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Thursday, 27 August 2015

Ukraine agrees 'win-win' debt restructuring deal | World news | The Guardian

Ukraine agrees 'win-win' debt restructuring deal | World news | The Guardian:



"Ukraine has secured a 20% writedown on $18bn (£11.6bn) of its foreign debts in a deal its finance minister described as win-win for the war-torn country. Kiev’s agreement with its largest creditors is an attempt to stabilise government finances after more than a year of fighting on its eastern border that has brought the country to the edge of bankruptcy.



The hedge funds holding Ukrainian debt will write off around $4bn in return for securities that will pay holders a percentage of Ukraine’s economic growth from 2021. But in a move that is likely to dismay many MPs in the Kiev parliament, the government conceded that it must pay a higher interest rate on the remaining debts.



The deal, which still needs to be approved by creditors outside the group, includes a four-year extension on repayments to give Ukraine breathing space. But the interest rate on the bonds will rise 0.5 percentage points to 7.75%. It ended months of tense negotiations aimed at helping to keep the country on track with its International Monetary Fund-led bailout programme, plugging a funding gap and preventing a unilateral debt default."



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MIDEAST STOCKS-Gulf up on stronger global trend, long-term outlook still murky | Reuters

MIDEAST STOCKS-Gulf up on stronger global trend, long-term outlook still murky | Reuters:



"Major Gulf stock markets rose
sharply on Thursday, suggesting they had established short-term
floors after several weeks of heavy selling, but their long-term
outlook remained murky because of unstable oil prices.



The Saudi Arabian stock index climbed 3.0 percent to
7,604 points. It has now rebounded 10 percent from a 29-month
low of 6,921 points hit on Monday, but remains 16 percent below
its level at the end of last month.



Shares in petrochemical firms, their profit margins closely
linked to oil prices, surged as Brent crude rose nearly
4 percent to almost $45 a barrel. The petrochemical sector index
jumped 5.3 percent as the biggest company, Saudi Basic
Industries Corp, gained 4.8 percent."



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Markets rebound, Walmart drops rifles | FirstFT - YouTube

Markets rebound, Walmart drops rifles | FirstFT - YouTube: ""



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MIDEAST STOCKS-Saudi stock market surges, petchems climb on oil rebound | Reuters

MIDEAST STOCKS-Saudi stock market surges, petchems climb on oil rebound | Reuters:



"Saudi Arabia's stock market rose sharply in heavy turnover during early trade on Thursday as petrochemical shares in particular surged in response to a rebound of global oil prices, to which petrochemical profit margins are linked.



The main Saudi stock index jumped 4.5 percent in the opening minutes as petrochemical blue chip Saudi Basic Industries (SABIC) gained 5.8 percent. The petrochemical sector index added 6.1 percent.



The rise of SABIC and other blue chips such as miner Ma'aden , up 6.0 percent, suggested institutional investors were back in the market after cutting positions in recent weeks and months."



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MIDEAST STOCKS-Gulf rises on improved global backdrop | Agricultural Commodities | Reuters

MIDEAST STOCKS-Gulf rises on improved global backdrop | Agricultural Commodities | Reuters:



"Gulf stock markets rose in early trade on Thursday in response to gains on Wall Street and by Asian bourses, and as Brent crude oil climbed 2.9 percent to $44.40 a barrel in Asian trade.



The better global backdrop encouraged investors who were convinced by Tuesday's strong rebound of Gulf markets that stocks had established a floor for at least the short term - though not necessarily in the longer run.



Dubai's index gained 2.9 percent, with Emaar Properties up 3.1 percent and DAMAC Properties climbing 2.9 percent. Some volatile stocks favoured by local retail investors soared, with Amlak Finance jumping 9.6 percent."



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Funding costs of Omani banks to rise after Fitch downgrade, analysts say | The National

Funding costs of Omani banks to rise after Fitch downgrade, analysts say | The National:



"Five Omani banks downgraded by a credit ratings agency will not suffer an immediate impact, but their future funding costs would rise, analysts said yesterday.



Fitch on Monday downgraded the long-term issuer default rating for Bank Muscat, National Bank of Oman, Bank Dhofar, Bank Sohar and Ahli Bank because of low oil prices and their impact on Oman’s fiscal ­position.



The agency maintained its rating for HSBC Bank Oman, thanks to the support of its parent, HSBC Holdings."



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DP World reports $405 million in profits for 6 months | GulfNews.com

DP World reports $405 million in profits for 6 months | GulfNews.com:



"DP World, one of the world’s largest port operators, reported on Thursday a 21.9 per cent increase in first half profit.



The port operator made $405 million over the six months to June 30, 2015 compared to $332 million a year ago, it said in a statement on the Nasdaq Dubai. Revenue for the first half rose 14.5 per cent to $1.9 billion.



DP World Chairman Sultan Ahmad Bin Sulayem stated the company was pleased with its first half performance it achieved amid “uncertain market conditions.”"



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Correction foretold | Authers' Note - YouTube

Correction foretold | Authers' Note - YouTube: ""



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Fed rise: this year, next year, sometime? | Short View - YouTube

Fed rise: this year, next year, sometime? | Short View - YouTube: ""



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World Bank's IFC to meet investors on sukuk issue | Reuters

World Bank's IFC to meet investors on sukuk issue | Reuters:



"International Finance Corp (IFC), a unit of the World Bank, plans to meet fixed income investors starting on Monday ahead of a potential issue of U.S. dollar-denominated sukuk, a document from lead arrangers showed on Thursday.



IFC, rated Aaa/AAA by international rating agencies, has picked Dubai Islamic Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank to arrange the investor meetings.



The meetings will be held in the Middle East, with a possible sukuk issue to follow subject to market conditions, the document showed. The document gave no indication of the size of the issue or maturity."



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Saudis Appeal for Royal Guidance on Economy After Stocks Sink - Bloomberg Business

Saudis Appeal for Royal Guidance on Economy After Stocks Sink - Bloomberg Business:



"Saudi plastic surgeon and stock-market investor Sami al-Harki is looking for help.



Al-Harki already lost 40 percent on his shares, but doesn’t want to sell before the Saudi government tells him how it plans to address the Gulf nation’s biggest economic challenge for years. An official said this month’s 19 percent plunge in the benchmark Tadawul index, which has lost about $87 billion and entered a bear market, is just following a global trend. Preparations for the annual hajj pilgrimage topped the agenda of Monday’s cabinet meeting.
 



“How can I make any decisions amid this silence?” al-Harki, 42, said by phone from Riyadh. “As an investor, silence is a sign that something is wrong.”"



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