Russia Hits Back After Ukraine Threatens to Cut Gas Ties | Business | RIA Novosti:
"Russia has hit back at Ukraine after the Ukrainian prime minister threatened to stop all natural gas imports from Russia within the next few years unless the current gas contract is reviewed.
On Thursday, Ukraine’s Prime Minister Mykola Azarov told RIA Novosti and Rossiya 24 TV channel that “Ukraine may stop buying gas altogether at that price,” warning Russia that “that is not an empty threat.”
However, later on Thursday, Natalia Timakova, spokesperson for Russian Prime Minister Dmitry Medvedev, warned that Kiev’s attempts to review gas contracts would have consequences for Ukraine."
'via Blog this'
Thursday, 10 October 2013
Dubai developer sets out to form Middle East’s fashion capital - FT.com
Dubai developer sets out to form Middle East’s fashion capital - FT.com:
"Dubai’s Emaar Properties intends to launch a $100m fund to encourage Arab entrepreneurship, with a focus on fashion and retail, as the developer seeks to position the emirate as the Middle East’s fashion capital.
As the fashion world descended on Dubai for a series of glitzy fashion events this week, Mohammed Alabbar, Emaar’s chairman, said the fund would help emerging Middle Eastern designers as he builds on the status of his landmark shopping centre, Dubai Mall, as the region’s luxury retail hub.
“We need to fund the talent,” Mr Alabbar told the Financial Times. “Every young man and woman here is so keen on fashion and style.”"
'via Blog this'
"Dubai’s Emaar Properties intends to launch a $100m fund to encourage Arab entrepreneurship, with a focus on fashion and retail, as the developer seeks to position the emirate as the Middle East’s fashion capital.
As the fashion world descended on Dubai for a series of glitzy fashion events this week, Mohammed Alabbar, Emaar’s chairman, said the fund would help emerging Middle Eastern designers as he builds on the status of his landmark shopping centre, Dubai Mall, as the region’s luxury retail hub.
“We need to fund the talent,” Mr Alabbar told the Financial Times. “Every young man and woman here is so keen on fashion and style.”"
'via Blog this'
foreign notes: Yanukovych marked for life
foreign notes: Yanukovych marked for life:
"Lots of speculation in the German media that when their foreign minister, Guido Westerwelle returns home from his current visit to Kyiv on Friday, he may be taking back Yulia Tymoshenko as passenger on his plane.
Other top Euro-deputies are 'cautiously optimistic' too.
But Ukrainian foreign minister Kozhara plays down hopes and keeps repeating the threadbare mantra - the Tymoshenko problem can only be resolved within a constitutional legal framework . [Kozhara claims that "millions of people in Ukraine believe Tymoshenko committed a crime". Well millions believe she was stitched up too, most Ukrainians consider judges and police to be completely corrupt... and think Yanukovych and Kozhara are wankers too...so what?]
But whatever happens, Yanukovych has already been branded forever for persecuting his greatest political rival. If the Vilnius summit ends in failure, he will get the blame.
Serhiy Vysotsky, in Liga.net considers Yanukovych may be being steered by the formula: Free Tymoshenko, sign Agreement, receive lots of foreign loans..."
'via Blog this'
"Lots of speculation in the German media that when their foreign minister, Guido Westerwelle returns home from his current visit to Kyiv on Friday, he may be taking back Yulia Tymoshenko as passenger on his plane.
Other top Euro-deputies are 'cautiously optimistic' too.
But Ukrainian foreign minister Kozhara plays down hopes and keeps repeating the threadbare mantra - the Tymoshenko problem can only be resolved within a constitutional legal framework . [Kozhara claims that "millions of people in Ukraine believe Tymoshenko committed a crime". Well millions believe she was stitched up too, most Ukrainians consider judges and police to be completely corrupt... and think Yanukovych and Kozhara are wankers too...so what?]
But whatever happens, Yanukovych has already been branded forever for persecuting his greatest political rival. If the Vilnius summit ends in failure, he will get the blame.
Serhiy Vysotsky, in Liga.net considers Yanukovych may be being steered by the formula: Free Tymoshenko, sign Agreement, receive lots of foreign loans..."
'via Blog this'
EMs: not all smooth sailing | beyondbrics
EMs: not all smooth sailing | beyondbrics:
"A reminder on Thursday from Goldman Sachs that emerging market assets are still in for some bumpy times ahead.
While the no tapering announcement by the US Federal Reserve last month and the nomination of Janet Yellen to be the next Fed chair have helped emerging markets recoup some of the losses from this summer’s sell-off, the ongoing government shutdown and debt ceiling imbroglio in the US are once again taking the wind out of EM’s sails.
From Goldman:
'via Blog this'
"A reminder on Thursday from Goldman Sachs that emerging market assets are still in for some bumpy times ahead.
While the no tapering announcement by the US Federal Reserve last month and the nomination of Janet Yellen to be the next Fed chair have helped emerging markets recoup some of the losses from this summer’s sell-off, the ongoing government shutdown and debt ceiling imbroglio in the US are once again taking the wind out of EM’s sails.
From Goldman:
EM asset moves immediately following the no-tapering FOMC announcement were sharper than after previous US bond rallies, especially in FX and rates, and less so in equities and credit, where the impact tends to build up more gradually. But the relief turned out to be short-lived, not only because concerns around US fiscal discussions set in but because rebalancing forces within EMs are still operating in the background."
'via Blog this'
Iraq inks $6 billion refinery deal - Your Middle East
Iraq inks $6 billion refinery deal - Your Middle East:
"Iraq on Thursday signed a $6 billion deal for the construction and operation of an oil refinery with a capacity of 150,000 barrels per day, a government statement said.
The statement on Prime Minister Nuri al-Maliki's website said he attended a signing ceremony for the deal between "the oil ministry and Swiss company SATAREM."
