REFILE-MIDEAST STOCKS-Saudi Telecom surges to 8-month high on unit sale deal | Reuters:
"* Saudi Telecom ends up 3.3 pct but well off high
* Saudi market back below 8,000 points
* Kuwait falls 1.5 pct but blue chips bought
* Qatar still soft on upcoming IPO
* Egypt rises above August peak
By Nadia Saleem
DUBAI, Sept 26 (Reuters) - Saudi Telecom Co (STC) was the standout in mixed Middle Eastern share markets on Thursday, as the stock surged to an eight-month high after the company agreed to sell its Indonesian unit to Malaysia's Axiata Group.
STC rose as much as 6.2 percent to its highest level since January, before giving back some of those gains to end up 3.3 percent on the day.
The deal is for an undisclosed amount but Axiata said the unit, PT Axis Telekom Indonesia, had an enterprise value of $865 million. The deal may also help STC end a tussle with global banks over a $1.2 billion loan tied to the Indonesian firm."
'via Blog this'
Thursday 26 September 2013
Dubai pens refinery deal with Sonangol | Fox News
Dubai pens refinery deal with Sonangol | Fox News:
"Dubai said on Thursday that it has signed a memorandum of understanding with China Sonangol to build a crude oil refinery aimed at meeting rising domestic demand.
The refinery, which will be the second in the Gulf emirate, will process end products for "domestic use as well as targeted international markets," the government of Dubai said in a statement.
"The refinery will seek to ensure the sustained supply of refined end products for the emirates future energy consumption while further augmenting Dubais export portfolio," it said."
'via Blog this'
"Dubai said on Thursday that it has signed a memorandum of understanding with China Sonangol to build a crude oil refinery aimed at meeting rising domestic demand.
The refinery, which will be the second in the Gulf emirate, will process end products for "domestic use as well as targeted international markets," the government of Dubai said in a statement.
"The refinery will seek to ensure the sustained supply of refined end products for the emirates future energy consumption while further augmenting Dubais export portfolio," it said."
'via Blog this'
Dubai Doubles Real Estate Fees as Prices Surge - Bloomberg
Dubai Doubles Real Estate Fees as Prices Surge - Bloomberg:
"Dubai, the emirate that suffered one of the world’s worst property crashes in 2008, doubled property-sale fees in a bid to limit speculation and avert another housing bubble.
The Dubai Land Department will raise the transaction fee to 4 percent from 2 percent effective Oct. 6, Director General Sultan Bin Mejren said at a press conference today. The change will apply to residential and commercial properties, including those sold before they are built, he said. It won’t be retroactive and won’t affect industrial real estate.
“This decision will limit quick property speculation, which is harmful to the market,” Bin Mejren said. “The market is recovering and we want to help boost stability and sustainability.”"
'via Blog this'
"Dubai, the emirate that suffered one of the world’s worst property crashes in 2008, doubled property-sale fees in a bid to limit speculation and avert another housing bubble.
The Dubai Land Department will raise the transaction fee to 4 percent from 2 percent effective Oct. 6, Director General Sultan Bin Mejren said at a press conference today. The change will apply to residential and commercial properties, including those sold before they are built, he said. It won’t be retroactive and won’t affect industrial real estate.
“This decision will limit quick property speculation, which is harmful to the market,” Bin Mejren said. “The market is recovering and we want to help boost stability and sustainability.”"
'via Blog this'
UPDATE 1-Sembcorp Omani JV completes $138 mln IPO, to start trading around Oct. 10 | Reuters
UPDATE 1-Sembcorp Omani JV completes $138 mln IPO, to start trading around Oct. 10 | Reuters:
"Sembcorp Salalah Power and Water Co, in which a unit of Singapore's Sembcorp Industries has a 60 percent stake, completed a 53 million rial ($138 million) initial public offer of shares in Oman, it said on Thursday.
The share sale, which ran from Aug. 28 to Sept. 26 and was arranged by HSBC Bank Oman, was "comfortably oversubscribed" by retail and institutional investors from Oman, Gulf countries and Europe, a statement said.
Public trading in the company on the Muscat bourse will begin on or around Oct. 10, it added."
'via Blog this'
"Sembcorp Salalah Power and Water Co, in which a unit of Singapore's Sembcorp Industries has a 60 percent stake, completed a 53 million rial ($138 million) initial public offer of shares in Oman, it said on Thursday.
The share sale, which ran from Aug. 28 to Sept. 26 and was arranged by HSBC Bank Oman, was "comfortably oversubscribed" by retail and institutional investors from Oman, Gulf countries and Europe, a statement said.
Public trading in the company on the Muscat bourse will begin on or around Oct. 10, it added."
'via Blog this'
Agronomy-Ukraine: Wet wet wet - Courtesy @AgronomyUkraine
Agronomy-Ukraine: Wet wet wet:
"
Its been raining and the ground is soaking wet.
Oilseed rape planted in to dry conditions earlier this month will appreciate the drink but the cold weather (I wore a hat today) will mean the plants can not really take full advantage.
Winter wheat plantings in Ukraine and Russia are now behind schedule so much so that commentators are writing about a shortage of wheat for 2014.
My contacts are all a little less negative; it is wet and machines are not moving at present but given a dry'ish October then they should catch up."
'via Blog this'
"
Oilseed rape planted in to dry conditions earlier this month will appreciate the drink but the cold weather (I wore a hat today) will mean the plants can not really take full advantage.
Winter wheat plantings in Ukraine and Russia are now behind schedule so much so that commentators are writing about a shortage of wheat for 2014.
My contacts are all a little less negative; it is wet and machines are not moving at present but given a dry'ish October then they should catch up."
'via Blog this'
Agronomy-Ukraine: China in your hand - Courtesy @AgronomyUkraine
Agronomy-Ukraine: China in your hand:
"This week China announced they had had reached an agreement with Ukraine to buy 3 million hectares of prime farmland in Dnipropetrovsk.
After much discussion as to what a hectare is the press went to town trying to contextualize 3 million.
Apparently it's about the size of Belgium, Armenia or Massachusetts and is 11,583 square miles or 9% of Ukraine's arable farm land.
