Qatar Uses Its Riches to Buy Art Treasures - NYTimes.com:
"The prices have been record breaking, and startling.
The $250 million paid for Cézanne’s “Card Players” in 2011 is the highest known price for a painting.
More than $70 million for Rothko’s “White Center” in 2007, a high-water mark for that artist.
More than $20 million later that year for a Damien Hirst pill cabinet, then a record for a living artist."
'via Blog this'
Monday, 22 July 2013
Belarus gets a shot of Chinese investment | beyondbrics
Belarus gets a shot of Chinese investment | beyondbrics:
"
A downturn in new auto sales in Russia this year has not deterred Zheijing Geely Holding. The Chinese car maker has entered an assembly venture in Belarus with the ultimate goal to get closer to the volatile, but promising Russian auto market.
Under an agreement finalised during the visit by Alexander Lukashenko, the president of Belarus, to Beijing last week, Geely will team up with two Belarusian companies to build up to 120,000 vehicles a year.
Assembly lines controlled by the ‘Belgee’ joint venture will soak up about $245m of investment and roll out hatchbacks, sports utility vehicles, crossovers and passenger sedans."
'via Blog this'
"
Under an agreement finalised during the visit by Alexander Lukashenko, the president of Belarus, to Beijing last week, Geely will team up with two Belarusian companies to build up to 120,000 vehicles a year.
Assembly lines controlled by the ‘Belgee’ joint venture will soak up about $245m of investment and roll out hatchbacks, sports utility vehicles, crossovers and passenger sedans."
'via Blog this'
Saudi doesn’t want to talk about the shale boom - Your Middle East
Saudi doesn’t want to talk about the shale boom - Your Middle East:
"A drop in demand for Saudi oil has the potential to destabilize the regime, warns Your Middle East's energy columnist Nicole Leonard.
“Please talk about anything else.” Saudi officials may not want to talk about the global shale energy boom, but the rest of the industry cannot stop chattering about the exportation of the US shale phenomenon.
The US oil and gas industry has been dramatically transformed in the last five years by technology that allows producers to drill horizontally and extract oil and gas from previously impenetrable shale formations."
'via Blog this'
"A drop in demand for Saudi oil has the potential to destabilize the regime, warns Your Middle East's energy columnist Nicole Leonard.
“Please talk about anything else.” Saudi officials may not want to talk about the global shale energy boom, but the rest of the industry cannot stop chattering about the exportation of the US shale phenomenon.
The US oil and gas industry has been dramatically transformed in the last five years by technology that allows producers to drill horizontally and extract oil and gas from previously impenetrable shale formations."
'via Blog this'
Ruble Strengthens as Yields Steady on Crude Oil Advance, Taxes - Bloomberg
Ruble Strengthens as Yields Steady on Crude Oil Advance, Taxes - Bloomberg:
"The ruble strengthened, extending last week’s gains, as crude rallied and companies paid mineral extraction taxes.
The currency rose 0.2 percent versus the dollar to 32.251 by 1:23 p.m. in Moscow after a 1 percent advance last week. The yield on benchmark OFZ bonds due February 2027 was steady at 7.58 percent.
Oil, Russia’s main export earner, rose for a fourth day, adding 0.4 percent to $108.44 per barrel in New York. The tax period in the world’s biggest energy exporter continues until the end of the week. The payments support the currency as companies convert export revenue into rubles."
'via Blog this'
"The ruble strengthened, extending last week’s gains, as crude rallied and companies paid mineral extraction taxes.
The currency rose 0.2 percent versus the dollar to 32.251 by 1:23 p.m. in Moscow after a 1 percent advance last week. The yield on benchmark OFZ bonds due February 2027 was steady at 7.58 percent.
Oil, Russia’s main export earner, rose for a fourth day, adding 0.4 percent to $108.44 per barrel in New York. The tax period in the world’s biggest energy exporter continues until the end of the week. The payments support the currency as companies convert export revenue into rubles."
'via Blog this'
Agroton Bonds and Shares Drop as S&P Cuts Rating: Warsaw Mover - Bloomberg
Agroton Bonds and Shares Drop as S&P Cuts Rating: Warsaw Mover - Bloomberg:
"Agroton Public Ltd. bonds and shares declined as Standard & Poors cut the company’s debt rating to “selective default” after the Ukrainian farming and food production firm failed to pay interest on its debt.
The yield on $50 million of bonds due July 2014 jumped 27 basis points to 77.87 percent at 1:29 p.m. in Warsaw, data compiled by Bloomberg show. The Warsaw-listed shares dropped 1.2 percent to 1.61 zloty after falling 33 percent last week. That compares with an initial public offering price of 27 zloty in November 2010.
The Luhansk, Ukraine-based producer, said in a July 16 filing that it is unable to pay coupon as it cannot withdraw cash from its account with the Bank of Cyprus. S&P cut Agroton to “selective default” from CCC, and withdrew the ratings “at the issuer’s request,” it said in a statement after markets closed on July 19."
'via Blog this'
"Agroton Public Ltd. bonds and shares declined as Standard & Poors cut the company’s debt rating to “selective default” after the Ukrainian farming and food production firm failed to pay interest on its debt.
The yield on $50 million of bonds due July 2014 jumped 27 basis points to 77.87 percent at 1:29 p.m. in Warsaw, data compiled by Bloomberg show. The Warsaw-listed shares dropped 1.2 percent to 1.61 zloty after falling 33 percent last week. That compares with an initial public offering price of 27 zloty in November 2010.
