[video] Has India turned the corner? | beyondbrics:
"India’s central bank governor Raghuram Rajan has vowed a ‘dramatic remaking’ of the banking sector. FT editor Lionel Barber discusses with Jonathan Wheatley, deputy emerging markets editor, whether Rajan can deliver, India’s forthcoming elections and Sachin Tendulkar’s 200th test.
" 'via Blog this'
Tuesday, 19 November 2013
MIDEAST STOCKS-Saudi market slips on profit-taking, Egypt up on aid hopes | Reuters
MIDEAST STOCKS-Saudi market slips on profit-taking, Egypt up on aid hopes | Reuters:
"* Saudi investors cash in moderately on strong rally
* Insurance shares outperform slightly after CMA rules
* Hopes for fresh Saudi aid, new constitution boost Egypt
* Technical glitch shuts down Qatar, trades cancelled
* Dubai retreats from near chart resistance
By Olzhas Auyezov
DUBAI, Nov 19 (Reuters) - Saudi Arabia's index shed 0.6 percent on Tuesday as some investors booked profits after a three-week rally, while Egypt's bourse continued to strengthen on hopes for fresh Saudi aid and progress towards political reform.
The Saudi index had been gaining steadily since the end of October, helped by renewed confidence in the petrochemical sector and a region-wide hunt for dividend yields ahead of the year-end.
"Today we are seeing small profit-taking activity," said Rami Sidani, head of investment at Schroders Middle East. "That was to be expected after the rally.""
'via Blog this'
"* Saudi investors cash in moderately on strong rally
* Insurance shares outperform slightly after CMA rules
* Hopes for fresh Saudi aid, new constitution boost Egypt
* Technical glitch shuts down Qatar, trades cancelled
* Dubai retreats from near chart resistance
By Olzhas Auyezov
DUBAI, Nov 19 (Reuters) - Saudi Arabia's index shed 0.6 percent on Tuesday as some investors booked profits after a three-week rally, while Egypt's bourse continued to strengthen on hopes for fresh Saudi aid and progress towards political reform.
The Saudi index had been gaining steadily since the end of October, helped by renewed confidence in the petrochemical sector and a region-wide hunt for dividend yields ahead of the year-end.
"Today we are seeing small profit-taking activity," said Rami Sidani, head of investment at Schroders Middle East. "That was to be expected after the rally.""
'via Blog this'
Dubai sees slackening in property value gains | GulfNews.com
Dubai sees slackening in property value gains | GulfNews.com:
"Even before the strong market intervention — first by the Dubai Land Department (DLD) in late September and later by the UAE Central Bank — the pace of growth in Dubai’s residential property values dropped significantly during the third quarter.
In its latest update, the real estate consultancy Cluttons pegged the average capital value gains in Dubai at 8 per cent compared with the turbo-charged 23 per cent of the second quarter. Even rental value gains seem to have cooled off — Cluttons estimates this at 3 per cent between July to September against the average of 8.2 per cent in the second quarter.
To put matters in perspective, current values in Dubai post the third quarter are 25.7 per cent below the Q3-2008 market peak, 47.6 per cent above the bottom of the market in Q2-2009 and 52.3 per cent higher than same time last year."
'via Blog this'
"Even before the strong market intervention — first by the Dubai Land Department (DLD) in late September and later by the UAE Central Bank — the pace of growth in Dubai’s residential property values dropped significantly during the third quarter.
In its latest update, the real estate consultancy Cluttons pegged the average capital value gains in Dubai at 8 per cent compared with the turbo-charged 23 per cent of the second quarter. Even rental value gains seem to have cooled off — Cluttons estimates this at 3 per cent between July to September against the average of 8.2 per cent in the second quarter.
To put matters in perspective, current values in Dubai post the third quarter are 25.7 per cent below the Q3-2008 market peak, 47.6 per cent above the bottom of the market in Q2-2009 and 52.3 per cent higher than same time last year."
