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Wednesday, 11 November 2015

Mubadala close to agreeing on Boeing, Airbus work package terms | GulfNews.com

Mubadala close to agreeing on Boeing, Airbus work package terms | GulfNews.com:

"Mubadala Development Company is close to reaching an agreement on which parts it will manufacture for Boeing Co and Airbus Group as part of the work package deals it signed with the plane makers at the 2013 Dubai Airshow.

Homaid Al Shemmari, Chief Executive Officer for Aerospace & Engineering Services at Mubadala, told Gulf News that they were “definitely at the end” of the negotiations but there were some details left to agree on.

“We’re working on some really complex work packages,” he said."



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Rampant Inflation in Russia Is Basis for World-Beating Linkers - Bloomberg Business

Rampant Inflation in Russia Is Basis for World-Beating Linkers - Bloomberg Business:

"While inflation may be the biggest problem for Russia’s central bank, it may also be the key to unlocking a new source of foreign capital: via index-linked bonds.
With the second-fastest rate of consumer-price growth in the developing world, Russian linkers have returned 8.5 percent since they were first offered in July, luring buyers such as the California Public Employees’ Retirement System, or Calpers. Credit Suisse Group AG has touted them as an alternative to regular bonds and they’re about to get included in Barclays Plc indexes starting in February, opening the market to mutual funds that use the gauges to measure their own performance.
Russia sold 30 billion rubles ($465 million) more of the 2023 bonds today in an auction that drew 2.4 times more orders than bonds available, the Finance Ministry said. The notes were offered at 99.41 percent of face value, paying real average interest of 2.72 percent. Appetite will persist even as policy makers try to quell inflation that’s four times the central bank’s target, said Luis Costa, the chief fixed-income strategist for central and eastern Europe, the Middle East and Africa at Citigroup Inc. in London. Russia’s 15.6 percent inflation rate trails only Venezuela in emerging-market economies."



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Emerging market credit crunch could haunt 2016 | Reuters

Emerging market credit crunch could haunt 2016 | Reuters:

"A world getting comfortable again with high debt but few defaults looks set for a rude awakening next year, and not just in the United States.

As the Federal Reserve prepares to jack up interest rates next month and the dollar climbs again, anxiety over an alarming accumulation of corporate and household debt in emerging economies from China to Malaysia, Russia to Turkey, Mexico and Brazil has been building for the past five years.

Characterized by Goldman Sachs as a possible third wave of the credit crash - the first being a sub-prime housing bust and serial banking collapse of 2007/08 and the second the euro sovereign debt crisis of 2011/12 - emerging market borrowing is now vulnerable to any reversal of the easy money policies the rich world adopted to cope with the first two waves."



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MIDEAST STOCKS-Saudi Telecom boosts Riyadh index, Egypt's slide slows | Reuters

MIDEAST STOCKS-Saudi Telecom boosts Riyadh index, Egypt's slide slows | Reuters:

"Saudi Arabia's stock market
rebounded from near technical support on Wednesday, helped by
positive dividend news from Saudi Telecom, while Egypt's decline
slowed after three days of steep falls due to currency and
interest rate fears.

The Saudi index climbed 2.0 percent to 7,128 points,
bouncing from near chart support on its August low of 6,921
points. It was the biggest rise since early September.

Saudi Telecom surged its 10 percent daily limit in
its highest turnover since February. The company said it planned
to pay a minimum quarterly dividend of 1 riyal per share for
three years from the fourth quarter of 2015."



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MIDEAST STOCKS-Egypt's fall slows, Saudi Telecom dividend plan lifts Riyadh | Reuters

MIDEAST STOCKS-Egypt's fall slows, Saudi Telecom dividend plan lifts Riyadh | Reuters:

"The slide of Egypt's stock market slowed early on Wednesday after three days of big falls, while a dividend plan announced by Saudi Telecom boosted Riyadh's market.

The Egyptian index tumbled 9.5 percent over the past three days because of fears of a currency devaluation or an interest rate hike, after a U.S. interest rate rise in December began to look likely and the Russian plane crash in the Sinai threatened Egypt's tourism revenues.

Those fears have not gone away, but there was cautious buying-back in a few stocks in the opening minutes of Wednesday, with real estate developer Talaat Mostafa edging up 0.3 percent."



