The Angry Arab News Service/وكالة أنباء العربي الغاضب: The only rank that counts for US media:
""Last year, France was ranked 28th out of the 60 most competitive economies in the world, according to the International Institute for Management Development in Lausanne, Switzerland. The United States was first. Even China, at 21, and Japan, at 24, outranked France. In the World Bank’s ranking of “ease of doing business,” France ranks 34th, compared with 7th for Britain and 20th for Germany."
http://www.nytimes.com/2013/08/25/world/europe/a-proud-nation-ponders-how-to-halt-its-slow-decline.html?pagewanted=2&ref=todayspaper
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Sunday, 25 August 2013
Rupee fall likely to impact Dubai’s realty market | GulfNews.com
Rupee fall likely to impact Dubai’s realty market | GulfNews.com:
"The falling value of the Indian Rupee will affect the number of Indian investors in the Dubai realty market, according to experts.
Dr Mohammad Al Asoomi, a UAE-based economist, told Gulf News that he didn’t expect investors to take their money back to India, at least on the short term.
“The Indian investment in Dubai real estate market will experience a decline, but it won’t have a major impact on an opportunity-rich market like Dubai.”"
'via Blog this'
"The falling value of the Indian Rupee will affect the number of Indian investors in the Dubai realty market, according to experts.
Dr Mohammad Al Asoomi, a UAE-based economist, told Gulf News that he didn’t expect investors to take their money back to India, at least on the short term.
“The Indian investment in Dubai real estate market will experience a decline, but it won’t have a major impact on an opportunity-rich market like Dubai.”"
'via Blog this'
Expo 2020 bid a ‘rallying cry’ for Dubai's travel and tourism industry - The National
Expo 2020 bid a ‘rallying cry’ for Dubai's travel and tourism industry - The National:
" Industry insiders are tipping next month’s hotel show to be hugely positive for the emirate and to help boost the campaign to host Expo 2020.
“It would be fantastic for the industry but this industry existed already,” said Christine Davidson, director of the Hotel Show.
“The vision for 2020 is great, with the goal of 20 million visitors a year, and certainly for the hoteliers in the city and this region, it is something they need to take advantage of.”"
'via Blog this'
" Industry insiders are tipping next month’s hotel show to be hugely positive for the emirate and to help boost the campaign to host Expo 2020.
“It would be fantastic for the industry but this industry existed already,” said Christine Davidson, director of the Hotel Show.
“The vision for 2020 is great, with the goal of 20 million visitors a year, and certainly for the hoteliers in the city and this region, it is something they need to take advantage of.”"
'via Blog this'
Ruble Falls Against the Dollar Amid Emerging Market Weakness | Business | The Moscow Times
Ruble Falls Against the Dollar Amid Emerging Market Weakness | Business | The Moscow Times:
"Russia's currency performed better than its emerging-market peers last week, falling 0.5 percent versus the dollar, compared to 1.9 percent losses in the South African rand, a 2.1 percent slide in the Turkish lira and a 4.6 percent fall in the Indian rupee.
"We remain bearish on the ruble from a medium-term perspective, as Russian fundamentals are deteriorating and the Central Bank continues to focus on boosting ruble liquidity and is moving closer to easing policy rates," BNP Paribas said in a note.
"In the meantime, however, the ruble remains supported by stable oil prices." BNP forecasts that the ruble will decline to 33.75 to the dollar by the end of the year."
'via Blog this'
"Russia's currency performed better than its emerging-market peers last week, falling 0.5 percent versus the dollar, compared to 1.9 percent losses in the South African rand, a 2.1 percent slide in the Turkish lira and a 4.6 percent fall in the Indian rupee.
"We remain bearish on the ruble from a medium-term perspective, as Russian fundamentals are deteriorating and the Central Bank continues to focus on boosting ruble liquidity and is moving closer to easing policy rates," BNP Paribas said in a note.
"In the meantime, however, the ruble remains supported by stable oil prices." BNP forecasts that the ruble will decline to 33.75 to the dollar by the end of the year."
'via Blog this'
MIDEAST STOCKS-Dubai makes biggest gain in August; Egypt up on shorter curfew | Reuters
MIDEAST STOCKS-Dubai makes biggest gain in August; Egypt up on shorter curfew | Reuters:
"* Highest Dubai volume since June 2009
* Four small-caps up 15 pct daily limits
* Market up 68 pct year-to-date
* Doubts over whether Egypt's rally will continue
* Saudi continues pull-back from near five-year high
By Nadia Saleem
DUBAI, Aug 25 (Reuters) - Dubai's bourse on Sunday posted its largest one-day gain in August as small-caps surged on buying by retail investors, while Egypt rose for a fourth straight session after curfew hours were reduced.
