Companies in central and eastern Europe to recover slowly | Positions and Promotions:
"This year was a difficult for countries in central and eastern Europe. Pressures on cashflow and demand increased throughout the year, and only started easing in early 2013.
As of the second quarter of the year, they are still high but have at least stabilised. Business opportunities have also begun to recover in Q2 2013, but are still well below last-year's peak and follow six months of stagnation, according to the Global Economic Conditions Survey (GECS) by the Association of Chartered Certified Accountants (ACCA).
Hence, although access to growth capital has eased over the last year and a half, and was substantially improved year-on-year in Q2 2013, capacity building has been falling steadily over the same period. Meanwhile, input inflation has bounced back much more strongly than could be justified by the marginal improvement in trading conditions, though it is still low by global standards."
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Saturday, 10 August 2013
Dubai's property bubble puzzle - Property - ArabianBusiness.com
Dubai's property bubble puzzle - Property - ArabianBusiness.com:
"Given the financial crisis Dubai faced in 2008-2009, you could be forgiven for assuming that a recovery in real estate prices in the emirate were a good indicator that things were getting back on track.
However, a recent report from the International Monetary Fund (IMF) took a slightly different tack. Highlighting a sixteen percent rise in residential prices in the year up until April, the IMF was quick to warn that further hikes could revive fears of a property bubble similar to that which precipitated the last crash.
There has been at least one attempt to head off this possibility. The UAE central bank last year tried — unsuccessfully — introducing measures to curb speculation and unrealistic increases in real estate prices. A proposed mortgage cap would have meant that home loan lending would be restricted to 50 percent of sales price to foreign buyers and 70 percent for UAE nationals. This plan was put on ice temporarily though after commercial lenders in the Gulf state complained that their business would suffer as a result."
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"Given the financial crisis Dubai faced in 2008-2009, you could be forgiven for assuming that a recovery in real estate prices in the emirate were a good indicator that things were getting back on track.
However, a recent report from the International Monetary Fund (IMF) took a slightly different tack. Highlighting a sixteen percent rise in residential prices in the year up until April, the IMF was quick to warn that further hikes could revive fears of a property bubble similar to that which precipitated the last crash.
There has been at least one attempt to head off this possibility. The UAE central bank last year tried — unsuccessfully — introducing measures to curb speculation and unrealistic increases in real estate prices. A proposed mortgage cap would have meant that home loan lending would be restricted to 50 percent of sales price to foreign buyers and 70 percent for UAE nationals. This plan was put on ice temporarily though after commercial lenders in the Gulf state complained that their business would suffer as a result."
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The Middle East’s migrant workers: Forget about rights - Attempts to improve the lot of migrants working in the Middle East are unlikely to make much difference | The Economist
The Middle East’s migrant workers: Forget about rights | The Economist:
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“OUR workers are treated worst in the Gulf,” says Walden Bello, a Filipino parliamentarian, referring to those of his countrymen who seek their fortune abroad. Millions of migrants, mainly from Asia and Africa, work in the Gulf and in the wider Middle East. Many pay up to $3,000 to recruitment agencies, only to find themselves working long hours for a pittance and with no time off in jobs that often differ vastly from the ones they signed up for back home. Mistreatment, including the sexual sort, is relatively common. The International Labour Organisation (ILO), a UN body, reckons that 600,000 workers in the region can be classed as victims of trafficking."
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Emerging markets play is going to a long one | GulfNews.com
Emerging markets play is going to a long one | GulfNews.com:
"Fickle investors have spurned emerging markets in recent weeks, but this rout has obscured a more alluring vista out on the horizon.
Developing economies now account for 50 per cent of global output and 80 per cent of economic expansion and are projected to continue growing far faster than developed nations. They are expected to possess an even larger share of global growth, wealth and investment opportunities in years to come.
So much so that the labels investors use to classify some of these nations will change as the developing develop and the emerging emerge into more potent economic powers."
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"Fickle investors have spurned emerging markets in recent weeks, but this rout has obscured a more alluring vista out on the horizon.
Developing economies now account for 50 per cent of global output and 80 per cent of economic expansion and are projected to continue growing far faster than developed nations. They are expected to possess an even larger share of global growth, wealth and investment opportunities in years to come.
So much so that the labels investors use to classify some of these nations will change as the developing develop and the emerging emerge into more potent economic powers."
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Regional instability to affect Arab economies | GulfNews.com
Regional instability to affect Arab economies | GulfNews.com:
"Global demand and regional political instability remain the two main factors that will affect the performance of Arab economies in the coming two years, Dr Jasem Al Mannai, Director General and Chairman of the Board of Arab Monetary Fund (AMF), told Gulf News in an interview, noting that the financial assistance provided till date to Arab countries by the AMF and the Arab Trade Financing Programme amounts to more than $17 billion (Dh62.3 billion).
