, did not show any commercial hydrocarbon reserves. “As a result, Rosneft is considering the possibility of exiting the project,” it said.



Rosneft GDRs were down yesterday to US$4.861 in afternoon London trading, a slight dip from $4.987 at the close of Friday. Alpha Bank’s analyst covering Russia, Alexander Kornilov, said that Rosneft’s decision follows the same logic that is driving major global oil companies to cut capital expenditure (capex) amid lower oil prices."



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UAE’s wealthy look to park more in real estate | GulfNews.com

UAE’s wealthy look to park more in real estate | GulfNews.com:



"For the local property market and those outside, there are good tidings - 40 per cent high networth investors in the UAE could be looking to widen their exposure to this asset class, according to a survey carried out by the consultancy Knight Frank.



More important for the UAE’s own property market, a third of these investments are likely to be made locally.



In fact, as per the survey, an average 35 per cent of UAE based investors’ investment portfolios were allocated to real estate interests."



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DAE sells aircraft maintenance company StandardAero | GulfNews.com

DAE sells aircraft maintenance company StandardAero | GulfNews.com:



"Dubai Aerospace Enterprise (DAE), the majority Dubai government owned aircraft leasing and maintenance company, said on Wednesday it is selling its aircraft maintenance repair and overhaul company StandardAero to an affiliate of private equity firm Veritas Capital.



The value of the deal was not disclosed, however, DAE said it will use the capital from the sale to “aggressively acquire aircraft assets to expand its aircraft leasing portfolio,” according to an emailed statement.



After selling US-based StandardAero, DAE will now “refocus “its efforts on building a world class aerospace footprint anchored in Dubai.” DAE’s current net book value is $3.7 billion (Dh13.6 billion)."



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Airbus Looks Beyond Big Gulf Three to Spur Mideast Growth - Bloomberg Business

Airbus Looks Beyond Big Gulf Three to Spur Mideast Growth - Bloomberg Business:



"Airbus Group NV is looking beyond the big three Gulf airlines to capture growth in the Middle East and North Africa as it predicts other carriers will account for about two-thirds of total sales in the region by 2032.



With a “bonanza” of orders in recent years from Emirates, Qatar Airways Ltd. and Etihad Airways PJSC unlikely to be repeated anytime soon, Airbus is targeting smaller airlines from Saudi Arabia, Egypt, Algeria, Tunisia or Morocco, said Habib Fekih, president of Airbus Group Middle East.



“The big three can maybe grab 30 to 35 percent of the forecast fleet demand, but the rest has to go somewhere else,” Fekih said in a telephone interview. “I don’t see an airline ordering hundreds of aircraft every year.”"



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Ireland to sell Aer Lingus stake to IAG - BBC News

Ireland to sell Aer Lingus stake to IAG - BBC News:



"The Irish government has agreed to sell its 25% stake in Aer Lingus to IAG, the owner of British Airways.



The board of the Irish airline is also recommending IAG's €1.36bn (£961m) takeover offer for Aer Lingus.



While the Irish government is now supporting the takeover offer, the other big shareholder in Aer Lingus, Ryanair, is yet to make a decision."



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MidEast Shares Mostly Gain, Saudi Stocks Rise As Saudi Arabian Mining Jumps - NASDAQ.com

MidEast Shares Mostly Gain, Saudi Stocks Rise As Saudi Arabian Mining Jumps - NASDAQ.com:



"Middle East stocks mostly rose, with Saudi Arabia rising on the heels of a rally in Saudi Arabian Mining after Al Rajhi Capital raised its price target on the shares to 52.00 riyals from 41.00 riyals, citing its growing output and an improving business outlook.



Also, Almarai's board approved a capital investment plan for 2016-2020 which will reach 21 billion riyals ($5.6 billion). The company said it wanted to double consolidated sales in the period and expand its activities in farming, manufacturing, distribution and logistics, according to Reuters.



In other company news around the region, a company executive at Marka said it expected to turn profitable in 2016, even though the firm had earlier targeted profitability in Q415. Marka also said it completed its first international investment: a 65% acquisition in Icons, a football memorabilia company, for 15.3 million dirhams ($4.2 million)."



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