I haven't checked any of these comparisons because I couldn't be bothered so don't email me if they are wrong.
However this was quickly followed up with a Refutation of Information statement from Ukraine saying it had all been a big misunderstanding and what they had actually agreed to was an investigation to cooperate in a 3 thousand hectare drip irrigation project.
3 thousand hectares is about 11.5 square miles or the size of Slough.
Despite back tracking the intention still holds true that many country's, China included, recognise Ukraine as an important provider of food security so expect more of these announcements in the future and expect some of them to eventually stick.
It also holds true that Ukraine is one bastard of a place to do business."
'via Blog this'
"This week China announced they had had reached an agreement with Ukraine to buy 3 million hectares of prime farmland in Dnipropetrovsk.
After much discussion as to what a hectare is the press went to town trying to contextualize 3 million.
Apparently it's about the size of Belgium, Armenia or Massachusetts and is 11,583 square miles or 9% of Ukraine's arable farm land.
I haven't checked any of these comparisons because I couldn't be bothered so don't email me if they are wrong.
However this was quickly followed up with a Refutation of Information statement from Ukraine saying it had all been a big misunderstanding and what they had actually agreed to was an investigation to cooperate in a 3 thousand hectare drip irrigation project.
3 thousand hectares is about 11.5 square miles or the size of Slough.
Despite back tracking the intention still holds true that many country's, China included, recognise Ukraine as an important provider of food security so expect more of these announcements in the future and expect some of them to eventually stick.
It also holds true that Ukraine is one bastard of a place to do business."
'via Blog this'
Qatar's migrants: how have they changed the country? | News | theguardian.com
Qatar's migrants: how have they changed the country? | News | theguardian.com:
"Back in 1980, Qatar was a country of just 0.2 million people, making it one of the smallest in the world, and in terms of residents, 1/37th of what London is today. But things have rapidly changed, largely because of an explosion in immigration. Here are some of the numbers that show what happened.
Population size
Early on, Qatar's expansion was fast - it's population grew at a rate of 10.2% between 1980 and 1985. That rate slowed from 1990 to 1995 but leapt again in 2005 when Qatar's numbers climbed by 15.3% over the space of five years.
And although the rate of growth is expected to slow, Qatar's population is forecast to continue its growth over the next 40 years."
'via Blog this'
"Back in 1980, Qatar was a country of just 0.2 million people, making it one of the smallest in the world, and in terms of residents, 1/37th of what London is today. But things have rapidly changed, largely because of an explosion in immigration. Here are some of the numbers that show what happened.
Population size
82
500
1000
1500
1940
1980
’90
’00
’10
’20
’30
’40
2050
Males
Females
2010
1331
428
And although the rate of growth is expected to slow, Qatar's population is forecast to continue its growth over the next 40 years."
'via Blog this'
Agroton gain helps keep UAIndex on an upward track - Business - News - Ukraine Business Online
Agroton gain helps keep UAIndex on an upward track - Business - News - Ukraine Business Online:
"Wednesday was a busy trading day for UAIndex food and agriculture stocks, ending the day at 4,074.05, up +0.66%.
Topping the day’s action was the Index’s perennial big mover, Agroton. When Wednesday’s action was calculated, the results showed Agroton as Best Performer, up a remarkable +5.09% on trading of 522,141 shares, which also gave it Volume Leader status. It was a remarkable day for Agroton, a stock that could use a lot of remarkable days. Even with Agroton’s recent success, up +11.0% in three straight positive sessions, the stock still has an immense to recover. As of the close of business on Sept. 25, 2013, Agroton’s market cap was down -76.64% on an annual basis.
Worst Performing for the day on Wednesday was Agrogeneration, down -1.48% on trade of 16,132 shares."
'via Blog this'
"Wednesday was a busy trading day for UAIndex food and agriculture stocks, ending the day at 4,074.05, up +0.66%.
Topping the day’s action was the Index’s perennial big mover, Agroton. When Wednesday’s action was calculated, the results showed Agroton as Best Performer, up a remarkable +5.09% on trading of 522,141 shares, which also gave it Volume Leader status. It was a remarkable day for Agroton, a stock that could use a lot of remarkable days. Even with Agroton’s recent success, up +11.0% in three straight positive sessions, the stock still has an immense to recover. As of the close of business on Sept. 25, 2013, Agroton’s market cap was down -76.64% on an annual basis.
Worst Performing for the day on Wednesday was Agrogeneration, down -1.48% on trade of 16,132 shares."
'via Blog this'
BBC Sport - Qatar 2022 World Cup organisers appalled by work conditions
BBC Sport - Qatar 2022 World Cup organisers appalled by work conditions:
"
Qatar 2022 World Cup organisers say they are "appalled" by the findings of an investigation into the treatment of migrant workers in the country.
The organising body has also said that the Qatari government will be looking into The Guardian's allegations.
The newspaper says Nepalese workers in Qatar "face exploitation and abuses that amount to modern-day slavery".
"There is no excuse for any worker in Qatar, or anywhere else, to be treated in this manner," a statement read."
'via Blog this'
"
The organising body has also said that the Qatari government will be looking into The Guardian's allegations.
The newspaper says Nepalese workers in Qatar "face exploitation and abuses that amount to modern-day slavery".
"There is no excuse for any worker in Qatar, or anywhere else, to be treated in this manner," a statement read."
'via Blog this'
CEE distiller Stock Spirits to IPO in London | beyondbrics
CEE distiller Stock Spirits to IPO in London | beyondbrics:
"Stock Spirits Group is preparing an IPO on the London Stock Exchange which it hopes will raise about £50m to help finance its goal of becoming central and eastern Europe’s leading spirits producer.
The Luxembourg-headquartered company – created in 2007 with backing from Oaktree Capital Management to consolidate some of emerging Europe’s leading producers of spirits and liqueurs – said in a statement it planned to sell new and existing shares to give a free float of 25 per cent.
