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Wednesday, 5 August 2015

Standard Chartered profit falls sharply | Lex - YouTube

Standard Chartered profit falls sharply | Lex - YouTube: ""



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MIDEAST STOCKS-Gulf rebounds; Dubai's DAMAC surges after tripling Q2 profit | Reuters

MIDEAST STOCKS-Gulf rebounds; Dubai's DAMAC surges after tripling Q2 profit | Reuters:



"Most Gulf stock markets rose on Wednesday after Brent oil steadied above $50 per barrel and strong profit growth at Dubai real estate developer DAMAC sparked buying in that market.



The main Saudi index edged up 0.2 percent. Petrochemicals giant Saudi Basic Industries, which had tumbled this week tracking oil's drop, rose just as much and was the most traded stock in Riyadh.



Some other beaten-down petrochemicals stocks also rose. Saudi International Petrochemical Co, which had fallen 8 percent this week, climbed 1.6 percent."



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State of the American stock market | Authers' Note - YouTube

State of the American stock market | Authers' Note - YouTube: ""



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Drydocks World creditors hire Moelis to advise on $2.3bn debt restructuring | The National

Drydocks World creditors hire Moelis to advise on $2.3bn debt restructuring | The National:



"Drydocks World (DDW) creditors have hired the US specialist investment bank Moelis & Co to advise them in their negotiations with the Dubai-based maritime engineer over restructuring US$2.3 billion of debt, according to people familiar with the situation.



New York-based Moelis is well known in the Dubai financial scene. The bank played a leading role in the 2010 negotiations between bank creditors and Dubai World, which successfully ended the emirate’s financial crisis. However, the US bank was then advising the Dubai Government, whereas this time it finds itself on the other side of the table: working for creditors who are being asked to change the terms of total debts of $2.3bn in two tranches – one of $800 million which matures in 2017, with the balance repayable in 2027.



Neither DDW, which is owned by the Government of Dubai as part of the Dubai World conglomerate, nor Moelis would comment on the appointment, but one banker said: “This is a sign that the creditors are serious and committed to getting the best possible deal in the renegotiation.”"



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Arabtec still in talks with Egyptian government over $40bn homes project | The National

Arabtec still in talks with Egyptian government over $40bn homes project | The National:



"Arabtec is still in talks with the Egyptian government to implement the first phase of a US$40 billion project to build one million homes, it said in a statement to the Dubai Financial Market.



The Dubai-based builder has been involved in months of negotiations to start construction of phase one, which includes building 100,000 low-cost homes in the cities of Obour and Badr to the east of the capital Cairo.



Plans spread across 13 sites were first announced a year ago by the Egyptian president Abdel Fattah El Sisi, with construction originally scheduled to start in the final quarter of 2014, taking just five years."



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Aldar considers refinancing debts | GulfNews.com

Aldar considers refinancing debts | GulfNews.com:



"Aldar Properties may refinance its debt, supported by improved credit rating and reduced borrowings, and seek better terms like cheaper rates and longer duration from lenders, Greg Fewer, the company’s chief financial officer said.



The Abu Dhabi-based developer is set to collect Dh3.1 billion from government contracts through December 2017. After its Dh1.1 billion debt payment in the second quarter, the company’s debts now stand at Dh7.1 billion.



On Tuesday, the company announced it recorded Dh601 million in net profits during the second quarter of this year, marking an 18 per cent increase from the Dh509 million in the second quarter of 2014."



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IMF recommends spending cuts, taxation | GulfNews.com

IMF recommends spending cuts, taxation | GulfNews.com:



"The International Monetary Fund (IMF) has recommended a host of measures such as spending cuts, taxation and structural reforms to improve the long term sustainability of the UAE’s public finances in the context of decline in oil prices. 




The IMF which recently concluded its Article IV Consultation paper in discussions with the UAE authorities have recommended fiscal reforms including expenditure cuts and diversification of government revenues.



The Fund officials lauded the fiscal consolidation efforts of the UAE, including recent energy subsidy reforms. The IMF said the macroeconomic policy mix should focus on gradual fiscal consolidation."



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MIDEAST STOCKS-Gulf markets edge up on Q2 results, firmer oil - Yahoo Maktoob News

MIDEAST STOCKS-Gulf markets edge up on Q2 results, firmer oil - Yahoo Maktoob News:



"Most Gulf stock markets edged up early on Wednesday as Brent oil climbed back above $50 per barrel and shares in DAMAC soared after the Dubai developer reported a more than tripling in its quarterly profit.



Dubai's stock index inched up 0.1 percent, with DAMAC accounting for nearly two-thirds of total traded value, rising 9.1 percent to a record high of 3.49 dirhams.



DAMAC said its second-quarter profit jumped 207 percent to 1.42 billion dirhams ($386.6 million). It also announced an interim dividend of 10 percent cash and 10 percent bonus shares. The cash payout will be its first since it listed in Dubai in January."



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Egypt: New foundations - FT.com

Egypt: New foundations - FT.com:



"For more than 20 years, Sayed Shaalan, a small-business owner, and his neighbours, have been prevented by a government decree from repairing their crumbling homes in the Maspero Triangle area of downtown Cairo. Occupying a prime location of around 85 acres bordered by a row of expensive buildings with panoramic views of the Nile, this warren of rundown streets had been earmarked for an ambitious development plan. Public and private sector companies, which already owned parts of the district, wanted to build upmarket office blocks, luxury hotels and homes for the rich. The residents, some 14,000 people, were seen as an obstacle and the government wanted them out.



“The last forced eviction was a few days before the 2011 revolution [that ousted former president Hosni Mubarak],” says Mr Shaalan who owns an upholstery workshop and sits on a local committee representing the residents. “No one dared protest. Once a house fell and two people were killed so they made it a pretext to evict the residents of an entire street.”



Despite this bitter history and deep mistrust between the people and the authorities, Mr Shaalan says there is now hope of a fair outcome. An agreement has been reached between the residents and investors, shepherded by Laila Iskandar, the minister for urban renewal, a post only created last year in recognition of the problems in the country’s mostly unplanned and overflowing urban communities."



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Has Greece crisis created a two-speed Europe? | FT Comment - YouTube

Has Greece crisis created a two-speed Europe? | FT Comment - YouTube: ""



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