The Dubai index jumped 1.8 percent to a new 57-month high of 2,748 points as the market traded 1.29 billion shares, the highest volume since June 2009.
Four small-caps hit their daily upward limits of 15 percent: Union Properties, Deyaar Development, Gulf Navigation and National Cement."
'via Blog this'
"* Highest Dubai volume since June 2009
* Four small-caps up 15 pct daily limits
* Market up 68 pct year-to-date
* Doubts over whether Egypt's rally will continue
* Saudi continues pull-back from near five-year high
By Nadia Saleem
DUBAI, Aug 25 (Reuters) - Dubai's bourse on Sunday posted its largest one-day gain in August as small-caps surged on buying by retail investors, while Egypt rose for a fourth straight session after curfew hours were reduced.
The Dubai index jumped 1.8 percent to a new 57-month high of 2,748 points as the market traded 1.29 billion shares, the highest volume since June 2009.
Four small-caps hit their daily upward limits of 15 percent: Union Properties, Deyaar Development, Gulf Navigation and National Cement."
'via Blog this'
#Oman Sultan's visit to Tehran may aim to mend #US/#Iran relations | Al Akhbar English
Oman Sultan's visit to Tehran may aim to mend US/Iran relations | Al Akhbar English:
"Oman's Sultan Qaboos bin Said al-Said on Sunday began the first visit to Iran by a foreign leader since President Hassan Rouhani took office and Iranian media said his trip might be an effort to mediate between Tehran and Washington.
Oman, a Gulf Arab state that maintains close ties with both the United States and Iran, has previously been an important go-between for the two countries that severed diplomatic relations in 1980 and are in a protracted stand-off over the Iranian nuclear program.
The West suspects the Islamic Republic is working to develop a nuclear arms capability, an accusation Iran denies, and has brought about increasingly strict international sanctions against Tehran."
'via Blog this'
"Oman's Sultan Qaboos bin Said al-Said on Sunday began the first visit to Iran by a foreign leader since President Hassan Rouhani took office and Iranian media said his trip might be an effort to mediate between Tehran and Washington.
Oman, a Gulf Arab state that maintains close ties with both the United States and Iran, has previously been an important go-between for the two countries that severed diplomatic relations in 1980 and are in a protracted stand-off over the Iranian nuclear program.
The West suspects the Islamic Republic is working to develop a nuclear arms capability, an accusation Iran denies, and has brought about increasingly strict international sanctions against Tehran."
'via Blog this'
Dubai Shares Climb to Five-Year High Led by Deyaar; Egypt - Bloomberg
Dubai Shares Climb to Five-Year High Led by Deyaar; Egypt - Bloomberg:
"Dubai stocks rose to the highest since November 2008 as Deyaar Development PJSC (DEYAAR) and Union Properties (UPP) PJSC surged on bets the shares are cheap amid a recovery in property prices in the Persian Gulf tourist hub.
Deyaar, which today said it was holding a press conference Sept. 1 to announce a new project, soared the most since March 2012 as trading volumes climbed to more than 10 times the three-month daily average. Union Properties jumped 15 percent to the highest since January 2010. Dubai’s DFM General Index advanced 1.8 percent to 2,748.27 at the close in the emirate.
Today’s gains brought this year’s advance for Deyaar to 63 percent and for Union Properties to 58 percent. That compares with a surge of 67 percent for Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, and 69 percent for Dubai’s benchmark index. The emirate is benefiting from an economic and real-estate recovery, with apartment prices in Dubai rising 17 percent in June from a year ago and those of villas increasing 12 percent, according to data from Jones Lang LaSalle. House prices had dropped more than 65 percent from a peak in 2008."
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"Dubai stocks rose to the highest since November 2008 as Deyaar Development PJSC (DEYAAR) and Union Properties (UPP) PJSC surged on bets the shares are cheap amid a recovery in property prices in the Persian Gulf tourist hub.
Deyaar, which today said it was holding a press conference Sept. 1 to announce a new project, soared the most since March 2012 as trading volumes climbed to more than 10 times the three-month daily average. Union Properties jumped 15 percent to the highest since January 2010. Dubai’s DFM General Index advanced 1.8 percent to 2,748.27 at the close in the emirate.
Today’s gains brought this year’s advance for Deyaar to 63 percent and for Union Properties to 58 percent. That compares with a surge of 67 percent for Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, and 69 percent for Dubai’s benchmark index. The emirate is benefiting from an economic and real-estate recovery, with apartment prices in Dubai rising 17 percent in June from a year ago and those of villas increasing 12 percent, according to data from Jones Lang LaSalle. House prices had dropped more than 65 percent from a peak in 2008."