The Luhansk, Ukraine-based producer, said in a July 16 filing that it is unable to pay coupon as it cannot withdraw cash from its account with the Bank of Cyprus. S&P cut Agroton to “selective default” from CCC, and withdrew the ratings “at the issuer’s request,” it said in a statement after markets closed on July 19."
'via Blog this'
REFILE-MOVES-Nasdaq Dubai appoints Hamed Ali as CEO | Reuters
REFILE-MOVES-Nasdaq Dubai appoints Hamed Ali as CEO | Reuters:
"Nasdaq Dubai has appointed Hamed Ahmed Ali as chief executive officer, tasked with expanding the exchange's growth into new markets and product offerings, the company said in a statement on Monday.
Ali has held the role of acting CEO since August 2012 following the departure of previous CEO Jeff Singer as the head of the DIFC Authority, the business development and legislation arm of the emirate's financial free zone.
In the statement, Ali said that Nasdaq Dubai "looks forward to welcoming a variety of new listings including initial public offerings (IPOs) and further sukuk and conventional bonds.""
'via Blog this'
"Nasdaq Dubai has appointed Hamed Ahmed Ali as chief executive officer, tasked with expanding the exchange's growth into new markets and product offerings, the company said in a statement on Monday.
Ali has held the role of acting CEO since August 2012 following the departure of previous CEO Jeff Singer as the head of the DIFC Authority, the business development and legislation arm of the emirate's financial free zone.
In the statement, Ali said that Nasdaq Dubai "looks forward to welcoming a variety of new listings including initial public offerings (IPOs) and further sukuk and conventional bonds.""
'via Blog this'
Mineral Rich Australia May Contain World's Next Major Oil Find - Analysis Eurasia Review
Mineral Rich Australia May Contain World's Next Major Oil Find - Analysis Eurasia Review:
"Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely.
The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012. Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world’s second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012.”"
'via Blog this'
"Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely.
The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012. Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world’s second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012.”"
'via Blog this'
Unit of Bahrain's AlBaraka eyes $250m loan - ArabianBusiness.com
Unit of Bahrain's AlBaraka eyes $250m loan - Banking & Finance - ArabianBusiness.com:
"AlBaraka Turk, the Turkish subsidiary of Bahrain-headquartered Islamic lender AlBaraka Bank , has mandated banks to arrange a $250m syndicated loan, the company said in a statement on Monday.
The sharia-compliant, dual-currency facility has been structured as a two-part deal, and proceeds will be used for the bank's financing activities, the statement said.
The profit margin for the one-year tranche is 100 basis points over the relevant benchmark and for the two-year portion it is 135 bps over. Banks looking to join the deal can contribute either U.S. dollars or euros."
'via Blog this'
"AlBaraka Turk, the Turkish subsidiary of Bahrain-headquartered Islamic lender AlBaraka Bank , has mandated banks to arrange a $250m syndicated loan, the company said in a statement on Monday.
The sharia-compliant, dual-currency facility has been structured as a two-part deal, and proceeds will be used for the bank's financing activities, the statement said.
The profit margin for the one-year tranche is 100 basis points over the relevant benchmark and for the two-year portion it is 135 bps over. Banks looking to join the deal can contribute either U.S. dollars or euros."
'via Blog this'
Abu Dhabi real estate market remains oversupplied | GulfNews.com
Abu Dhabi real estate market remains oversupplied | GulfNews.com:
"Abu Dhabi’s real estate markets remain in over-supply, with additional new supply still in the pipeline leading to further increases to market-wide vacancy rates, property advisory firm Jones Lang LaSalle said in its latest report on the emirate.
“There continues to be a significant distinction between high grade and low grade product - while the prime market is showing signs of stability and early recovery, the performance of lower grade stock continues to decline,” the report says.
It added: “During Q2 2013, prime residential rents remained stable, following 8 per cent growth during the first quarter. The overall office market remains over-supplied, pending further progress with government economic development initiatives to diversify the economy and generate new jobs. However, prime office rents have started to stabilize, with prime office rents having remained stable the last four quarters.”"
'via Blog this'
"Abu Dhabi’s real estate markets remain in over-supply, with additional new supply still in the pipeline leading to further increases to market-wide vacancy rates, property advisory firm Jones Lang LaSalle said in its latest report on the emirate.
“There continues to be a significant distinction between high grade and low grade product - while the prime market is showing signs of stability and early recovery, the performance of lower grade stock continues to decline,” the report says.
It added: “During Q2 2013, prime residential rents remained stable, following 8 per cent growth during the first quarter. The overall office market remains over-supplied, pending further progress with government economic development initiatives to diversify the economy and generate new jobs. However, prime office rents have started to stabilize, with prime office rents having remained stable the last four quarters.”"
'via Blog this'
Hungarian Low-Coster Wizz Air Riding Wave of Russian Passenger Growth | Business | The Moscow Times
Hungarian Low-Coster Wizz Air Riding Wave of Russian Passenger Growth | Business | The Moscow Times:
"While major airlines report double-digit growth of traffic, more budget carriers, like Hungary's Wizz Air, which announced service between Moscow and Budapest on Monday, could take a bite out of their passenger volumes and revenues.
Aeroflot and Transaero, Russia's No. 1 and No. 2 airlines respectively, reported their operational results for the first half of the year. Aeroflot saw traffic increase by almost 20 percent compared to last year, carrying over 1.9 million passengers. Transaero grew by 21.5 percent, having 4.4 million flyers choose the airline in 2013.
"Aeroflot's growth rate for the first 6 months of the year is higher than market average, and it is at market [levels] in terms of seat fill capacity, which increased by 2.3 percentage points," Investcafe analytic agency reported."