"Today, we sign a contract for an important investment project... which will contribute (to) filling the country's need for petroleum products," it quoted Maliki as saying.
The statement did not specify whether the contract was an initial or final agreement, or if cabinet or parliamentary approval was still required."
'via Blog this'
"Iraq on Thursday signed a $6 billion deal for the construction and operation of an oil refinery with a capacity of 150,000 barrels per day, a government statement said.
The statement on Prime Minister Nuri al-Maliki's website said he attended a signing ceremony for the deal between "the oil ministry and Swiss company SATAREM."
"Today, we sign a contract for an important investment project... which will contribute (to) filling the country's need for petroleum products," it quoted Maliki as saying.
The statement did not specify whether the contract was an initial or final agreement, or if cabinet or parliamentary approval was still required."
'via Blog this'
Trade: In my backyard | The Economist
Trade: In my backyard | The Economist:
"
UKRAINE, LONG PULLED back and forth between east and west, is feeling the tug again, this time between rival trade blocks. Next month it hopes to sign a free-trade agreement with the European Union. But Russia wants Ukraine for its own customs union, which already includes two other former Soviet republics. So earlier this year, in a clumsy effort to change its neighbour’s mind, the Kremlin banned Ukrainian sweets because they allegedly contained carcinogens, then imposed long, intrusive customs checks that slowed Ukrainian exports of steel, machinery and chemicals to a crawl."
'via Blog this'
"
'via Blog this'
Wheat farmers chase money from Iraq — BlackSeaGrain
Wheat farmers chase money from Iraq — BlackSeaGrain:
"Some wheat farmers are calling on the Australian Government to step in and pay out farmers who are still owed money for sales to Iraq in the 1980s.
Iraq defaulted on a debt to the Australian Wheat Board due to the first Gulf War and trade sanctions in 1990, leaving 49,000 Australian farmers out of pocket.
About 80 per cent of the $480 million debt was recouped through the Australian Government's Export Finance Insurance Corporation, but millions of dollars were left owing.
A meeting of international governments, known as the Paris Club, agreed in 2004 to cancel some of the debt owed to Australian wheat growers and set a repayment plan for US$50 million."
'via Blog this'
"Some wheat farmers are calling on the Australian Government to step in and pay out farmers who are still owed money for sales to Iraq in the 1980s.
Iraq defaulted on a debt to the Australian Wheat Board due to the first Gulf War and trade sanctions in 1990, leaving 49,000 Australian farmers out of pocket.
About 80 per cent of the $480 million debt was recouped through the Australian Government's Export Finance Insurance Corporation, but millions of dollars were left owing.
A meeting of international governments, known as the Paris Club, agreed in 2004 to cancel some of the debt owed to Australian wheat growers and set a repayment plan for US$50 million."
'via Blog this'
The cost of a revolution: $800bn | beyondbrics
The cost of a revolution: $800bn | beyondbrics:
"Commenting on the Russian revolution, Joseph Stalin is alleged to have said, “You can’t make an omelette without breaking a few eggs.” What then is the price of eggs?
HSBC has totted up the lost output of seven states most hit by the Arab Spring, and estimates a loss of $800bn by the end of 2014.
The bank looked at the GDP of Egypt, Syria, Tunisia, Libya, Bahrain, Jordan and Lebanon; and it reckons output will be 35 per cent lower by 2014 – or $800bn in total – than it would have been had it not been for the revolution.
"
'via Blog this'
"Commenting on the Russian revolution, Joseph Stalin is alleged to have said, “You can’t make an omelette without breaking a few eggs.” What then is the price of eggs?
HSBC has totted up the lost output of seven states most hit by the Arab Spring, and estimates a loss of $800bn by the end of 2014.
The bank looked at the GDP of Egypt, Syria, Tunisia, Libya, Bahrain, Jordan and Lebanon; and it reckons output will be 35 per cent lower by 2014 – or $800bn in total – than it would have been had it not been for the revolution.
'via Blog this'
Czech scandal ends in prison terms, 15 years on | beyondbrics
Czech scandal ends in prison terms, 15 years on | beyondbrics:
"
A long-running Czech corruption scandal has ground to a conclusion in Switzerland, with a Swiss court convicting five Czechs and one Belgian for their role in the privatisation of a Czech coal company in the late 1990s.
The Swiss had accused them of money laundering and fraud in a scheme to gain control of Mostecka Uhelna Spolecnost (MUS), now part of Czech Coal, that saw the state-controlled company bought by its managers, financed by the company’s own assets.
A large part of the funds were channelled through Switzerland, prompting Swiss authorities to freeze more than 100 bank accounts containing more than 600m Swiss francs ($658m), according to Swiss court documents. The Swiss investigation began in 2005."
'via Blog this'
"
The Swiss had accused them of money laundering and fraud in a scheme to gain control of Mostecka Uhelna Spolecnost (MUS), now part of Czech Coal, that saw the state-controlled company bought by its managers, financed by the company’s own assets.
A large part of the funds were channelled through Switzerland, prompting Swiss authorities to freeze more than 100 bank accounts containing more than 600m Swiss francs ($658m), according to Swiss court documents. The Swiss investigation began in 2005."
'via Blog this'
Economy Fears Overshadow Russian Stocks Outlook | Business | The Moscow Times
Economy Fears Overshadow Russian Stocks Outlook | Business | The Moscow Times:
"An expected fourth quarter rebound in Russian stocks will not make up for losses earlier in the year with clear signs that the economy is cooling and falling oil prices are stifling growth, a Reuters poll has found.
Russian shares will rise 1.9 percent from Tuesday's close of 1,471.65 by the end of the year but will still be 1.8 percent in the red overall for 2013, as analysts polled by Reuters again trimmed their outlook.
The median of 11 analysts showed the country's dollar-denominated RTS stock index — which has underperformed emerging markets with a 3.6 percent fall so far this year — would end 2013 at 1,500 points, below the 1,526 it finished 2012.