'via Blog this'
Germany's Metro in Talks to Float Russian Unit | Business | The Moscow Times
Germany's Metro in Talks to Float Russian Unit | Business | The Moscow Times:
"Europe's fourth biggest retailer Metro is talking to banks about an initial public offering of its Russian unit, sources said Tuesday, as it restructures its portfolio to cut its 6.3 billion euros ($8.5 billion) in net debt.
Market and banking sources said a stock offering for the Russian unit, which runs 70 big-box Cash & Carry outlets, could be worth more than $1 billion. Sources familiar with the matter said Metro would seek to keep a small stake in the business.
Sberbank and Goldman Sachs are likely to be working with Metro on the IPO, the sources said. A deal is not likely to happen this year, one said.
The company declined to comment. "We do not comment on market rumors," said a spokesman for Metro, which is based in Duesseldorf, Germany."
'via Blog this'
"Europe's fourth biggest retailer Metro is talking to banks about an initial public offering of its Russian unit, sources said Tuesday, as it restructures its portfolio to cut its 6.3 billion euros ($8.5 billion) in net debt.
Market and banking sources said a stock offering for the Russian unit, which runs 70 big-box Cash & Carry outlets, could be worth more than $1 billion. Sources familiar with the matter said Metro would seek to keep a small stake in the business.
Sberbank and Goldman Sachs are likely to be working with Metro on the IPO, the sources said. A deal is not likely to happen this year, one said.
The company declined to comment. "We do not comment on market rumors," said a spokesman for Metro, which is based in Duesseldorf, Germany."
'via Blog this'
Ukraine Expected to Curb Russian Gas Dependency with Europe Deal | Business | The Moscow Times
Ukraine Expected to Curb Russian Gas Dependency with Europe Deal | Business | The Moscow Times:
"Gas pipeline operators in Slovakia and Ukraine are expected to sign a deal soon that allows the European Union to ship gas through Slovakia to Ukraine, helping to reduce Kiev's dependence on Russia, the European Commission said.
An agreement could signal a historic partnership between Ukraine and the EU.
"We consider that we are very close to a deal," Commission spokeswoman Marlene Holzner said. "The content of the deal has been agreed, whereby the gas will flow from west to east through Slovakia to Ukraine. It is just a matter of signing, which should be in the next few days."
She said the deal followed more than a year of talks brokered by EU Energy Commissioner GЯnther Oettinger."
'via Blog this'
"Gas pipeline operators in Slovakia and Ukraine are expected to sign a deal soon that allows the European Union to ship gas through Slovakia to Ukraine, helping to reduce Kiev's dependence on Russia, the European Commission said.
An agreement could signal a historic partnership between Ukraine and the EU.
"We consider that we are very close to a deal," Commission spokeswoman Marlene Holzner said. "The content of the deal has been agreed, whereby the gas will flow from west to east through Slovakia to Ukraine. It is just a matter of signing, which should be in the next few days."
She said the deal followed more than a year of talks brokered by EU Energy Commissioner GЯnther Oettinger."
'via Blog this'
Ukraine: who’s being selective now? | beyondbrics
Ukraine: who’s being selective now? | beyondbrics:
"
Ukraine’s parliament stuck the Yulia Tymoshenko to-do item into the “later” basket on Tuesday, putting off until Thursday a vote on legislation that could set in motion the release of the jailed opposition leader. Her freedom is a key condition set by the EU to sign historic free trade and association agreements next week in Vilnius. Tick, tock.
Yet while Ukraine’s handling of this case of so-called “selective justice” drags on, there was also news out of Ukraine on Tuesday reinforcing the view that Russia – which is pressuring Ukraine to back away from the EU agreements – is meddling in the Ukraine gas market somewhat “selectively”, too.
Just days after Gazprom ratcheted up the pressure on Ukraine‘s state-owned gas company Naftogaz, accusing it of being late in paying for some $1bn worth of natural gas imports, Ukrainian billionaire Dmitry Firtash confirmed that recent billion-dollar gas imports made by his company were being bankrolled by Russia’s Gazprombank."
