Deyaar former CEO wins two acquittals | GulfNews.com:
"Deyaar’s American ex-CEO has won acquittals in a list of four graft cases lodged against him in a span of two days.
The Dubai Cassation Court on Monday confirmed that 48-year-old American-Lebanese Z.S. is innocent of causing a deliberate loss in public funds [as Dubai Islamic Bank owns 41 per cent in Deyaar’s shares] worth Dh1.2 million.
On Sunday, the Dubai Appeal Court cancelled a 15-year imprisonment against Z.S. and acquitted him of abusing his office and deliberately causing a loss of Dh30 million in public funds by pushing through an illegal tender.
Since April 2008, the former CEO has been standing trial before Dubai courts’ different stages [First Instance, Appeal and Cassation] facing four different corruption cases in which he has been charged with committing financial irregularities worth more than Dh350 million in total."
'via Blog this'
Tuesday, 12 November 2013
Emirates Group profits maintains a steady ascent | The National
Emirates Group profits maintains a steady ascent | The National:
"Profits at Emirates Group continued to rise in the six months to the end September, as rising passenger numbers and cargo volumes offset high fuel costs and a strong dollar.
The group today reported net profits of Dh2.2 billion for the six months to the end of September, a year on year increase of 4 per cent. Of this figure profit for Emirates Airline stood at Dh1.7bn, a year on year increase of 2 per cent.
Group revenues grew to Dh42.3bn during the first six month period, a year on year increase of 13 per cent."
'via Blog this'
"Profits at Emirates Group continued to rise in the six months to the end September, as rising passenger numbers and cargo volumes offset high fuel costs and a strong dollar.
The group today reported net profits of Dh2.2 billion for the six months to the end of September, a year on year increase of 4 per cent. Of this figure profit for Emirates Airline stood at Dh1.7bn, a year on year increase of 2 per cent.
Group revenues grew to Dh42.3bn during the first six month period, a year on year increase of 13 per cent."
'via Blog this'
RPT-COLUMN-Saudi Arabia must avoid perfect oil market storm: Kemp | Reuters
RPT-COLUMN-Saudi Arabia must avoid perfect oil market storm: Kemp | Reuters:
"Saudi Arabia is just about the only energy producer so far unaffected by the shale revolution.
Yet despite appearances, Saudi Arabia's financial and oil-market strength is brittle. Saudi policymakers must successfully deal with a series of problems by the end of the decade.
Individually, each of the problems should be easy to manage, but in combination they could amount to a "perfect storm" that presents the kingdom's leaders with the most difficult challenge since the collapse in oil prices in 1998."
'via Blog this'
"Saudi Arabia is just about the only energy producer so far unaffected by the shale revolution.
Yet despite appearances, Saudi Arabia's financial and oil-market strength is brittle. Saudi policymakers must successfully deal with a series of problems by the end of the decade.
Individually, each of the problems should be easy to manage, but in combination they could amount to a "perfect storm" that presents the kingdom's leaders with the most difficult challenge since the collapse in oil prices in 1998."
'via Blog this'
Chart: how investors miss out on local corporate EM debt | beyondbrics
Chart: how investors miss out on local corporate EM debt | beyondbrics:
"In case you missed it, here’s a great chart from Robin Wigglesworth’s Local currency bond market given revamp story: it shows how investors are missing out on emerging market corporate local debt. Read the full story here; chart after the break.
As the article notes, this may well change with new indices that track the performance of local currency corporate bonds.
"
'via Blog this'
"In case you missed it, here’s a great chart from Robin Wigglesworth’s Local currency bond market given revamp story: it shows how investors are missing out on emerging market corporate local debt. Read the full story here; chart after the break.
As the article notes, this may well change with new indices that track the performance of local currency corporate bonds.
'via Blog this'
Prime global real-estate prices are stalling | FT Alphaville
Prime global real-estate prices are stalling | FT Alphaville:
"From the developer’s Prime Global Cities cauldron on Tuesday:
And Kate Everett-Allen of Knight Frank offers the following analysis:
'via Blog this'
"From the developer’s Prime Global Cities cauldron on Tuesday:
Prime prices across all 27 cities rose by 6.6% on average in the year to September but by only 1.2% in the last three months.
And Kate Everett-Allen of Knight Frank offers the following analysis:
This quarter’s results represent the index’s strongest annual growth since the third quarter of 2010 but its weakest quarterly growth since 2012. On closer analysis however, the third quarter has consistently been the index’s weakest performing quarter for the last three years. The slowdown can partially be attributed to weaker sales activity in the summer months and this year to the timing of Ramadan. This coincided with quarterly growth rates in Dubai almost halving from 6.1% in Q2 to 3.4% in Q3. The latest results show only five cities (17% of our basket) recorded negative growth over the last 12 months. A year earlier, there were eleven cities (39%) which fell into this bracket – eight of them European cities."
