Iran deal and oil - YouTube:
"Crude oil prices initially eased on news of the nuclear deal in Iran but have since returned to earlier levels. Neil Hume, the FT's commodities editor, explains to Ralph Atkins the modest impact of Iran and the bigger drivers of oil markets
"
'via Blog this'
Tuesday, 26 November 2013
Russia Energy Profile: World's Third-Largest Producer Of Oil - Analysis Eurasia Review
Russia Energy Profile: World's Third-Largest Producer Of Oil - Analysis Eurasia Review:
"
Russia is a major producer and exporter of oil and natural gas, and its economy largely depends on energy exports. Russia’s economic growth continues to be driven by energy exports, given its high oil and gas production and the elevated prices for those commodities. Oil and gas revenues accounted for 52% of federal budget revenues and over 70% of total exports in 2012, according to PFC Energy.
Russia was the world’s third-largest producer of oil (after Saudi Arabia and the United States) Preliminary data for 2013 show that Russia still is the third-ranked producer of total liquids, with average production at 10.5 million barrels per day (bbl/d) through September 2013. Russia was the second-largest producer of natural gas in 2012 (second to the United States).
Russia is the third-largest generator of nuclear power in the world and fourth-largest in terms of installed capacity. With ten nuclear reactors currently under construction, Russia is the second country in the world in terms of number of reactors under construction in 2012, according to the International Atomic Energy Agency."
'via Blog this'
"
 |
GAZPROM HEADQUARTERS |
Russia was the world’s third-largest producer of oil (after Saudi Arabia and the United States) Preliminary data for 2013 show that Russia still is the third-ranked producer of total liquids, with average production at 10.5 million barrels per day (bbl/d) through September 2013. Russia was the second-largest producer of natural gas in 2012 (second to the United States).
Russia is the third-largest generator of nuclear power in the world and fourth-largest in terms of installed capacity. With ten nuclear reactors currently under construction, Russia is the second country in the world in terms of number of reactors under construction in 2012, according to the International Atomic Energy Agency."
'via Blog this'
Iran opens contacts with oil majors - FT.com
Iran opens contacts with oil majors - FT.com:
"
Iran’s oil ministry has opened contacts with western majors as the government of Hassan Rouhani tries to capitalise on progress in nuclear talks and encourage companies to prepare for an eventual lifting of sanctions.
Bijan Namdar Zanganeh, the veteran oil minister who has returned to government after an eight-year absence, told the Financial Times he had held meetings with European companies and “indirectly” with US firms with a view to inviting them back to Iran."
'via Blog this'
"
 |
| Iranian oil minister Bijan Namdar Zanganeh |
Bijan Namdar Zanganeh, the veteran oil minister who has returned to government after an eight-year absence, told the Financial Times he had held meetings with European companies and “indirectly” with US firms with a view to inviting them back to Iran."
'via Blog this'
Guest post: EU bail out Ukraine? If only it were that simple… | beyondbrics
Guest post: EU bail out Ukraine? If only it were that simple… | beyondbrics:
"
By Timothy Ash of Standard Bank
For the casual/neutral observer of Ukraine, perhaps based in the EU, the story perhaps looks quite straightforward: the EU/IMF/west needs to pull its finger out and provide enough financing for Ukraine to offset the impact of potential economic sanctions from Russia.
Opinion polls show that a great majority of the Ukrainian people now favour EU integration – 57:14, according to one recent poll – as opposed to hooking back up with Russia in the CIS Customs/Eurasian Union. Ukrainians are braving the elements in street demonstrations in favour of signing with the EU. Surely this should be supported? After all, the sums needed by Ukraine ($15bn-$20bn), appear small change relative to the size and strategic energy importance of Ukraine, compared to the huge size of Euro-periphery bail-outs.
If only things were that simple."
'via Blog this'
"
For the casual/neutral observer of Ukraine, perhaps based in the EU, the story perhaps looks quite straightforward: the EU/IMF/west needs to pull its finger out and provide enough financing for Ukraine to offset the impact of potential economic sanctions from Russia.
