Saudi Arabia needs balancing act on the economy | GulfNews.com:
"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. Saudi production of crude oil and other liquids hit a record 11.7 million barrels per day in 2012, according to the US Energy Information Administration (EIA).
Government oil revenues amounted to 1.14 trillion riyals (Dh1.11 trillion, $305 billion), up from 670 billion in 2010 and almost double the figure included in the budget, according to the IMF. While other energy producers have been hit by growing competition from shale, Saudi Arabia has benefited from output problems affecting the North Sea and other members of the Organisation of Petroleum Exporting Countries (Opec), which have kept prices above $100 per barrel and enabled the kingdom to increase its market share."
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Saturday, 16 November 2013
UAE markets break below short-term consolidation | GulfNews.com
UAE markets break below short-term consolidation | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) retreated by 73.55 or 2.54 per cent to close at 2,824.88. Most issues participated in the drop with twenty-seven declining and only nine advancing, while volume reached a three-week high. But, volume managed to remain well below levels seen during the most recent advance.
Earlier in the week the DFMGI was down as much as 4.9 per cent, reaching a five-week low, before finding support at 2,755.45 and bouncing. It ended just shy of the 50 per cent level of the weekly range, providing some short-term optimism to investors that a further bounce may be forthcoming.
The low of the week is now an important support level to watch for the short-term. It’s significance is strengthened by the fact that it was also at the 55-day exponential moving average (ema) and support (prior resistance) of the peak from late-August. Two out of three previous declines over the past year have found support around the 55-day ema. Those drops were followed by gains to new highs. That could happen again this time, especially since the levels just mentioned have been recognized by the market."
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"Last week the Dubai Financial Market General Index (DFMGI) retreated by 73.55 or 2.54 per cent to close at 2,824.88. Most issues participated in the drop with twenty-seven declining and only nine advancing, while volume reached a three-week high. But, volume managed to remain well below levels seen during the most recent advance.
Earlier in the week the DFMGI was down as much as 4.9 per cent, reaching a five-week low, before finding support at 2,755.45 and bouncing. It ended just shy of the 50 per cent level of the weekly range, providing some short-term optimism to investors that a further bounce may be forthcoming.
The low of the week is now an important support level to watch for the short-term. It’s significance is strengthened by the fact that it was also at the 55-day exponential moving average (ema) and support (prior resistance) of the peak from late-August. Two out of three previous declines over the past year have found support around the 55-day ema. Those drops were followed by gains to new highs. That could happen again this time, especially since the levels just mentioned have been recognized by the market."
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Saudi Labor System 'Completely Broken'
Saudi Labor System 'Completely Broken':
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This week Saudi authorities resumed a sweeping crackdown on foreign workers violating local labor laws. Officials arrested more than 20,000 people over two days, according to the Jeddah-based Saudi Gazette, and deported many of them."
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This week Saudi authorities resumed a sweeping crackdown on foreign workers violating local labor laws. Officials arrested more than 20,000 people over two days, according to the Jeddah-based Saudi Gazette, and deported many of them."
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UAE Ups Its Stake in Drone-maker Piaggio Aero | Defense News | defensenews.com
UAE Ups Its Stake in Drone-maker Piaggio Aero | Defense News | defensenews.com:
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A United Arab Emirates (UAE) investment fund has beefed up its stake in Italy-based Piaggio Aero, just as the aeronautics firm gets ready for the debut flight of its P.1HH Hammerhead drone, scheduled to take place within days at Sicily’s Trapani Air Base.
Mubadala, the US $55 billion fund set up by the Emirate of Abu Dhabi in 2002, increased its stake in Piaggio Aero from 33 to 41 percent on Nov. 12, as part of an equity increase of €190 million (US $255 million), which also saw Tata Ltd., a UK offshoot of India’s Tata Group, increase its stake from 33 to 44.5 percent.
Italian private investor Piero Ferrari has increased his stake from 1 to 2 percent, while hedge fund HDI has dropped from 33 to 12.5 percent.
That means Mubadala and Tata are now the main financial backers of development of the Italian-built Hammerhead, which is an unmanned version of Piaggio Aero’s main seller, the P.180 twin-prop business aircraft."
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| The Piaggio Aero P.1HH Hammerhead UAV — an unmanned version of the P.180 twin-propeller business aircraft — was unveiled this summer at the Paris Air Show. (Piaggio Aero) |
Mubadala, the US $55 billion fund set up by the Emirate of Abu Dhabi in 2002, increased its stake in Piaggio Aero from 33 to 41 percent on Nov. 12, as part of an equity increase of €190 million (US $255 million), which also saw Tata Ltd., a UK offshoot of India’s Tata Group, increase its stake from 33 to 44.5 percent.
Italian private investor Piero Ferrari has increased his stake from 1 to 2 percent, while hedge fund HDI has dropped from 33 to 12.5 percent.
That means Mubadala and Tata are now the main financial backers of development of the Italian-built Hammerhead, which is an unmanned version of Piaggio Aero’s main seller, the P.180 twin-prop business aircraft."
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KUNA : Kuwait first in Arab investments in the Comoros - diplomat - General - 15/11/2013
KUNA : Kuwait first in Arab investments in the Comoros - diplomat - General - 15/11/2013:
"Kuwait is ranked first in terms of Arab investments in the Comoros and has made tremendous efforts on many regional and international issues, said Comoros Ambassador Mohamed Kalim Mze on Friday.