'via Blog this'
"While major airlines report double-digit growth of traffic, more budget carriers, like Hungary's Wizz Air, which announced service between Moscow and Budapest on Monday, could take a bite out of their passenger volumes and revenues.
Aeroflot and Transaero, Russia's No. 1 and No. 2 airlines respectively, reported their operational results for the first half of the year. Aeroflot saw traffic increase by almost 20 percent compared to last year, carrying over 1.9 million passengers. Transaero grew by 21.5 percent, having 4.4 million flyers choose the airline in 2013.
"Aeroflot's growth rate for the first 6 months of the year is higher than market average, and it is at market [levels] in terms of seat fill capacity, which increased by 2.3 percentage points," Investcafe analytic agency reported."
'via Blog this'
Deputy minister wears $47,000 watch
Deputy minister wears $47,000 watch:
"Kostyantyn Yefymenko, the first deputy minister of infrastructure, has a Patek Philippe watch costing $47,000. -AAA+
The minister was wearing the watch when he appeared at the International Routes CIS aviation forum in Donetsk, Novosti Donbasa reported July 22.
In 2009-2010, Yefymenko was director of Ukrtranshaz of the Naftohaz Ukrayiny company.
In 2010, he was appointed minister of transport and communications. In Dec. of 2010, he was made first deputy minister of infrastructure. "
'via Blog this'
"Kostyantyn Yefymenko, the first deputy minister of infrastructure, has a Patek Philippe watch costing $47,000. -AAA+
The minister was wearing the watch when he appeared at the International Routes CIS aviation forum in Donetsk, Novosti Donbasa reported July 22.
In 2009-2010, Yefymenko was director of Ukrtranshaz of the Naftohaz Ukrayiny company.
In 2010, he was appointed minister of transport and communications. In Dec. of 2010, he was made first deputy minister of infrastructure. "
'via Blog this'
Chart of the week: EM alcohol brands in high spirits | beyondbrics
Chart of the week: EM alcohol brands in high spirits | beyondbrics:
"
What’s the world’s most popular tipple?
It’s likely you won’t even have heard of it, let alone tried it. The world’s biggest-selling brands of spirits come from emerging markets – but they face increasing international competition, according to new research.
Six of the 10 biggest-selling brands and eight of the 10 fastest-growing brands are based in the developing world, figures from market intelligence specialists International Wine & Spirit Research show. But this isn’t international success: sales are overwhelmingly dominated by home markets.
"
'via Blog this'
"
It’s likely you won’t even have heard of it, let alone tried it. The world’s biggest-selling brands of spirits come from emerging markets – but they face increasing international competition, according to new research.
Six of the 10 biggest-selling brands and eight of the 10 fastest-growing brands are based in the developing world, figures from market intelligence specialists International Wine & Spirit Research show. But this isn’t international success: sales are overwhelmingly dominated by home markets.
'via Blog this'
MIDEAST STOCKS-Lender ENBD earnings beat lifts Dubai, regional mkts gain | Reuters
MIDEAST STOCKS-Lender ENBD earnings beat lifts Dubai, regional mkts gain | Reuters:
"Dubai's bluechip Emirates NBD surged on Monday after its quarterly earnings came in ahead estimates by a significant margin, helping lift the emirate's bourse to a new multi-year high, while most regional markets also gained.
Shares in ENBD, Dubai's biggest bank my market value, rose 6 percent to a four-week high. The stock is up 79.3 percent year-to-date.
"ENBD's loan growth has been healthy and net interest margins also improved," said Chiradeep Ghosh, equity analyst at Securities and Investment Firm (SICO) in Bahrain."
'via Blog this'
"Dubai's bluechip Emirates NBD surged on Monday after its quarterly earnings came in ahead estimates by a significant margin, helping lift the emirate's bourse to a new multi-year high, while most regional markets also gained.
Shares in ENBD, Dubai's biggest bank my market value, rose 6 percent to a four-week high. The stock is up 79.3 percent year-to-date.
"ENBD's loan growth has been healthy and net interest margins also improved," said Chiradeep Ghosh, equity analyst at Securities and Investment Firm (SICO) in Bahrain."
'via Blog this'
Kyiv may be left without budget for 2014, says Popov
Kyiv may be left without budget for 2014, says Popov:
"
Kyiv may be left without a budget for 2014 if Kyiv City Council is not unblocked, Head of Kyiv City State Administration Oleksandr Popov has said.
During a meeting with the leaders of Kyiv-based trade unions on Monday, he said that even if the Verkhovna Rada decides to hold early elections for Kyiv City Council, they would be held no sooner than December 2013.
"We will be preparing for 2014, and we cannot do without the normal work of Kyiv City Council," Popov said."
'via Blog this'
"
During a meeting with the leaders of Kyiv-based trade unions on Monday, he said that even if the Verkhovna Rada decides to hold early elections for Kyiv City Council, they would be held no sooner than December 2013.
"We will be preparing for 2014, and we cannot do without the normal work of Kyiv City Council," Popov said."
'via Blog this'
Dubai pardons Norwegian woman jailed for extramarital sex - FT.com | #ReleaseMarte
Dubai pardons Norwegian woman jailed for extramarital sex - FT.com:
"Dubai has pardoned a Norwegian woman jailed for extramarital sex after reporting an alleged rape as the emirate responds to growing international criticism of its legal system.
Following intervention from Oslo, Dubai’s ruler pardoned Marte Deborah Dalelv, who had been sentenced to 16 months in prison for having sex outside of marriage and illegal alcohol consumption after the 24-year-old claimed a colleague raped her during a business trip.