Opinion polls show that a great majority of the Ukrainian people now favour EU integration – 57:14, according to one recent poll – as opposed to hooking back up with Russia in the CIS Customs/Eurasian Union. Ukrainians are braving the elements in street demonstrations in favour of signing with the EU. Surely this should be supported? After all, the sums needed by Ukraine ($15bn-$20bn), appear small change relative to the size and strategic energy importance of Ukraine, compared to the huge size of Euro-periphery bail-outs.
If only things were that simple."
'via Blog this'
Is A Debt Problem Brewing In Saudi Arabia?
Is A Debt Problem Brewing In Saudi Arabia?:
"The rapid expansion of credit in Saudi Arabia is beginning to look like a cause for concern, warns Jason Tuvey of Capital Economics. If sustained, it could be followed by a rise in bad loans.
Saudi Arabia’s private sector credit-to-GDP ratio currently stands at 39 percent -- the lowest among the six Arab monarchies along the Persian Gulf. But the danger lies not in the stock of credit, but the pace at which it is rising relative to GDP.
“A rapidly rising credit ratio would indicate that credit is being used inefficiently, whereas a more gradual increase in the credit ratio would suggest that it is being put towards more productive uses,” Tuvey said in a note."
'via Blog this'
"The rapid expansion of credit in Saudi Arabia is beginning to look like a cause for concern, warns Jason Tuvey of Capital Economics. If sustained, it could be followed by a rise in bad loans.
Saudi Arabia’s private sector credit-to-GDP ratio currently stands at 39 percent -- the lowest among the six Arab monarchies along the Persian Gulf. But the danger lies not in the stock of credit, but the pace at which it is rising relative to GDP.
“A rapidly rising credit ratio would indicate that credit is being used inefficiently, whereas a more gradual increase in the credit ratio would suggest that it is being put towards more productive uses,” Tuvey said in a note."
'via Blog this'
RDIF Agrees $1.35Bln Investment Deal With Italian State Fund | Business | The Moscow Times
RDIF Agrees $1.35Bln Investment Deal With Italian State Fund | Business | The Moscow Times:
"Italy in its second day, Russia’s state-backed private equity investment fund and Italy’s strategic state investment fund have agreed to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said.
Fabrizio Pagani, a senior economic advisor for Prime Minister Enrico Letta, said the Russian Direct Investment Fund, or RDIF, would sign the deal with the Italian fund at a bilateral summit in Trieste on Tuesday.
Under the agreement, the two funds will invest up to 500 million euros each.
“We are not talking about small businesses but medium and large companies,” RDIF CEO Kirill Dmitriyev said."
'via Blog this'
"Italy in its second day, Russia’s state-backed private equity investment fund and Italy’s strategic state investment fund have agreed to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said.
Fabrizio Pagani, a senior economic advisor for Prime Minister Enrico Letta, said the Russian Direct Investment Fund, or RDIF, would sign the deal with the Italian fund at a bilateral summit in Trieste on Tuesday.
Under the agreement, the two funds will invest up to 500 million euros each.
“We are not talking about small businesses but medium and large companies,” RDIF CEO Kirill Dmitriyev said."
'via Blog this'
Lot: time to pick a profitable partner | beyondbrics
Lot: time to pick a profitable partner | beyondbrics:
"Poland is thinking of saving its national airline in the same way the Czechs have – by creating a holding company uniting the loss-making carrier with a more profitable airport and ground services operation.
Will it work?
Wlodzimierz Karpinski, the treasury minister, told the Rzeczpospolita newspaper:
'via Blog this'
"Poland is thinking of saving its national airline in the same way the Czechs have – by creating a holding company uniting the loss-making carrier with a more profitable airport and ground services operation.
Will it work?
Wlodzimierz Karpinski, the treasury minister, told the Rzeczpospolita newspaper:
The treasury ministry, together with the ministry of transport, is working on a concept to concentrate air transport companies. One variant under consideration would be the creation of an air holding."