'via Blog this'
"
 |
| Firtash: solving problems |
Yet while Ukraine’s handling of this case of so-called “selective justice” drags on, there was also news out of Ukraine on Tuesday reinforcing the view that Russia – which is pressuring Ukraine to back away from the EU agreements – is meddling in the Ukraine gas market somewhat “selectively”, too.
Just days after Gazprom ratcheted up the pressure on Ukraine‘s state-owned gas company Naftogaz, accusing it of being late in paying for some $1bn worth of natural gas imports, Ukrainian billionaire Dmitry Firtash confirmed that recent billion-dollar gas imports made by his company were being bankrolled by Russia’s Gazprombank."
'via Blog this'
EconoMonitor : EconoMonitor » Lagarde: Building Bridges to the Future in the Persian Gulf
EconoMonitor : EconoMonitor » Lagarde: Building Bridges to the Future in the Persian Gulf:
"Two days ago, I had the pleasure of visiting Kuwait, a member country of the Gulf Cooperation Council (GCC). It was a whirlwind visit, with many places to see and people to meet, in a thriving corner of the global economy. Kuwait has extended to me its emblematic tradition of hospitality— a testament to its ancient and noble culture. I was awed by the magnificent artifacts of the al-Sabah collection, which I saw in the beautifully restored Dar al-Athar al-Islamiyyah cultural center.
Back to economics. The member countries of the council—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—have some of world’s highest living standards. The region has also become a major destination for foreign workers and a source of remittances for their families back home. And it is a financial center and a hub for international trade and business services."
'via Blog this'
"Two days ago, I had the pleasure of visiting Kuwait, a member country of the Gulf Cooperation Council (GCC). It was a whirlwind visit, with many places to see and people to meet, in a thriving corner of the global economy. Kuwait has extended to me its emblematic tradition of hospitality— a testament to its ancient and noble culture. I was awed by the magnificent artifacts of the al-Sabah collection, which I saw in the beautifully restored Dar al-Athar al-Islamiyyah cultural center.
Back to economics. The member countries of the council—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—have some of world’s highest living standards. The region has also become a major destination for foreign workers and a source of remittances for their families back home. And it is a financial center and a hub for international trade and business services."
'via Blog this'
Imminent peak oil could burst US, global economic bubble - study | Nafeez Ahmed | Environment | theguardian.com
Imminent peak oil could burst US, global economic bubble - study | Nafeez Ahmed | Environment | theguardian.com:
"
A new multi-disciplinary study led by the University of Maryland calls for immediate action by government, private and commercial sectors to reduce vulnerability to the imminent threat of global peak oil, which could put the entire US economy and other major industrial economies at risk.
The peer-reviewed study contradicts the recent claims within the oil industry that peak oil has been indefinitely offset by shale gas and other unconventional oil and gas resources. A report by the World Energy Council (WEC) last month, for instance, stated that peak oil was unlikely to be realised within the next forty years at least. This is due to global reserves being 25 per cent higher than in 1993. According to the WEC report, 80% of global energy is currently produced by either oil, gas or coal, a situation which is likely to continue for the foreseeable future."
'via Blog this'
"
 |
| Petrol prices have continued to rise as oil prices hit new highs. Photograph: Lewis Whyld/PA |
The peer-reviewed study contradicts the recent claims within the oil industry that peak oil has been indefinitely offset by shale gas and other unconventional oil and gas resources. A report by the World Energy Council (WEC) last month, for instance, stated that peak oil was unlikely to be realised within the next forty years at least. This is due to global reserves being 25 per cent higher than in 1993. According to the WEC report, 80% of global energy is currently produced by either oil, gas or coal, a situation which is likely to continue for the foreseeable future."
