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Monday, 6 July 2015

Greek bonds yield more than they cost, again | Short View - YouTube

Greek bonds yield more than they cost, again | Short View - YouTube: ""



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Is Grexit inevitable? | FT Comment - YouTube

Is Grexit inevitable? | FT Comment - YouTube: ""



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If Greece leaves the euro | FT Markets - YouTube

If Greece leaves the euro | FT Markets - YouTube: ""



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Iranian nuclear deal set to make hardline Revolutionary Guards richer | Reuters

Iranian nuclear deal set to make hardline Revolutionary Guards richer | Reuters:



"Iran's elite Revolutionary Guards have done very well out of international sanctions -- and if a nuclear deal is done in Vienna this week under which those sanctions are lifted, they are likely to do better still.



The Revolutionary Guards Corps (IRGC), created by Ayatollah Ruhollah Khomeini during Iran's 1979 Islamic Revolution, is more than just a military force. It is also an industrial empire with political clout that has grown exponentially in the last decade, benefiting from the favor of former president Mahmoud Ahmadinejad, himself a former guardsman and, most recently, from the opportunities created by Western sanctions.



A Western diplomat who follows Iran closely told Reuters that the IRGC's recent annual turnover from all of its business activities was estimated to be around $10-12 billion."



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MIDEAST STOCKS-Egypt tumbles as Emaar Misr slides; Gulf weak on Greece, oil | Reuters

MIDEAST STOCKS-Egypt tumbles as Emaar Misr slides; Gulf weak on Greece, oil | Reuters:



"Egypt's stock market tumbled on Monday, breaking major technical support, as leading property firm Emaar Misr plunged following its listing on Sunday. Most Gulf markets fell modestly because of lower oil prices and the turmoil in Greece. 




The Egyptian stock index tumbled 4.2 percent to 7,871 points, smashing a band of strong chart support between 8,125 and 8,261 points, the December and May lows.



This was very negative technically, triggering a bearish right triangle formed by the highs and lows since mid-December and pointing down to the 6,800-point area in the longer term."



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MIDEAST STOCKS-Egypt tumbles as Emaar Misr sinks; Saudi drops | Agricultural Commodities | Reuters

MIDEAST STOCKS-Egypt tumbles as Emaar Misr sinks; Saudi drops | Agricultural Commodities | Reuters:



"Egypt's stock market fell sharply early on Monday, sliding below major technical support, as leading property firm Emaar Misr sank after listing on Sunday. The Saudi market also dropped because of lower oil prices and the turmoil in Greece. 




The Egyptian stock index tumbled 2.3 percent in the opening minutes to 8,026 points, below a band of strong technical support between 8,125 and 8,261 points, the December and May lows.



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



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MIDEAST STOCKS-Gulf falls on oil, Greece; Dana Gas continues surge | Energy & Oil | Reuters

MIDEAST STOCKS-Gulf falls on oil, Greece; Dana Gas continues surge | Energy & Oil | Reuters:



"Gulf equities slipped in early trade on Monday in response to another slide in oil prices, as Brent crude dropped below $60 a barrel to its lowest since mid-April, and to unstable global markets after Greeks voted 'No' in their bailout referendum. 




Dubai's stock index slid 0.9 percent as Amlak Finance, the most heavily traded stock, lost 2.7 percent. Drake & Scull, which had surged in the previous two days after removing ownership limits for Gulf nationals, pulled back 2.3 percent.



Abu Dhabi edged up 0.1 percent."



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Bid to rally Dragon Oil minority shareholders for better buyout offer from Enoc | The National

Bid to rally Dragon Oil minority shareholders for better buyout offer from Enoc | The National:



"Baillie Gifford, an Edinburgh-based fund manager that holds the largest minority stake in Dragon Oil, is trying to rally other minority shareholders to fight for a better buyout offer from Emirates National Oil Company (Enoc).



Enoc, which already owns 54 per cent of Dragon Oil, last week formally launched a 750 pence-per-share tender offer for the remaining 46 per cent, an offer that will close on July 30 under the rules of the Irish Stock Exchange, where Dragon Oil is listed.