'via Blog this'
MIDEAST STOCKS-Gulf mostly declines, Dubai up before Expo decision | Reuters
MIDEAST STOCKS-Gulf mostly declines, Dubai up before Expo decision | Reuters:
"* Oil's dip used as cue to take profits in Gulf
* But last-minute bets placed on successful Expo bid by Dubai
* Arabtec up 2.0 pct on acquisition
* Abu Dhabi's Sudatel slips back after three-day leap
* Egypt down 1.8 pct on aggressive profit-taking
By Olzhas Auyezov
DUBAI, Nov 26 (Reuters) - Most Gulf bourses declined on Tuesday in a wave of profit-taking triggered partly by oil's temporary weakness in the aftermath of the world powers' nuclear deal with Iran.
Oil prices have since recovered as it became clear that Iranian oil exports would not rise significantly in coming months, if at all. But Gulf stock markets have nevertheless taken the Iranian deal as a cue for profit-taking.
The main stock index in Saudi Arabia, the world's biggest oil exporter, shed 0.6 percent on Tuesday and Qatar was down 0.7 percent."
'via Blog this'
"* Oil's dip used as cue to take profits in Gulf
* But last-minute bets placed on successful Expo bid by Dubai
* Arabtec up 2.0 pct on acquisition
* Abu Dhabi's Sudatel slips back after three-day leap
* Egypt down 1.8 pct on aggressive profit-taking
By Olzhas Auyezov
DUBAI, Nov 26 (Reuters) - Most Gulf bourses declined on Tuesday in a wave of profit-taking triggered partly by oil's temporary weakness in the aftermath of the world powers' nuclear deal with Iran.
Oil prices have since recovered as it became clear that Iranian oil exports would not rise significantly in coming months, if at all. But Gulf stock markets have nevertheless taken the Iranian deal as a cue for profit-taking.
The main stock index in Saudi Arabia, the world's biggest oil exporter, shed 0.6 percent on Tuesday and Qatar was down 0.7 percent."
'via Blog this'
Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT
Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT:
"Private investors from Gulf Arab countries, including a royal family from the United Arab Emirates, plan to establish the first full-fledged Islamic bank headquartered in the euro zone, an executive said on Tuesday.
The investors aim to launch the venture, named Eurisbank, in Luxembourg during the last quarter of 2014, said Ammar Dabbour, managing partner at Excellencia Investment Management.
With initial capital of EUR 60 million, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt."
'via Blog this'
"Private investors from Gulf Arab countries, including a royal family from the United Arab Emirates, plan to establish the first full-fledged Islamic bank headquartered in the euro zone, an executive said on Tuesday.
The investors aim to launch the venture, named Eurisbank, in Luxembourg during the last quarter of 2014, said Ammar Dabbour, managing partner at Excellencia Investment Management.
With initial capital of EUR 60 million, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt."
'via Blog this'
Ukraine Has No Final Deal with Russia on Financial Support - Ukraine PM - WSJ.com
Ukraine Has No Final Deal with Russia on Financial Support - Ukraine PM - WSJ.com:
"Ukraine hasn't reached a final deal on potential financial support from Russia, but will hold talks early December aimed at improving trade and economic relations, Ukrainian Prime Minister Mykola Azarov said Tuesday.
Ukraine last week said it was abandoning a long-planned deal with the European Union in order to focus on fixing relations with Russia, which strongly opposed that deal and threatened trade retaliation.
"From the beginning of December we will sit at the negotiating table and plan a road map for restoring our relationship, particularly in trade and economic relations," Mr. Azarov told reporters."
'via Blog this'
"Ukraine hasn't reached a final deal on potential financial support from Russia, but will hold talks early December aimed at improving trade and economic relations, Ukrainian Prime Minister Mykola Azarov said Tuesday.
Ukraine last week said it was abandoning a long-planned deal with the European Union in order to focus on fixing relations with Russia, which strongly opposed that deal and threatened trade retaliation.
"From the beginning of December we will sit at the negotiating table and plan a road map for restoring our relationship, particularly in trade and economic relations," Mr. Azarov told reporters."
'via Blog this'
China Looking for New Markets in Eastern Europe | TIME.com
China Looking for New Markets in Eastern Europe | TIME.com:
"Chinese Prime Minister Li Keqiang says Chinese investment in infrastructure construction, renewable energy and agriculture in eastern Europe will bring greater prosperity and jobs in the region.
