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Sunday, 28 June 2015

Drydocks World creditors anticipate debt restructuring plans | The National

Drydocks World creditors anticipate debt restructuring plans | The National:



"Bank creditors to Drydocks World (DDW), Dubai’s maritime engineering business, are expecting to receive proposals from the government-owned company to restructure some of the US$2.3 billion debt it refinanced in 2012. 




Recent talks with creditors have left them convinced that the company, owned by the Dubai World conglomerate, will seek to change the terms of its agreement to repay some $800 million of bank loans in the summer of 2017.



“We’re fully expecting a second round of restructuring, but there have been no formal proposals yet,” said one banking executive, speaking on condition of anonymity."



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Etihad Etisalat to reissue 2014, Q1 2015 results after regulator probe | The National

Etihad Etisalat to reissue 2014, Q1 2015 results after regulator probe | The National:



"Saudi Arabia’s Etihad Etisalat (Mobily) said on Sunday that accounting changes would increase its 2014 loss by about 830 million riyals (Dh813.3m) to 1.745 billion riyals.



The company made the statement after a team appointed by the Capital Market Authority identified concerns over Mobily’s contracts with customers, including those for fibre networks. The team recommended that the company reconsider its accounting approach for the contracts.



Mobily said it would reissue its financial statements for the year 2014 and the first quarter of 2015 before releasing its second-quarter results."



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Abu Dhabi busts out, while Dubai may not be far behind | GulfNews.com

Abu Dhabi busts out, while Dubai may not be far behind | GulfNews.com:



"The Dubai Financial Market General Index (DFMGI) gained 82.85 or 2.04 per cent last week to end at 4,146.73, its best performance in eight weeks. There were 25 advancing issues and 13 decliners, while volume fell to a four-week low.



For the past eight weeks the DFMGI has stayed within a relatively narrow range between a high of 4,253.28 and a low of 3,912.85. Rough support has been maintained around the 55-week exponential moving average (ema), now at 4,033.51, with the index closing above it for all but one of the past 11 weeks, a relatively bullish sign. In addition, the 200-day ema is being recognised by the index. Last week’s low of 4,039.38 was right at support of the 200-day ema.



Given last week’s price action, the pattern developing in the DFMGI is looking more like a breakout of a bullish flag pattern, that needs further confirmation to show some potential for upside follow-through. A bullish flag pattern forms in a pullback or correction that follows a rally. Symmetry is indicated as a declining parallel channel is formed during the correction. The breakout of this flag pattern occurred three weeks ago, but the breakout was quickly hit by selling pressure, putting the bullish potential of the pattern in doubt."



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