Central Bank Allows Ruble to Fall to Lowest Level Since 2009 | Business | The Moscow Times:
"The ruble was trading Wednesday above 33 rubles to the dollar, its lowest level against the greenback in almost four years, after the Russian Central Bank widened the ruble's trading corridor in the latest official move allowing the Russian currency to weaken.
Trading at more than 33 rubles to the dollar and 44 rubles to the euro Wednesday, the ruble is at its lowest level since fall 2009.
The new low was reached after the Central Bank raised the upper limit of the corridor Monday, according to a report in Vedomosti. This is the sixth time that the Central Bank has taken such a step since June, raising the upper limit by about 30 kopecks over two months."
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Wednesday, 14 August 2013
MIDEAST STOCKS-Political violence pushes Egypt down 1.7 pct; Qatar outperforms | Reuters
MIDEAST STOCKS-Political violence pushes Egypt down 1.7 pct; Qatar outperforms | Reuters:
"* Egypt in steepest daily drop since early July
* But market still up over 20 pct from late June
* Qatar market strongest in Gulf after Q2 earnings
* Index passes 10,000 points, first time since 2008
* Bahrain soft ahead of opposition protests
By Andrew Torchia
DUBAI, Aug 14 (Reuters) - Egypt's stock market fell sharply on Wednesday as security forces in Cairo moved to disperse demonstrators supporting deposed President Mohamed Mursi, sparking violent clashes across the north African country which have killed at least 29 people.
The Egyptian index sank 1.7 percent to close at 5,549 points, very near the day's low of 5,546."
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"* Egypt in steepest daily drop since early July
* But market still up over 20 pct from late June
* Qatar market strongest in Gulf after Q2 earnings
* Index passes 10,000 points, first time since 2008
* Bahrain soft ahead of opposition protests
By Andrew Torchia
DUBAI, Aug 14 (Reuters) - Egypt's stock market fell sharply on Wednesday as security forces in Cairo moved to disperse demonstrators supporting deposed President Mohamed Mursi, sparking violent clashes across the north African country which have killed at least 29 people.
The Egyptian index sank 1.7 percent to close at 5,549 points, very near the day's low of 5,546."
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Russia's customs service halts all Ukrainian imports, says Ukraine's Employers Federation
Russia's customs service halts all Ukrainian imports, says Ukraine's Employers Federation:
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The Customs Service of the Russian Federation put all Ukrainian imports on the list of potentially dangerous goods on August 14, which halted the shipment of goods from Ukraine for an indefinite time, the press service of the Federation of Employers of Ukraine (FEU) has reported.
"On midnight on August 14, all Ukrainian importers without exception were added to the first forty enterprises which were entered into to the risk profile of the risk management system of the Federal Customs Service this July. At the same time, the steps to prevent risk were tightened further. As a matter of fact, this means a full halt of Ukrainian exports indefinitely, for weeks or even months," the report says.
The federation said that the Russian customs is continuously checking Ukrainian cargo, unloading it and loading it back into the trucks."
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"On midnight on August 14, all Ukrainian importers without exception were added to the first forty enterprises which were entered into to the risk profile of the risk management system of the Federal Customs Service this July. At the same time, the steps to prevent risk were tightened further. As a matter of fact, this means a full halt of Ukrainian exports indefinitely, for weeks or even months," the report says.
The federation said that the Russian customs is continuously checking Ukrainian cargo, unloading it and loading it back into the trucks."
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UAIndex on the move again with a small gain on Tuesday
UAIndex on the move again with a small gain on Tuesday - Business - News - Ukraine Business Online:
"The UAIndex appears set for sustained increases as some ag companies report higher than expected yields. Tuesday’s trading closed with the aggregate market cap number at 4,270.38, up +0.31% for the day.
Ovostar topped Tuesday’s Best Performing list, up +3.03% on trade of 113,200 shares.
Agrogeneration was bottom-feeder of the day, leading the Worst Performing list with a drop of -6.04% on trade of 172,848 shares.
Loath to be left off the daily UAIndex report, Agroton was Volume Leader, down -2.44% on trade of 245,766 shares."
'via Blog this'
"The UAIndex appears set for sustained increases as some ag companies report higher than expected yields. Tuesday’s trading closed with the aggregate market cap number at 4,270.38, up +0.31% for the day.