The furore was one of a flurry of embarrassing legal cases that put the spotlight on Dubai’s judicial system as the emirate builds its case to host Expo 2020 ahead of an international vote in November."
'via Blog this'
"Dubai has pardoned a Norwegian woman jailed for extramarital sex after reporting an alleged rape as the emirate responds to growing international criticism of its legal system.
Following intervention from Oslo, Dubai’s ruler pardoned Marte Deborah Dalelv, who had been sentenced to 16 months in prison for having sex outside of marriage and illegal alcohol consumption after the 24-year-old claimed a colleague raped her during a business trip.
The furore was one of a flurry of embarrassing legal cases that put the spotlight on Dubai’s judicial system as the emirate builds its case to host Expo 2020 ahead of an international vote in November."
'via Blog this'
Egyptian stocks rally as optimism grows over technocratic government - FT.com
Egyptian stocks rally as optimism grows over technocratic government - FT.com:
"Egyptian stocks have rallied since late June, gaining more than 15 per cent and reversing a steady downward trend that began early this year amid economic optimism after forming a new government of mostly liberal-minded technocrats.
But the challenges that lie ahead may damp this positive sentiment.
“The economic trajectory was negative, but at the moment it seems to have improved,” says Angus Blair, founder of the Signet Institute. “[But] I would be tempered in my enthusiasm.”"
'via Blog this'
"Egyptian stocks have rallied since late June, gaining more than 15 per cent and reversing a steady downward trend that began early this year amid economic optimism after forming a new government of mostly liberal-minded technocrats.
But the challenges that lie ahead may damp this positive sentiment.
“The economic trajectory was negative, but at the moment it seems to have improved,” says Angus Blair, founder of the Signet Institute. “[But] I would be tempered in my enthusiasm.”"
'via Blog this'
China to Make Cars in Belarus | Business | The Moscow Times
China to Make Cars in Belarus | Business | The Moscow Times:
"Chinese automaker Geely agreed to set up a joint venture in Belarus to assemble its cars, with an eye to eventually export some of the output to Russia, the company said Monday.
Under the agreement, Zhejiang Geely Holding Group will team up with two Belarusian companies, Belaz and Soyuz in a venture with an annual capacity of 120,000 units.
"The project's production capacity and product line will subsequently be expanded to allow it to supply Russia, Ukraine and the wider CIS market," Geely said in a statement. Geely said it was the first automotive joint venture between China and Belarus."
'via Blog this'
"Chinese automaker Geely agreed to set up a joint venture in Belarus to assemble its cars, with an eye to eventually export some of the output to Russia, the company said Monday.
Under the agreement, Zhejiang Geely Holding Group will team up with two Belarusian companies, Belaz and Soyuz in a venture with an annual capacity of 120,000 units.
"The project's production capacity and product line will subsequently be expanded to allow it to supply Russia, Ukraine and the wider CIS market," Geely said in a statement. Geely said it was the first automotive joint venture between China and Belarus."
'via Blog this'
Tamweel Surges on Bets Dubai Islamic to Restart Bid for Stake - Bloomberg
Tamweel Surges on Bets Dubai Islamic to Restart Bid for Stake - Bloomberg:
"Tamweel PJSC (TAMWEEL) soared the most in more than a year amid bets Dubai Islamic Bank PJSC (DIB) will revive a bid to buy the 13.6 percent stake it doesn’t already own in the Dubai-based mortgage provider.
The shares rallied 15 percent, the most since March 2012, to 1.33 dirhams at the close in Dubai. About 9.4 million shares traded, 8.3 times the three-month daily average. Tamweel was the biggest gainer in percentage terms on the DFM General Index (DFMGI), which increased 0.2 percent. The yield on Tamweel’s $300 million 5.154 percent sukuk fell 3 basis points to 3.4 percent at 2:04 p.m. in Dubai, taking its July drop to 102 basis points.
Dubai Islamic may reopen a tender offer of 10 of its shares for every 18 Tamweel shares held to achieve 100 percent control before delisting the company, Jaap Meijer, Dubai-based director of equity research at Arqaam Capital Ltd., said in e-mailed note to clients yesterday. That offer would amount to a 71 percent upside, he said. Tamweel shares gained 3.6 percent yesterday."
'via Blog this'
"Tamweel PJSC (TAMWEEL) soared the most in more than a year amid bets Dubai Islamic Bank PJSC (DIB) will revive a bid to buy the 13.6 percent stake it doesn’t already own in the Dubai-based mortgage provider.
The shares rallied 15 percent, the most since March 2012, to 1.33 dirhams at the close in Dubai. About 9.4 million shares traded, 8.3 times the three-month daily average. Tamweel was the biggest gainer in percentage terms on the DFM General Index (DFMGI), which increased 0.2 percent. The yield on Tamweel’s $300 million 5.154 percent sukuk fell 3 basis points to 3.4 percent at 2:04 p.m. in Dubai, taking its July drop to 102 basis points.
Dubai Islamic may reopen a tender offer of 10 of its shares for every 18 Tamweel shares held to achieve 100 percent control before delisting the company, Jaap Meijer, Dubai-based director of equity research at Arqaam Capital Ltd., said in e-mailed note to clients yesterday. That offer would amount to a 71 percent upside, he said. Tamweel shares gained 3.6 percent yesterday."
'via Blog this'
Analyst: West has financial leverages over Ukraine - ForUm
Analyst: West has financial leverages over Ukraine - ForUm:
"The West has financial leverages over the countries of Eastern Europe, in particular, in issue of relations between power and the opposition. This opinion was expressed by political scientist and director of the sociological service "Ukrainian Barometer" Viktor Nebozhenko in comments to ForUm correspondent.