Li said China’s economic interest in eastern and central Europe would bring “massive investments and will lead to a growth in trade.”
He spoke at the opening of a meeting with leaders from 16 central and eastern European nations. Three hundred Chinese business people accompanied Li for the meeting."
'via Blog this'
"Chinese Prime Minister Li Keqiang says Chinese investment in infrastructure construction, renewable energy and agriculture in eastern Europe will bring greater prosperity and jobs in the region.
Li said China’s economic interest in eastern and central Europe would bring “massive investments and will lead to a growth in trade.”
He spoke at the opening of a meeting with leaders from 16 central and eastern European nations. Three hundred Chinese business people accompanied Li for the meeting."
'via Blog this'
A Fashion Fund to Foster Emerging Talent | Barakabits
A Fashion Fund to Foster Emerging Talent | Barakabits:
"
The renowned developer Emaar Properties‘ plan to launch a US $100 million fund for emerging designers in the region echoed through the fashion halls of Dubai this month.
This announcement came at an optimal time with a series of glamorous events positioning Dubai as the Middle East’s fashion capital, including Fashion Forward, managed and produced by BRAG, and the inaugural Vogue Fashion Dubai Experience, organized by Emaar in partnership with Vogue Italia, a leading fashion magazine. The fashion element of the fund will run alongside the Vogue Italia’s editor-in-chief.
The Financial Times reports that Emaar’s chairman Mohammed Alabbar “said the Emaar-backed fund would help to foster entrepreneurial spirit among young people in the Middle East, where half the population is under 21,” a noble objective with high potential and promise."
'via Blog this'
"
This announcement came at an optimal time with a series of glamorous events positioning Dubai as the Middle East’s fashion capital, including Fashion Forward, managed and produced by BRAG, and the inaugural Vogue Fashion Dubai Experience, organized by Emaar in partnership with Vogue Italia, a leading fashion magazine. The fashion element of the fund will run alongside the Vogue Italia’s editor-in-chief.
The Financial Times reports that Emaar’s chairman Mohammed Alabbar “said the Emaar-backed fund would help to foster entrepreneurial spirit among young people in the Middle East, where half the population is under 21,” a noble objective with high potential and promise."
'via Blog this'
Citigroup Can’t Stop Abu Dhabi Investment Arbitration - Bloomberg
Citigroup Can’t Stop Abu Dhabi Investment Arbitration - Bloomberg:
"Citigroup Inc. (C) failed to persuade a judge that Abu Dhabi Investment Authority was barred under an agreement with the bank from seeking arbitration over $2 billion in claims the emirate’s entity already pursued and lost.
U.S. District Judge P. Kevin Castel in Manhattan yesterday said whether the investment authority, or ADIA, can re-litigate issues the bank contends were resolved in a 16-day proceeding two years ago is up to a panel of arbitrators and not the courts.
“The broad arbitration clause was the product of intensive, arm’s-length negotiations between the parties,” Castel said in his ruling. “The preclusive effect of any prior arbitration must be decided by an arbitration panel.”
The dispute centers on how Citigroup treated a $7.5 billion investment in the bank, made by the Abu Dhabi government-owned investment authority in 2007. ADIA’s acquisition of a then-4.9 percent stake in Citigroup allowed the lender to replenish capital after record mortgage losses wiped out almost half it’s market value that year and made the emirate the bank’s biggest investor."
'via Blog this'
"Citigroup Inc. (C) failed to persuade a judge that Abu Dhabi Investment Authority was barred under an agreement with the bank from seeking arbitration over $2 billion in claims the emirate’s entity already pursued and lost.
U.S. District Judge P. Kevin Castel in Manhattan yesterday said whether the investment authority, or ADIA, can re-litigate issues the bank contends were resolved in a 16-day proceeding two years ago is up to a panel of arbitrators and not the courts.
“The broad arbitration clause was the product of intensive, arm’s-length negotiations between the parties,” Castel said in his ruling. “The preclusive effect of any prior arbitration must be decided by an arbitration panel.”
