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Monday, 16 November 2015

US recession risks | Authers' Note - YouTube

US recession risks | Authers' Note - YouTube: ""



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DIFC Courts: Question of judgement and jurisdiction a key concern | The National

DIFC Courts: Question of judgement and jurisdiction a key concern | The National:

"Companies and individuals in the UAE have traditionally had little to fear from the English commercial courts and the prospect of British bailiffs coming after their assets in the UAE.

If a judge in London decides you owe Dh100 million to, for example, your ex-business partner, said ex-business partner is unlikely to be able to get his or her hands on your luxury yacht moored in Dubai Marina.

No reciprocal treaty exists between the UAE and the United Kingdom for the automatic recognition and enforcement of each other’s commercial court judgements, meaning your ex-business partner will have to try his or her luck pleading his case before the local courts."



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Central Bank governor expecting slower UAE economic growth | The National

Central Bank governor expecting slower UAE economic growth | The National:

"The Central Bank governor expects economic growth to slow to 3 per cent this year as the weaker oil price hits ­investment.

Mubarak Rashed Al Mansoori said the Government is still committed to spending on infrastructure projects amid the biggest slide in oil since the financial crisis of 2008 but would try to reduce unnecessary costs as the economy slows.

“The Government is still continuing with its spending, though they will rationalise any unnecessary investments,” Mr Al Mansoori told reporters in Dubai yesterday. “And some people might argue for governments like the UAE, maybe it’s an opportune time to execute projects at a lower cost. So we will continue necessary projects.”"



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Oil prices rise as tensions mount after Paris attacks | Reuters

Oil prices rise as tensions mount after Paris attacks | Reuters:

"Oil prices rose on Monday after strong losses last week, as Friday's deadly attacks in Paris raised geopolitical tensions that some said could threaten global oil supply.

France carried out air strikes overnight in Syria against Islamic State, which claimed responsibility for the Paris attacks, and on Monday called on the United States and Russia to join a global coalition to overcome the group.

Oil price gains were limited, however, in a day that saw prices switch from positive to negative and back again, as traders sought to make sense of what the attacks and their aftermath might mean for oil supply and demand."



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MIDEAST STOCKS-Saudi, UAE markets rebound after sell-off; Egypt slumps - Yahoo Maktoob News

MIDEAST STOCKS-Saudi, UAE markets rebound after sell-off; Egypt slumps - Yahoo Maktoob News:

"Markets in Saudi Arabia and the United Arab Emirates rebounded on Monday as some investors bought back stocks at lower prices following a broad sell-off a day earlier, but Egypt extended declines to hit a new 23-month low.
Saudi Arabia's benchmark had tumbled to a 35-month low on Sunday and Dubai's close was its lowest since last December following an 8 percent decline in crude benchmarks the previous week that deepened a prolonged oil price rout.
Gulf investors seem to have belatedly realized that the consequent hit to state finances would also impact listed companies' earnings, especially as most blue chips are at least partly government-owned, but a slight rebound in oil prices then convinced some to buy back regional equities."



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MIDEAST STOCKS-UPDATE 1-Telecom Egypt rallies on Q3 jump; Cairo extends drop, Saudi up | Reuters

MIDEAST STOCKS-UPDATE 1-Telecom Egypt rallies on Q3 jump; Cairo extends drop, Saudi up | Reuters:

"Shares of Telecom Egypt and property developer Talaat Moustafa rose on Monday after the two companies reported higher quarterly earnings, but declines in two heavyweight stocks dragged Cairo's benchmark to a new 23-month low.

Gulf markets were mixed as those hardest hit by Sunday's region-wide equity sell-off - Dubai, Abu Dhabi and Saudi Arabia - clawed back some of their losses and others were muted.

Telecom Egypt was up 2.8 percent at 1009 GMT after the company reported a 360 percent increase in quarterly profit following changes to corporate tax regulations."



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France warning, Japan woes | FirstFT - YouTube

France warning, Japan woes | FirstFT - YouTube: ""



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NMC mulls dropping out of race for Abu Dhabi rival Al Noor Hospitals | The National

NMC mulls dropping out of race for Abu Dhabi rival Al Noor Hospitals | The National:

"NMC Healthcare is considering withdrawing from the US$2.2 billion bidding contest for its London-listed rival Al Noor Hospitals, The National can reveal.

NMC, which last month signalled its intention to outbid an agreed merger between Al Noor and South Africa’s Mediclinic, is believed to be worried that it might get drawn into an expensive auction that would harm its credit and investor ratings, according to people familiar with the situation.

“They are getting more worried that they would have to raise a lot of debt or ask shareholders to fund a big deal,” said one bank source who asked not be named as the information was not in the public domain."



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All that money, but nobody’s finding much oil these days | The National

All that money, but nobody’s finding much oil these days | The National:

"‘Oil is first found in the mind,” said Wallace Pratt, the American geologist, writing in 1952. It takes special skills to divine correctly where petroleum may be found, before a well is ever drilled. But either today’s geologists are looking in the wrong places, or company management is flawed.

Despite record spending levels, soaring from US$20 billion in 2004 to more than $90bn last year, and the application of technologies undreamed of in the 1950s, the results have been disappointing. With the world consuming almost 34 billion barrels of oil each year, only between 6 billion and 7 billion barrels of oil were found annually from 2012 to last year, and only about 2 billion barrels so far this year, although that will be boosted by end-of-year reports.

This poor performance is not entirely the industry’s fault. There is little exploration in promising areas such as Iran, Iraq and Russia. Between 2006 and 2013, Brazil’s “pre-salt” area contributed mega-billion barrel discoveries, but political and contractual wrangles have slowed down new exploration. Most new discoveries are in deep-water areas, large but expensive to drill and develop. And many companies are replacing their crude reserves with shale oil rather than new conventional finds."



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Time for clarity on GCC’s tax regime | GulfNews.com

Time for clarity on GCC’s tax regime | GulfNews.com:

"In October, equities in the MENA region did not partake in the uptick in global equities, with the S&P Pan Arab Composite Large Mid-Cap Index (Saudi Arabia capped at 30 per cent) declining by over 2 per cent in October.

A revival in oil prices early in the month soon petered out, so that by the end of the month Brent oil prices were below $50 (Dh183.64) per barrel again.

Questions about how Gulf Cooperation Council states intended to adjust their budgets to confront the challenge of low prices continued."



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Dubai Billionaire Expands in Algeria in Push for Food Security - Bloomberg Business

Dubai Billionaire Expands in Algeria in Push for Food Security - Bloomberg Business:

"Al Ghurair Resources LLC, the agricultural commodities trader owned by the richest man in the United Arab Emirates, will add another grain silo in Algeria to its holdings by the end of this year as part of a strategy to secure food supplies for growing populations from the Middle East to Asia.
The $40 million storage unit will have capacity to hold 165,000 metric tons of grains, Essa Al Ghurair, chairman of Al Ghurair Resources, said in an interview in Dubai. It will add to the company’s existing grain-processing mill in Algeria and others in Sudan, Lebanon, Sri Lanka and the U.A.E., where sister company Al Ghurair Foods owns the nation’s largest flour mill.
Food-security threats due to lack of rain water and swelling populations are forcing investors to look farther afield as a warming climate plays havoc with global agriculture production. U.A.E. crop production has fallen since 2007 and the population will exceed 10 million people by 2017, according to an October report by the business advisory company MEED Insight."



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