Stock Spirits has operations in Italy, Poland, the Czech Republic, Slovakia, Slovenia, Croatia and Bosnia-Herzegovina. Its 25 brands include local household names such as Stock 84 brandy, Fernet Stock bitter, as well as five “millionaire” brands (selling more than a million 9-litre cases a year) of vodkas Czysta de Luxe, Lubelska, Zoladkowa Gorzka and 1906, and Bozkov rum."
'via Blog this'
"Stock Spirits Group is preparing an IPO on the London Stock Exchange which it hopes will raise about £50m to help finance its goal of becoming central and eastern Europe’s leading spirits producer.
The Luxembourg-headquartered company – created in 2007 with backing from Oaktree Capital Management to consolidate some of emerging Europe’s leading producers of spirits and liqueurs – said in a statement it planned to sell new and existing shares to give a free float of 25 per cent.
Stock Spirits has operations in Italy, Poland, the Czech Republic, Slovakia, Slovenia, Croatia and Bosnia-Herzegovina. Its 25 brands include local household names such as Stock 84 brandy, Fernet Stock bitter, as well as five “millionaire” brands (selling more than a million 9-litre cases a year) of vodkas Czysta de Luxe, Lubelska, Zoladkowa Gorzka and 1906, and Bozkov rum."
'via Blog this'
Qatar Petroleum Joins Gulf IPO Revival as Dubai Shares Surge - Bloomberg
Qatar Petroleum Joins Gulf IPO Revival as Dubai Shares Surge - Bloomberg:
"Qatar Petroleum and Just Falafel are leading companies in the Persian Gulf out of a four-year drought in initial public offerings, tapping demand that pushed Dubai’s equity index up the most in 2013 among major markets.
Qatar Petroleum, the state-run energy company, plans to raise 3.2 billion riyals ($879 million) from a share sale in unit Mesaieed Petrochemical Holding Co. next quarter, two people with knowledge of the plan said this week. Just Falafel, the fast food chain that plans to expand its more than 40 restaurants, is considering the sale of a 25 percent stake this year, two people aware of the matter said last week.
“There is significant pent up demand and if this next cohort can raise at reasonable valuations and perform well, many more may follow,” Emad Mostaque, a London-based strategist at Noah Capital Markets, said by e-mail Sept. 23. “Companies need cash for expansion and valuations are now reasonable again to raise equity capital.”"
'via Blog this'
"Qatar Petroleum and Just Falafel are leading companies in the Persian Gulf out of a four-year drought in initial public offerings, tapping demand that pushed Dubai’s equity index up the most in 2013 among major markets.
Qatar Petroleum, the state-run energy company, plans to raise 3.2 billion riyals ($879 million) from a share sale in unit Mesaieed Petrochemical Holding Co. next quarter, two people with knowledge of the plan said this week. Just Falafel, the fast food chain that plans to expand its more than 40 restaurants, is considering the sale of a 25 percent stake this year, two people aware of the matter said last week.
“There is significant pent up demand and if this next cohort can raise at reasonable valuations and perform well, many more may follow,” Emad Mostaque, a London-based strategist at Noah Capital Markets, said by e-mail Sept. 23. “Companies need cash for expansion and valuations are now reasonable again to raise equity capital.”"
'via Blog this'
Abu Dhabi fund Mubadala's H1 profit up 10.4 pct on investment gains | Reuters
Abu Dhabi fund Mubadala's H1 profit up 10.4 pct on investment gains | Reuters:
"Mubadala, the Abu Dhabi investment fund with a mandate to develop the emirate's local economy, on Thursday posted a 10.4 percent rise in first-half profit boosted mainly by income from financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, said profit attributable to equity owners for the first half of the year was 1.1 billion dirhams ($299.5 million), compared with 984.7 million dirhams in the corresponding period last year.
Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) or Qatar Investment Authority (QIA), Mubadala's main goal is to engage in investments which enhance development of the local economy, a theme which has gained greater prominence in the wake of the Arab spring."
'via Blog this'
"Mubadala, the Abu Dhabi investment fund with a mandate to develop the emirate's local economy, on Thursday posted a 10.4 percent rise in first-half profit boosted mainly by income from financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, said profit attributable to equity owners for the first half of the year was 1.1 billion dirhams ($299.5 million), compared with 984.7 million dirhams in the corresponding period last year.
Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) or Qatar Investment Authority (QIA), Mubadala's main goal is to engage in investments which enhance development of the local economy, a theme which has gained greater prominence in the wake of the Arab spring."
'via Blog this'
Egypt receives $2 billion deposit from Kuwait | Reuters
Egypt receives $2 billion deposit from Kuwait | Reuters:
"Egypt's central bank has received a $2 billion deposit from Kuwait, the governor said on Thursday.
The deposit is part of $12 billion in aid that Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt after the military deposed Islamist president Mohamed Mursi on July 3.
"Yes. The Kuwait $2 billion (has been) received," Hisham Ramez told Reuters in a text message.
Ramez said one week ago that Egypt had returned a $2 billion deposit from Qatar, which strongly supported Mursi, after negotiations to turn it into three-year bonds had failed."
'via Blog this'
"Egypt's central bank has received a $2 billion deposit from Kuwait, the governor said on Thursday.
The deposit is part of $12 billion in aid that Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt after the military deposed Islamist president Mohamed Mursi on July 3.
"Yes. The Kuwait $2 billion (has been) received," Hisham Ramez told Reuters in a text message.
Ramez said one week ago that Egypt had returned a $2 billion deposit from Qatar, which strongly supported Mursi, after negotiations to turn it into three-year bonds had failed."
'via Blog this'
BAE submits UAE Typhoon bid - Telegraph
BAE submits UAE Typhoon bid - Telegraph:
"
The Typhoon programme, developed by BAE, Italy’s Finmeccanica and Airbus–maker EADS, suffered a major setback last year when it lost out to French company Dassault for a major contract to supply India with 126 fighter jets.
However, the aircraft has emerged as the favourite to win the UAE contract, which could be worth around £6bn and has been described as a “game-changer” by the chief executive of BAE, Ian King.