'via Blog this'
What crisis? Billionaires’ fortunes double since 2009 — RT News
What crisis? Billionaires’ fortunes double since 2009 — RT News:
"Amid talk of austerity measures, lost jobs and slashed wages, the super-rich seem super-resistant, with their wealth doubling since the financial crisis, adding $226 billion to their wealth in the last year alone.
The Wealth X and UBS Billionaire Census 2013 makes for sobering reading, in that it seems to confirm many peoples’ suspicions that the financial crisis, while a nightmare for so many, has actually been a windfall for the world’s richest.
To better grasp the vast wealth of the ultra-high net-worth individuals (UHNW), their combined fortunes are now greater than the GDP of any country aside from the United States and China, and could fund the entire US budget deficit until 2024, according to the report. "
'via Blog this'
"Amid talk of austerity measures, lost jobs and slashed wages, the super-rich seem super-resistant, with their wealth doubling since the financial crisis, adding $226 billion to their wealth in the last year alone.
The Wealth X and UBS Billionaire Census 2013 makes for sobering reading, in that it seems to confirm many peoples’ suspicions that the financial crisis, while a nightmare for so many, has actually been a windfall for the world’s richest.
To better grasp the vast wealth of the ultra-high net-worth individuals (UHNW), their combined fortunes are now greater than the GDP of any country aside from the United States and China, and could fund the entire US budget deficit until 2024, according to the report. "
'via Blog this'
Saudi Gazette - Market violations down 21%: CMA
Saudi Gazette - Market violations down 21%: CMA:
".....CMA also monitors the violations that contradict the objectives aiming to increase the efficiency of the market and related institutions. This is based on Article Five of the Capital Market Law which states that the Authority shall be the agency responsible for issuing regulations, rules and instructions, and for applying the provisions of this law. To achieve that, CMA regulates and develops the exchange and protects citizens and investors in securities from unfair and unsound practices or practices involving fraud, deceit, cheating or manipulation.
According to recent data issued by the Authority, CMA has observed 145 violations related to the CML and its implementing regulations in the first half of this year 2013. It is down by 21 percent compared to the first half of last year which reached 185 violations.
The majority of the violation cases were under the “Discloser” category with 26 violations. After that comes the violation cases under “Practicing securities business without authorization” which reached 24 violations."
'via Blog this'
".....CMA also monitors the violations that contradict the objectives aiming to increase the efficiency of the market and related institutions. This is based on Article Five of the Capital Market Law which states that the Authority shall be the agency responsible for issuing regulations, rules and instructions, and for applying the provisions of this law. To achieve that, CMA regulates and develops the exchange and protects citizens and investors in securities from unfair and unsound practices or practices involving fraud, deceit, cheating or manipulation.
According to recent data issued by the Authority, CMA has observed 145 violations related to the CML and its implementing regulations in the first half of this year 2013. It is down by 21 percent compared to the first half of last year which reached 185 violations.
The majority of the violation cases were under the “Discloser” category with 26 violations. After that comes the violation cases under “Practicing securities business without authorization” which reached 24 violations."
'via Blog this'
EFG-Hermes Says Tapping Abu Dhabi Demand for Gulf Banking Deals - Bloomberg
EFG-Hermes Says Tapping Abu Dhabi Demand for Gulf Banking Deals - Bloomberg:
"EFG-Hermes Holding SAE, the biggest publicly-traded Arab investment bank, said it’s working on an “extensive pipeline” of deals in the oil-rich Gulf Cooperation Council as financial markets recover.
Mandates include helping Abu Dhabi-based companies seeking to raise funds or offer exits to investors through private placements, Seif Fikry, chief executive office for the lower GCC, which excludes Saudi Arabia, said in an interview. Other potential deals include mergers in the region, he said from Dubai, declining to provide the names of companies.
“We have quite an extensive pipeline,” he said. “People started realizing that valuations are not as bad as they used to be, and people who have bought assets at much higher levels are happy to feel that things are picking up. This is the primary phase of an economic recovery.”"
'via Blog this'
"EFG-Hermes Holding SAE, the biggest publicly-traded Arab investment bank, said it’s working on an “extensive pipeline” of deals in the oil-rich Gulf Cooperation Council as financial markets recover.