Analysts grew more pessimistic as the year progressed. A poll in June found stocks would rise 2 percent this year to 1,565 points. In March, analysts expected a 11 percent gain during the year to 1,700."
'via Blog this'
"An expected fourth quarter rebound in Russian stocks will not make up for losses earlier in the year with clear signs that the economy is cooling and falling oil prices are stifling growth, a Reuters poll has found.
Russian shares will rise 1.9 percent from Tuesday's close of 1,471.65 by the end of the year but will still be 1.8 percent in the red overall for 2013, as analysts polled by Reuters again trimmed their outlook.
The median of 11 analysts showed the country's dollar-denominated RTS stock index — which has underperformed emerging markets with a 3.6 percent fall so far this year — would end 2013 at 1,500 points, below the 1,526 it finished 2012.
Analysts grew more pessimistic as the year progressed. A poll in June found stocks would rise 2 percent this year to 1,565 points. In March, analysts expected a 11 percent gain during the year to 1,700."
'via Blog this'
$540M Deal Gives LUKoil Full Control of Sicilian Oil Refinery | Business | The Moscow Times
$540M Deal Gives LUKoil Full Control of Sicilian Oil Refinery | Business | The Moscow Times:
"Italy's ERG agreed Wednesday to sell its remaining stake in the ISAB oil refinery in Sicily to complete its transformation into a renewable energy company.
The company announced that it will sell its 20 percent of the refinery to Russia's LUKoil for 400 million euros ($541 million). With this transaction, LUKoil will gain full ownership of the facility.
In recent years, ERG has reduced its stake in the plant by exercising a series of put options in favor of LUKoil to exit a sector that has weighed on its profitability.
"With this operation, ERG completes the process of getting out of refining in line with its strategy of investing in sectors that are less volatile," ERG Chief Executive Luca Bettonte said."
'via Blog this'
"Italy's ERG agreed Wednesday to sell its remaining stake in the ISAB oil refinery in Sicily to complete its transformation into a renewable energy company.
The company announced that it will sell its 20 percent of the refinery to Russia's LUKoil for 400 million euros ($541 million). With this transaction, LUKoil will gain full ownership of the facility.
In recent years, ERG has reduced its stake in the plant by exercising a series of put options in favor of LUKoil to exit a sector that has weighed on its profitability.
"With this operation, ERG completes the process of getting out of refining in line with its strategy of investing in sectors that are less volatile," ERG Chief Executive Luca Bettonte said."
'via Blog this'
National Bank of Abu Dhabi upgraded by S&P on government link | Reuters
National Bank of Abu Dhabi upgraded by S&P on government link | Reuters:
"The main credit rating of National Bank of Abu Dhabi, the largest lender in the emirate, was upgraded one notch by Standard & Poor's on Thursday as the agency reclassified the bank as a government-related entity (GRE).
Standard & Poor's (S&P) moved the bank's long-term counter-party credit rating to AA- from A+. It said the upgrade was due to its new status as a GRE, saying it saw the bank as has having a "very important" role in the local economy.
GRE status is given to companies which are considered core components of the economy and which, if they ever got into financial difficulty, would be afforded all the resources needed to support them by the Abu Dhabi government."
'via Blog this'
"The main credit rating of National Bank of Abu Dhabi, the largest lender in the emirate, was upgraded one notch by Standard & Poor's on Thursday as the agency reclassified the bank as a government-related entity (GRE).
Standard & Poor's (S&P) moved the bank's long-term counter-party credit rating to AA- from A+. It said the upgrade was due to its new status as a GRE, saying it saw the bank as has having a "very important" role in the local economy.
GRE status is given to companies which are considered core components of the economy and which, if they ever got into financial difficulty, would be afforded all the resources needed to support them by the Abu Dhabi government."
'via Blog this'
Abu Dhabi’s Louvre Builder Said to Be Seeking $1 Billion Loan - Bloomberg
Abu Dhabi’s Louvre Builder Said to Be Seeking $1 Billion Loan - Bloomberg:
"Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, is talking to lenders for a $1 billion loan to replace an existing facility, two bankers familiar with the plan said.
Banks have been asked to submit pricing for the deal to replace a $600 million three-year loan maturing in December, the bankers said, asking not to be identified because the information is private. The company is seeking to pay less than the 1.35 percentage points over the London Interbank Offered Rate it pays on the current loan, one of the bankers said.
TDIC is building local branches of the Paris and New York museums on Saadiyat Island, which is being developed as part of the United Arab Emirates’ push to diversify its economy from oil. The $27 billion worth of projects on the island include the Zayed National Museum and a New York University campus. The company is also building homes and offices."
'via Blog this'
"Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, is talking to lenders for a $1 billion loan to replace an existing facility, two bankers familiar with the plan said.
Banks have been asked to submit pricing for the deal to replace a $600 million three-year loan maturing in December, the bankers said, asking not to be identified because the information is private. The company is seeking to pay less than the 1.35 percentage points over the London Interbank Offered Rate it pays on the current loan, one of the bankers said.
TDIC is building local branches of the Paris and New York museums on Saadiyat Island, which is being developed as part of the United Arab Emirates’ push to diversify its economy from oil. The $27 billion worth of projects on the island include the Zayed National Museum and a New York University campus. The company is also building homes and offices."
'via Blog this'
MIDEAST STOCKS-Egypt surges 2.2 pct, ignores U.S. aid cut-off | Reuters
MIDEAST STOCKS-Egypt surges 2.2 pct, ignores U.S. aid cut-off | Reuters:
"* Gulf's aid much more important to Egypt than West's
* Cairo index highest since September 2012, near chart barrier
* Most Gulf markets move narrowly in thin pre-holiday trade
* But speculative stocks boost Dubai
* Oman's Galfar Engineering falls after executive questioned
By Olzhas Auyezov
DUBAI, Oct 10 (Reuters) - Egyptian stocks jumped 2.2 percent on Thursday to their highest level since September 2012 after the United States cut off some aid to Cairo - underlining how many investors now see the key to economic recovery as aid from Egypt's Gulf allies, not the West.