More than 5,000 people work on the Typhoon project in Britain for BAE, which is the country’s biggest defence contractor. Securing the UAE deal would be a major boost to the manufacturing sites in Lancashire where the fighter jet is constructed."
'via Blog this'
"
 |
| The first RAF Typhoon was delivered in 2003, with the total delivered since reaching 112 aircraft. Photo: Reuters |
However, the aircraft has emerged as the favourite to win the UAE contract, which could be worth around £6bn and has been described as a “game-changer” by the chief executive of BAE, Ian King.
More than 5,000 people work on the Typhoon project in Britain for BAE, which is the country’s biggest defence contractor. Securing the UAE deal would be a major boost to the manufacturing sites in Lancashire where the fighter jet is constructed."
'via Blog this'
Russia. The risk of crop shortages is increasing due to late harvest. — BlackSeaGrain
Russia. The risk of crop shortages is increasing due to late harvest. — BlackSeaGrain:
"According to Russia’s Agriculture Ministry, roughly 70% of acreage was harvested as of September 19 (65% a week before). The lag behind last year equals 2.1 Ml ha and continues decreasing.
Farmers obtained 72.4 MMT of grain in bunker weight by September 19.
Yield continued declining. Overall, it fell to last year’s level in the country."
'via Blog this'
"According to Russia’s Agriculture Ministry, roughly 70% of acreage was harvested as of September 19 (65% a week before). The lag behind last year equals 2.1 Ml ha and continues decreasing.
Farmers obtained 72.4 MMT of grain in bunker weight by September 19.
Yield continued declining. Overall, it fell to last year’s level in the country."
'via Blog this'
Custody Replaced with House Arrest for Uralkali CEO – Lawyer | World | RIA Novosti
Custody Replaced with House Arrest for Uralkali CEO – Lawyer | World | RIA Novosti:
"
Custody pending trial for the CEO of Russian fertilizer giant Uralkali, who was arrested in Belarus in August, has been replaced with house arrest, his lawyer said Thursday.
“The measure of restraint for Vladislav Baumgertner, arrested in Minsk, was suddenly changed this night. He was placed under house arrest,” lawyer Alexei Basistov told RIA Novosti.
Uralkali, the world’s biggest producer of potash, has been embroiled in a dispute with Belarusian fertilizer giant Belaruskali since July when Uralkali dissolved an international cartel within which the two companies were cooperating. The move sent international fertilizer prices tumbling. In an apparent act of revenge by Minsk, Baumgertner was charged with abuse of power and taken into custody pending trial."
'via Blog this'
"
 |
Vladislav Baumgertner © RIA Novosti. Yekaterina Chesnokova |
“The measure of restraint for Vladislav Baumgertner, arrested in Minsk, was suddenly changed this night. He was placed under house arrest,” lawyer Alexei Basistov told RIA Novosti.
Uralkali, the world’s biggest producer of potash, has been embroiled in a dispute with Belarusian fertilizer giant Belaruskali since July when Uralkali dissolved an international cartel within which the two companies were cooperating. The move sent international fertilizer prices tumbling. In an apparent act of revenge by Minsk, Baumgertner was charged with abuse of power and taken into custody pending trial."
'via Blog this'
Ukraine GDP Growth Forecast Cut in Half in Poll of Economists - Bloomberg
Ukraine GDP Growth Forecast Cut in Half in Poll of Economists - Bloomberg:
"Ukraine’s economy will expand at less than half the pace initially projected for 2013, economists said as they slashed their forecasts for third-quarter growth.
Gross domestic product will rise 0.6 percent from a year earlier between July and September, 0.3 percent this year and 2.1 percent in 2014, according to the median estimate of 20 economists in a Bloomberg survey carried out Sept. 20-25. The previous poll, conducted June 21-26, had showed third-quarter growth of 2.5 percent and 0.7 percent and 3 percent expansion in 2013 and next year.
Ukraine is struggling with an economic contraction, a widening current-account gap, shrinking foreign reserves and trade restrictions from Russia, its biggest export market. Moody’s Investors Service cut Ukraine’s debt rating on Sept. 20 by one level to Caa1, seven steps below investment grade, citing growing political and economic risks and a lack of progress on an international bailout."
'via Blog this'
"Ukraine’s economy will expand at less than half the pace initially projected for 2013, economists said as they slashed their forecasts for third-quarter growth.
Gross domestic product will rise 0.6 percent from a year earlier between July and September, 0.3 percent this year and 2.1 percent in 2014, according to the median estimate of 20 economists in a Bloomberg survey carried out Sept. 20-25. The previous poll, conducted June 21-26, had showed third-quarter growth of 2.5 percent and 0.7 percent and 3 percent expansion in 2013 and next year.
Ukraine is struggling with an economic contraction, a widening current-account gap, shrinking foreign reserves and trade restrictions from Russia, its biggest export market. Moody’s Investors Service cut Ukraine’s debt rating on Sept. 20 by one level to Caa1, seven steps below investment grade, citing growing political and economic risks and a lack of progress on an international bailout."
'via Blog this'
Russia Sees Belarus, Ukraine Risking Currency Crises - Bloomberg
Russia Sees Belarus, Ukraine Risking Currency Crises - Bloomberg:
"Russia’s western neighbors Ukraine and Belarus may face currency crises as their current-account deficits swell after demand for exports has weakened, according to Russia’s Economy Ministry.
Ukraine’s widening current-account gap may trigger a further weakening of the hryvnia this year, while Belarus may devalue its ruble by 37 percent against the dollar next year, the Economy Ministry, which oversees macroeconomic forecasting for the Russian government, said in a report dated Sept. 24.
“Supporting the managed exchange rate of the hryvnia is putting more pressure on the gradually declining currency reserves,” the ministry said. “Deflationary processes could turn into inflationary already this year as a result of a possible fall in the hryvnia along with the Ukrainian central bank halving its interest rate to 6.5 percent.”"
'via Blog this'
"Russia’s western neighbors Ukraine and Belarus may face currency crises as their current-account deficits swell after demand for exports has weakened, according to Russia’s Economy Ministry.
