Russia’s Central Bank Sees 2014 Economic Growth at 1.5% | Business | RIA Novosti:
"MOSCOW, February 14 (RIA Novosti) – The head of Russia’s central bank said Friday that she expects the economy to grow by 1.5 percent to 1.8 percent in 2014.
Elvira Nabiullina said growth is being curbed by weak consumer demand.
“Internal consumer demand will remain the basic factor driving economic growth this year, but it will be limited by a fall in income growth and slowing credit growth,” Nabiullina said.
Other official predictions have been more optimistic."
'via Blog this'
Friday, 14 February 2014
A new tiger? Romania hits 5.2 per cent growth in last quarter | beyondbrics
A new tiger? Romania hits 5.2 per cent growth in last quarter | beyondbrics:
"Five per cent GDP growth is these days more associated with the fittest Asian and African emerging economies than the sluggish EU fringe, but Romania has sprung a surprise with its Q4 2013 figures, its best for five years.
A flash estimate from Bucharest’s National Institute of Statistics on February 14 suggests that the economy grew by 5.2 per cent year-on-year in the final quarter of last year. This takes its full-year rate to 3.5 per cent, among the fastest in Europe and appreciably above a recent IMF forecast of 2.8 per cent. Meanwhile inflation, once a serious concern, fell to an all-time low of 1.1 per cent in January.
A research note by BCR, Romania’s biggest bank, said in a research note that “external demand (exports of goods and services) most likely remained the main growth driver in 4Q, as in all of 2013”. A strong harvest is also likely to have been a factor – Romania’s growth rate has historically been susceptible to agricultural fluctuations."
'via Blog this'
"Five per cent GDP growth is these days more associated with the fittest Asian and African emerging economies than the sluggish EU fringe, but Romania has sprung a surprise with its Q4 2013 figures, its best for five years.
A flash estimate from Bucharest’s National Institute of Statistics on February 14 suggests that the economy grew by 5.2 per cent year-on-year in the final quarter of last year. This takes its full-year rate to 3.5 per cent, among the fastest in Europe and appreciably above a recent IMF forecast of 2.8 per cent. Meanwhile inflation, once a serious concern, fell to an all-time low of 1.1 per cent in January.
A research note by BCR, Romania’s biggest bank, said in a research note that “external demand (exports of goods and services) most likely remained the main growth driver in 4Q, as in all of 2013”. A strong harvest is also likely to have been a factor – Romania’s growth rate has historically been susceptible to agricultural fluctuations."
'via Blog this'
Turkish food and tech companies hit hardest by lira’s slump | beyondbrics
Turkish food and tech companies hit hardest by lira’s slump | beyondbrics:
"Food and beverage vendors and technology firms are most vulnerable among those Turkish companies with hard currency debts to the lira’s sharp depreciation, according to a survey of 10 corporations by Fitch, the credit rating agency.
Assuming a 30 per cent depreciation in the lira against a basket of currencies since the end of 2012, Fitch examines which companies have the highest proportion of their earnings in lira versus debts in hard currency – a transgression known as “original sin”.
The results are mixed. Fitch points to disparities across sectors and companies to gauge how well they can cope with a cheaper lira. Some, especially manufacturers, have a sizable proportion of their revenues in foreign exchange which hedge against foreign currency debts. Others, such as Hurriyet Media, are guilty of original sin and have virtually none.
"
'via Blog this'
"Food and beverage vendors and technology firms are most vulnerable among those Turkish companies with hard currency debts to the lira’s sharp depreciation, according to a survey of 10 corporations by Fitch, the credit rating agency.
Assuming a 30 per cent depreciation in the lira against a basket of currencies since the end of 2012, Fitch examines which companies have the highest proportion of their earnings in lira versus debts in hard currency – a transgression known as “original sin”.
The results are mixed. Fitch points to disparities across sectors and companies to gauge how well they can cope with a cheaper lira. Some, especially manufacturers, have a sizable proportion of their revenues in foreign exchange which hedge against foreign currency debts. Others, such as Hurriyet Media, are guilty of original sin and have virtually none.
 |
| Source: Fitch |
'via Blog this'
Russian companies funneling money out of Ukraine in anticipation of default #EuroMaidan
Russian companies funneling money out of Ukraine in anticipation of default:
"Big Russian companies operating in Ukraine have been given orders from Moscow to funnel their money out from Ukraine in 10 days, a source in a Russian bank told LB.ua Feb. 14.