Al Mannai points out that the AMF will continue to support the Arab war-torn countries as per the available reserves and in accordance with lending policies."
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"Global demand and regional political instability remain the two main factors that will affect the performance of Arab economies in the coming two years, Dr Jasem Al Mannai, Director General and Chairman of the Board of Arab Monetary Fund (AMF), told Gulf News in an interview, noting that the financial assistance provided till date to Arab countries by the AMF and the Arab Trade Financing Programme amounts to more than $17 billion (Dh62.3 billion).
Al Mannai points out that the AMF will continue to support the Arab war-torn countries as per the available reserves and in accordance with lending policies."
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IEA Trims Estimate for 2014 Global Oil Demand Growth on Economy - Bloomberg
IEA Trims Estimate for 2014 Global Oil Demand Growth on Economy - Bloomberg:
"The International Energy Agency trimmed forecasts for global oil demand growth in 2014 amid slowing expansion in China and a struggle to secure a recovery in the U.S. and Europe.
Global consumption will increase by 1.1 million barrels a day, or 1.2 percent, to 92 million next year, the Paris-based adviser to energy-consuming nations said today in its monthly market report. The expansion is 100,000 barrels a day less than last month, when the estimate for 2014 was first introduced. Refinery operating rates will ease after a record surge in July, the IEA said."
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"The International Energy Agency trimmed forecasts for global oil demand growth in 2014 amid slowing expansion in China and a struggle to secure a recovery in the U.S. and Europe.
Global consumption will increase by 1.1 million barrels a day, or 1.2 percent, to 92 million next year, the Paris-based adviser to energy-consuming nations said today in its monthly market report. The expansion is 100,000 barrels a day less than last month, when the estimate for 2014 was first introduced. Refinery operating rates will ease after a record surge in July, the IEA said."
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Rupee climbs on latest Reserve Bank of India measures | GulfNews.com
Rupee climbs on latest Reserve Bank of India measures | GulfNews.com:
"India’s rupee was among the biggest movers on Friday, climbing against the dollar as authorities stepped up efforts to curb the currency’s losses.
The Reserve Bank of India said it planned to sell, on behalf of the finance ministry, Rs220 billion (Dh13 billion, $3.6 billion) in cash management bills every Monday, to try to limit supply of the currency.
This is in addition to the measures already announced last month, including weekly bond sales, restricting banks’ access to cash and curbs on currency derivatives trading."
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"India’s rupee was among the biggest movers on Friday, climbing against the dollar as authorities stepped up efforts to curb the currency’s losses.
The Reserve Bank of India said it planned to sell, on behalf of the finance ministry, Rs220 billion (Dh13 billion, $3.6 billion) in cash management bills every Monday, to try to limit supply of the currency.
This is in addition to the measures already announced last month, including weekly bond sales, restricting banks’ access to cash and curbs on currency derivatives trading."
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Jet, Etihad revise stake sale deal | GulfNews.com
Jet, Etihad revise stake sale deal | GulfNews.com:
"Civil Aviation Minister Ajit Singh Thursday said the agreement between Jet Airways and Abu Dhabi-based Etihad Airways for a proposed 24 per cent stake sale in the Indian passenger carrier has been changed and that it will be considered by the competent authority.
Earlier, the Foreign Investment Promotion Board (FIPB), stock market regulator Securities and Exchange Board of India (SEBI) and fair trade watchdog Competition Commission of India (CCI) had raised concerns about the control and management of the company after the stake sale.
However, the FIPB gave a conditional nod to the proposed 24 per cent stake-sale in Jet to Etihad Airways on July 29, 2013 and this will now be taken up by the cabinet for final approval."
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"Civil Aviation Minister Ajit Singh Thursday said the agreement between Jet Airways and Abu Dhabi-based Etihad Airways for a proposed 24 per cent stake sale in the Indian passenger carrier has been changed and that it will be considered by the competent authority.
Earlier, the Foreign Investment Promotion Board (FIPB), stock market regulator Securities and Exchange Board of India (SEBI) and fair trade watchdog Competition Commission of India (CCI) had raised concerns about the control and management of the company after the stake sale.
However, the FIPB gave a conditional nod to the proposed 24 per cent stake-sale in Jet to Etihad Airways on July 29, 2013 and this will now be taken up by the cabinet for final approval."
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Saudi Gazette - Saudi FDIs outperforming other Gulf states: Report
Saudi Gazette - Saudi FDIs outperforming other Gulf states: Report:
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In absolute numbers, Saudi Arabia is outperforming the broader region not only due to its size. A very good business environment and stability are producing a flourishing development, the “EU GCC Invest Report 2013” noted.