Ukraine’s widening current-account gap may trigger a further weakening of the hryvnia this year, while Belarus may devalue its ruble by 37 percent against the dollar next year, the Economy Ministry, which oversees macroeconomic forecasting for the Russian government, said in a report dated Sept. 24.
“Supporting the managed exchange rate of the hryvnia is putting more pressure on the gradually declining currency reserves,” the ministry said. “Deflationary processes could turn into inflationary already this year as a result of a possible fall in the hryvnia along with the Ukrainian central bank halving its interest rate to 6.5 percent.”"
'via Blog this'
Russia's UN Delegation Walks Out During Saakashvili's 'Crazy' Speech | Business | The Moscow Times
Russia's UN Delegation Walks Out During Saakashvili's 'Crazy' Speech | Business | The Moscow Times:
"
Outgoing Georgian President Mikheil Saakashvili assailed Russia as "the last authoritarian empire in the world" during a speech to the UN General Assembly, and predicted that President Vladimir Putin would disappear from Russian politics, prompting the Russian delegation to walk out in protest.
Russia's ambassador to the UN, Vitaly Churkin, decried Saakashvili's remarks as "crazy fabrications" and even "anti-Christian," and said the Georgian leader needed psychological help.
Saakashvili, whose second and final term ends next month, warned that the Kremlin was using "constant pressures and threats" to establish a new Russian empire through the proposed Eurasian Union, a political and economic bloc of former Soviet republics.
"It makes me sick when KGB agent Vladimir Putin lectures the World about freedom values and democracy. This is least of the things he can do to the world being a dictatorial leader of one of the last empires left," Saakashvili said. "But this new project [the Eurasian Union] is much more dangerous than his lectures."
'via Blog this'
"
 |
Adam Hunger / Reuters Saakashvili addressing the 68th United Nations General Assembly in New York on Wednesday. |
Russia's ambassador to the UN, Vitaly Churkin, decried Saakashvili's remarks as "crazy fabrications" and even "anti-Christian," and said the Georgian leader needed psychological help.
Saakashvili, whose second and final term ends next month, warned that the Kremlin was using "constant pressures and threats" to establish a new Russian empire through the proposed Eurasian Union, a political and economic bloc of former Soviet republics.
"It makes me sick when KGB agent Vladimir Putin lectures the World about freedom values and democracy. This is least of the things he can do to the world being a dictatorial leader of one of the last empires left," Saakashvili said. "But this new project [the Eurasian Union] is much more dangerous than his lectures."
'via Blog this'
San Leon Buys Turkish Assets, Sells Shares to Fund Polish Shale - Bloomberg
San Leon Buys Turkish Assets, Sells Shares to Fund Polish Shale - Bloomberg:
"San Leon Energy Plc (SLE), a U.K.-listed oil and gas explorer focused on shale in eastern Europe, bought three-quarters of Alpay Enerji AS to support drilling in Poland.
The $4 million deal will give San Leon a stake in 16 conventional oil licenses in Turkey and should generate $3 million a month for the company from next year, it said in a statement in London. Separately, the explorer is raising 31 million pounds ($50 million) in a share placement.
Exxon Mobil Corp. (XOM), Marathon Oil Corp. (MRO) and Talisman Energy Inc. (TLM) have withdrawn from shale exploration in Poland after the first wells failed to produce commercial finds. The country is sitting on the European Union’s biggest shale-gas reserves, enough to last at least 50 years and free the nation from dependence on Russia, the Polish Geological Institute says."
'via Blog this'
"San Leon Energy Plc (SLE), a U.K.-listed oil and gas explorer focused on shale in eastern Europe, bought three-quarters of Alpay Enerji AS to support drilling in Poland.
The $4 million deal will give San Leon a stake in 16 conventional oil licenses in Turkey and should generate $3 million a month for the company from next year, it said in a statement in London. Separately, the explorer is raising 31 million pounds ($50 million) in a share placement.
Exxon Mobil Corp. (XOM), Marathon Oil Corp. (MRO) and Talisman Energy Inc. (TLM) have withdrawn from shale exploration in Poland after the first wells failed to produce commercial finds. The country is sitting on the European Union’s biggest shale-gas reserves, enough to last at least 50 years and free the nation from dependence on Russia, the Polish Geological Institute says."
'via Blog this'
Citigroup moves to block new arbitration by Abu Dhabi fund | Reuters
Citigroup moves to block new arbitration by Abu Dhabi fund | Reuters:
"
Citigroup Inc (C.N) has gone to court to block a new effort by Abu Dhabi Investment Authority to pursue an arbitration over a $7.5 billion investment the sovereign wealth fund made in the bank amid the subprime mortgage meltdown in 2007.
In a complaint unsealed Tuesday in U.S. District Court in New York, Citigroup said that by filing a claim last month, ADIA had made an "assault" on a federal court ruling in March that upheld the bank's win in an earlier international arbitration.
ADIA in the initial arbitration accused Citigroup of fraud and sought $4 billion.
Only after losing that case did ADIA discover it had more grievances stemming from its investment, Citigroup said in its complaint."
'via Blog this'
"
 |
A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Credit: Reuters/Brendan McDermid |
In a complaint unsealed Tuesday in U.S. District Court in New York, Citigroup said that by filing a claim last month, ADIA had made an "assault" on a federal court ruling in March that upheld the bank's win in an earlier international arbitration.
ADIA in the initial arbitration accused Citigroup of fraud and sought $4 billion.
Only after losing that case did ADIA discover it had more grievances stemming from its investment, Citigroup said in its complaint."
'via Blog this'
ECONOMICS - Turkey and Arabs seek to boost economic ties
ECONOMICS - Turkey and Arabs seek to boost economic ties:
"
Turkey and Arab countries aim to increase their economic and trade relations and seek to trigger the process by signing a number of deals, Economy Minister Zafer Çağlayan said yesterday during the Turkish-Arab Economy Summit.
The summit was organized for the first time in the southern province of Mersin with the attendance of the economy, investment, and trade ministers of Saudi Arabia, Qatar, Kuwait, Iraq, Jordan, Sudan, Bahrain, Morocco, Djibouti, Tunisia, Palestine, Oman and Libya, as well as Turkey.