The main index rose to 5,932 points, nearing major technical resistance at 6,025 points, the September 2012 peak. It broke above this year's high of 5,884 points, hit in January.
The market has been rallying for most of the time since Islamist President Mohamed Mursi was deposed in early July, and many local investors have not been deterred by political bloodshed since then, viewing it as a necessary price for the army-backed government to establish control."
'via Blog this'
"* Gulf's aid much more important to Egypt than West's
* Cairo index highest since September 2012, near chart barrier
* Most Gulf markets move narrowly in thin pre-holiday trade
* But speculative stocks boost Dubai
* Oman's Galfar Engineering falls after executive questioned
By Olzhas Auyezov
DUBAI, Oct 10 (Reuters) - Egyptian stocks jumped 2.2 percent on Thursday to their highest level since September 2012 after the United States cut off some aid to Cairo - underlining how many investors now see the key to economic recovery as aid from Egypt's Gulf allies, not the West.
The main index rose to 5,932 points, nearing major technical resistance at 6,025 points, the September 2012 peak. It broke above this year's high of 5,884 points, hit in January.
The market has been rallying for most of the time since Islamist President Mohamed Mursi was deposed in early July, and many local investors have not been deterred by political bloodshed since then, viewing it as a necessary price for the army-backed government to establish control."
'via Blog this'
Guest post: tackling online piracy in Russia | beyondbrics
Guest post: tackling online piracy in Russia | beyondbrics:
"
By Egor Yakovlev of Tvigle Media
The Russian internet’s reputation as a pirate haven is well known and largely deserved. Some simple numbers offer a stark illustration of the scale of the problem. Nearly 6,000 Russian-language websites with illegal content were identified in 2012 (a 58 per cent increase year-on-year) by ICM, a Russian-Ukrainian specialist consultancy; in the video segment, pirated content last year accounted for more than 5bn views a month inside Russia alone.
Quite apart from any moral arguments, there is a financial imperative to tackle this addiction to pirated content. Media companies – including Western majors, some of which have withdrawn from or stayed out of Russia as a result – are losing billions of dollars of potential revenue, and Russia’s own creative industries are being deprived of a major source of funding."
'via Blog this'
"
The Russian internet’s reputation as a pirate haven is well known and largely deserved. Some simple numbers offer a stark illustration of the scale of the problem. Nearly 6,000 Russian-language websites with illegal content were identified in 2012 (a 58 per cent increase year-on-year) by ICM, a Russian-Ukrainian specialist consultancy; in the video segment, pirated content last year accounted for more than 5bn views a month inside Russia alone.
Quite apart from any moral arguments, there is a financial imperative to tackle this addiction to pirated content. Media companies – including Western majors, some of which have withdrawn from or stayed out of Russia as a result – are losing billions of dollars of potential revenue, and Russia’s own creative industries are being deprived of a major source of funding."
'via Blog this'
Oman buys German chemicals maker Oxea from buyout firm Advent | Reuters
Oman buys German chemicals maker Oxea from buyout firm Advent | Reuters:
"The Oman Oil Company agreed to buy German chemicals maker Oxea from buyout firm Advent International to expand into downstream activities in a deal a person familiar with the matter said was worth about 1.8 billion euros ($2.4 billion).
Oxea, a maker of ingredients for coatings, fuel additives, lubricants and cosmetics, will help to diversify Oman's industry and trade and reduce the Sultanate's reliance on crude oil, the buyer and seller said in a joint statement on Thursday.
The companies declined to comment on the purchase price."
'via Blog this'
"The Oman Oil Company agreed to buy German chemicals maker Oxea from buyout firm Advent International to expand into downstream activities in a deal a person familiar with the matter said was worth about 1.8 billion euros ($2.4 billion).
Oxea, a maker of ingredients for coatings, fuel additives, lubricants and cosmetics, will help to diversify Oman's industry and trade and reduce the Sultanate's reliance on crude oil, the buyer and seller said in a joint statement on Thursday.
The companies declined to comment on the purchase price."
'via Blog this'
Wednesday trading puts UAIndex back on the recovery trail - Business - News - Ukraine Business Online
Wednesday trading puts UAIndex back on the recovery trail - Business - News - Ukraine Business Online:
"Wednesday’s trading brought all UAIndex parameters back into positive territory, with the composite market cap at 4,106.17, up +0.77% for the day.
Kernel, #2 in size based on market cap, scored a good day, taking both Best Performing and Volume Leader honors, up +2.08% on trade of 214,972 shares.
Bottom feeder of the day was Ukrproduct, down -4.17% on trade of 57,956 shares."
'via Blog this'
"Wednesday’s trading brought all UAIndex parameters back into positive territory, with the composite market cap at 4,106.17, up +0.77% for the day.
Kernel, #2 in size based on market cap, scored a good day, taking both Best Performing and Volume Leader honors, up +2.08% on trade of 214,972 shares.
Bottom feeder of the day was Ukrproduct, down -4.17% on trade of 57,956 shares."
'via Blog this'
Islamic Development Bank considering sukuk programme in Dubai | Reuters
Islamic Development Bank considering sukuk programme in Dubai | Reuters:
"The Jeddah-based Islamic Development Bank (IDB) is considering setting up an Islamic bond issuance programme in Dubai, in what would be a boost to the emirate's ambitions to become a global centre for Islamic business.
It would be only the third such programme from the AAA-rated IDB, an international institution which has 56 member countries and promotes economic development in Muslim countries and communities. It would be the IDB's first sukuk programme in a Middle Eastern country.