Mandates include helping Abu Dhabi-based companies seeking to raise funds or offer exits to investors through private placements, Seif Fikry, chief executive office for the lower GCC, which excludes Saudi Arabia, said in an interview. Other potential deals include mergers in the region, he said from Dubai, declining to provide the names of companies.
“We have quite an extensive pipeline,” he said. “People started realizing that valuations are not as bad as they used to be, and people who have bought assets at much higher levels are happy to feel that things are picking up. This is the primary phase of an economic recovery.”"
'via Blog this'
Ukraine stops gas purchases from Russia
Ukraine stops gas purchases from Russia:
"A new twist in the on-going saga of natural gas relations between Russia and Ukraine.
Reports indicate that Ukraine’s Naftogaz stopped gas purchases from Russia’s Gazprom as of Saturday. Last week, Ukrainian President Viktor Yanukovich indicated that the country would secure its gas requirements from European sources if it failed to gain better terms from Russia.
Supplies of Russian gas transited through Ukraine to Europe are apparently unaffected. The Ukrainian gas transit corridor delivers approximately one-half of Russia’s gas supplies to Europe."
'via Blog this'
"A new twist in the on-going saga of natural gas relations between Russia and Ukraine.
Reports indicate that Ukraine’s Naftogaz stopped gas purchases from Russia’s Gazprom as of Saturday. Last week, Ukrainian President Viktor Yanukovich indicated that the country would secure its gas requirements from European sources if it failed to gain better terms from Russia.
Supplies of Russian gas transited through Ukraine to Europe are apparently unaffected. The Ukrainian gas transit corridor delivers approximately one-half of Russia’s gas supplies to Europe."
'via Blog this'
Gulf Daily News » Local News » Waitrose pulls out of Bahrain
Gulf Daily News » Local News » Waitrose pulls out of Bahrain:
"HIGH-END supermarket chain Waitrose is pulling out of Bahrain just two years after opening its first store in the country, the company's regional partner has confirmed.
Poor sales were cited as the reason for the decision, which has left two outlets at The Lagoon in Amwaj Islands and The Walk in Riffa already closed.
"Despite strong customer loyalty to the brand, the sales required for sustainable business were not achieved," said communications manager Colette Shannon from Supa Save Bahrain, which runs Bahrain's Waitrose shops under franchise.
"As such, Supa Save Bahrain has made their decision to exit the market and is in discussion with several interested parties to take over the stores."
'via Blog this'
"HIGH-END supermarket chain Waitrose is pulling out of Bahrain just two years after opening its first store in the country, the company's regional partner has confirmed.
Poor sales were cited as the reason for the decision, which has left two outlets at The Lagoon in Amwaj Islands and The Walk in Riffa already closed.
"Despite strong customer loyalty to the brand, the sales required for sustainable business were not achieved," said communications manager Colette Shannon from Supa Save Bahrain, which runs Bahrain's Waitrose shops under franchise.
"As such, Supa Save Bahrain has made their decision to exit the market and is in discussion with several interested parties to take over the stores."
'via Blog this'
Abbott intervened for Abu Dhabi accused: report | Business Spectator
Abbott intervened for Abu Dhabi accused: report | Business Spectator:
"Tony Abbott met with the Crown Prince of Abu Dhabi not long before a bribery case there against two Australian businessmen was reversed, The Australian reports.
The newspaper said the prime minister secretly met with Mohammed bin Zayed al-Nahyan just 12 days before Australians Matthew Joyce and Marcus Lee were acquitted.
Mr Abbott discussed his concerns about the case when he met Sheik Mohammed in Abu Dhabi on October 30 on the way back from a visit to Afghanistan.
The meeting was not disclosed at the time, the newspaper says.
The prime minister's office declined to comment about the meeting."
'via Blog this'
"Tony Abbott met with the Crown Prince of Abu Dhabi not long before a bribery case there against two Australian businessmen was reversed, The Australian reports.
The newspaper said the prime minister secretly met with Mohammed bin Zayed al-Nahyan just 12 days before Australians Matthew Joyce and Marcus Lee were acquitted.
Mr Abbott discussed his concerns about the case when he met Sheik Mohammed in Abu Dhabi on October 30 on the way back from a visit to Afghanistan.
The meeting was not disclosed at the time, the newspaper says.
The prime minister's office declined to comment about the meeting."
'via Blog this'
▶ Is US stocks' recovery sustainable? - YouTube
▶ Is US stocks' recovery sustainable? - YouTube:
"Reporting from New York, John Authers will spend the next two weeks exploring whether the recovery of US markets in sustainable - or whether, as many fear, it is simply a symptom of stimulus from the Federal Reserve.