"Twenty minutes after the announcement of the verdict to Navalny, Russian bourses and government securities fell, Russia lost about $ 9 billion," he stressed.
Nebozhenko recalled that a similar situation was observed in 2008, when Russia was at war with Georgia. "The fact is, the West has financial leverage over the situation in Eastern Europe - Russia, Ukraine. They easily, without fear of the consequences, forced Putin to release Navalny (since blogger is clearly not worth $ 9 billion). This situation shows that the West might do the same with us," the analyst added.
However, the expert noted that there is no such person as Russian blogger Alexei Navalny among the Ukrainian opposition politicians."
'via Blog this'
"The West has financial leverages over the countries of Eastern Europe, in particular, in issue of relations between power and the opposition. This opinion was expressed by political scientist and director of the sociological service "Ukrainian Barometer" Viktor Nebozhenko in comments to ForUm correspondent.
"Twenty minutes after the announcement of the verdict to Navalny, Russian bourses and government securities fell, Russia lost about $ 9 billion," he stressed.
Nebozhenko recalled that a similar situation was observed in 2008, when Russia was at war with Georgia. "The fact is, the West has financial leverage over the situation in Eastern Europe - Russia, Ukraine. They easily, without fear of the consequences, forced Putin to release Navalny (since blogger is clearly not worth $ 9 billion). This situation shows that the West might do the same with us," the analyst added.
However, the expert noted that there is no such person as Russian blogger Alexei Navalny among the Ukrainian opposition politicians."
'via Blog this'
Dubai pardons woman at center of rape dispute - Yahoo! News - #ReleaseMarte
Dubai pardons woman at center of rape dispute - Yahoo! News:
"
DUBAI, United Arab Emirates (AP) — A Norwegian woman at the center of a Dubai rape claim dispute said Sunday that officials have dropped her 16-month sentence for having sex outside marriage and she is free to leave the country.
"I am very, very happy," Marte Deborah Dalelv told The Associated Press. "I am overjoyed."
The sentence against the 24-year-old Dalelv last week stirred widespread outrage in the West and highlighted the frequent clash between Dubai's Western-friendly image and its Islamic-based legal codes."
'via Blog this'
"
 |
| "I am very, very happy," Marte Deborah Dalelv told The Associated Press. "I am overjoyed." |
"I am very, very happy," Marte Deborah Dalelv told The Associated Press. "I am overjoyed."
The sentence against the 24-year-old Dalelv last week stirred widespread outrage in the West and highlighted the frequent clash between Dubai's Western-friendly image and its Islamic-based legal codes."
'via Blog this'
Barclays: RBI’s 5 options for the rupee | beyondbrics
Barclays: RBI’s 5 options for the rupee | beyondbrics:
"
Last week, India’s policy makers surprised everyone by taking action against the depreciating rupee, with the Reserve Bank of India (RBI) tightening monetary policy while senior ministers decided rules on FDI should be relaxed.
But is it enough? And what are the next options?
The RBI had hoped to stem speculative pressures on the currency by making short-term borrowing more expensive, but economists at Barclays say this could be unsuccessful – counterproductive, even – unless followed up by other measures. Barclays suggests that the stability of the rupee last week was driven by external factors rather than the policy changes, and the main effect was to cause a sell-off in bonds, after recent inflows – see chart below:
"
'via Blog this'
"
But is it enough? And what are the next options?
The RBI had hoped to stem speculative pressures on the currency by making short-term borrowing more expensive, but economists at Barclays say this could be unsuccessful – counterproductive, even – unless followed up by other measures. Barclays suggests that the stability of the rupee last week was driven by external factors rather than the policy changes, and the main effect was to cause a sell-off in bonds, after recent inflows – see chart below:
"'via Blog this'
Qatar Petroleum buys stake in Heron Power Plant- Capital.gr
Qatar Petroleum buys stake in Heron Power Plant- Capital.gr:
"Qatar Petroleum International signed a strategic alliance agreement with the Greek Company GEK TERNA to acquire 25 percent of share in its Heron II Power Plant. The partnership signals QPI’s first investment in Greece.
The agreement was signed here yesterday in the presence of H E Dr Mohammed bin Saleh Al-Sada, Minister of Energy and Industry, by Nasser Al Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group. The signing ceremony was also attended by Sheikh Saoud bin Abdulrahman Al Thani, Executive Director for Gas and Power at QPI, and Dr Theodore Theodoropoulos, Managing Director of QENERGY Europe.
Heron II is a 435 MW combined cycle gas turbine environmental friendly power plant with reduced fuel consumption and lower CO2 emission. GEK TERNA is a leading company that is listed in the ASE with total assets of $3.5bn and annual turnover of close to $1bn."
'via Blog this'
"Qatar Petroleum International signed a strategic alliance agreement with the Greek Company GEK TERNA to acquire 25 percent of share in its Heron II Power Plant. The partnership signals QPI’s first investment in Greece.
The agreement was signed here yesterday in the presence of H E Dr Mohammed bin Saleh Al-Sada, Minister of Energy and Industry, by Nasser Al Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group. The signing ceremony was also attended by Sheikh Saoud bin Abdulrahman Al Thani, Executive Director for Gas and Power at QPI, and Dr Theodore Theodoropoulos, Managing Director of QENERGY Europe.
Heron II is a 435 MW combined cycle gas turbine environmental friendly power plant with reduced fuel consumption and lower CO2 emission. GEK TERNA is a leading company that is listed in the ASE with total assets of $3.5bn and annual turnover of close to $1bn."