While discussions are at an early stage, the IDB has seen growing demand for its sukuk and already plans to expand its main London-listed programme to $10 billion from the current $6.5 billion."
'via Blog this'
"The Jeddah-based Islamic Development Bank (IDB) is considering setting up an Islamic bond issuance programme in Dubai, in what would be a boost to the emirate's ambitions to become a global centre for Islamic business.
It would be only the third such programme from the AAA-rated IDB, an international institution which has 56 member countries and promotes economic development in Muslim countries and communities. It would be the IDB's first sukuk programme in a Middle Eastern country.
While discussions are at an early stage, the IDB has seen growing demand for its sukuk and already plans to expand its main London-listed programme to $10 billion from the current $6.5 billion."
'via Blog this'
Fosun: bringing a bit of Dubai back to China | beyondbrics
Fosun: bringing a bit of Dubai back to China | beyondbrics:
"
Travel can certainly be an eye-opener.
Guo Guangchang, chairman of Fosun, China’s largest private conglomerate, had so much fun with his young family at the exclusive Atlantis resort in Dubai that he made a deal with developer Kerzner International to build his very own Atlantis resort back home in China – at a cost of $1.5bn.
Guo, who announced the deal for a new Atlantis resort to be built in the southern Chinese seaside city of Sanya on Thursday, seems to take China’s lack of tourism facilities personally: “I love travelling but being on the road (in China) is not just joyful but also painful” he told a press conference, saying that he got so fed up with the long queues at Hong Kong’s Ocean Park that he tasked his wife to find a destination with a water park and no crowds."
'via Blog this'
"
Guo Guangchang, chairman of Fosun, China’s largest private conglomerate, had so much fun with his young family at the exclusive Atlantis resort in Dubai that he made a deal with developer Kerzner International to build his very own Atlantis resort back home in China – at a cost of $1.5bn.
Guo, who announced the deal for a new Atlantis resort to be built in the southern Chinese seaside city of Sanya on Thursday, seems to take China’s lack of tourism facilities personally: “I love travelling but being on the road (in China) is not just joyful but also painful” he told a press conference, saying that he got so fed up with the long queues at Hong Kong’s Ocean Park that he tasked his wife to find a destination with a water park and no crowds."
'via Blog this'
Azerbaijan’s elections: the Aliyev dynasty remains | beyondbrics
Azerbaijan’s elections: the Aliyev dynasty remains | beyondbrics:
"Nobody seriously doubted that Ilham Aliyev would be re-elected for a third term as president of Azerbaijan in Wednesday’s poll. Indeed, Aliyev was so confident of victory, which he took with a resounding 84.55 per cent of the vote, that he did not even bother to campaign. “The fact that this election was free and transparent is another serious step towards democracy,” he said.
Camil Hasanli, the main opposition leader, cried foul and described the election as an exercise in vote-rigging. Despite representing a coalition of some 20 opposition parties, the 61-year-old historian received only 5.53 percent of the vote."
'via Blog this'
"Nobody seriously doubted that Ilham Aliyev would be re-elected for a third term as president of Azerbaijan in Wednesday’s poll. Indeed, Aliyev was so confident of victory, which he took with a resounding 84.55 per cent of the vote, that he did not even bother to campaign. “The fact that this election was free and transparent is another serious step towards democracy,” he said.
Camil Hasanli, the main opposition leader, cried foul and described the election as an exercise in vote-rigging. Despite representing a coalition of some 20 opposition parties, the 61-year-old historian received only 5.53 percent of the vote."
'via Blog this'
Recovery swells Gulf infrastructure funding pipeline - FT.com
Recovery swells Gulf infrastructure funding pipeline - FT.com:
"Last decade’s financial boom triggered a frenzy of global banking interest in project finance across the Gulf region, the lucrative business of funding big oil and gas and infrastructure projects on an unsecured basis.
But the international banks and export credit agencies shied away when the financial crisis hit in 2008 and 2009, causing deal volumes in the Middle East and north Africa to more than halve.
Governments were also less willing to back big infrastructure spending in the aftermath of the crisis, as the oil price fall triggered an 80 per cent drop in petrochemical prices, one of the sectors in focus for project finance bankers."
'via Blog this'
"Last decade’s financial boom triggered a frenzy of global banking interest in project finance across the Gulf region, the lucrative business of funding big oil and gas and infrastructure projects on an unsecured basis.
But the international banks and export credit agencies shied away when the financial crisis hit in 2008 and 2009, causing deal volumes in the Middle East and north Africa to more than halve.
Governments were also less willing to back big infrastructure spending in the aftermath of the crisis, as the oil price fall triggered an 80 per cent drop in petrochemical prices, one of the sectors in focus for project finance bankers."
'via Blog this'
Egypt’s banks doing well but exposed to shifts in political fortunes - FT.com
Egypt’s banks doing well but exposed to shifts in political fortunes - FT.com:
"Businesses have shut down, foreign investors have scurried away, credit-risk agencies cannot seem to slash the country’s bond ratings fast enough. Yet despite nearly three years of political turmoil that has included the overthrow of two governments – along with domestic economic troubles and the impact of the global financial crisis – Egypt’s banking sector is performing well.
Last month, Faisal Islamic Bank reported profits equivalent to $53m, up 31 per cent on the same period last year and National Société Générale Bank reported fiscal year 2013 profits of E£950m, up from E£786m in 2012 “with decent growth across all the revenue streams,” the bank said. Crédit Agricole Egypt and Commercial International Bank reported profits as well."
'via Blog this'
"Businesses have shut down, foreign investors have scurried away, credit-risk agencies cannot seem to slash the country’s bond ratings fast enough. Yet despite nearly three years of political turmoil that has included the overthrow of two governments – along with domestic economic troubles and the impact of the global financial crisis – Egypt’s banking sector is performing well.