The chief delegate participating in the Third Africa-Arab Summit to be held here on Tuesday Ambassador Mohamed Kalim Mze told Kuwait News Agency (KUNA) in an exclusive interview on the sidelines of the senior officials' meeting that "the Comoros highly praised the initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in convening this significant gathering that brings together the Arab world and the African continent".
He added that His Highness the Amir has always been wise in his decisions and has an insighful vision in the substanitaion of regional and international cooperation."
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"Kuwait is ranked first in terms of Arab investments in the Comoros and has made tremendous efforts on many regional and international issues, said Comoros Ambassador Mohamed Kalim Mze on Friday.
The chief delegate participating in the Third Africa-Arab Summit to be held here on Tuesday Ambassador Mohamed Kalim Mze told Kuwait News Agency (KUNA) in an exclusive interview on the sidelines of the senior officials' meeting that "the Comoros highly praised the initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in convening this significant gathering that brings together the Arab world and the African continent".
He added that His Highness the Amir has always been wise in his decisions and has an insighful vision in the substanitaion of regional and international cooperation."
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Uralkali Owner Said to Seek Sale Accord as Soon as Next Week - Bloomberg
Uralkali Owner Said to Seek Sale Accord as Soon as Next Week - Bloomberg:
"Billionaire Suleiman Kerimov and his business partners in OAO Uralkali may reach an agreement to sell their joint 33 percent stake as soon as next week, according to four people with knowledge of their discussions.
Billionaire Mikhail Prokhorov’s Onexim Group is the front-runner to take control of the world’s largest potash maker and may later bring in partners, the people said, asking not to be identified because the talks are private. The stock extended gains to 5 percent in Moscow today after the news, raising the stake’s value to about $5.2 billion."
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"Billionaire Suleiman Kerimov and his business partners in OAO Uralkali may reach an agreement to sell their joint 33 percent stake as soon as next week, according to four people with knowledge of their discussions.
Billionaire Mikhail Prokhorov’s Onexim Group is the front-runner to take control of the world’s largest potash maker and may later bring in partners, the people said, asking not to be identified because the talks are private. The stock extended gains to 5 percent in Moscow today after the news, raising the stake’s value to about $5.2 billion."
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Russia Equities Rise 2nd Day as Metal Stocks Gain on Yellen Bets - Bloomberg
Russia Equities Rise 2nd Day as Metal Stocks Gain on Yellen Bets - Bloomberg:
"Russian stocks gained for a second day as commodity producers rallied on bets the Federal Reserve’s next chairman will continue stimulus efforts, spurring appetite for riskier assets.
The Micex Index (INDEXCF) added 0.6 percent to 1,499.48 by 12:10 p.m. in Moscow, set for a 0.7 percent advance in the week. OAO Mechel, the nation’s biggest coking coal producer, climbed 2.7 percent to 65.30 rubles, paring a 35 percent slump this week. OAO Magnitogorsk Iron & Steel increased 1.7 percent to 7.842 rubles.
Janet Yellen signaled her determination to use bond buying to strengthen the economy during her confirmation hearing yesterday to be the next Fed chairman. Emerging-market stocks headed for the biggest weekly gain in a month. Crude oil, Russia’s main export earner, rose 0.3 percent to $94.04 a barrel in New York."
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"Russian stocks gained for a second day as commodity producers rallied on bets the Federal Reserve’s next chairman will continue stimulus efforts, spurring appetite for riskier assets.
The Micex Index (INDEXCF) added 0.6 percent to 1,499.48 by 12:10 p.m. in Moscow, set for a 0.7 percent advance in the week. OAO Mechel, the nation’s biggest coking coal producer, climbed 2.7 percent to 65.30 rubles, paring a 35 percent slump this week. OAO Magnitogorsk Iron & Steel increased 1.7 percent to 7.842 rubles.
Janet Yellen signaled her determination to use bond buying to strengthen the economy during her confirmation hearing yesterday to be the next Fed chairman. Emerging-market stocks headed for the biggest weekly gain in a month. Crude oil, Russia’s main export earner, rose 0.3 percent to $94.04 a barrel in New York."
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▶ The week ahead: Friends in spy places - YouTube
▶ The week ahead: Friends in spy places - YouTube:
"Elections in Chilé and Nepal, nuclear talks resume for a second time with Iran, and Germany holds hearings into American snooping.
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"Elections in Chilé and Nepal, nuclear talks resume for a second time with Iran, and Germany holds hearings into American snooping.
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Aluminium traders accused over Bahrain fraud - FT.com
Aluminium traders accused over Bahrain fraud - FT.com:
"Aluminium traders from Glencore, Mitsui and Sojitz made payments to one of Bahrain’s most senior royals who is at the centre of a high-profile corruption trial, a London court heard.
Sheikh Isa bin Ali al-Khalifa, the former chairman of Alba, Bahrain’s state-run aluminium producer, and who was also the minister of finance and close to the Gulf state’s influential prime minister, ordered the system as a way “to control the flow of money” to and from Alba, a jury heard on Friday amid the trial of Victor Dahdaleh, a “power broker” accused of creaming 10 per cent off contracts that he negotiated."
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"Aluminium traders from Glencore, Mitsui and Sojitz made payments to one of Bahrain’s most senior royals who is at the centre of a high-profile corruption trial, a London court heard.
Sheikh Isa bin Ali al-Khalifa, the former chairman of Alba, Bahrain’s state-run aluminium producer, and who was also the minister of finance and close to the Gulf state’s influential prime minister, ordered the system as a way “to control the flow of money” to and from Alba, a jury heard on Friday amid the trial of Victor Dahdaleh, a “power broker” accused of creaming 10 per cent off contracts that he negotiated."
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