'via Blog this'
Ostchem raises loan from Gazprombank to buy 5 bcm of Russian gas, says Firtash
Ostchem raises loan from Gazprombank to buy 5 bcm of Russian gas, says Firtash:
"Ukrainian businessman Dmytro Firtash has confirmed that his Ostchem holding raised a loan from Russia's Gazprombank to buy 5 billion cubic meters of gas from Gazprom.
"Yes, we [Ostchem] have raised a loan from Gazprombank... But you need to understand that this was not a favor from Gazprombank or Gazprom. Gazprom had a choice: either they will pump [the gas], or somebody else will," he said answering a question of Interfax-Ukraine in Donetsk on Tuesday.
Firtash added that Naftogaz Ukrainy has decided to purchase only so much gas as to cover domestic needs.
"So we solved not only our, Ukraine's problem, but also that of Russia, which needed to ensure the transit," he said."
'via Blog this'
"Ukrainian businessman Dmytro Firtash has confirmed that his Ostchem holding raised a loan from Russia's Gazprombank to buy 5 billion cubic meters of gas from Gazprom.
"Yes, we [Ostchem] have raised a loan from Gazprombank... But you need to understand that this was not a favor from Gazprombank or Gazprom. Gazprom had a choice: either they will pump [the gas], or somebody else will," he said answering a question of Interfax-Ukraine in Donetsk on Tuesday.
Firtash added that Naftogaz Ukrainy has decided to purchase only so much gas as to cover domestic needs.
"So we solved not only our, Ukraine's problem, but also that of Russia, which needed to ensure the transit," he said."
'via Blog this'
Abu Dhabi’s Cepsa Pays $2.2 Billion for Coastal Energy - Bloomberg
Abu Dhabi’s Cepsa Pays $2.2 Billion for Coastal Energy - Bloomberg:
"Cia. Espanola de Petroleos SA, the Abu Dhabi-owned oil refiner, agreed to buy Coastal Energy Co. (CEO) for C$2.3 billion ($2.2 billion) as the Middle East sheikhdom adds to crude and natural-gas assets in Southeast Asia.
Cepsa, as the Madrid-based company is known, and partner Strategic Resources (Global) Ltd. agreed to pay C$19 a share, 28 percent more than Coastal Energy’s closing price yesterday, the Houston-based company said in a statement. The venture will take on Coastal Energy’s C$51 million of net debt as part of the deal, due to close in the first quarter.
Abu Dhabi, the capital of the United Arab Emirates and holder of about 6 percent of global oil reserves, is boosting access to energy assets abroad through government-owned companies like International Petroleum Investment Co., Cepsa’s owner. Buying Coastal gives IPIC indirect stakes in production and exploration in the Gulf of Thailand, where a unit of Abu Dhabi’s Mubadala Development Co. also holds concessions."
'via Blog this'
"Cia. Espanola de Petroleos SA, the Abu Dhabi-owned oil refiner, agreed to buy Coastal Energy Co. (CEO) for C$2.3 billion ($2.2 billion) as the Middle East sheikhdom adds to crude and natural-gas assets in Southeast Asia.
Cepsa, as the Madrid-based company is known, and partner Strategic Resources (Global) Ltd. agreed to pay C$19 a share, 28 percent more than Coastal Energy’s closing price yesterday, the Houston-based company said in a statement. The venture will take on Coastal Energy’s C$51 million of net debt as part of the deal, due to close in the first quarter.
Abu Dhabi, the capital of the United Arab Emirates and holder of about 6 percent of global oil reserves, is boosting access to energy assets abroad through government-owned companies like International Petroleum Investment Co., Cepsa’s owner. Buying Coastal gives IPIC indirect stakes in production and exploration in the Gulf of Thailand, where a unit of Abu Dhabi’s Mubadala Development Co. also holds concessions."
'via Blog this'
Asia: investment still hasn’t recovered from 1997 | beyondbrics
Asia: investment still hasn’t recovered from 1997 | beyondbrics:
"
An interesting take on the 1997 Asia crisis from Carmen Reinhart, known for her influential (before it was corrected) paper on the relation between growth and debt, and Takeshi Tashiro.