The dispute centers on how Citigroup treated a $7.5 billion investment in the bank, made by the Abu Dhabi government-owned investment authority in 2007. ADIA’s acquisition of a then-4.9 percent stake in Citigroup allowed the lender to replenish capital after record mortgage losses wiped out almost half it’s market value that year and made the emirate the bank’s biggest investor."
'via Blog this'
Takaful has global potential, say experts | GulfNews.com
Takaful has global potential, say experts | GulfNews.com:
"The takaful industry has huge potential to join the mainstream insurance business outside Muslim countries as a viable alternative to conventional insurance, say experts.
The global takaful (Islamic insurance) industry, which has a relatively small share of about $17 billion (Dh62 billion) in underwritings compared to the $3 trillion held by the mainstream industry, needs to attract wider audience and underwrite insurance requirements of larger businesses, said delegates at the Global Islamic Economy Summit 2013.
“There are a large number of big businesses such as huge infrastructure projects, oil and gas installations and power projects including nuclear projects coming up in the region,” said Fareed Lutfi, Secretary General of Emirates Insurance Association. “Currently the takaful industry’s role in underwriting big-ticket risks is minimal while the industry is focused mostly on life and family takaful, motor insurance and relatively small businesses. This situation calls for creation of larger re-takaful companies that have the capital size to cover larger size risks.”"
'via Blog this'
"The takaful industry has huge potential to join the mainstream insurance business outside Muslim countries as a viable alternative to conventional insurance, say experts.
The global takaful (Islamic insurance) industry, which has a relatively small share of about $17 billion (Dh62 billion) in underwritings compared to the $3 trillion held by the mainstream industry, needs to attract wider audience and underwrite insurance requirements of larger businesses, said delegates at the Global Islamic Economy Summit 2013.
“There are a large number of big businesses such as huge infrastructure projects, oil and gas installations and power projects including nuclear projects coming up in the region,” said Fareed Lutfi, Secretary General of Emirates Insurance Association. “Currently the takaful industry’s role in underwriting big-ticket risks is minimal while the industry is focused mostly on life and family takaful, motor insurance and relatively small businesses. This situation calls for creation of larger re-takaful companies that have the capital size to cover larger size risks.”"
'via Blog this'
Swatch takes majority stake in Dubai retailer Rivoli | GulfNews.com
Swatch takes majority stake in Dubai retailer Rivoli | GulfNews.com:
"Global watchmaker Swatch has taken control of Dubai’s Rivoli retail chain, the latest luxury group to take a closer interest in its emerging markets outlets in order to use local knowledge to manage its image and better profit from rapid regional growth.
Swatch Group raised its stake in the Dubai retail group to 58 per cent, taking over Rivoli’s network of outlets in the fast-growing Middle Eastern market.
Under the deal, the Swiss watch maker bought an additional 18 per cent of Rivoli from the private equity arm of Dubai Holding, owned by the emirate’s ruler, via its subsidiary Technocorp Holding for an undisclosed amount, Swatch Group spokeswoman Beatrice Howald said on Monday."
'via Blog this'
"Global watchmaker Swatch has taken control of Dubai’s Rivoli retail chain, the latest luxury group to take a closer interest in its emerging markets outlets in order to use local knowledge to manage its image and better profit from rapid regional growth.
Swatch Group raised its stake in the Dubai retail group to 58 per cent, taking over Rivoli’s network of outlets in the fast-growing Middle Eastern market.
Under the deal, the Swiss watch maker bought an additional 18 per cent of Rivoli from the private equity arm of Dubai Holding, owned by the emirate’s ruler, via its subsidiary Technocorp Holding for an undisclosed amount, Swatch Group spokeswoman Beatrice Howald said on Monday."
'via Blog this'
Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National
Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National:
"Iraq’s stock market regulator has been asked to ease requirements for custodians to hold shares, amid interest from JPMorgan Chase and Citigroup.
In recent years, foreign investors have generally shied away from Iraqi equities not only because of the political risk, but also because of the third-party risk in the absence of custody services.