'via Blog this'
Statoil to Bet on Angola, Russian Shale in Exploration | Business | The Moscow Times
Statoil to Bet on Angola, Russian Shale in Exploration | Business | The Moscow Times:
"Statoil, one of the most successful oil explorers in recent years, sees offshore Angola and Russian shale as the industry's next big plays and considers U.S. shale oil overhyped, its exploration chief Tim Dodson said.
The firm, which has expanded from its traditional North Sea base to all continents over the past decade, also expects to spend heavily on exploring in Brazil, Tanzania and the Arctic Barents Sea, possibly maintaining its record-high exploration budget, Dodson said in an interview.
Statoil, already a top offshore producer, needs new discoveries as it aims to lift production by a quarter to more than 2.5 million barrels a day this decade and diversify its portfolio, still dominated by North Sea assets."
'via Blog this'
"Statoil, one of the most successful oil explorers in recent years, sees offshore Angola and Russian shale as the industry's next big plays and considers U.S. shale oil overhyped, its exploration chief Tim Dodson said.
The firm, which has expanded from its traditional North Sea base to all continents over the past decade, also expects to spend heavily on exploring in Brazil, Tanzania and the Arctic Barents Sea, possibly maintaining its record-high exploration budget, Dodson said in an interview.
Statoil, already a top offshore producer, needs new discoveries as it aims to lift production by a quarter to more than 2.5 million barrels a day this decade and diversify its portfolio, still dominated by North Sea assets."
'via Blog this'
New UAE Telco Will Cost Incumbents Profits And Jobs – Analysts » Gulf Business
New UAE Telco Will Cost Incumbents Profits And Jobs – Analysts » Gulf Business:
"Following years of technology trials and negotiations, the UAE’s telecom operators have failed to agree on a network sharing deal. It’s disappointing news for the industry.
The deal, if successful, would have enabled users to choose their service operator and paved the way for mobile number portability.
The operators’ failure to broker a deal has reignited the debate about whether it’s time for a new player to enter break up the government’s cosy duopoly – Etisalat and du."
'via Blog this'
"Following years of technology trials and negotiations, the UAE’s telecom operators have failed to agree on a network sharing deal. It’s disappointing news for the industry.
The deal, if successful, would have enabled users to choose their service operator and paved the way for mobile number portability.
The operators’ failure to broker a deal has reignited the debate about whether it’s time for a new player to enter break up the government’s cosy duopoly – Etisalat and du."
'via Blog this'
Times of Oman | News :: Omani fund plans to acquire stake in NCDEX
Times of Oman | News :: Omani fund plans to acquire stake in NCDEX:
"Oman Investment Fund (OIF) is in an advanced stage of discussion with Jaypee Capital Services for acquiring 9.7 per cent stake in India's agricultural futures exchange — National Commodity and Derivative Exchange Limited (NCDEX), according to a newspaper report.
India's Economic Times said that Delhi-based broker Jaypee Capital Services, the anchor investor in NCDEX, is in advanced talks with domestic and foreign private equity players to sell a chunk of its 22.4 per cent stake in the bourse. The shareholder, according to sources, is close to selling 14.7 per cent to IDFC Private Equity Fund and Oman Investment Fund for Rs1,320 million ( Rs180 a share). About five per cent will go to IDFC PE for Rs440 million while 9.7 per cent will be sold to OIF for Rs.880 million.
The two deals value NCDEX at Rs9,120 million, lower than rival MCX's value of Rs1,4360 million. Motilal Oswal's Investment Banking arm is Jaypee's advisor."
'via Blog this'
"Oman Investment Fund (OIF) is in an advanced stage of discussion with Jaypee Capital Services for acquiring 9.7 per cent stake in India's agricultural futures exchange — National Commodity and Derivative Exchange Limited (NCDEX), according to a newspaper report.
India's Economic Times said that Delhi-based broker Jaypee Capital Services, the anchor investor in NCDEX, is in advanced talks with domestic and foreign private equity players to sell a chunk of its 22.4 per cent stake in the bourse. The shareholder, according to sources, is close to selling 14.7 per cent to IDFC Private Equity Fund and Oman Investment Fund for Rs1,320 million ( Rs180 a share). About five per cent will go to IDFC PE for Rs440 million while 9.7 per cent will be sold to OIF for Rs.880 million.
The two deals value NCDEX at Rs9,120 million, lower than rival MCX's value of Rs1,4360 million. Motilal Oswal's Investment Banking arm is Jaypee's advisor."