Last month, Faisal Islamic Bank reported profits equivalent to $53m, up 31 per cent on the same period last year and National Société Générale Bank reported fiscal year 2013 profits of E£950m, up from E£786m in 2012 “with decent growth across all the revenue streams,” the bank said. Crédit Agricole Egypt and Commercial International Bank reported profits as well."
'via Blog this'
Fiscal stimuli help Gulf bourses defy fears over war and unrest - FT.com
Fiscal stimuli help Gulf bourses defy fears over war and unrest - FT.com:
"A backdrop of war, revolution and counter-revolution in one’s near neighbours, coupled with a broader rout of emerging markets thanks to the machinations of US central bankers, might not seem a propitious backdrop for Middle Eastern bourses.
Yet the United Arab Emirates’ stock market has leapt 55 per cent so far this year, while those of Saudi Arabia, Qatar, Oman and Kuwait have all pushed higher.
Net flows into Middle East and African equities have totalled $413m since January, according to EPFR Global, a data provider, and could yet beat the full-year record of $531m set in the pre-crisis nirvana of 2007."
'via Blog this'
"A backdrop of war, revolution and counter-revolution in one’s near neighbours, coupled with a broader rout of emerging markets thanks to the machinations of US central bankers, might not seem a propitious backdrop for Middle Eastern bourses.
Yet the United Arab Emirates’ stock market has leapt 55 per cent so far this year, while those of Saudi Arabia, Qatar, Oman and Kuwait have all pushed higher.
Net flows into Middle East and African equities have totalled $413m since January, according to EPFR Global, a data provider, and could yet beat the full-year record of $531m set in the pre-crisis nirvana of 2007."
'via Blog this'
Arab banking recovers as states boost economy - FT.com
Arab banking recovers as states boost economy - FT.com:
"
Middle Eastern financial institutions and companies are finally shifting their outlooks from “risk-off” to “risk-on”.
The global financial crisis prompted a lull in financial activity that was then compounded by the unrest of the Arab revolutions in north Africa spilling over into the Levant and the Gulf.
But now, from investment banking to brokerage, project finance to private banking, rebounding market activity and a number of deals are starting to persuade even the most cynical financiers that the region’s worst days are behind it.
While the savagery of the Syrian civil war and the threat of outside military interference have prompted fluctuations in regional markets, for the first time in several years the political risk dynamics are shifting.
The nascent signals of a possible rapprochement between the US and Iran have even bankers dreaming of the upside of rising trade and investment flows if sanctions on the Islamic republic are dropped."
'via Blog this'
"
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| Striding ahead: a group of Emiratis walk past the Burj Khalifa Tower |
The global financial crisis prompted a lull in financial activity that was then compounded by the unrest of the Arab revolutions in north Africa spilling over into the Levant and the Gulf.
But now, from investment banking to brokerage, project finance to private banking, rebounding market activity and a number of deals are starting to persuade even the most cynical financiers that the region’s worst days are behind it.
While the savagery of the Syrian civil war and the threat of outside military interference have prompted fluctuations in regional markets, for the first time in several years the political risk dynamics are shifting.
The nascent signals of a possible rapprochement between the US and Iran have even bankers dreaming of the upside of rising trade and investment flows if sanctions on the Islamic republic are dropped."
'via Blog this'
Abu Dhabi’s Etihad doubles stake in Virgin Australia - Transport - ArabianBusiness.com
Abu Dhabi’s Etihad doubles stake in Virgin Australia - Transport - ArabianBusiness.com:
"Abu Dhabi’s Etihad Airways has more than doubled its stake in Virgin Australia, a strategically important airline partner, to a maximum 19.9 percent.
The stronger alliance between the two carriers is likely to help them compete against the historic agreement between Dubai-based Emirates and Australian flag carrier Qantas, which launched in March and is viewed as a formidable partnership.
Etihad, which originally owned 9 percent, has been buying up Virgin shares on the Australian Stock Exchange in recent weeks and now holds more than 515m.
It is not known whether any of those shares were held by Virgin Group CEO Richard Branson, who in May hinted that he would sell his remaining 13 percent stake after recently selling 10 percent to Singapore Airlines, taking that carrier’s holding to 19.9 percent."
'via Blog this'
"Abu Dhabi’s Etihad Airways has more than doubled its stake in Virgin Australia, a strategically important airline partner, to a maximum 19.9 percent.
The stronger alliance between the two carriers is likely to help them compete against the historic agreement between Dubai-based Emirates and Australian flag carrier Qantas, which launched in March and is viewed as a formidable partnership.
Etihad, which originally owned 9 percent, has been buying up Virgin shares on the Australian Stock Exchange in recent weeks and now holds more than 515m.
It is not known whether any of those shares were held by Virgin Group CEO Richard Branson, who in May hinted that he would sell his remaining 13 percent stake after recently selling 10 percent to Singapore Airlines, taking that carrier’s holding to 19.9 percent."
'via Blog this'
Asia’s housing bubbles put UK in shade | beyondbrics
Asia’s housing bubbles put UK in shade | beyondbrics:
"Rising house prices and property bubbles are something of a UK obsession. But for all the help to buy worries, house prices rose by just 1.4 per cent year-on-year in the second quarter, according to estate agents Knight Frank.
The figure for London is much higher, of course. But for a housing boom of far greater magnitude, just take a look at Asia.
Property prices in Hong Kong rose by 19.1 per cent year-on-year in Q2, and those in Taiwan swelled by 15.4 per cent, according to Knight Frank’s global pricing index. House prices in Shanghai and Beijing look pretty heady, too, growing at 14.8 per cent. Look at a longer time frame and there is evidence of a boom:
"
'via Blog this'
"Rising house prices and property bubbles are something of a UK obsession. But for all the help to buy worries, house prices rose by just 1.4 per cent year-on-year in the second quarter, according to estate agents Knight Frank.
The figure for London is much higher, of course. But for a housing boom of far greater magnitude, just take a look at Asia.