“Foreign investment banks want good terms that make it profitable for them to operate custody services in a place like Iraq,” said Ali Almukhtar, a stockbroker at Al Dijla brokerage in Baghdad. “At the same time, foreign investors won’t buy shares in Iraq without a custodian. It’s like the chicken before the egg issue or the egg before the chicken.”"
'via Blog this'
"Iraq’s stock market regulator has been asked to ease requirements for custodians to hold shares, amid interest from JPMorgan Chase and Citigroup.
In recent years, foreign investors have generally shied away from Iraqi equities not only because of the political risk, but also because of the third-party risk in the absence of custody services.
“Foreign investment banks want good terms that make it profitable for them to operate custody services in a place like Iraq,” said Ali Almukhtar, a stockbroker at Al Dijla brokerage in Baghdad. “At the same time, foreign investors won’t buy shares in Iraq without a custodian. It’s like the chicken before the egg issue or the egg before the chicken.”"
'via Blog this'
Mubadala and Dubal to invest $5bn for projects in Guinea | The National
Mubadala and Dubal to invest $5bn for projects in Guinea | The National:
"Mubadala Development and Dubai Aluminium (Dubal) have agreed to a US$5 billion investment in Guinea to develop a bauxite mine, alumina refinery and port in the country.
The deal, signed yesterday with the Guinea government, will strengthen the UAE’s access to upstream resources needed to make aluminium.
“This agreement will deliver an estimated $5bn of foreign investment into Guinea over the next eight years,” said Mohamed Lamine Fofana, the Guinea minister of mines and geology. “The development plan will create at peak 14,000 direct and indirect jobs and contribute substantially to Guinea’s GDP.”"
'via Blog this'
"Mubadala Development and Dubai Aluminium (Dubal) have agreed to a US$5 billion investment in Guinea to develop a bauxite mine, alumina refinery and port in the country.
The deal, signed yesterday with the Guinea government, will strengthen the UAE’s access to upstream resources needed to make aluminium.
“This agreement will deliver an estimated $5bn of foreign investment into Guinea over the next eight years,” said Mohamed Lamine Fofana, the Guinea minister of mines and geology. “The development plan will create at peak 14,000 direct and indirect jobs and contribute substantially to Guinea’s GDP.”"
'via Blog this'
James Fleming, CEO of Arbuthnot Latham, says Expo 2020 win would mean jobs and money for Dubai | The National
James Fleming, CEO of Arbuthnot Latham, says Expo 2020 win would mean jobs and money for Dubai | The National:
"Dubai’s economy will benefit from a surge in job creation and private wealth generation if it is chosen to host Expo 2020 tomorrow, according to a senior private banker.
The award of the right to host the Expo would only bolster the UAE’s already impressive economic growth, said James Fleming, chief executive of Arbuthnot Latham.
“The UAE’s economy is forecast to grow by around 4.5 per cent this year, which is certainly healthier than growth in the UK,” said Mr Fleming. “The long-term ambition of Dubai is one of expansion, and if it wins Expo 2020 there will be 270,000 jobs added. All of that will continue to add to the whole wealth creation story, and hence the need for services like ours.”"
'via Blog this'
"Dubai’s economy will benefit from a surge in job creation and private wealth generation if it is chosen to host Expo 2020 tomorrow, according to a senior private banker.
The award of the right to host the Expo would only bolster the UAE’s already impressive economic growth, said James Fleming, chief executive of Arbuthnot Latham.
“The UAE’s economy is forecast to grow by around 4.5 per cent this year, which is certainly healthier than growth in the UK,” said Mr Fleming. “The long-term ambition of Dubai is one of expansion, and if it wins Expo 2020 there will be 270,000 jobs added. All of that will continue to add to the whole wealth creation story, and hence the need for services like ours.”"
'via Blog this'
Dubai approves 2014 budget that pares fiscal deficit by 41% | The National
Dubai approves 2014 budget that pares fiscal deficit by 41% | The National:
"The Dubai Government yesterday approved a budget for next year with a fiscal deficit pared down by 41 per cent compared to this year’s plan.
Spending was projected to rise by 11 per cent to Dh37.8 billion next year, according to data the Dubai Media Office released on its Twitter feed.