In openness, it lags behind but opened up in recent years following the trend of diversification in the region, the report pointed out.
After a volatile time of FDI and outflows in the seventies, Saudi Arabia built up a considerable size of FDI stocks in the eighties. After that, 20 years of stagnation in inflows and a slow decline in FDI to GDP ratio followed. Recognizing the need for diversifying away from its heavy oil dependence, modernization and reforms eased business hurdles and improved foreign investment laws, which lead to a new surge in FDI starting in 2004 and in GDP ratio even accelerating throughout the financial crisis (although partly due to a decline in GDP)."
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In openness, it lags behind but opened up in recent years following the trend of diversification in the region, the report pointed out.
After a volatile time of FDI and outflows in the seventies, Saudi Arabia built up a considerable size of FDI stocks in the eighties. After that, 20 years of stagnation in inflows and a slow decline in FDI to GDP ratio followed. Recognizing the need for diversifying away from its heavy oil dependence, modernization and reforms eased business hurdles and improved foreign investment laws, which lead to a new surge in FDI starting in 2004 and in GDP ratio even accelerating throughout the financial crisis (although partly due to a decline in GDP)."
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Saudi Gazette - Extended Arab Spring a recipe for economic fall - tks @neaimsa
Saudi Gazette - Extended Arab Spring a recipe for economic fall:
"When we look back three years behind when the Arab Spring started in Tunisia, followed by several Arab countries such as Yemen, Libya, Egypt and the current sad events in Syria, Iraq, Lebanon, Bahrain and Algeria, we see that although the Arab Spring had very limited political success, indeed it had very catastrophic economic fall. If we focus on the Arab countries’ gross domestic product per capita (GDP is commonly used as a measure of a country’s overall economic activities representing the total value of goods and services produced by the country) in the last 5 years (2008-2012) as per International Monetary Fund (IMF) data, we find the following:"
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"When we look back three years behind when the Arab Spring started in Tunisia, followed by several Arab countries such as Yemen, Libya, Egypt and the current sad events in Syria, Iraq, Lebanon, Bahrain and Algeria, we see that although the Arab Spring had very limited political success, indeed it had very catastrophic economic fall. If we focus on the Arab countries’ gross domestic product per capita (GDP is commonly used as a measure of a country’s overall economic activities representing the total value of goods and services produced by the country) in the last 5 years (2008-2012) as per International Monetary Fund (IMF) data, we find the following:"
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U.S. Said to Plan to Arrest Pair in Big Bank Loss - NYTimes.com
U.S. Said to Plan to Arrest Pair in Big Bank Loss - NYTimes.com:
"Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation’s biggest bank and spotlighted the perils of Wall Street risk-taking.
The former employees, who worked in London, could be arrested in the coming days, according to people briefed on the matter. The action, the people said, would involve criminal fraud charges.
The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy, and Julien Grout, a low-level trader in London — could ultimately be extradited under an agreement with British authorities. Yet the people briefed on the matter, who spoke on the condition of anonymity, cautioned that it is unclear whether British authorities will be able to locate the men, who are natives of other European countries."
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"Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation’s biggest bank and spotlighted the perils of Wall Street risk-taking.
The former employees, who worked in London, could be arrested in the coming days, according to people briefed on the matter. The action, the people said, would involve criminal fraud charges.
The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy, and Julien Grout, a low-level trader in London — could ultimately be extradited under an agreement with British authorities. Yet the people briefed on the matter, who spoke on the condition of anonymity, cautioned that it is unclear whether British authorities will be able to locate the men, who are natives of other European countries."
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PetroChina joins Exxon to dominate Iraqi oil industry — RT Business
PetroChina joins Exxon to dominate Iraqi oil industry — RT Business:
"China's biggest oil producer PetroChina will be developing Iraq's giant oil field West Qurna with American Exxon Mobil. The deal could make Chinese energy giant the biggest foreign investor in Iraq’s oil industry.
China already dominates the oil fields around southern Iraq, Reuters reports.
PetroChina was the first foreign company to strike an oil deal in Iraq after US-led forces overthrew Saddam Hussein. It is now developing Iraq's biggest oilfield Rumaila with BP. "
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"China's biggest oil producer PetroChina will be developing Iraq's giant oil field West Qurna with American Exxon Mobil. The deal could make Chinese energy giant the biggest foreign investor in Iraq’s oil industry.
China already dominates the oil fields around southern Iraq, Reuters reports.
PetroChina was the first foreign company to strike an oil deal in Iraq after US-led forces overthrew Saddam Hussein. It is now developing Iraq's biggest oilfield Rumaila with BP. "
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