"
'via Blog this'
"Reporting from New York, John Authers will spend the next two weeks exploring whether the recovery of US markets in sustainable - or whether, as many fear, it is simply a symptom of stimulus from the Federal Reserve.
"
'via Blog this'
Corporation Above Nation: EU-US trade deal to harm consumers - YouTube
Corporation Above Nation: EU-US trade deal to harm consumers - YouTube:
"Europe and the US are in negotiations which they hope will result in a much needed boost to their cash flows. They're sitting down to hammer out the Transatlantic Trade and Investment Partnership, which would remove a number of regulations that currently create barriers to trade. The successful adoption of the agreement promises both parties substantial gains.
"
'via Blog this'
"Europe and the US are in negotiations which they hope will result in a much needed boost to their cash flows. They're sitting down to hammer out the Transatlantic Trade and Investment Partnership, which would remove a number of regulations that currently create barriers to trade. The successful adoption of the agreement promises both parties substantial gains.
"
'via Blog this'
Eastern Europe: Which way to turn? - FT.com
Eastern Europe: Which way to turn? - FT.com:
"Vladimir Pirogov, 73, who for 50 years was a trainer at the city stadium in Yalta in the well-funded heyday of Soviet sport, perches these days on a stool just off the Crimean resort’s elegant promenade, selling his paintings to tourists. In what is now Ukraine, his generation still looks east to Russia, he says. “We’re not needed in Europe, not our factories, not our economic potential. We’re mostly Russian speakers here,” says Mr Pirogov. “We want to live with Russia.”
Yalta is famed as the city where Stalin, Churchill and Roosevelt in 1945 carved up postwar Europe, laying the foundations for what would become the Iron Curtain. Today, with western Europe and Russia again vying for influence over Ukraine and other states at the continent’s heart, many in Yalta do not share Mr Pirogov’s nostalgia for the Soviet era."
'via Blog this'
"Vladimir Pirogov, 73, who for 50 years was a trainer at the city stadium in Yalta in the well-funded heyday of Soviet sport, perches these days on a stool just off the Crimean resort’s elegant promenade, selling his paintings to tourists. In what is now Ukraine, his generation still looks east to Russia, he says. “We’re not needed in Europe, not our factories, not our economic potential. We’re mostly Russian speakers here,” says Mr Pirogov. “We want to live with Russia.”
Yalta is famed as the city where Stalin, Churchill and Roosevelt in 1945 carved up postwar Europe, laying the foundations for what would become the Iron Curtain. Today, with western Europe and Russia again vying for influence over Ukraine and other states at the continent’s heart, many in Yalta do not share Mr Pirogov’s nostalgia for the Soviet era."
'via Blog this'
Emerging-Market Stocks Decline for 8th Day as Rupee Sinks - Bloomberg
Emerging-Market Stocks Decline for 8th Day as Rupee Sinks - Bloomberg:
"Emerging-market stocks retreated for an eighth day, capping the longest slide since 2006, as a decline in India’s rupee to an eight-week low sank the nation’s shares and spurred concern capital inflows will slow.
The MSCI Emerging Markets Index decreased 0.2 percent to 992.99. The S&P BSE Sensex (SENSEX) fell for a fifth day on speculation the rupee’s slump will deter the central bank from easing liquidity curbs. The Borsa Istanbul National 100 Index dropped to the lowest level in two months as Akbank TAS paced losses in Turkish lenders. Philippine shares slid the most since Sept. 30 after the nation was battered by Super Typhoon Haiyan."
'via Blog this'
"Emerging-market stocks retreated for an eighth day, capping the longest slide since 2006, as a decline in India’s rupee to an eight-week low sank the nation’s shares and spurred concern capital inflows will slow.
The MSCI Emerging Markets Index decreased 0.2 percent to 992.99. The S&P BSE Sensex (SENSEX) fell for a fifth day on speculation the rupee’s slump will deter the central bank from easing liquidity curbs. The Borsa Istanbul National 100 Index dropped to the lowest level in two months as Akbank TAS paced losses in Turkish lenders. Philippine shares slid the most since Sept. 30 after the nation was battered by Super Typhoon Haiyan."
'via Blog this'
Rusal’s Quarterly Loss Shrinks as Unprofitable Plants Closed - Bloomberg
Rusal’s Quarterly Loss Shrinks as Unprofitable Plants Closed - Bloomberg:
"United Co. Rusal (486)’s quarterly loss narrowed from the previous three months after the world’s largest aluminum producer shut unprofitable plants and cut costs.
The net loss shrank to $172 million in the third quarter from $458 million in the second, Moscow-based Rusal said today in a statement. Adjusted earnings before interest, taxes, depreciation and amortization reached $130 million, in line with the $129.8 million average of six analyst estimates compiled by Bloomberg. The year-earlier loss was $118 million.
