Google+ Followers

Sunday, 5 July 2015

Iranians ready for new chapter as nuclear talks approach conclusion | World news | The Guardian

Iranians ready for new chapter as nuclear talks approach conclusion | World news | The Guardian:



"On the side of one of Tehran’s traffic-clogged freeways, among giant murals portraying the heroes and martyrs of the Iranian revolution, a lurid billboard warns that the “nuclear issue is just an excuse” for America, Israel, Britain and other hostile powers to try to undermine the Islamic Republic’s independence and sovereignty. “If we give way on that, they will come up with many other excuses,” the text in Farsi reads.



Now that the marathon nuclear negotiations are finally approaching their end in Vienna on Tuesday, many Iranians still heed this suspicious message. Few, however, doubt that a deal will be done and sanctions will be eased, and that it will mark a new era in relations with the US and with the west, 36 years after Ayatollah Khomeini overthrew the shah and shook the Middle East. Many hope and believe that Iran’s economy, and perhaps its complex political system, will be deeply marked by the change.



“It is a big moment,” said Sadegh Zibakalam, a prominent reformist academic. “In years to come people will refer to this agreement as a landmark in modern Iranian history. It is of crucial importance that Iran has said: ‘OK, we are going to trust the west.’ If we reach an agreement with the US – the Great Satan – on an issue that divided us for more than a decade, it will be a huge transformation.”"



'via Blog this'

MIDEAST STOCKS-Egypt sinks as Emaar Misr listing disappoints; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt sinks as Emaar Misr listing disappoints; Gulf mixed | Reuters:



"Egypt's stock market maintained its downtrend on Sunday as a weak debut by Emaar Misr, the biggest listing since 2007, further hurt sentiment. Gulf bourses were mixed as the Greek debt crisis kept trading volumes modest.



The Egyptian index rose slightly in early trade but closed 1.2 percent lower at 8,218 points, entering a band of strong technical support between 8,125 and 8,261 points, the December and May lows.



Any break of this support would be very bearish, triggering a triangle pointing down into the 6,800-point area in the longer term."



'via Blog this'

China freezes new share offers in bid to shore up plunging stock markets | Business | The Guardian

China freezes new share offers in bid to shore up plunging stock markets | Business | The Guardian:



"China has frozen share offers and set up a market-stabilisation fund, according to reports, as Beijing intensified efforts to pull stock markets out of a nose-dive that is threatening the world’s second-largest economy.



The Wall Street Journal report that Beijing has suspended initial public offerings (IPOs) came a few hours after major brokers and fund managers collectively pledged to invest at least $19bn of their own money into stocks.



China’s government, regulators and financial institutions are now waging a concerted campaign to prop up the nation’s two main share markets, amid fears that a meltdown would rock the financial system and inflict heavy losses across an economy where annual growth is already running at a 24-year low."



'via Blog this'

Gulf Finance House to sell unit via public offering, plans acquisition | The National

Gulf Finance House to sell unit via public offering, plans acquisition | The National:



"Gulf Finance House (GFH) is planning to make an acquisition this year and sell a unit in an initial public offering.



The expected moves are part of efforts to reshape GFH, which was hit hard by the 2008-2009 global financial crisis.



“The new strategy of GFH is primarily focused on creation of a financial group rather than just an investment bank which it used to be before,” said Hisham Alrayes, the chief executive. “From the five pillars, we would like to have an equal participation of income, ideally.”"



'via Blog this'

UAE’s Dana Gas wins favourable ruling in Kurdistan dispute | The National

UAE’s Dana Gas wins favourable ruling in Kurdistan dispute | The National:



"Dana Gas, one of the largest oil and gas investors in Iraq’s semi-autonomous Kurdish region, said on Sunday that it had obtained a favourable ruling from a London arbitration tribunal in its dispute with Kurdistan authorities.



The Abu Dhabi-listed firm, which leads a consortium of investors, had filed an arbitration case in London in October 2013 against the Kurdistan Regional Government (KRG), seeking to confirm its contract rights and to obtain payments for products which it had delivered.



On July 2, the London Court of International Arbitration “handed down its partial final award ruling confirming beyond any doubt the consortium’s contractual rights”, Dana said in a statement on Sunday."



'via Blog this'

Greece’s asset stripping can lure UAE investors | GulfNews.com

Greece’s asset stripping can lure UAE investors | GulfNews.com:



"Some UAE and Gulf travellers are drawing up plans for short visits to Greece this summer, but not necessarily to catch the scenery or the sun. Instead, they will be on the lookout to pick up choice real estate assets on the cheap.



Valuations on Greek realty are down to “10 cents to the dollar” from their 2007 peaks as the country sinks further into an economic morass and for which the wise heads of Europe don’t seem to have a solution for.



Gulf investors can tick any number of reasons for picking up a Greek real estate deal now, and they need not be high risk-addicts to head that way. And these factors will still hold true whatever be the outcome of the referendum."



'via Blog this'

General upward bias remains in place for UAE markets | GulfNews.com

General upward bias remains in place for UAE markets | GulfNews.com:



"Last week the Dubai Financial Market General Index (DFMGI) declined by 57.91 or 1.40 per cent to end at 4,088.82. Volume fell to a 16-week low, while market breadth fell to the bearish side, with 31 declining issues and only nine advancing. 




The DFMGI managed to drop to a three-week low early in the week, falling below the 55-day exponential moving average (ema) on a couple of days, but each time closing above it. So, even though there was a short-term bearish signal as the index moved below the 55-day ema, the fact that the day ended above it on each of two days, is short-term bullish. In other words, the 55-day ema is showing that it is holding as support for the index, at least so far.



In addition, the 21-day ema has now converged with the 55-day and is sitting just barely above it, for the first time since around August 2012. This is a confirmation of the decline in volatility as the DFMGI continues to consolidate. At the same time, as price action compresses, what follows is frequently an acceleration in movement."



'via Blog this'

Despite progress in Iran nuclear talks, dispute over U.N. sanctions persists | Reuters

Despite progress in Iran nuclear talks, dispute over U.N. sanctions persists | Reuters:



"Iran and world powers made progress on future sanctions relief for Iran in marathon nuclear talks on Saturday, but remained divided on issues such as lifting United Nations sanctions and the development of advanced centrifuges. 




Diplomats close to the negotiations said they had tentative agreement on a mechanism for suspending U.S. and European Union sanctions on Iran.



But the six powers had yet to agree on a United Nations Security Council resolution that would lift U.N. sanctions and establish a means of re-imposing them in case of Iranian non-compliance with a future agreement."



'via Blog this'

Saudi PMI Drops to Six-Year Low in June as Growth Momentum Slows - Bloomberg Business

Saudi PMI Drops to Six-Year Low in June as Growth Momentum Slows - Bloomberg Business:



"An indicator of growth in Saudi Arabia’s non-oil industries fell in June to the lowest level in six years as the biggest Arab economy loses momentum.



The Emirates NBD Purchasing Managers’ Index dropped to 56.1 from 57 in May, driven by a weak increase in new orders and slower output growth, the Dubai-based bank said in a report released Sunday. The same measure for the United Arab Emirates fell to 54.7 in June, the lowest in 22 months.



Saudi Arabia’s PMI index has dropped in four of the first six months this year as the world’s biggest oil exporter grapples with the plunge in crude prices. The kingdom is also leading a coalition bombing Shiite rebels in Yemen."



'via Blog this'