“Fourteen ministers from the 21-country Arab League are here around the same table. A total of 18 countries are represented here. We all want to tell the world that we are all determined to use trade and the economy as a means on the road to peace, fraternity, prosperity and development,” said Çağlayan. "
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The Turkish-Arab Economy Summit was organized for the first time in the southern province of Mersin with the attendance of the economy, investment, and trade ministers of Saudi Arabia, Qatar, Kuwait, Iraq, Jordan, Sudan, Bahrain, Morocco, Djibouti, Tunisia, Palestine, Oman and Libya, as well as Turkey. |
The summit was organized for the first time in the southern province of Mersin with the attendance of the economy, investment, and trade ministers of Saudi Arabia, Qatar, Kuwait, Iraq, Jordan, Sudan, Bahrain, Morocco, Djibouti, Tunisia, Palestine, Oman and Libya, as well as Turkey.
“Fourteen ministers from the 21-country Arab League are here around the same table. A total of 18 countries are represented here. We all want to tell the world that we are all determined to use trade and the economy as a means on the road to peace, fraternity, prosperity and development,” said Çağlayan. "
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Saudi Gazette - Almarai sets guidance on $453m sukuk
Saudi Gazette - Almarai sets guidance on $453m sukuk:
"Saudi Arabian dairy firm Almarai Company has set guidance of 200 basis points over six-month Libor on a planned SR1.7 billion ($453.2 million) Tier 1 hybrid sukuk, a banker said.
The company completed two-week roadshows last Friday and opened books on the deal this week.
The deal is expected to be wrapped up early next week, with early indications from investors suggesting that demand is likely to be high, the banker said.
If completed successfully, it would be the first corporate hybrid sukuk - a perpetual sukuk with equity-like characteristics – in the Gulf region. – Reuters"
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"Saudi Arabian dairy firm Almarai Company has set guidance of 200 basis points over six-month Libor on a planned SR1.7 billion ($453.2 million) Tier 1 hybrid sukuk, a banker said.
The company completed two-week roadshows last Friday and opened books on the deal this week.
The deal is expected to be wrapped up early next week, with early indications from investors suggesting that demand is likely to be high, the banker said.
If completed successfully, it would be the first corporate hybrid sukuk - a perpetual sukuk with equity-like characteristics – in the Gulf region. – Reuters"
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Saudi Gazette - SABIC to issue 5-year dollar bond
Saudi Gazette - SABIC to issue 5-year dollar bond:
"Saudi Basic Industries Corp (SABIC), the world’s largest petrochemicals maker by market value, has set initial price guidance for a benchmark-sized dollar-denominated bond offering, lead managers said on Wednesday.
The initial price thought on the bond, which will have a five-year lifespan, is in the area of 150 basis points over the equivalent US Treasuries. Benchmark-size is understood to mean at least $500 million.
Pricing of the bond, a rare offering from a Saudi entity in dollars, is expected on Thursday, according to an earlier update from the banks arranging the transaction, which will be completed through its SABIC Capital unit. Citigroup Inc, HSBC Holdings, Mizuho and Royal Bank of Scotland are the lead managers on the deal, roadshows for which are due to conclude on Wednesday. — Reuters"
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"Saudi Basic Industries Corp (SABIC), the world’s largest petrochemicals maker by market value, has set initial price guidance for a benchmark-sized dollar-denominated bond offering, lead managers said on Wednesday.
The initial price thought on the bond, which will have a five-year lifespan, is in the area of 150 basis points over the equivalent US Treasuries. Benchmark-size is understood to mean at least $500 million.
Pricing of the bond, a rare offering from a Saudi entity in dollars, is expected on Thursday, according to an earlier update from the banks arranging the transaction, which will be completed through its SABIC Capital unit. Citigroup Inc, HSBC Holdings, Mizuho and Royal Bank of Scotland are the lead managers on the deal, roadshows for which are due to conclude on Wednesday. — Reuters"
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Saudi Gazette - Tadawul upgrades trading platform
Saudi Gazette - Tadawul upgrades trading platform:
"The Saudi Stock Exchange (Tadawul) and Nasdaq OMX Group have entered into an agreement to replace the former's existing Nasdaq OMX platform (SAXESS) with one powered by the industry leading X-Stream INET technology. Migration to the new platform is expected to commence in January 2014.
Under the deal, Tadawul will also continue to leverage the existing suite of market surveillance and CSD technologies that have been supported by Nasdaq OMX since 2006.
“The Saudi Stock Exchange is proud to engage in a new chapter in its relationship with Nasdaq OMX as we continue our efforts to build the necessary infrastructure to expand into new products and services,” said Adel Al-Ghamdi, CEO, Tadawul, in his opening remarks at the signing ceremony held in Tadawul’s headquarters in Riyadh."
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"The Saudi Stock Exchange (Tadawul) and Nasdaq OMX Group have entered into an agreement to replace the former's existing Nasdaq OMX platform (SAXESS) with one powered by the industry leading X-Stream INET technology. Migration to the new platform is expected to commence in January 2014.
Under the deal, Tadawul will also continue to leverage the existing suite of market surveillance and CSD technologies that have been supported by Nasdaq OMX since 2006.
“The Saudi Stock Exchange is proud to engage in a new chapter in its relationship with Nasdaq OMX as we continue our efforts to build the necessary infrastructure to expand into new products and services,” said Adel Al-Ghamdi, CEO, Tadawul, in his opening remarks at the signing ceremony held in Tadawul’s headquarters in Riyadh."
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Saudi Gazette - Middle East aviation market valued at $550b in 2 decades
Saudi Gazette - Middle East aviation market valued at $550b in 2 decades:
"Middle East financial institutions in 2013 continue to surpass expectations for new delivery financing of Boeing commercial airplanes, the leading manufacturer reported at its annual financiers and investors conference for the Middle East, Africa and South Asia region held in Dubai Wednesday.
The positive trend comes as the world’s airliner builders expect record deliveries in 2013, with Middle East support for US-built jetliners doubling between 2011 and 2012 to approximately $6.4 billion.