'via Blog this'
Dubai has 'fantastic' plans to relaunch the QE2 - Transport - ArabianBusiness.com
Dubai has 'fantastic' plans to relaunch the QE2 - Transport - ArabianBusiness.com:
"
The chairman of Dubai’s Drydocks World, the owners of the iconic QE2 ocean liner, said he will not be sorry to see the back of the ship when it leaves the emirate in October.
But he said Dubai had “fantastic” plans and the funding in place to rebrand it when it arrives at its new home in the Far East, it has been reported.
“It really has a magic feeling about it when you go inside. We need now to really rebrand it well and I think hopefully with the plan we have and the money we are going to spend it is going to be fantastic,” Khamis Juma Buamim, chairman of Dubai’s Drydocks World, told the 7DAYS newspaper in an interview."
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But he said Dubai had “fantastic” plans and the funding in place to rebrand it when it arrives at its new home in the Far East, it has been reported.
“It really has a magic feeling about it when you go inside. We need now to really rebrand it well and I think hopefully with the plan we have and the money we are going to spend it is going to be fantastic,” Khamis Juma Buamim, chairman of Dubai’s Drydocks World, told the 7DAYS newspaper in an interview."
'via Blog this'
Investors in limbo after firm in Dubai stops profit payouts | GulfNews.com
Investors in limbo after firm in Dubai stops profit payouts | GulfNews.com:
"
Scores of foreign exchange (forex) investors in the country are in financial limbo after the unexpected closure of a Dubai forex trading company where they invested millions of dirhams.
Around 30 investors of MMA Forex Online Trading Services trooped to the Mai Tower in Al Qusais on Saturday, demanding that the company return their money.
A sign that read “under renovation” was posted on the door of MMA Forex on the 11th floor. The building’s security told Gulf News that Dubai Police’s Criminal Investigation Department (CID) shut down the office six months ago based on fraud allegations."
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Around 30 investors of MMA Forex Online Trading Services trooped to the Mai Tower in Al Qusais on Saturday, demanding that the company return their money.
A sign that read “under renovation” was posted on the door of MMA Forex on the 11th floor. The building’s security told Gulf News that Dubai Police’s Criminal Investigation Department (CID) shut down the office six months ago based on fraud allegations."
'via Blog this'
Iran, Oman set to resume gas talks - Tehran Times
Iran, Oman set to resume gas talks - Tehran Times:
"Iran and Oman are scheduled to resume talks in Tehran today for exporting Iranian gas to Oman, developing joint offshore gas fields, and expanding bilateral oil and gas trade.
Iranian Oil Minister Bijan Namdar Zanganeh will hold talks with his Omani counterpart Mohammed bin Hamad Al Rumhy, the Mehr News Agency reported.
Iran and Oman signed a deal in 2009 to jointly develop an underwater 200-kilometer gas pipeline to Musandam and Sohar in Oman. "
'via Blog this'
"Iran and Oman are scheduled to resume talks in Tehran today for exporting Iranian gas to Oman, developing joint offshore gas fields, and expanding bilateral oil and gas trade.
Iranian Oil Minister Bijan Namdar Zanganeh will hold talks with his Omani counterpart Mohammed bin Hamad Al Rumhy, the Mehr News Agency reported.
Iran and Oman signed a deal in 2009 to jointly develop an underwater 200-kilometer gas pipeline to Musandam and Sohar in Oman. "
'via Blog this'
Times of Oman | News :: Launch of Sharia-compliant products in ODB’s agenda
Times of Oman | News :: Launch of Sharia-compliant products in ODB’s agenda:
"Oman Development Bank (ODB) is considering the launch of an Islamic window to offer Sharia-compliant products to small and medium-sized firms.
In December, Oman became the last country in the six-member Gulf Cooperation Council (GCC) to adopt Islamic finance, issuing regulations for the sector. Developing Islamic finance and smaller firms are two policies which the government hopes will cut unemployment, said a Reuters report.
Government-owned ODB, founded in 1977, considered a full-fledged conversion to become an Islamic bank but is likely instead to opt for an Islamic window, Hamed bin Salim Al Harthy, assistant general manager for branches at ODB, told the agency."
'via Blog this'
"Oman Development Bank (ODB) is considering the launch of an Islamic window to offer Sharia-compliant products to small and medium-sized firms.
In December, Oman became the last country in the six-member Gulf Cooperation Council (GCC) to adopt Islamic finance, issuing regulations for the sector. Developing Islamic finance and smaller firms are two policies which the government hopes will cut unemployment, said a Reuters report.