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Brewing megadeal confirmed, Microsoft to shield data | FirstFT - YouTube

Brewing megadeal confirmed, Microsoft to shield data | FirstFT - YouTube: ""



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Alibaba Singles Day sales hit new record | FT Business Notebook - YouTube

Alibaba Singles Day sales hit new record | FT Business Notebook - YouTube: ""



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Oil glut to swamp demand until 2020 - FT.com

Oil glut to swamp demand until 2020 - FT.com:

"The oil market will remain oversupplied until the end of the decade as the push for cleaner fuels and greater efficiency offsets the effect of lower prices, the world’s leading energy forecaster said.
In its annual outlook, the International Energy Agency said oil demand would rise by less than 1 per cent a year between now and 2020, slower than necessary to quickly mop up an oil glut that has driven prices to multiyear lows."



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Abu Dhabi’s Taqa reports Dh416 million loss as weak oil price hits revenues | The National

Abu Dhabi’s Taqa reports Dh416 million loss as weak oil price hits revenues | The National:

"Abu Dhabi National Energy Company (Taqa) posted a net loss in the third-quarter as revenues were hit by weak oil prices, the state-owned oil explorer and power supplier said on Wednesday.

Taqa, 75 per cent owned by the government of Abu Dhabi, reported a net loss of Dh416 million for the quarter ending September 30, compared with a net profit of Dh107m in the prior-year period, the company said.

Revenue from oil and gas more than halved to Dh1.5 billion in the third quarter from a year earlier. This dragged the firm’s total revenue in the quarter to Dh4.8bn from Dh7.0bn in the same quarter last year."



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Dubai among most globalised emerging cities | GulfNews.com

Dubai among most globalised emerging cities | GulfNews.com:

"The pace at which Dubai brings about change has propelled it to the top tier of emerging cities, according to a comprehensive report issued by real estate consultancy JLL.

Dubai ranks third behind Shanghai and Beijing as the most globalised among emerging cities, while the city is ahead of the likes of Mumbai and Moscow.

“Dubai occupies a unique niche on the world stage … The emirate combines many characteristics of both established and emerging cities thanks to its meteoric and unprecedented rise,” the report titled ‘New World of Cities: Global City Index’ notes."



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Arabtec reports Dh1.02b in net losses for third quarter | GulfNews.com

Arabtec reports Dh1.02b in net losses for third quarter | GulfNews.com:

"Arabtec, the Dubai-based real estate developer, reported on Wednesday Dh1.02 billion in net losses for the third quarter of this year, marking a significant drop from the Dh90 million net profits recorded at the same time last year.

The latest results bring the company's losses in the first nine months of the year to Dh2.3 billion, down from the Dh355 million in net profits recorded in the same period last year.

 The company's revenues from continuing operations fell to Dh1.6 billion in the third quarter of this year, marking a significant drop from the Dh2.1 billion recorded in Q3 2014. This brings Arabtec's revenues in the first nine months of 2015 to Dh5.2 billion, down from the Dh5.8 billion recorded in the same period last year."



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MIDEAST STOCKS-Arabtec drags down Dubai after Q3 loss; rest of Gulf soft | Reuters

MIDEAST STOCKS-Arabtec drags down Dubai after Q3 loss; rest of Gulf soft | Reuters:

"Dubai's stock index fell in early trading on Wednesday, dragged down by construction company Arabtec after it reported a big third-quarter loss, while other Gulf markets were soft.

Dubai's index fell 1 percent to 3,268, nearing technical support at its August low of 3,241, as Arabtec tumbled its 10 percent daily limit to a 30-month low.

The company, which is one of Dubai's most heavily traded stocks, swung to a net loss of 944.8 million dirhams ($257.3 million) in the third quarter."



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Iraq Oil Partners Seek Contract Changes to Boost Output - Bloomberg Business

Iraq Oil Partners Seek Contract Changes to Boost Output - Bloomberg Business:

"International oil companies could boost production in Iraq beyond current targets if production contracts were changed to give more incentives for investment, according to BP Plc and Royal Dutch Shell Plc.
Companies working in the country have proposed that the government change contracts from the current service-fee model to be closer to production sharing agreements, Michael Townshend, BP’s regional president for the Middle East, told reporters in Abu Dhabi on Tuesday. The suggestions were made earlier this year amid talks about development budgets needed to operate Iraq’s oil fields next year, he said.
Shell would need “a different commercial balance” to achieve full potential for its development of the Majnoon oil deposit, Maarten Wetselaar, the company’s executive vice president for integrated gas, told reporters in Abu Dhabi. “It’s a bit of an affront to its potential to only produce 225,000 barrels a day from it, you could double or triple that by investing in it.”"



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