Turkey’s trade deficit fell 30 percent in August, reportedly on the back of strong gold sales to Iran even though the United Arab Emirates was the leading gold buyer from Turkey in the given period.
The trade deficit fell to $5.86 billion, according to the Turkish Statistical Institute, compared with a $7.89 billion deficit in July and a forecast of $8.10 billion in a Reuters poll.
“This data is a result of soaring gold exports, which broke a record with $2.3 billion in August,” Oyak Securities economist Mehmet Besimoğlu said on Sept. 28. “Gold exports were generally to Iran, made via the United Arab Emirates.”
Friday, 28 September 2012
American firms focus on UAE with revived energy | GulfNews.com
Not long ago, Gulf states used to look up to the global economic powerhouses to strengthen relationship to help their economies grow. In three decades, that has changed to a certain extent.
An increasing number of US companies are now looking at Dubai and the UAE to help boost their weak economy.
“Dubai is an important economic partner for us,” Betsy Price, Mayor of Fort Worth, tells Gulf News while wrapping up her visit to the emirate. “It is a gateway for $2.5 billion (Dh9.2 billion) of exports from Dallas-Fort Worth to the UAE.”
An increasing number of US companies are now looking at Dubai and the UAE to help boost their weak economy.
“Dubai is an important economic partner for us,” Betsy Price, Mayor of Fort Worth, tells Gulf News while wrapping up her visit to the emirate. “It is a gateway for $2.5 billion (Dh9.2 billion) of exports from Dallas-Fort Worth to the UAE.”
Saudi Arabia: Tribes, Oil, Religion Unite in Serving the Royal Family - Al-Monitor
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| Saudi King Abdullah (R) talks with newly appointed Saudi Crown Prince Salman bin Abdel-Aziz in Taif, June 19, 2012. Abdullah has appointed his defense minister, Salman, as heir apparent, opting for stability and a continuation of cautious reforms at a time of challenges for the world's biggest oil exporter. (photo by REUTERS/Saudi Press Agency/Handout) |
Xstrata shareholders to vote on pay, deal separately - sources - Yahoo! News Maktoob
Xstrata shareholders will vote on a proposed management retention package before deciding on Glencore's $32 billion bid, two people familiar with the talks told Reuters, a structure designed to secure maximum support for
the deal.
In the coming weeks, shareholders will first vote on the 140 million pound ($226.07 million) two-year pay package aimed atretaining Xstrata's key managers. They will then vote separately on the merger, the people said.
The new proposal was a condition a group of shareholders had imposed on Xstrata board to recommend the deal, the people said. Under UK takeover rules, the deal has to be announced by Monday at the latest.
the deal.
In the coming weeks, shareholders will first vote on the 140 million pound ($226.07 million) two-year pay package aimed atretaining Xstrata's key managers. They will then vote separately on the merger, the people said.
The new proposal was a condition a group of shareholders had imposed on Xstrata board to recommend the deal, the people said. Under UK takeover rules, the deal has to be announced by Monday at the latest.
Arabia Monitor Q4 MENA Outlook - Shifting Sands, Shifting Trade: Building the New Silk Route
Click through headline to presentation.
Xstrata haggles over management as Glencore deadline nears | Reuters
Xstrata's directors, facing a Monday deadline to deliver their verdict on Glencore's $32 billion bid, are hammering out a deal they hope will ensure the miner retains control of the combined group's board, even after the exit of its veteran boss.
All sides are working towards completing an agreement and announcing the board's recommendation by Oct. 1, sources familiar with the deal said on Friday. However, the struggle to reconcile wide-ranging shareholder views, to ensure the success of the current, last-ditch attempt to merge, meant Xstrata's board could still ask for more time.
Glencore, the world's largest diversified commodities trader, bid in February for the shares in Xstrata it did not already own, launching one of the resources sector's biggest ever takeover deals. But it was forced earlier this month to raise its price - offering 3.05 new shares for every share held, up from 2.8 - in an effort to rescue the tie-up after opposition from the miner's number two investor, Qatar.
All sides are working towards completing an agreement and announcing the board's recommendation by Oct. 1, sources familiar with the deal said on Friday. However, the struggle to reconcile wide-ranging shareholder views, to ensure the success of the current, last-ditch attempt to merge, meant Xstrata's board could still ask for more time.
Glencore, the world's largest diversified commodities trader, bid in February for the shares in Xstrata it did not already own, launching one of the resources sector's biggest ever takeover deals. But it was forced earlier this month to raise its price - offering 3.05 new shares for every share held, up from 2.8 - in an effort to rescue the tie-up after opposition from the miner's number two investor, Qatar.
Gulf States Lay Energy Foundation in North Africa - Forbes
While the last two years have done a lot to inspire those hoping for a long overdue political evolution across North Africa, its done little to build confidence among those with their eyes on the region’s rich energy potential. If anything, the collapse of political leadership and security in the region has shifted investors into a financial holding pattern – a wait-and-see routine.
What would it take to start investing in the capitals that stretch across the Southern Mediterranean, I asked one green energy financier from London earlier this year – 20 years of calm, he replied.
What would it take to start investing in the capitals that stretch across the Southern Mediterranean, I asked one green energy financier from London earlier this year – 20 years of calm, he replied.
UAE Faces Housing Glut
New properties coming on stream are expected to keep house prices and rents in the United Arab Emirates subdued and under pressure, it is claimed.
According to a new report from property advisor Tasweek only sought after locations in Dubai is likely to see any improvement because of the sheer number of releases in the real estate market.
Abu Dhabi is likely to see house prices and rents drop by between 2% and 10% while in Dubai less p-popular locations could see falls of 2% to 5%.
According to a new report from property advisor Tasweek only sought after locations in Dubai is likely to see any improvement because of the sheer number of releases in the real estate market.
Abu Dhabi is likely to see house prices and rents drop by between 2% and 10% while in Dubai less p-popular locations could see falls of 2% to 5%.
Emirates signals Kingfisher Airlines stake buy - The Times of India
Dubai carrier Emirates is believed to have signalled an early interest to acquire a stake in the troubled Kingfisher Airlines with riders that the latter hammers out long-term loan restructuring and revamp the business plan with a realistic chance of survival.
Kingfisher chairman Vijay Mallya met the consortium of lenders in Bangalore on Thursday to talk about plans to recapitalize the company after the government allowed foreign carriers to pick up 49% stake in domestic airlines. The lenders have decided to appoint SBI Capital Markets to recommend actions required to get the airline back on track.
"All that I would say is that we had a good meeting with the lenders. There are confidentiality clauses between the banks and the client, and I will not say any further," Mallya told TOI. Lenders said they have not been informed about any definitive FDI proposal by the Kingfisher management in the meeting.
Kingfisher chairman Vijay Mallya met the consortium of lenders in Bangalore on Thursday to talk about plans to recapitalize the company after the government allowed foreign carriers to pick up 49% stake in domestic airlines. The lenders have decided to appoint SBI Capital Markets to recommend actions required to get the airline back on track.
"All that I would say is that we had a good meeting with the lenders. There are confidentiality clauses between the banks and the client, and I will not say any further," Mallya told TOI. Lenders said they have not been informed about any definitive FDI proposal by the Kingfisher management in the meeting.