'via Blog this'
UAE and Oman investors backing plans to launch new Hungarian airline - ArabianBusiness.com
UAE and Oman investors backing plans to launch new Hungarian airline - ArabianBusiness.com:
"Investors from Oman and the UAE have teamed up with three Hungarian businessmen to launch a new Budapest-based full-service airline to plug a market gap left by the collapse of flag carrier Malev last year.
Solyom (Falcon) Hungarian Airways expects to operate six planes by the end of September and grow its fleet to 25 aircraft by the end of 2014 and 50 by 2017, including 10 wide-body jets capable of long haul flights.
Solyom chief executive Jozsef Vago gave no details of its routes but forecast rapid expansion into the Middle East, North Africa and ex-Soviet states."
'via Blog this'
"Investors from Oman and the UAE have teamed up with three Hungarian businessmen to launch a new Budapest-based full-service airline to plug a market gap left by the collapse of flag carrier Malev last year.
Solyom (Falcon) Hungarian Airways expects to operate six planes by the end of September and grow its fleet to 25 aircraft by the end of 2014 and 50 by 2017, including 10 wide-body jets capable of long haul flights.
Solyom chief executive Jozsef Vago gave no details of its routes but forecast rapid expansion into the Middle East, North Africa and ex-Soviet states."
'via Blog this'
In Ukraine, corruption is headed by highest officials – Oleksandr Solontai
In Ukraine, corruption is headed by highest officials – Oleksandr Solontai:
"If the instinct of self-preservation works among the powers that be, the threat of mutinies as shown by the Vradiyivka attack on the police precinct will make the regime fight corruption, Oleksandr Solontai, expert of the Institute of Political Education, told Radio Svoboda July 21.
Cash corruption is not the heresy of Soviet times. Then, it thrives predominately among the highest officials. Now cash corruption has become rampant and has reached the tiniest villages, along with nepotism and cronyism.
Cash corruption has permeated all spheres of life in Ukraine, becoming the philosophy of power."
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"If the instinct of self-preservation works among the powers that be, the threat of mutinies as shown by the Vradiyivka attack on the police precinct will make the regime fight corruption, Oleksandr Solontai, expert of the Institute of Political Education, told Radio Svoboda July 21.
Cash corruption is not the heresy of Soviet times. Then, it thrives predominately among the highest officials. Now cash corruption has become rampant and has reached the tiniest villages, along with nepotism and cronyism.
Cash corruption has permeated all spheres of life in Ukraine, becoming the philosophy of power."
'via Blog this'
RAKBank exceeds expectations with profits up 14% - The National
RAKBank exceeds expectations with profits up 14% - The National:
"RAKBank's income rose by more than expected on higher fees on currency transfers, cross-selling of insurance and wealth management products, as the bank reaped higher returns on market investments.
The Ras Al Khaimah-based lender reported net profits of Dh392.1 million for the second quarter, an increase of 14.1 per cent compared with the corresponding period a year earlier.
The bank beat earnings estimates from one analyst, who had anticipated profits of Dh359m for the second quarter."
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"RAKBank's income rose by more than expected on higher fees on currency transfers, cross-selling of insurance and wealth management products, as the bank reaped higher returns on market investments.
The Ras Al Khaimah-based lender reported net profits of Dh392.1 million for the second quarter, an increase of 14.1 per cent compared with the corresponding period a year earlier.
The bank beat earnings estimates from one analyst, who had anticipated profits of Dh359m for the second quarter."
'via Blog this'
Rising oil break-even prices to take toll on Gulf's public spending - The National
Rising oil break-even prices to take toll on Gulf's public spending - The National:
"The days of elevated public spending in the GCC may be numbered, say economists, as governments begin to wake up to an era of fiscal constraints and a changing oil market.
Half of the GCC - Saudi Arabia, Oman and Bahrain - is forecast to be posting budget deficits by 2015. The surpluses of the other half - UAE, Qatar and Kuwait - are expected to be increasingly squeezed.
The worsening fiscal position is a reflection of an anticipated drift in oil prices in the next two years as demand growth wanes. Beyond that, the gradual ramp-up in the US shale gas revolution will further soften demand, say analysts."
'via Blog this'
"The days of elevated public spending in the GCC may be numbered, say economists, as governments begin to wake up to an era of fiscal constraints and a changing oil market.
Half of the GCC - Saudi Arabia, Oman and Bahrain - is forecast to be posting budget deficits by 2015. The surpluses of the other half - UAE, Qatar and Kuwait - are expected to be increasingly squeezed.
The worsening fiscal position is a reflection of an anticipated drift in oil prices in the next two years as demand growth wanes. Beyond that, the gradual ramp-up in the US shale gas revolution will further soften demand, say analysts."
'via Blog this'
Patience pays off for Dana Gas - The National
Patience pays off for Dana Gas - The National:
"When Dana Gas was forced to renegotiate its US$1 billion sukuk last October, investors were left scratching their heads.
What had been a promising investment into bonds or shares of a company carving out a niche in the region's gas sector seemed to have turned sour on the back of the difficulties that came with extracting payment for its output.
But the Sharjah-based company kept its nerve, refusing to sell assets to pay down the sukuk's principal, and managed to refinance its debts with two new bonds. It also worked patiently to collect payments owed by the Egyptian and the Iraqi governments. In Egypt, the Arab Spring had thrown the energy sector into disarray, and oil and gas companies were left unpaid for a period after Hosni Mubarak's fall from power."
'via Blog this'
"When Dana Gas was forced to renegotiate its US$1 billion sukuk last October, investors were left scratching their heads.
What had been a promising investment into bonds or shares of a company carving out a niche in the region's gas sector seemed to have turned sour on the back of the difficulties that came with extracting payment for its output.