“The Dubai Government prefers to expand its expenditures to support the economy and contribute to the higher rates of economic growth,” Abdulrahman Al Saleh, the director general of Dubai’s Department of Finance, said via Twitter. Next year’s revenues would reach Dh37bn, up 13 per cent from this year, it said."
'via Blog this'
"The Dubai Government yesterday approved a budget for next year with a fiscal deficit pared down by 41 per cent compared to this year’s plan.
Spending was projected to rise by 11 per cent to Dh37.8 billion next year, according to data the Dubai Media Office released on its Twitter feed.
“The Dubai Government prefers to expand its expenditures to support the economy and contribute to the higher rates of economic growth,” Abdulrahman Al Saleh, the director general of Dubai’s Department of Finance, said via Twitter. Next year’s revenues would reach Dh37bn, up 13 per cent from this year, it said."
'via Blog this'
Emerging Stocks Climb on Iran Deal While Gazprom Tumbles - Bloomberg
Emerging Stocks Climb on Iran Deal While Gazprom Tumbles - Bloomberg:
"Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
The MSCI Emerging Markets Index rose 0.1 percent to 1,010.63. Hindustan Petroleum Corp. and Bharat Petroleum Corp. drove the S&P BSE Sensex (SENSEX) to the biggest gain in Asia as India imports 80 percent of its oil. The Borsa Istanbul National 100 Index jumped to the highest in three weeks as banks increased. Russia’s Micex Index reversed earlier gains, led by Gazprom."
'via Blog this'
"Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
The MSCI Emerging Markets Index rose 0.1 percent to 1,010.63. Hindustan Petroleum Corp. and Bharat Petroleum Corp. drove the S&P BSE Sensex (SENSEX) to the biggest gain in Asia as India imports 80 percent of its oil. The Borsa Istanbul National 100 Index jumped to the highest in three weeks as banks increased. Russia’s Micex Index reversed earlier gains, led by Gazprom."
'via Blog this'
Mechel Declines as Coal Offsets Waiver: Russia Overnight - Bloomberg
Mechel Declines as Coal Offsets Waiver: Russia Overnight - Bloomberg:
"OAO Mechel (MTL), Russia’s largest maker of coal for steelmakers, fell for a second day in New York as concern that prices for the fuel are dropping outweighed a pact that will allow the company to avoid defaulting on its debt.
American depositary receipts of Mechel (MTLR) slid 3.5 percent to $2.21 yesterday after touching the lowest level since the company listed in the U.S. in 2004. The ADR lost 68 percent this year. The Bloomberg Russia-US Equity Index of the most-traded Russian equities in the U.S. fell 1 percent to 98.57. RTS stock-index futures increased less than 0.1 percent to 143,270."
'via Blog this'
"OAO Mechel (MTL), Russia’s largest maker of coal for steelmakers, fell for a second day in New York as concern that prices for the fuel are dropping outweighed a pact that will allow the company to avoid defaulting on its debt.
American depositary receipts of Mechel (MTLR) slid 3.5 percent to $2.21 yesterday after touching the lowest level since the company listed in the U.S. in 2004. The ADR lost 68 percent this year. The Bloomberg Russia-US Equity Index of the most-traded Russian equities in the U.S. fell 1 percent to 98.57. RTS stock-index futures increased less than 0.1 percent to 143,270."
'via Blog this'
Iran Accord Sparks Race to Tehran as Automakers Target Deals - Bloomberg
Iran Accord Sparks Race to Tehran as Automakers Target Deals - Bloomberg:
"Sasan Ghorbani says the Iranian auto industry conference he’s organizing in Tehran next weekend is suddenly a hotter ticket that he’d expected.
Visas will be made available upon arrival to meet a surge in demand after the last weekend’s Geneva agreement to ease trade restrictions on Iran, said Ghorbani, head of the Islamic Republic’s auto-parts manufacturers association. “Everyone asks us, ‘Did you know that sanctions would be lifted days ahead of this conference?’” he said in a phone interview yesterday. “To be honest, we didn’t.”"
'via Blog this'
"Sasan Ghorbani says the Iranian auto industry conference he’s organizing in Tehran next weekend is suddenly a hotter ticket that he’d expected.