“From the time historically when Middle East institutions funded about one-fifth of the region’s deliveries with their own capital, this year we expect to have two-thirds of Boeing deliveries here covered, which is a seven percent increase over 2012’s explosive growth,” said Rich Hammond, a senior director of Boeing Capital Corporation, the manufacturer’s financing and leasing unit and an event co-host."
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"Middle East financial institutions in 2013 continue to surpass expectations for new delivery financing of Boeing commercial airplanes, the leading manufacturer reported at its annual financiers and investors conference for the Middle East, Africa and South Asia region held in Dubai Wednesday.
The positive trend comes as the world’s airliner builders expect record deliveries in 2013, with Middle East support for US-built jetliners doubling between 2011 and 2012 to approximately $6.4 billion.
“From the time historically when Middle East institutions funded about one-fifth of the region’s deliveries with their own capital, this year we expect to have two-thirds of Boeing deliveries here covered, which is a seven percent increase over 2012’s explosive growth,” said Rich Hammond, a senior director of Boeing Capital Corporation, the manufacturer’s financing and leasing unit and an event co-host."
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At 16, Ganesh got a job in Qatar. Two months later he was dead | Global development | The Guardian
At 16, Ganesh got a job in Qatar. Two months later he was dead | Global development | The Guardian:
"
Amid the urgent bustle of Kathmandu airport, you can see one of globalisation's most bitter sights. At the departure gate, hopeful parents bid tearful farewells to their garlanded sons as they join the hundreds of thousands of Nepalese heading overseas for work. At the other end of the terminal, among the stream of passengers emerging through arrivals, the coffins of migrant workers are wheeled out on luggage trolleys to be collected by families. Some relatives are stoic, others wail and writhe on the floor. On average, three or four bodies arrive home every day.
These are the big losers of scandalous abuse and exploitation of some of the poorest, most disenfranchised people on the planet: the workers who leave Nepal for the Middle East every year.
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| The coffins of two Nepalese workers killed in Qatar, on trollies at Kathmandu airport before delivery to their families. Photograph: Peter Pattisson/guardian.co.uk |
These are the big losers of scandalous abuse and exploitation of some of the poorest, most disenfranchised people on the planet: the workers who leave Nepal for the Middle East every year.
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Olympics expert Lord Deighton visits UAE to drum up financial support for £300 billion of UK projects | The National
Olympics expert Lord Deighton visits UAE to drum up financial support for £300 billion of UK projects | The National:
"The British minister who helped to deliver the 2012 London Olympics has visited the UAE to drum up further financial support for £300 billion (Dh1.77 trillion) in infrastructure projects planned for the next decade.
Energy projects spanning gas, nuclear and renewables and waste water management were among the schemes Lord Deighton and his team discussed with Mubadala Development, the strategic investment company owned by the Abu Dhabi Government, and Masdar, the clean energy firm.
Lord Deighton, the commercial secretary to the United Kingdom’s treasury, and minister responsible for infrastructure, also met Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces."
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"The British minister who helped to deliver the 2012 London Olympics has visited the UAE to drum up further financial support for £300 billion (Dh1.77 trillion) in infrastructure projects planned for the next decade.
Energy projects spanning gas, nuclear and renewables and waste water management were among the schemes Lord Deighton and his team discussed with Mubadala Development, the strategic investment company owned by the Abu Dhabi Government, and Masdar, the clean energy firm.
Lord Deighton, the commercial secretary to the United Kingdom’s treasury, and minister responsible for infrastructure, also met Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces."
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Iraq still has Syria in its oil pipeline | The National
Iraq still has Syria in its oil pipeline | The National:
"Iraq remains hopeful of building a pipeline through Syria as it seeks to diversify markets for its rising oil output.
A pipeline for Iraqi oil through Syria, should that country stabilise, would help to meet energy demand and offer needed transit revenues, said Iraq’s chief oil official Hussain Al Shahristani, the deputy prime minister for energy affairs.
“We need to connect to our neighbours,” he said in Dubai. “The situation in Syria is not encouraging. Our relationship with Turkey this year has not been as it should be.”"
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"Iraq remains hopeful of building a pipeline through Syria as it seeks to diversify markets for its rising oil output.
A pipeline for Iraqi oil through Syria, should that country stabilise, would help to meet energy demand and offer needed transit revenues, said Iraq’s chief oil official Hussain Al Shahristani, the deputy prime minister for energy affairs.
“We need to connect to our neighbours,” he said in Dubai. “The situation in Syria is not encouraging. Our relationship with Turkey this year has not been as it should be.”"
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Local airlines’ global role key to Arabian Gulf’s diversification | The National
Local airlines’ global role key to Arabian Gulf’s diversification | The National:
"Arabian Gulf airlines are crucial in helping their home countries diversify their economies and reduce their reliance on oil exports, says the International Air Transport Association (Iata).
The airlines do this through their success as aviation hubs for the global trading of goods and services.
“The success of Gulf carriers attracting long-haul connecting traffic over their hubs is also a key factor behind the expected growth [of the Gulf carriers],” said Brian Pearce, the chief economist of Iata, said:"
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"Arabian Gulf airlines are crucial in helping their home countries diversify their economies and reduce their reliance on oil exports, says the International Air Transport Association (Iata).
The airlines do this through their success as aviation hubs for the global trading of goods and services.
“The success of Gulf carriers attracting long-haul connecting traffic over their hubs is also a key factor behind the expected growth [of the Gulf carriers],” said Brian Pearce, the chief economist of Iata, said:"
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Harrowing tale of devaluations | GulfNews.com
Harrowing tale of devaluations | GulfNews.com:
"A few might mistake the role of a central bank to purely oversee what investment and commercial banks are doing. Not so, and it never is limited to setting overnight rates or reserve ratios to partially ensure bank deposits against bank runs.
These and a few other processes work in harmony towards controlling the money supply or keeping inflation under control, which are two sides to a coin. The money supply works towards serving another role for the central bank, which is keeping inflation at an acceptable level. If achieved, this serves one of its other roles, which is guarding the national currency’s value.