Property prices in Hong Kong rose by 19.1 per cent year-on-year in Q2, and those in Taiwan swelled by 15.4 per cent, according to Knight Frank’s global pricing index. House prices in Shanghai and Beijing look pretty heady, too, growing at 14.8 per cent. Look at a longer time frame and there is evidence of a boom:
'via Blog this'
Qatar trade surplus expands 2% to QR32.97bn in August
Qatar trade surplus expands 2% to QR32.97bn in August:
"Qatar’s trade surplus expanded about 2% year-on-year (y-o-y) to QR32.97bn this August, mainly on robust exports of petroleum gases.
The trade surplus has been achieved despite imports growing faster than exports, according to the preliminary estimates of the Ministry of Development Planning and Statistics (MDPS).
The energy-rich Gulf country’s total exports (valued free-on-board) expanded 3.8% to QR40.91bn as there was large double-digit growth in shipments to China and India."
'via Blog this'
"Qatar’s trade surplus expanded about 2% year-on-year (y-o-y) to QR32.97bn this August, mainly on robust exports of petroleum gases.
The trade surplus has been achieved despite imports growing faster than exports, according to the preliminary estimates of the Ministry of Development Planning and Statistics (MDPS).
The energy-rich Gulf country’s total exports (valued free-on-board) expanded 3.8% to QR40.91bn as there was large double-digit growth in shipments to China and India."
'via Blog this'
Central Asia: China Opens A New Silk Road - Analysis Eurasia Review
Central Asia: China Opens A New Silk Road - Analysis Eurasia Review:
"
IN THE past decade, Central Asia has grown from a marginal position in Beijing’s strategic calculus to the top of its diplomatic priorities: China is fast emerging as a vital economic and political player in this strategically located and resource rich region.
China’s new focus in the region has been on cultivating good relations with the newly independent republics that bordered its restive western province of Xinjiang, home to several Turkic groups such as the Uighur, Uzbeks and Kazaks. Uighur nationalists and separatists, or “splitists” as Beijing calls them, have on occasion used the neighbouring countries to organise anti-China activity."
'via Blog this'
"
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AERIAL VIEW OF GWADAR PORT, PAKISTAN |
China’s new focus in the region has been on cultivating good relations with the newly independent republics that bordered its restive western province of Xinjiang, home to several Turkic groups such as the Uighur, Uzbeks and Kazaks. Uighur nationalists and separatists, or “splitists” as Beijing calls them, have on occasion used the neighbouring countries to organise anti-China activity."
'via Blog this'
UPDATE 1-Abu Dhabi's Aldar seeks $1.5 bln finance before bond maturity -sources | Reuters
UPDATE 1-Abu Dhabi's Aldar seeks $1.5 bln finance before bond maturity -sources | Reuters:
"* Wants $1.5 bln bridge-to-bond financing from banks - sources
* Proceeds to replace $1.25 bln bond due May 2014
* Had been considering liability management exercise (Adds detail, context, bond price)
By David French and Praveen Menon
DUBAI, Oct 9 (Reuters) - Abu Dhabi's Aldar Properties is talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond, banking and industry sources aware of the matter said on Wednesday.
The proposed financing comes ahead of a $1.25 billion bond maturity in May 2014; Aldar would probably use funds raised through the loan to meet that obligation, said the sources, declining to be named as the matter is not public.
It would be one of the first financings undertaken by the firm since its Abu Dhabi government-backed merger with Sorouh Real Estate was completed in June, creating the second-largest listed property firm in the United Arab Emirates and one of the biggest in the Middle East, with assets of $13 billion."
'via Blog this'
"* Wants $1.5 bln bridge-to-bond financing from banks - sources
* Proceeds to replace $1.25 bln bond due May 2014
* Had been considering liability management exercise (Adds detail, context, bond price)
By David French and Praveen Menon
DUBAI, Oct 9 (Reuters) - Abu Dhabi's Aldar Properties is talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond, banking and industry sources aware of the matter said on Wednesday.
The proposed financing comes ahead of a $1.25 billion bond maturity in May 2014; Aldar would probably use funds raised through the loan to meet that obligation, said the sources, declining to be named as the matter is not public.
It would be one of the first financings undertaken by the firm since its Abu Dhabi government-backed merger with Sorouh Real Estate was completed in June, creating the second-largest listed property firm in the United Arab Emirates and one of the biggest in the Middle East, with assets of $13 billion."
'via Blog this'
▶ Codelco upbeat on world economy - YouTube
▶ Codelco upbeat on world economy - YouTube:
"On the second day of LME week, Thomas Keller, Codelco chief executive, tells commodities correspondent Jack Farchy that he is cautiously optimistic about the global economy and that he sees copper prices staying around current levels
"
'via Blog this'
"On the second day of LME week, Thomas Keller, Codelco chief executive, tells commodities correspondent Jack Farchy that he is cautiously optimistic about the global economy and that he sees copper prices staying around current levels
"
'via Blog this'
Dubai Properties Group to use cash reserves on new developments | The National
Dubai Properties Group to use cash reserves on new developments | The National:
"Dubai Properties Group says it will use its cash reserves to fully fund its plans to develop three hotels, more than 1,500 homes, a souq and a 60-berth marina.
The government-owned developer exhibited plans of seven new projects at the Cityscape exhibition in Dubai yesterday as it geared up for another phase of expansion.
Dubai Properties Group, which was hit hard by the global financial crisis like most developers in Dubai, announced a new 160-room, 25-storey hotel at Jumeirah Beach Residence on the second day of the three-day exhibition"
'via Blog this'
"Dubai Properties Group says it will use its cash reserves to fully fund its plans to develop three hotels, more than 1,500 homes, a souq and a 60-berth marina.
The government-owned developer exhibited plans of seven new projects at the Cityscape exhibition in Dubai yesterday as it geared up for another phase of expansion.