Visas will be made available upon arrival to meet a surge in demand after the last weekend’s Geneva agreement to ease trade restrictions on Iran, said Ghorbani, head of the Islamic Republic’s auto-parts manufacturers association. “Everyone asks us, ‘Did you know that sanctions would be lifted days ahead of this conference?’” he said in a phone interview yesterday. “To be honest, we didn’t.”"
'via Blog this'
Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg
Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg:
"Dubai and Abu Dhabi are finding that outperforming stocks markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
Damac Real Estate Development Ltd. plans to raise $500 million when it sells depositary receipts in London this week in the first IPO by a Dubai-based developer since the sheikhdom’s property crash in 2008. That follows the London listing of Abu Dhabi-based health-care provider Al Noor Hospitals Group Plc (ANH) in June and an IPO for the emirate’s NMC Health Plc last year.
Higher oil prices and government spending have led to a rally in Persian Gulf stocks and encouraged firms to sell shares. They’re opting to go abroad as rules such as the Dubai Financial Market’s requirement that at least 55 percent of a company must be offered have deterred IPOs in that emirate since 2009. Neighboring Abu Dhabi hasn’t had a new public offering in two years."
'via Blog this'
"Dubai and Abu Dhabi are finding that outperforming stocks markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
Damac Real Estate Development Ltd. plans to raise $500 million when it sells depositary receipts in London this week in the first IPO by a Dubai-based developer since the sheikhdom’s property crash in 2008. That follows the London listing of Abu Dhabi-based health-care provider Al Noor Hospitals Group Plc (ANH) in June and an IPO for the emirate’s NMC Health Plc last year.
Higher oil prices and government spending have led to a rally in Persian Gulf stocks and encouraged firms to sell shares. They’re opting to go abroad as rules such as the Dubai Financial Market’s requirement that at least 55 percent of a company must be offered have deterred IPOs in that emirate since 2009. Neighboring Abu Dhabi hasn’t had a new public offering in two years."
'via Blog this'
MIDEAST STOCKS-Gulf stocks ease as oil slides on Iran deal | Reuters
MIDEAST STOCKS-Gulf stocks ease as oil slides on Iran deal | Reuters:
"* All bourses except Qatar in the red
* Oil price decline leads to profit-taking
* But markets may bounce back
* Dubai capped by chart resistance ahead of Expo announcement
* Egypt posts biggest decline since Oct. 28
By Olzhas Auyezov
DUBAI, Nov 25 (Reuters) - Most Gulf bourses fell on Monday as oil markets reacted to the breakthrough nuclear deal between Iran and world powers, which caused the price of Brent crude to slip 1.8 percent.
The deal is not intended to let more of Iran's oil into the market, the White House said, but an easing of the ban on European shipping insurance may help smooth crude exports to Iran's big Asian customers.
Gulf oil exporters, Saudi Arabia in particular, have profited from tightness in the oil market caused by the sanctions against Iran. So fears of a supply increase from Iran triggered profit-taking in regional stock markets, said Marwan Shurrab, fund manager and head of trading at Vision Investments."
'via Blog this'
"* All bourses except Qatar in the red
* Oil price decline leads to profit-taking
* But markets may bounce back
* Dubai capped by chart resistance ahead of Expo announcement
* Egypt posts biggest decline since Oct. 28
By Olzhas Auyezov
DUBAI, Nov 25 (Reuters) - Most Gulf bourses fell on Monday as oil markets reacted to the breakthrough nuclear deal between Iran and world powers, which caused the price of Brent crude to slip 1.8 percent.
The deal is not intended to let more of Iran's oil into the market, the White House said, but an easing of the ban on European shipping insurance may help smooth crude exports to Iran's big Asian customers.
Gulf oil exporters, Saudi Arabia in particular, have profited from tightness in the oil market caused by the sanctions against Iran. So fears of a supply increase from Iran triggered profit-taking in regional stock markets, said Marwan Shurrab, fund manager and head of trading at Vision Investments."
'via Blog this'
Subscribe to:
Posts (Atom)