A new research paper from the two economists this week argues that Asia still hasn’t recovered from 1997 in one key regard: investment is still pitifully low, from India to South Korea.
The average level of investment as a share of GDP in nine countries – China, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore and Thailand – was 6 percentage points lower in 1998-2012 than in the decade leading up to 1997. Strip out China and India, countries in which investment has risen since 1997, and the decline in investment is 9 percentage points (see the second graph, below).
"
'via Blog this'
"
A new research paper from the two economists this week argues that Asia still hasn’t recovered from 1997 in one key regard: investment is still pitifully low, from India to South Korea.
The average level of investment as a share of GDP in nine countries – China, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore and Thailand – was 6 percentage points lower in 1998-2012 than in the decade leading up to 1997. Strip out China and India, countries in which investment has risen since 1997, and the decline in investment is 9 percentage points (see the second graph, below).
 |
| Source: NBER |
'via Blog this'
RBI’s liquidity feed to India’s small businesses: will it work? | beyondbrics
RBI’s liquidity feed to India’s small businesses: will it work? | beyondbrics:
"The Reserve Bank of India is providing Rs50bn ($800m) to small enterprises for refinancing, a boost to businesses that are suffering from tight liquidity as Asia’s third largest economy slows.
The central bank explained the move in a statement on Monday:
'via Blog this'
"The Reserve Bank of India is providing Rs50bn ($800m) to small enterprises for refinancing, a boost to businesses that are suffering from tight liquidity as Asia’s third largest economy slows.
The central bank explained the move in a statement on Monday:
The liquidity support comes in the wake of slowdown in the economy which has resulted in liquidity tightness in a large number of Micro and Small Enterprises (MSEs) in the manufacturing and services sector, particularly due to delayed settlement of receivables from large corporate, Public Sector Undertakings and government departments."
'via Blog this'
Statoil breaks oil-linked gas pricing - FT.com
Statoil breaks oil-linked gas pricing - FT.com:
"Europe’s second largest gas supplier has broken the link to oil prices in majority of its northern European contracts, moving much faster than expected on an issue seen as key to the continent’s industrial competitiveness.
Statoil, the Norwegian state energy company, told the FT all of its German contracts and nearly all its UK, Dutch and Belgian contracts now reference prices at regional gas hubs, which the European Union has been promoting as it seeks a more open gas market.
For decades European companies have tended to sign long-term supply contracts linked to the price of oil, whereas US companies have been able to buy gas for immediate delivery in a widely traded market, giving them more flexibility."
'via Blog this'
"Europe’s second largest gas supplier has broken the link to oil prices in majority of its northern European contracts, moving much faster than expected on an issue seen as key to the continent’s industrial competitiveness.
Statoil, the Norwegian state energy company, told the FT all of its German contracts and nearly all its UK, Dutch and Belgian contracts now reference prices at regional gas hubs, which the European Union has been promoting as it seeks a more open gas market.
For decades European companies have tended to sign long-term supply contracts linked to the price of oil, whereas US companies have been able to buy gas for immediate delivery in a widely traded market, giving them more flexibility."
'via Blog this'
The ever-changing oil map - Al-Monitor: the Pulse of the Middle East
The ever-changing oil map - Al-Monitor: the Pulse of the Middle East:
"Oct. 16, 2013, marked the anniversary of the day the Kingdom of Saudi Arabia and other Arab countries enforced an unprecedented oil embargo on the United States and the Netherlands and cut oil production by 5–10%, due to their support for Israel [during the 1973 war]. Oil prices doubled and OPEC [Organization of Petroleum Exporting Countries] demanded a new global economic system. Today, 40 years later, the global oil market will seemingly once again experience adverse steps entailing geostrategic consequences."