“They believe in Moscow that Ukraine will declare a default in about 2 weeks,” the source said.
Feb. 7, the international Fitch Ratings agency lowered its long-range rating for Ukraine to CCC, or ‘extremely low.’"
'via Blog this'
"Big Russian companies operating in Ukraine have been given orders from Moscow to funnel their money out from Ukraine in 10 days, a source in a Russian bank told LB.ua Feb. 14.
“They believe in Moscow that Ukraine will declare a default in about 2 weeks,” the source said.
Feb. 7, the international Fitch Ratings agency lowered its long-range rating for Ukraine to CCC, or ‘extremely low.’"
'via Blog this'
BBC News - Shell to sell off three North Sea assets
BBC News - Shell to sell off three North Sea assets:
"Shell is to sell its interests in three of its assets in the North Sea but says it is still committed to its operations in UK waters.
The company informed staff of the move earlier this week.
It is selling the Anasuria floating production, storage and offloading installation, and the Nelson and Sean platforms.
Shell said it wants to focus on assets where it sees an opportunity for growth.
Glen Cayley, vice president of Upstream Shell UK and Ireland, said: "The UK is an important business region for Shell, and our investment strategy continues to focus on assets where we see an opportunity for growth using our world-class technological know-how."
'via Blog this'
"Shell is to sell its interests in three of its assets in the North Sea but says it is still committed to its operations in UK waters.
The company informed staff of the move earlier this week.
It is selling the Anasuria floating production, storage and offloading installation, and the Nelson and Sean platforms.
Shell said it wants to focus on assets where it sees an opportunity for growth.
Glen Cayley, vice president of Upstream Shell UK and Ireland, said: "The UK is an important business region for Shell, and our investment strategy continues to focus on assets where we see an opportunity for growth using our world-class technological know-how."
'via Blog this'
Ukraine: how stressed can you get? | beyondbrics #EuroMaidan
Ukraine: how stressed can you get? | beyondbrics:
"We did this a couple of days ago but here it is again: the $1.6bn bond of Naftogaz, Ukraine’s state gas company, due on September 30. If 30 per cent in less than eight months wasn’t apocalyptic enough, its yield has now gone to 34 per cent and counting. Does this look like some kind of endgame?
"
'via Blog this'
"We did this a couple of days ago but here it is again: the $1.6bn bond of Naftogaz, Ukraine’s state gas company, due on September 30. If 30 per cent in less than eight months wasn’t apocalyptic enough, its yield has now gone to 34 per cent and counting. Does this look like some kind of endgame?
'via Blog this'
France, United States differ on business with Iran - Al-Monitor: the Pulse of the Middle East
France, United States differ on business with Iran - Al-Monitor: the Pulse of the Middle East:
"Although France opened discussions with Iran in 2003, it then became one of the toughest countries in opposition to the Iranian nuclear program, especially after President Mahmoud Ahmadinejad’s election. Despite this stance, which was confirmed by France’s reaction to the draft of the Joint Plan of Action last October in Geneva, French companies were among the first to react to take advantage of the new situation created by the conclusion of the interim deal of Nov. 24.
I was part of a delegation comprising more than 120 French companies that recently traveled to Tehran to restore bilateral contacts following years of sanctions. This was the first of that size for several years."
'via Blog this'
"Although France opened discussions with Iran in 2003, it then became one of the toughest countries in opposition to the Iranian nuclear program, especially after President Mahmoud Ahmadinejad’s election. Despite this stance, which was confirmed by France’s reaction to the draft of the Joint Plan of Action last October in Geneva, French companies were among the first to react to take advantage of the new situation created by the conclusion of the interim deal of Nov. 24.
I was part of a delegation comprising more than 120 French companies that recently traveled to Tehran to restore bilateral contacts following years of sanctions. This was the first of that size for several years."