It’s the central bank that uses different monetary instruments to fulfil the role and set a basis for economic prosperity through carefully studied strategies. These roles, however, cannot succeed on their own even though they do serve one another. And one that is essential in serving all of the above is the central bank’s role in acquiring and managing an appropriate portfolio of reserves that include foreign currencies, gold, bonds, commercial notes, and others."
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"A few might mistake the role of a central bank to purely oversee what investment and commercial banks are doing. Not so, and it never is limited to setting overnight rates or reserve ratios to partially ensure bank deposits against bank runs.
These and a few other processes work in harmony towards controlling the money supply or keeping inflation under control, which are two sides to a coin. The money supply works towards serving another role for the central bank, which is keeping inflation at an acceptable level. If achieved, this serves one of its other roles, which is guarding the national currency’s value.
It’s the central bank that uses different monetary instruments to fulfil the role and set a basis for economic prosperity through carefully studied strategies. These roles, however, cannot succeed on their own even though they do serve one another. And one that is essential in serving all of the above is the central bank’s role in acquiring and managing an appropriate portfolio of reserves that include foreign currencies, gold, bonds, commercial notes, and others."
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Abraaj’s Stanford Marine Unit Gets $300 Million Syndicated Loan - Bloomberg
Abraaj’s Stanford Marine Unit Gets $300 Million Syndicated Loan - Bloomberg:
"Stanford Asia Holding Co., a unit of Dubai-based oil and gas services company Stanford Marine Group, raised a $300 million loan to replace existing debt.
The five-year syndicated facility was arranged by Standard Chartered Plc (STAN), Emirates NBD PJSC (EMIRATES), Mubadala GE Capital PJSC and Noor Islamic Bank PJSC, according to an e-mailed statement from Standard Chartered in Dubai today. The facility was oversubscribed with Abu Dhabi Commercial Bank PJSC (ADCB), Barwa Bank, Mashreqbank PSC (MASQ) also joining as arrangers.
Buyout firm Abraaj Group, which owns 51 percent of Stanford Marine, plans an initial public offering of the company in London, a person familiar with the plan said Sept. 15. The share sale of the company, which charters, builds and repairs offshore support vessels for the oil and gas industry, will probably take place in the first quarter, the person said."
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"Stanford Asia Holding Co., a unit of Dubai-based oil and gas services company Stanford Marine Group, raised a $300 million loan to replace existing debt.
The five-year syndicated facility was arranged by Standard Chartered Plc (STAN), Emirates NBD PJSC (EMIRATES), Mubadala GE Capital PJSC and Noor Islamic Bank PJSC, according to an e-mailed statement from Standard Chartered in Dubai today. The facility was oversubscribed with Abu Dhabi Commercial Bank PJSC (ADCB), Barwa Bank, Mashreqbank PSC (MASQ) also joining as arrangers.
Buyout firm Abraaj Group, which owns 51 percent of Stanford Marine, plans an initial public offering of the company in London, a person familiar with the plan said Sept. 15. The share sale of the company, which charters, builds and repairs offshore support vessels for the oil and gas industry, will probably take place in the first quarter, the person said."
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MIDEAST STOCKS - Factors to watch - Sept 26 | Reuters
MIDEAST STOCKS - Factors to watch - Sept 26 | Reuters:
"Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL
* GLOBAL MARKETS-Caution rules as Washington drama drags on
* Brent edges lower, Iran diplomacy in focus
* MIDEAST STOCKS-Qatar drops to 2-wk low ahead of potential IPO; other mkts in narrow range
* Gold holds gains on concerns over U.S. debt ceiling
* Europe aid chief urges UN resolution on Syria relief access
* Iran says it wants to resolve nuclear row within months
* Western envoys tout deal on core of U.N. Syria draft, Russia denies it"
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"Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL
* GLOBAL MARKETS-Caution rules as Washington drama drags on
* Brent edges lower, Iran diplomacy in focus
* MIDEAST STOCKS-Qatar drops to 2-wk low ahead of potential IPO; other mkts in narrow range
* Gold holds gains on concerns over U.S. debt ceiling
* Europe aid chief urges UN resolution on Syria relief access
* Iran says it wants to resolve nuclear row within months
* Western envoys tout deal on core of U.N. Syria draft, Russia denies it"
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Qatar stocks drop to two-week low ahead of potential IPO | Business , Middle East | THE DAILY STAR
Qatar stocks drop to two-week low ahead of potential IPO | Business , Middle East | THE DAILY STAR:
"Qatar’s shares fell to a two-week low Wednesday and are seen facing further pressure ahead of a planned listing, while most other regional bourses traded in a tight intraday range as investors await further catalysts following big market gains this year. Doha’s benchmark fell 1 percent to its lowest since Sept. 11. The measure has lost 2.8 percent this week on expectations state-run energy firm Qatar Petroleum will launch an initial public offering for its unit.
QP has picked two banks to help arrange the IPO, an issue which could be worth around 3.2 billion riyals ($880 million), banking sources told Reuters. The IPO may launch by the end of this year.
“Local retail and institutional investors are selling for the IPO but foreigners are gradually accumulating,” said Ahmed Shehada, head of trading at QNB Financial Services. “There is a lot of value in the market and with Q3 reporting soon, expect most names to have positive earnings.”"
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"Qatar’s shares fell to a two-week low Wednesday and are seen facing further pressure ahead of a planned listing, while most other regional bourses traded in a tight intraday range as investors await further catalysts following big market gains this year. Doha’s benchmark fell 1 percent to its lowest since Sept. 11. The measure has lost 2.8 percent this week on expectations state-run energy firm Qatar Petroleum will launch an initial public offering for its unit.
QP has picked two banks to help arrange the IPO, an issue which could be worth around 3.2 billion riyals ($880 million), banking sources told Reuters. The IPO may launch by the end of this year.
“Local retail and institutional investors are selling for the IPO but foreigners are gradually accumulating,” said Ahmed Shehada, head of trading at QNB Financial Services. “There is a lot of value in the market and with Q3 reporting soon, expect most names to have positive earnings.”"
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