'via Blog this'
"Oct. 16, 2013, marked the anniversary of the day the Kingdom of Saudi Arabia and other Arab countries enforced an unprecedented oil embargo on the United States and the Netherlands and cut oil production by 5–10%, due to their support for Israel [during the 1973 war]. Oil prices doubled and OPEC [Organization of Petroleum Exporting Countries] demanded a new global economic system. Today, 40 years later, the global oil market will seemingly once again experience adverse steps entailing geostrategic consequences."
'via Blog this'
Dubai Air Show: Up and away | The Economist
Dubai Air Show: Up and away | The Economist:
"
TEN years ago, as he announced record orders of $19 billion of aircraft from Boeing and Airbus for the Emirates airline at the Paris Air Show, the ruler of Dubai told the world that the aviation industry was about to change. Last weekend’s Dubai Air Show revealed how true that prediction was: the big three Persian Gulf carriers (Emirates and the smaller Etihad and Qatar Airlines) ordered more than 320 long-haul planes worth hundreds of billions of dollars.
Most notable was Emirates's order for 150 of the 777X, the latest version of Boeing’s best-selling long-haul plane, in a deal worth $76 billion. The aircraft maker also landed orders for another 75 of the 777X from Etihad and Qatar, taking the total to $130 billion. No other model in the category of twin-engine planes ever had a faster launch. Airbus trailed in total orders, but secured an unexpected boost with sales of 50 more of its super-jumbo A380 planes to Emirates and 50 of its long-haul A350s to Etihad, the Abu Dhabi airline."
'via Blog this'
"
Most notable was Emirates's order for 150 of the 777X, the latest version of Boeing’s best-selling long-haul plane, in a deal worth $76 billion. The aircraft maker also landed orders for another 75 of the 777X from Etihad and Qatar, taking the total to $130 billion. No other model in the category of twin-engine planes ever had a faster launch. Airbus trailed in total orders, but secured an unexpected boost with sales of 50 more of its super-jumbo A380 planes to Emirates and 50 of its long-haul A350s to Etihad, the Abu Dhabi airline."
'via Blog this'
Amazon story wins Business Book of the Year award - YouTube
Amazon story wins Business Book of the Year award - YouTube:
"The revealing tale of one of retail's biggest success stories and most secret companies has been awarded Business Book of the Year 2013. Brad Stone, author of 'The Everything Store: Jeff Bezos and the Age of Amazon', talks to the FT's Andrew Hill about cracking the corporation's culture and where he sees the company headed."
'via Blog this'
"The revealing tale of one of retail's biggest success stories and most secret companies has been awarded Business Book of the Year 2013. Brad Stone, author of 'The Everything Store: Jeff Bezos and the Age of Amazon', talks to the FT's Andrew Hill about cracking the corporation's culture and where he sees the company headed."
'via Blog this'
Join the oil services queue - YouTube
Join the oil services queue - YouTube:
"Petrofac's shares tumbled after it cautioned that 2014 net income would be below investor expectations. Lex's Oliver Ralph and Vincent Boland discuss the latest developments at the company and in the oil services sector."
'via Blog this'
"Petrofac's shares tumbled after it cautioned that 2014 net income would be below investor expectations. Lex's Oliver Ralph and Vincent Boland discuss the latest developments at the company and in the oil services sector."
'via Blog this'
[video] China’s reforms better for cows than bulls | beyondbrics
[video] China’s reforms better for cows than bulls | beyondbrics:
"Markets rallied on China’s latest reform proposals. But Robin Wigglesworth, capital markets correspondent, warns that while the country’s potential may be enhanced, stock markets will not be and growth could slip below 7 per cent." 'via Blog this'
"Markets rallied on China’s latest reform proposals. But Robin Wigglesworth, capital markets correspondent, warns that while the country’s potential may be enhanced, stock markets will not be and growth could slip below 7 per cent." 'via Blog this'
Central Bank’s new mortgage rules will boost risk profiles of UAE lenders and developers | The National
Central Bank’s new mortgage rules will boost risk profiles of UAE lenders and developers | The National:
"The Central Bank’s new mortgage rules will boost the long-term credit risk profiles of UAE banks and property developers, says Standard & Poor’s.