Government-owned ODB, founded in 1977, considered a full-fledged conversion to become an Islamic bank but is likely instead to opt for an Islamic window, Hamed bin Salim Al Harthy, assistant general manager for branches at ODB, told the agency."
'via Blog this'
Times of Oman | News :: Should Oman have a women’s quota for senior executive posts?
Times of Oman | News :: Should Oman have a women’s quota for senior executive posts?:
"
Perhaps it is time the government put in place a quota reserved to guarantee that women occupy top management positions in the Sultanate's corporate houses.
The system of corporate houses voluntarily putting more women at the top rung of the corporate ladder is not working, thanks to inherent male chauvinism.
In Oman, women are increasingly becoming a majority among the job seekers because female graduates outnumber males by a big margin and the gap is widening every year. "
'via Blog this'
"
The system of corporate houses voluntarily putting more women at the top rung of the corporate ladder is not working, thanks to inherent male chauvinism.
In Oman, women are increasingly becoming a majority among the job seekers because female graduates outnumber males by a big margin and the gap is widening every year. "
'via Blog this'
Saudi Gazette - Emerging countries must be able to control capital flows
Saudi Gazette - Emerging countries must be able to control capital flows:
"Emerging market nations can be adversely affected by large swings in investment, and must therefore develop tools to control credit flows or risk relinquishing any independent monetary policy.
That was the finding of a paper presented at the Kansas City Federal Reserve's monetary policy symposium at Jackson Hole, which highlighted the global impact of the unconventional monetary policy of the United States and other major central banks.
Many countries including India and Brazil have recently suffered steep sell-offs in their currencies, linked in part to the prospect that the Fed might soon dial down the pace of its bond-buying monetary stimulus.
The Jackson Hole study highlights a shift in conventional economic thinking, which used to champion open flows of money between countries regardless of the consequences."
'via Blog this'
"Emerging market nations can be adversely affected by large swings in investment, and must therefore develop tools to control credit flows or risk relinquishing any independent monetary policy.
That was the finding of a paper presented at the Kansas City Federal Reserve's monetary policy symposium at Jackson Hole, which highlighted the global impact of the unconventional monetary policy of the United States and other major central banks.
Many countries including India and Brazil have recently suffered steep sell-offs in their currencies, linked in part to the prospect that the Fed might soon dial down the pace of its bond-buying monetary stimulus.
The Jackson Hole study highlights a shift in conventional economic thinking, which used to champion open flows of money between countries regardless of the consequences."
'via Blog this'
Record surge in UAE consumer loans - The National
Record surge in UAE consumer loans - The National:
"Consumer lending increased in June by the most on record, as shopping malls filled with customers and card spending accelerated.
Personal loans to residents increased by Dh3.8 billion in June, the sixth consecutive month of increases, according to data from the Central Bank. It was the biggest monthly increase in the three years of Central Bank records.
Total personal lending has increased by Dh15.3bn so far this year. That is equivalent to the total amount of new consumer credit extended over the preceding two-and-a-half years. In all, Dh276.2bn in consumer loans were outstanding at the end of June."
'via Blog this'
"Consumer lending increased in June by the most on record, as shopping malls filled with customers and card spending accelerated.
Personal loans to residents increased by Dh3.8 billion in June, the sixth consecutive month of increases, according to data from the Central Bank. It was the biggest monthly increase in the three years of Central Bank records.
Total personal lending has increased by Dh15.3bn so far this year. That is equivalent to the total amount of new consumer credit extended over the preceding two-and-a-half years. In all, Dh276.2bn in consumer loans were outstanding at the end of June."
'via Blog this'
DIB offers Emiratis 100% mortgages - The National
DIB offers Emiratis 100% mortgages - The National:
"Dubai Islamic Bank and the Mohammed Bin Rashid Housing Establishment have signed an agreement to finance up to the full value of Emiratis' mortgages on new property purchases.
The bank said it would provide Emiratis in Dubai with financing up to 100 per cent of the value of properties up to Dh2 million for tenures of 25 years.
The Mohammed Bin Rashid Housing Establishment provides land grants and financing to nationals in Dubai for the purchase of subsidised housing."
'via Blog this'
"Dubai Islamic Bank and the Mohammed Bin Rashid Housing Establishment have signed an agreement to finance up to the full value of Emiratis' mortgages on new property purchases.
The bank said it would provide Emiratis in Dubai with financing up to 100 per cent of the value of properties up to Dh2 million for tenures of 25 years.
The Mohammed Bin Rashid Housing Establishment provides land grants and financing to nationals in Dubai for the purchase of subsidised housing."
'via Blog this'