Slowing global economic growth has eroded demand for aluminum, dragging down prices for the metal used in cars, aircraft and drink cans. Supply of the metal is outpacing demand for a seventh consecutive year and will remain in surplus until at least 2018, Morgan Stanley estimated."
'via Blog this'
"United Co. Rusal (486)’s quarterly loss narrowed from the previous three months after the world’s largest aluminum producer shut unprofitable plants and cut costs.
The net loss shrank to $172 million in the third quarter from $458 million in the second, Moscow-based Rusal said today in a statement. Adjusted earnings before interest, taxes, depreciation and amortization reached $130 million, in line with the $129.8 million average of six analyst estimates compiled by Bloomberg. The year-earlier loss was $118 million.
Slowing global economic growth has eroded demand for aluminum, dragging down prices for the metal used in cars, aircraft and drink cans. Supply of the metal is outpacing demand for a seventh consecutive year and will remain in surplus until at least 2018, Morgan Stanley estimated."
'via Blog this'
Dubai’s Majid Al Futtaim Says Close to Buying Spinneys Jordan - Bloomberg
Dubai’s Majid Al Futtaim Says Close to Buying Spinneys Jordan - Bloomberg:
"Majid Al Futtaim Holding LLC said it’s close to buying the Spinneys supermarket chain in Jordan and is no longer interested in acquiring the retailer’s other businesses located outside the United Arab Emirates.
“It’s what makes more sense to us strategically,” Majid Al Futtaim Chief Executive Officer Iyad Malas said late yesterday in a telephone interview. “We’re pursuing Spinneys Jordan and not any other country.”
The company had considered acquiring Dubai-based private equity firm Abraaj Group’s stake in the Spinneys franchise outside the U.A.E., Malas had said in May."
'via Blog this'
"Majid Al Futtaim Holding LLC said it’s close to buying the Spinneys supermarket chain in Jordan and is no longer interested in acquiring the retailer’s other businesses located outside the United Arab Emirates.
“It’s what makes more sense to us strategically,” Majid Al Futtaim Chief Executive Officer Iyad Malas said late yesterday in a telephone interview. “We’re pursuing Spinneys Jordan and not any other country.”
The company had considered acquiring Dubai-based private equity firm Abraaj Group’s stake in the Spinneys franchise outside the U.A.E., Malas had said in May."
'via Blog this'
MIDEAST STOCKS-Dubai sinks 2.8 pct on profit-taking; Egypt continues pull-back | Reuters
MIDEAST STOCKS-Dubai sinks 2.8 pct on profit-taking; Egypt continues pull-back | Reuters:
"* Dubai stocks hit across the board
* Follows survey showing funds ambivalent about valuations
* Abu Dhabi falls much less than Dubai
* Kuwait awaits Q3 earnings
* Qatar back above 10,000 points
By Olzhas Auyezov
DUBAI, Nov 11 (Reuters) - Dubai's main stock index dropped 2.8 percent on Monday to its lowest level since early October, as a lack of fresh catalysts prompted investors to take profits and selling snowballed with valuations at relatively high levels.
The market has soared this year - and is still up 79 percent year-to-date - as Dubai's property market has recovered from its 2008-2010 crash and investors have speculated about the benefits if Dubai wins its bid to host the 2020 World Expo.
That has left valuations temporarily stretched according to some fund managers; a Reuters survey of 16 leading Middle East-based investment institutions at the end of last month found 25 percent expected to decrease their United Arab Emirates equity allocations in the next three months and 25 percent to increase them."
'via Blog this'
"* Dubai stocks hit across the board
* Follows survey showing funds ambivalent about valuations
* Abu Dhabi falls much less than Dubai
* Kuwait awaits Q3 earnings
* Qatar back above 10,000 points
By Olzhas Auyezov
DUBAI, Nov 11 (Reuters) - Dubai's main stock index dropped 2.8 percent on Monday to its lowest level since early October, as a lack of fresh catalysts prompted investors to take profits and selling snowballed with valuations at relatively high levels.
The market has soared this year - and is still up 79 percent year-to-date - as Dubai's property market has recovered from its 2008-2010 crash and investors have speculated about the benefits if Dubai wins its bid to host the 2020 World Expo.
That has left valuations temporarily stretched according to some fund managers; a Reuters survey of 16 leading Middle East-based investment institutions at the end of last month found 25 percent expected to decrease their United Arab Emirates equity allocations in the next three months and 25 percent to increase them."
'via Blog this'
Subscribe to:
Posts (Atom)