However, the credit ratings agency said in its report released yesterday that new guidelines on mortgages issued by the Central Bank last month would not have an immediate impact on the credit ratings of banks and property developers that it covered.
The regulations, which introduced caps on home loans for the first time, would be beneficial for banks and developers in the long term, said the S&P credit analyst Timucin Engin."
'via Blog this'
"The Central Bank’s new mortgage rules will boost the long-term credit risk profiles of UAE banks and property developers, says Standard & Poor’s.
However, the credit ratings agency said in its report released yesterday that new guidelines on mortgages issued by the Central Bank last month would not have an immediate impact on the credit ratings of banks and property developers that it covered.
The regulations, which introduced caps on home loans for the first time, would be beneficial for banks and developers in the long term, said the S&P credit analyst Timucin Engin."
'via Blog this'
Saudi stock regulator tightens trading rules on loss-making companies | The National
Saudi stock regulator tightens trading rules on loss-making companies | The National:
"The Saudi Arabian Capital Market Authority (CMA) has tightened rules on how long shares in listed firms can trade if the companies have large accumulated losses, it said on Monday, in a move that analysts said could soon affect several firms.
The new rules will compel companies with losses totalling 50 per cent of their capital to announce plans to remedy their financial standing, and will impose penalties including suspension of trading on companies with bigger losses.
They will come into effect in July next year."
'via Blog this'
"The Saudi Arabian Capital Market Authority (CMA) has tightened rules on how long shares in listed firms can trade if the companies have large accumulated losses, it said on Monday, in a move that analysts said could soon affect several firms.
The new rules will compel companies with losses totalling 50 per cent of their capital to announce plans to remedy their financial standing, and will impose penalties including suspension of trading on companies with bigger losses.
They will come into effect in July next year."
'via Blog this'
Emerging markets investor calls for UAE market initiatives | GulfNews.com
Emerging markets investor calls for UAE market initiatives | GulfNews.com:
"To see the UAE’s stock market expand further, one of the world’s leading emerging markets investors has called for a need to encourage increased privatisation and inviting more companies in the region to list in here.
Speaking to the local media on Monday in Dubai, Mark Mobius, executive chairman of Templeton Emerging Markets Group, said that combining the two markets, Abu Dhabi and Dubai, will be “the one step in the right direction” that will likely to lead to more listings.
“And there has to be, of course, more privatisation of assets here — there’s lot of scope to that,” said Mobius.
He also suggested that the UAE markets make efforts to invite companies from the region in the form of ADR or Arab Depository Receipt. Through ADRs, one could get a Saudi Arabian company listing here, which would be a lot more beneficial for international investors. Currently gaining exposure to Saudi Arabia, the Gulf’s largest and most liquid stock market, is through buying Proprietary Notes."
'via Blog this'
"To see the UAE’s stock market expand further, one of the world’s leading emerging markets investors has called for a need to encourage increased privatisation and inviting more companies in the region to list in here.
Speaking to the local media on Monday in Dubai, Mark Mobius, executive chairman of Templeton Emerging Markets Group, said that combining the two markets, Abu Dhabi and Dubai, will be “the one step in the right direction” that will likely to lead to more listings.
“And there has to be, of course, more privatisation of assets here — there’s lot of scope to that,” said Mobius.
He also suggested that the UAE markets make efforts to invite companies from the region in the form of ADR or Arab Depository Receipt. Through ADRs, one could get a Saudi Arabian company listing here, which would be a lot more beneficial for international investors. Currently gaining exposure to Saudi Arabia, the Gulf’s largest and most liquid stock market, is through buying Proprietary Notes."
'via Blog this'
Dana Gas awards contract for Zora offshore field | GulfNews.com
Dana Gas awards contract for Zora offshore field | GulfNews.com:
"Dana Gas, the Middle East’s leading regional private sector natural gas ompany, announced on Monday that Adyard Abu Dhabi, a subsidiary of Interserve Plc, has been awarded a $17 million contract for the fabrication of an offshore platform for the Zora Field Development Project, which spans the territorial waters of Sharjah and Ajman.