Ovostar topped Tuesday’s Best Performing list, up +3.03% on trade of 113,200 shares.
Agrogeneration was bottom-feeder of the day, leading the Worst Performing list with a drop of -6.04% on trade of 172,848 shares.
Loath to be left off the daily UAIndex report, Agroton was Volume Leader, down -2.44% on trade of 245,766 shares."
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Asset sales help OMV to avoid sharper profit drop - The National
Asset sales help OMV to avoid sharper profit drop - The National:
"Strong performances in refining and marketing have helped to boost second-quarter results of Austria's OMV and Hungary's MOL, two companies part-owned by UAE investors.
Oil and gas company OMV saw its underlying net income fall by 29 per cent to €321 million (Dh1.6m) in the three months to June.
OMV said it was hit by declining crude sales in Libya, the United Kingdom and New Zealand. Simultaneously, exploration expenses rose by more than two thirds to €98m because of write-offs in Tunisia and the UK, as well as increased seismic activity at its Norway operations."
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"Strong performances in refining and marketing have helped to boost second-quarter results of Austria's OMV and Hungary's MOL, two companies part-owned by UAE investors.
Oil and gas company OMV saw its underlying net income fall by 29 per cent to €321 million (Dh1.6m) in the three months to June.
OMV said it was hit by declining crude sales in Libya, the United Kingdom and New Zealand. Simultaneously, exploration expenses rose by more than two thirds to €98m because of write-offs in Tunisia and the UK, as well as increased seismic activity at its Norway operations."
'via Blog this'
Abraaj, CDC inject $17.5m in Indian hospital chain | GulfNews.com
Abraaj, CDC inject $17.5m in Indian hospital chain | GulfNews.com:
"Dubai-based private equity group Abraaj and a UK development body on Tuesday said they will inject $17.5 million (Dh64.3 million) in an Indian health care business to tap the country’s rising demand for medical services.
CDC and Abraaj will invest money in Rainbow Hospitals, a 450-bed health care facility based in southern India, to allow it to expand its existing operations and build new hospitals, according to an e-mailed statement.
“The current investment would give us the capacity to expand the number of beds available to patients from the current level of 450+ to close to 1,000 by 2017,” said Ramesh Kancharla, chairman and managing director of Rainbow Hospitals."
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"Dubai-based private equity group Abraaj and a UK development body on Tuesday said they will inject $17.5 million (Dh64.3 million) in an Indian health care business to tap the country’s rising demand for medical services.
CDC and Abraaj will invest money in Rainbow Hospitals, a 450-bed health care facility based in southern India, to allow it to expand its existing operations and build new hospitals, according to an e-mailed statement.
“The current investment would give us the capacity to expand the number of beds available to patients from the current level of 450+ to close to 1,000 by 2017,” said Ramesh Kancharla, chairman and managing director of Rainbow Hospitals."
'via Blog this'
UAE real GDP to slow down to 4% in ’13 and 3.8% in ’14, says QNB
UAE real GDP to slow down to 4% in ’13 and 3.8% in ’14, says..:
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QNB has forecasted the UAE’s real economy (inflation-adjusted) to slow down to 4% this year and to 3.8% in 2014, even as inflation is expected to remain “moderate” over the medium term.
The recovery in the UAE’s non-oil sector would be offset by a deceleration in the hydrocarbon segment, the bank said reasoning its downward projection.
Oil production is expected to slow because of “delays” in issuing contracts and “uncertainty” over the 2014 expiration of the 35-year concession on Abu Dhabi’s onshore oil fields, it said."
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The recovery in the UAE’s non-oil sector would be offset by a deceleration in the hydrocarbon segment, the bank said reasoning its downward projection.
Oil production is expected to slow because of “delays” in issuing contracts and “uncertainty” over the 2014 expiration of the 35-year concession on Abu Dhabi’s onshore oil fields, it said."
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Putin's Visit To Azerbaijan: A New Round In Azerbaijani - Russian Relations? - OpEd Eurasia Review
Putin's Visit To Azerbaijan: A New Round In Azerbaijani - Russian Relations? - OpEd Eurasia Review:
"Today, Russian president Vladimir Putin visits Azerbaijan. After the return of Vladimir Putin to the presidency, it will be his first visit to Azerbaijan and this date is very important both for the improvement of bilateral relations of two neighborhood countries and elimination of regional conflicts. Five or six bilateral documents related to energy and transport are expected to be signed.