But the Sharjah-based company kept its nerve, refusing to sell assets to pay down the sukuk's principal, and managed to refinance its debts with two new bonds. It also worked patiently to collect payments owed by the Egyptian and the Iraqi governments. In Egypt, the Arab Spring had thrown the energy sector into disarray, and oil and gas companies were left unpaid for a period after Hosni Mubarak's fall from power."
'via Blog this'
Norwegian Petroleum Fund pivotal to its economic future | GulfNews.com
Norwegian Petroleum Fund pivotal to its economic future | GulfNews.com:
"Last week I discussed the Norwegian Petroleum Fund — or the “Government Pension Fund — Global” as it is known formally — which saw its size grow steadily from the 1990s to its present value of about $740 billion (Dh2.7 trillion).
The performance of the Fund between its first equity investment in 1998 and 2007 yielded average annual returns of 4.3 per cent according to Norges Bank Investment Management (NBIM), a unit established by the Central Bank to manage the fund with a staff of more than 200 people. It as set up on a directive from the Ministry of Finance and approved by Storting, the Norwegian parliament.
Some years have seen losses — 3.37 per cent in 2008 and 2.5 per cent in 2011, caused by the global financial crisis. However, other years have seen stellar results."
'via Blog this'
"Last week I discussed the Norwegian Petroleum Fund — or the “Government Pension Fund — Global” as it is known formally — which saw its size grow steadily from the 1990s to its present value of about $740 billion (Dh2.7 trillion).
The performance of the Fund between its first equity investment in 1998 and 2007 yielded average annual returns of 4.3 per cent according to Norges Bank Investment Management (NBIM), a unit established by the Central Bank to manage the fund with a staff of more than 200 people. It as set up on a directive from the Ministry of Finance and approved by Storting, the Norwegian parliament.
Some years have seen losses — 3.37 per cent in 2008 and 2.5 per cent in 2011, caused by the global financial crisis. However, other years have seen stellar results."
'via Blog this'
Kingdom Holding second quarter net profit up 1.3% | GulfNews.com
Kingdom Holding second quarter net profit up 1.3% | GulfNews.com:
"Kingdom Holding Co. , an investment company owned by Saudi billionaire Prince Al Waleed Bin Talal, said second-quarter net profit rose 1.3 per cent year-on-year on higher dividend income and income from associates.
The publicly listed Kingdom made 181.2 million Saudi riyals ($48.3 million) during the quarter, up from 178.9 million riyals the same period last year, according to figures posted on the Saudi bourse website.
Kingdom said the slight increase was a result of better dividend income and income from associates, and came despite higher expenses and taxes.
Kingdom has a wide range of investments that include stakes in Twitter and in US financial services giant Citigroup, according to its website."
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"Kingdom Holding Co. , an investment company owned by Saudi billionaire Prince Al Waleed Bin Talal, said second-quarter net profit rose 1.3 per cent year-on-year on higher dividend income and income from associates.
The publicly listed Kingdom made 181.2 million Saudi riyals ($48.3 million) during the quarter, up from 178.9 million riyals the same period last year, according to figures posted on the Saudi bourse website.
Kingdom said the slight increase was a result of better dividend income and income from associates, and came despite higher expenses and taxes.
Kingdom has a wide range of investments that include stakes in Twitter and in US financial services giant Citigroup, according to its website."
'via Blog this'
Times of Oman | News :: Oman Oil in talks to buy 40% stake in Lubechem; Sabic misses profit
Times of Oman | News :: Oman Oil in talks to buy 40% stake in Lubechem; Sabic misses profit:
"Oman Oil Marketing Company yesterday announced it is negotiating with shareholders of Lubechem International Industry, with a view to acquiring a 40 per cent shareholding in Lubechem, for an envisaged amount of approximately Dh1.5 million. The primary business purpose of Lubechem is the manufacturing and blending of greases, lubricants and chemicals and this acquisition is expected to enhance the ability of Oman Oil in its lubricants vertical supply chain integration process, the company said in a statement. The transaction is expected to be concluded within the next 30 days."
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"Oman Oil Marketing Company yesterday announced it is negotiating with shareholders of Lubechem International Industry, with a view to acquiring a 40 per cent shareholding in Lubechem, for an envisaged amount of approximately Dh1.5 million. The primary business purpose of Lubechem is the manufacturing and blending of greases, lubricants and chemicals and this acquisition is expected to enhance the ability of Oman Oil in its lubricants vertical supply chain integration process, the company said in a statement. The transaction is expected to be concluded within the next 30 days."
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Corporate mergers, acquisitions up 21% | Arab News
Corporate mergers, acquisitions up 21% | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Recent analysis by the special investigation unit at Al-Eqtisadiah newspaper reported a significant upswing in corporate mergers and acquisitions across Saudi Arabia in the first half of 2013.
The report cited the signing of 22 deals worth SR15.59 billion ($4.16 billion).
The increase recorded in mergers and acquisitions was up by 21 percent in the first half of this year against its 2012 levels, SR12.4 billion ($3.3 billion)."
'via Blog this'
"Recent analysis by the special investigation unit at Al-Eqtisadiah newspaper reported a significant upswing in corporate mergers and acquisitions across Saudi Arabia in the first half of 2013.
The report cited the signing of 22 deals worth SR15.59 billion ($4.16 billion).
The increase recorded in mergers and acquisitions was up by 21 percent in the first half of this year against its 2012 levels, SR12.4 billion ($3.3 billion)."