Dubai Properties Group, which was hit hard by the global financial crisis like most developers in Dubai, announced a new 160-room, 25-storey hotel at Jumeirah Beach Residence on the second day of the three-day exhibition"
'via Blog this'
Emerging markets arrivals reflect difficulties in assigning economic status | The National
Emerging markets arrivals reflect difficulties in assigning economic status | The National:
"Emerging markets were one of the big surprises of the 2008 credit crisis with how well they withstood the chaos that swept the financial markets.
While their developed counterparts buckled, emerging markets soared to stellar heights before starting a downward dip once more this year.
So where does the emerging market success story start – and is the party now over?
The term “emerging markets” was meant to capture countries that fell into the gap between an underdeveloped and fully developed nation. As the dynamics of world finance shift and developed nations lose their spotless credit ratings, it is easy to see the label has some shortcomings."
'via Blog this'
"Emerging markets were one of the big surprises of the 2008 credit crisis with how well they withstood the chaos that swept the financial markets.
While their developed counterparts buckled, emerging markets soared to stellar heights before starting a downward dip once more this year.
So where does the emerging market success story start – and is the party now over?
The term “emerging markets” was meant to capture countries that fell into the gap between an underdeveloped and fully developed nation. As the dynamics of world finance shift and developed nations lose their spotless credit ratings, it is easy to see the label has some shortcomings."
'via Blog this'
Chinese investors target high-yielding, low-cost homes in Dubai | The National
Chinese investors target high-yielding, low-cost homes in Dubai | The National:
"Chinese property investors are swapping Shanghai for Dubai as an overheating market at home draws more buyers to the emirate’s cheapest locations.
Rental yields as high as 10 per cent are tempting investors from mainland China to buy into developments such as International City and Discovery Gardens where rents have risen the most.
Nakheel hired Chinese-speaking agents to field sales inquiries from Chinese investors buying homes at its Warsan development announced last month."
'via Blog this'
"Chinese property investors are swapping Shanghai for Dubai as an overheating market at home draws more buyers to the emirate’s cheapest locations.
Rental yields as high as 10 per cent are tempting investors from mainland China to buy into developments such as International City and Discovery Gardens where rents have risen the most.
Nakheel hired Chinese-speaking agents to field sales inquiries from Chinese investors buying homes at its Warsan development announced last month."
'via Blog this'
Syrian Trade Routes Shift as Cucumber Shipments Carve Out Divide - Bloomberg
Syrian Trade Routes Shift as Cucumber Shipments Carve Out Divide - Bloomberg:
"The cucumbers at Haitham Mohammad’s stall used to travel a few miles to Damascus from the lush fields of Ghouta around the Syrian capital. They now get shipped from more than 200 kilometers (124 miles) away.
The produce comes from the northern Aleppo Province after anti-government rebels captured the key agricultural area that supplied Damascenes with most of their fruit and vegetables. Prices are rising as drivers demand more money because the roads are unsafe and fuel is now more expensive with international sanctions on Syria’s oil industry.
“Before the conflict, I used to receive vegetables from all over the provinces,” Mohammad, 32, whose stand is at the al-Zablatani souq in Damascus, said last week. “Everything is available, but things are expensive.”"
'via Blog this'
"The cucumbers at Haitham Mohammad’s stall used to travel a few miles to Damascus from the lush fields of Ghouta around the Syrian capital. They now get shipped from more than 200 kilometers (124 miles) away.
The produce comes from the northern Aleppo Province after anti-government rebels captured the key agricultural area that supplied Damascenes with most of their fruit and vegetables. Prices are rising as drivers demand more money because the roads are unsafe and fuel is now more expensive with international sanctions on Syria’s oil industry.
“Before the conflict, I used to receive vegetables from all over the provinces,” Mohammad, 32, whose stand is at the al-Zablatani souq in Damascus, said last week. “Everything is available, but things are expensive.”"
'via Blog this'
Resurgent U.A.E. Ponders Steps to Prevent Rerun of 2008’s Crash - Bloomberg
Resurgent U.A.E. Ponders Steps to Prevent Rerun of 2008’s Crash - Bloomberg:
"Five years after the United Arab Emirates began its steepest economic slump in two decades, a rebound has left policy makers pondering ways to avert a recurrence of the overheating that turned boom into bust.
Boxed in by a currency peg that rules out using interest rates to regulate credit flows, the nation’s central bank plans to impose some borrowing curbs and tighten rules on mortgage approvals, according to the chairman of the U.A.E. Banks Federation, Abdul Aziz Al Ghurair. It will also set up a credit bureau to control lending.
The period preceding the U.A.E.’s slowdown “is remembered as being a real-estate cycle,” Simon Williams, the Dubai-based chief Middle East economist at HSBC Holdings Plc, said in an interview Oct. 8. “That’s not all it was. It was also a credit cycle, and it will be the readiness of policy makers to curb the pace of credit growth that will determine how successful they are in avoiding a repeat.”"
'via Blog this'
"Five years after the United Arab Emirates began its steepest economic slump in two decades, a rebound has left policy makers pondering ways to avert a recurrence of the overheating that turned boom into bust.
Boxed in by a currency peg that rules out using interest rates to regulate credit flows, the nation’s central bank plans to impose some borrowing curbs and tighten rules on mortgage approvals, according to the chairman of the U.A.E. Banks Federation, Abdul Aziz Al Ghurair. It will also set up a credit bureau to control lending.
The period preceding the U.A.E.’s slowdown “is remembered as being a real-estate cycle,” Simon Williams, the Dubai-based chief Middle East economist at HSBC Holdings Plc, said in an interview Oct. 8. “That’s not all it was. It was also a credit cycle, and it will be the readiness of policy makers to curb the pace of credit growth that will determine how successful they are in avoiding a repeat.”"
'via Blog this'
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