Also it is quite reasonable that the discussions will also include the possible accession, or at least the cooperation of Azerbaijan with the Customs Union, as it is one of the major points of Russia’s new term vision of cooperation and external relations.
“The Russian delegation’s staff shows that the practically a full range of bilateral issues are planned to be discussed during the talks,” Yuri Ushakov , the Russian President’s assistant told journalists."
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"Today, Russian president Vladimir Putin visits Azerbaijan. After the return of Vladimir Putin to the presidency, it will be his first visit to Azerbaijan and this date is very important both for the improvement of bilateral relations of two neighborhood countries and elimination of regional conflicts. Five or six bilateral documents related to energy and transport are expected to be signed.
Also it is quite reasonable that the discussions will also include the possible accession, or at least the cooperation of Azerbaijan with the Customs Union, as it is one of the major points of Russia’s new term vision of cooperation and external relations.
“The Russian delegation’s staff shows that the practically a full range of bilateral issues are planned to be discussed during the talks,” Yuri Ushakov , the Russian President’s assistant told journalists."
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Saudi Gazette - Alkhabeer considers investment in region, stock listing
Saudi Gazette - Alkhabeer considers investment in region, stock listing:
"Alkhabeer Capital said it plans to broaden its investments around the Gulf and seek a listing on the Saudi stock exchange, underscoring an improvement of investor sentiment in the region.
Saudi firms such as Alkhabeer, an Islamic investment company, are expanding their range of Shariah-compliant investments, catering to clients' appetite for both regional and Western markets, said Henri Chaoul, Alkhabeer's chief investment strategist.
"In private equity for example, we are planning to invest further in the GCC (Gulf Cooperation Council) region and are currently looking at a number of serious opportunities." "
'via Blog this'
"Alkhabeer Capital said it plans to broaden its investments around the Gulf and seek a listing on the Saudi stock exchange, underscoring an improvement of investor sentiment in the region.
Saudi firms such as Alkhabeer, an Islamic investment company, are expanding their range of Shariah-compliant investments, catering to clients' appetite for both regional and Western markets, said Henri Chaoul, Alkhabeer's chief investment strategist.
"In private equity for example, we are planning to invest further in the GCC (Gulf Cooperation Council) region and are currently looking at a number of serious opportunities." "
'via Blog this'
Saudi Gazette - GCC private sector fuels debt issuance in 1H 2013
Saudi Gazette - GCC private sector fuels debt issuance in 1H 2013:
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The stock of GCC bonds (both conventional and sukuk) increased healthily during the first six months of the year, the National Bank of Kuwait (NBK) report said Tuesday.
Private sector issuance maintained a strong pace, dominating the GCC's fixed income activity, driven by the non-financial sector, which also experienced its best six months yet.
The stock of outstanding GCC fixed income instruments rose to 239.8 billion at the end of 1H13. The balance of outstanding bonds was up 19.2 billion thus far in 2013 and 15.3 percent against a year ago."
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Private sector issuance maintained a strong pace, dominating the GCC's fixed income activity, driven by the non-financial sector, which also experienced its best six months yet.
The stock of outstanding GCC fixed income instruments rose to 239.8 billion at the end of 1H13. The balance of outstanding bonds was up 19.2 billion thus far in 2013 and 15.3 percent against a year ago."
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Diageo to Qatar Pouncing on India as Debt Woes Weigh on Sellers - Bloomberg
Diageo to Qatar Pouncing on India as Debt Woes Weigh on Sellers - Bloomberg:
"India’s economy is growing at the slowest pace in a decade, companies are burdened by record debt and governance is so bad that even local cement billionaire Kumar Mangalam Birla is reluctant to invest in the country.
Yet some foreign entities, from Diageo Plc (DGE) to Qatar’s government, are undaunted, finding buying opportunities as Indian firms look to shed assets to free up cash."
'via Blog this'
"India’s economy is growing at the slowest pace in a decade, companies are burdened by record debt and governance is so bad that even local cement billionaire Kumar Mangalam Birla is reluctant to invest in the country.
Yet some foreign entities, from Diageo Plc (DGE) to Qatar’s government, are undaunted, finding buying opportunities as Indian firms look to shed assets to free up cash."
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