The platform is an important element in the overall scope of the Zora project, the aim of which is to extract the reserves from the Zora field through an offshore facility and to transport them via a 35km subsea pipeline to an onshore gas processing facility located in Sharjah.
Fabrication of the platform will be carried out by Adyard and will include the manufacture and erection of the structure and the different deck levels."
'via Blog this'
"Dana Gas, the Middle East’s leading regional private sector natural gas ompany, announced on Monday that Adyard Abu Dhabi, a subsidiary of Interserve Plc, has been awarded a $17 million contract for the fabrication of an offshore platform for the Zora Field Development Project, which spans the territorial waters of Sharjah and Ajman.
The platform is an important element in the overall scope of the Zora project, the aim of which is to extract the reserves from the Zora field through an offshore facility and to transport them via a 35km subsea pipeline to an onshore gas processing facility located in Sharjah.
Fabrication of the platform will be carried out by Adyard and will include the manufacture and erection of the structure and the different deck levels."
'via Blog this'
Russia’s Sberbank to Sell $1.5 Billion in Debt by 2015 - Bloomberg
Russia’s Sberbank to Sell $1.5 Billion in Debt by 2015 - Bloomberg:
"OAO Sberbank, Russia’s largest lender, plans to sell as much as $1.5 billion of subordinated debt by 2015 as borrowing costs decline, Deputy Chairman Anton Karamzin said.
“We are optimistic about the debt markets and, as soon as conditions are favorable,” the bank can issue new debt, Karamzin said in an interview in New York yesterday. The lender, which holds the savings of almost half of Russia’s population, may sell bonds once or twice during the next 15 months in the international markets and doesn’t plan to borrow in rubles any time soon, he said."
'via Blog this'
"OAO Sberbank, Russia’s largest lender, plans to sell as much as $1.5 billion of subordinated debt by 2015 as borrowing costs decline, Deputy Chairman Anton Karamzin said.
“We are optimistic about the debt markets and, as soon as conditions are favorable,” the bank can issue new debt, Karamzin said in an interview in New York yesterday. The lender, which holds the savings of almost half of Russia’s population, may sell bonds once or twice during the next 15 months in the international markets and doesn’t plan to borrow in rubles any time soon, he said."
'via Blog this'
Qatar-Emirates Create Purchasing Pact to Get Most Out of Boeing - Bloomberg
Qatar-Emirates Create Purchasing Pact to Get Most Out of Boeing - Bloomberg:
"Qatar Airways Ltd. said it jointly negotiated a deal for as many as 250 of Boeing Co. (BA)’s new 777 planes with Dubai-based Emirates, putting old rivalries aside to wring maximum value from the Persian Gulf’s growing dominance of the wide-body jet market.
The novel approach, which saw the pair share a stage for their order announcement at the Dubai Air Show, delivered extra economies of scale, Qatar Chief Executive Officer Akbar Al Baker said yesterday, 24 hours after the contracts were placed.
“We’re buying airplanes, we’re not going to the supermarket, so we’re not going to do this every time,” Al Baker said. “But when we do a similar program in the future then yes, I hope that we will be able to do it together.”"
'via Blog this'
"Qatar Airways Ltd. said it jointly negotiated a deal for as many as 250 of Boeing Co. (BA)’s new 777 planes with Dubai-based Emirates, putting old rivalries aside to wring maximum value from the Persian Gulf’s growing dominance of the wide-body jet market.
The novel approach, which saw the pair share a stage for their order announcement at the Dubai Air Show, delivered extra economies of scale, Qatar Chief Executive Officer Akbar Al Baker said yesterday, 24 hours after the contracts were placed.
“We’re buying airplanes, we’re not going to the supermarket, so we’re not going to do this every time,” Al Baker said. “But when we do a similar program in the future then yes, I hope that we will be able to do it together.”"
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