Enoc needs a majority of the minority shareholders – just more than 23 per cent – to vote in favour of its offer to be able to delist the shares and take the company private."



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Dubai joins global market rout after Greece voters reject austerity deal | The National

Dubai joins global market rout after Greece voters reject austerity deal | The National:



"Dubai shares fell, joining a global equity sell-off as investors speculated that Greece may leave the euro zone after an austerity bailout deal between the country and its creditors was overwhelmingly rejected in a countrywide referendum.



The Dubai Financial Market General Index dropped 1.2 per cent and stock screens across markets in Asia were soaked in red. The Abu Dhabi Securities Exchange General Index fell 0.1 per cent.



Shares of Emaar and Dubai Islamic Bank led the declines in Dubai. Stocks in developing countries were among the worst-hit. The benchmark MSCI Emerging Market index dropped 2.5 per cent as investors dumped some of the world’s most riskiest assets. UAE stocks were included in the index last year."



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Questions raised over Dubai property supply amid gloomy price forecast | The National

Questions raised over Dubai property supply amid gloomy price forecast | The National:



"The fall in residential prices in Dubai which has been taking place over the past three quarters looks set to continue for the second half of this year and the early part of 2016.



The underlying problem appears to be that builders keep outpacing buyers – although at least one developer is wondering if local consultancies’ forecasts are overstating the outlook for supply.



Looking back to the first quarter of this year, CBRE’s UAE head of research and consultancy, Matthew Green, says that sale prices dropped by 2 per cent and rental growth stayed flat."



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18-year-old commercial lawsuit between 2 families ends | GulfNews.com

18-year-old commercial lawsuit between 2 families ends | GulfNews.com:



"Dubai’s highest court ended a 18-year-old commercial dispute between Emirati businessman Rashid Saif Hamarain’s inheritors and those of Kuwaiti businessman Yousuf Rashid Bu Rousli over the ownership of Hamarain Centre and JW Marriott Hotel in Dubai.



The Dubai Cassation Court drew the curtain on what is believed to be the longest and oldest ever commercial dispute between the two renowned families deciding that the Bu Rouslis own 80 per cent of the property [hotel and the shopping centre] while the remaining 20 per cent belongs to the Hamarain family.



Presiding judge Dr Ali Ebrahim dismissed the appeal of Hamarain’s successors and handed out an irrevocable ruling on Sunday, granting 80 per cent of the Muraqqabat-based hotel and shopping centre to the Bu Rouslis, hence ending the commercial dispute that first surfaced in Dubai courts in 1998. Gulf News obtained a copy of the Cassation Court’s verdict according to which the revenues of the litigating parties’ joint venture [hotel and centre] which are Dh577 million will be distributed according to Sunday’s ruling [80 per cent and 20 per cent]."



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Sabic pushes into Asia with South Korea deal - FT.com

Sabic pushes into Asia with South Korea deal - FT.com:



"Saudi Arabia Basic Industries Corporation has teamed up with SK Global Chemical to produce polyethelyne products in South Korea, marking the state-controlled petrochemicals group’s latest push into Asia.



Sabic said it had signed a joint-venture agreement with the Korean group to purchase technology and a plant that manufactures copolymers in the city of Ulsan.



The deal concludes negotiations between the parties after an initial agreement last year set up Sabic SK Nexlene Company, a Singapore-based joint venture. Sabic said the total investment in the technology and plant was $640m."



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Conflicting data on Saudi economy | Commentary | MEED

Conflicting data on Saudi economy | Commentary | MEED:



"Full impact of lower oil prices has not been realised



The first half of 2015 is over and it is time for a bombardment of reports and results. Although there are endless metrics to analyse and interpret, most just want to know whether the Saudi market is growing or contracting.



The question is particularly important this year, as a new king takes charge in Saudi Arabia and the economy digests a sharp decline in oil prices, which on 1 July 2015 were down by 42 per cent when compared to the same date last year. According to the US’ Energy Information Administration (EIA), the average daily spot price for Brent Crude was $57.82 a barrel during the first half of 2015, down 46.9 per cent on the average daily price of $108.93 during the first half of 2014."



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