'via Blog this'
Saudi Gazette - SABIC sets sights on US amid European slowdown
Saudi Gazette - SABIC sets sights on US amid European slowdown:
"Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker by market value, is studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales.
“It is very important that SABIC is not left out from investments in the US as it is a huge market in terms of the presence of shale gas and also proximity to other markets,” Chief Executive Officer Mohamed Al-Mady said in Riyadh today. “We are studying opportunities in the US to expand SABIC’s presence in the chemical and polymer businesses,” he said, declining to give further details until the plans crystallize.
SABIC would be joining companies including Dow Chemical Co. and Exxon Mobil Corp. in seeking to take advantage of the US shale boom that has helped drive down natural-gas prices. Cheap gas is doubly advantageous to chemical makers because it’s used as a raw material and to power factories."
'via Blog this'
"Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker by market value, is studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales.
“It is very important that SABIC is not left out from investments in the US as it is a huge market in terms of the presence of shale gas and also proximity to other markets,” Chief Executive Officer Mohamed Al-Mady said in Riyadh today. “We are studying opportunities in the US to expand SABIC’s presence in the chemical and polymer businesses,” he said, declining to give further details until the plans crystallize.
SABIC would be joining companies including Dow Chemical Co. and Exxon Mobil Corp. in seeking to take advantage of the US shale boom that has helped drive down natural-gas prices. Cheap gas is doubly advantageous to chemical makers because it’s used as a raw material and to power factories."
'via Blog this'
Saudi Gazette - Saudi stocks back in the black spurred by SABIC
Saudi Gazette - Saudi stocks back in the black spurred by SABIC:
"Saudi Arabia’s Tadawul All Share Index advanced for the first time in three days on Sunday, gaining 0.96 percent to close at 7,740.46 points after SABIC, the world’s largest petrochemicals company by market value, said it was studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales. The stock advanced 1.4 percent, the most since May 21, to SR93.50.
“Numbers are weaker than estimates, though, given affiliates also failed to meet estimates, this miss is expected,” Sriharsha Pappu, a Dubai-based analyst at HSBC Holdings Plc, said by phone. Pappu, who has a buy rating on the shares, said analysts estimated SABIC’s earnings before the company’s units reported results. “We’re looking for better third-quarter results. This quarter is mostly down to pricing.”
Elsewhere in the region, United Arab Emirates stock indexes rallied to the highest levels in almost five years on bets the economic recovery will spur company earnings. "
'via Blog this'
"Saudi Arabia’s Tadawul All Share Index advanced for the first time in three days on Sunday, gaining 0.96 percent to close at 7,740.46 points after SABIC, the world’s largest petrochemicals company by market value, said it was studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales. The stock advanced 1.4 percent, the most since May 21, to SR93.50.
“Numbers are weaker than estimates, though, given affiliates also failed to meet estimates, this miss is expected,” Sriharsha Pappu, a Dubai-based analyst at HSBC Holdings Plc, said by phone. Pappu, who has a buy rating on the shares, said analysts estimated SABIC’s earnings before the company’s units reported results. “We’re looking for better third-quarter results. This quarter is mostly down to pricing.”
Elsewhere in the region, United Arab Emirates stock indexes rallied to the highest levels in almost five years on bets the economic recovery will spur company earnings. "
'via Blog this'
Qatar fund ‘eyes assets of Italian group’
Qatar fund ‘eyes assets of Italian group’:
"
Qatar’s sovereign fund could team up with real estate company Hines to buy assets from troubled Italian developer Risanamento, Il Sole 24 Ore reported yesterday, citing financial sources.
State-owned Qatar Holding has approached some of Risanamento’s shareholders to pave the way for a potential bid on the assets the Italian real estate group owns in France and its Santa Giulia redevelopment area, the Italian daily wrote.
The total value of the assets is unknown, but Qatar would have to offer more than 1.3bn euros ($1.7bn) for the French properties, the newspaper said."
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"
State-owned Qatar Holding has approached some of Risanamento’s shareholders to pave the way for a potential bid on the assets the Italian real estate group owns in France and its Santa Giulia redevelopment area, the Italian daily wrote.
The total value of the assets is unknown, but Qatar would have to offer more than 1.3bn euros ($1.7bn) for the French properties, the newspaper said."
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Steelmakers Boost Capacity, Seek Help to Fight Imports | Business | The Moscow Times
Steelmakers Boost Capacity, Seek Help to Fight Imports | Business | The Moscow Times:
"Russian steelmakers are lobbying for protection against cheap Ukrainian imports while they invest at least $2 billion in new capacity near their customers to cut transport costs and sew up their home market.
In what steelmakers hope will be the first of a series of protective measures, Prime Minister Dmitry Medvedev announced this week that Russia would not extend quotas for pipe supplies from Ukraine in the second half of 2013, a boost for domestic steel pipe makers.
In steel section and rebar, two major types of construction steel, for example, imports from Ukraine account for about a quarter of an annual market estimated at 12 million to 12.5 million tons, Sergei Donskoi, an analyst at Societe Generale, estimated."
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"Russian steelmakers are lobbying for protection against cheap Ukrainian imports while they invest at least $2 billion in new capacity near their customers to cut transport costs and sew up their home market.
In what steelmakers hope will be the first of a series of protective measures, Prime Minister Dmitry Medvedev announced this week that Russia would not extend quotas for pipe supplies from Ukraine in the second half of 2013, a boost for domestic steel pipe makers.
In steel section and rebar, two major types of construction steel, for example, imports from Ukraine account for about a quarter of an annual market estimated at 12 million to 12.5 million tons, Sergei Donskoi, an analyst at Societe Generale, estimated."
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