gulfnews : Dubai's November 2014 sukuk surges 84 points

Yields on Dubai's non-rated 6.396 per cent sukuk maturing in November 2014 surged 84 basis points last month to 6 per cent in Dubai, poised for the second-biggest monthly jump since state-owned holding company Dubai World sought to delay payments on $25 billion of debt in November 2009.

The cost to insure Dubai's bonds against default climbed 85 basis points in the period to 470, according to data provider CMA.

Dubai had earlier successfully negotiated a deal to restructure nearly $25 billion dets owed by Dubai World.

* username: rupertbu

gulfnews : Sanctions bite as Shell quits Syria

Royal Dutch Shell said yesterday it would cease operations in Syria to heed new European Union sanctions against Damascus for its violent crackdown on popular unrest.

Royal Dutch Shell said it would be shutting down in Syria to heed a batch of EU sanctions slapped on Syria's economically vital oil and financial sectors the day before. A Shell spokesman said: "Our main priority is the safety of our employees ... We hope the situation improves quickly for all Syrians."

The EU yesterday extended sanctions to three Syrian oil concerns, including the state-owned General Petroleum Corporation (GPC) and Syria Trading Oil (Sytrol), to crank up the financial pressure on President Bashar Al Assad's government.

* username: rupertbu

gulfnews : Egypt's fiscal crisis puts pressure on army

Egypt's fiscal crisis is adding to pressure from protesters and politicians for the ruling military council to hand over substantial powers to a civilian government long before mid-2012, when the army has said it would return to barracks.

Rising debts, now worth 85 per cent of gross domestic product, a surging budget deficit and foreign reserves tumbling to a level that by January may provide just two months import cover provide all the ingredients for a text book fiscal crisis.

* username: rupertbu