'via Blog this'
Dubai nudging Hong Kong out as transit hub between Asia-Pacific and Europe | South China Morning Post
Dubai nudging Hong Kong out as transit hub between Asia-Pacific and Europe | South China Morning Post:
"Expanding the passenger-handling capacity of Hong Kong's airport, which is expected to run out by 2018, with a third runway - due to be completed 10 years from now - will fail to restore the city's role as a transit hub for flights between Asia-Pacific and Europe, analysts say.
Middle Eastern airports are muscling in on that turf, and Hong Kong may increasingly have to rely on traffic from the mainland, both outbound and inbound, to maintain its status as an air travel hub, remarks by analysts and airport management suggest - although here, as well, it is facing growing competition.
While traffic at Hong Kong International Airport showed lukewarm growth of 6 per cent last year to nearly 60 million passengers, that at Dubai International Airport jumped 15.2 per cent to 66.4 million. Dubai overtook Hong Kong as the third-busiest international airport in 2012."
'via Blog this'
"Expanding the passenger-handling capacity of Hong Kong's airport, which is expected to run out by 2018, with a third runway - due to be completed 10 years from now - will fail to restore the city's role as a transit hub for flights between Asia-Pacific and Europe, analysts say.
Middle Eastern airports are muscling in on that turf, and Hong Kong may increasingly have to rely on traffic from the mainland, both outbound and inbound, to maintain its status as an air travel hub, remarks by analysts and airport management suggest - although here, as well, it is facing growing competition.
While traffic at Hong Kong International Airport showed lukewarm growth of 6 per cent last year to nearly 60 million passengers, that at Dubai International Airport jumped 15.2 per cent to 66.4 million. Dubai overtook Hong Kong as the third-busiest international airport in 2012."
'via Blog this'
S&P affirms Kuwait ratings at AA/A-1, outlook stable | Reuters
S&P affirms Kuwait ratings at AA/A-1, outlook stable | Reuters:
"Feb 14 (Reuters) - Standard and Poor's Ratings Services affirmed Kuwait's long and short-term foreign and local currency sovereign credit ratings at AA/A-1, with a stable outlook on Friday.
The credit ratings agency said Kuwait has rich resources which have made it wealthy and enable it to build strong external and fiscal balance sheet positions.
"The stable outlook balances our view of Kuwait's very strong fiscal and external positions against its confrontational and, in our view, non-transparent political system, the geopolitical tensions in the region and the undiversified economy in which real GDP per capita growth has been weak," S&P said in a statement. "
'via Blog this'
"Feb 14 (Reuters) - Standard and Poor's Ratings Services affirmed Kuwait's long and short-term foreign and local currency sovereign credit ratings at AA/A-1, with a stable outlook on Friday.
The credit ratings agency said Kuwait has rich resources which have made it wealthy and enable it to build strong external and fiscal balance sheet positions.
"The stable outlook balances our view of Kuwait's very strong fiscal and external positions against its confrontational and, in our view, non-transparent political system, the geopolitical tensions in the region and the undiversified economy in which real GDP per capita growth has been weak," S&P said in a statement. "
'via Blog this'
Credit Bank of Moscow looks to IPO in London | beyondbrics
Credit Bank of Moscow looks to IPO in London | beyondbrics:
"Unless you live in Moscow and are in the retail business, you probably haven’t heard of Moskovsky Kreditni Bank (Credit Bank of Moscow, in English). But you may soon. A top-20 Russian bank, MKB is joining the increasingly long line of Russian companies that want to IPO on London’s stock exchange.
“We are contemplating an IPO, but have not decided on specific timing or plans,” MKB’s CEO, Vladimir Chubar, tells bne in an exclusive interview. “It depends on if the market improves, as the current valuation levels for Russian banks are not necessarily attractive. We are still growing, we have one of the lowest cost/income ratios and the return on equity of about 18-20% is one of the best in the sector. We feel like we are still quite a young bank and will wait for the right window of opportunity to open.”
A string of banks have sold shares in the last couple of years and more are expected to throw their hat into the ring as Russia’s IPO momentum continues to build."
'via Blog this'
"Unless you live in Moscow and are in the retail business, you probably haven’t heard of Moskovsky Kreditni Bank (Credit Bank of Moscow, in English). But you may soon. A top-20 Russian bank, MKB is joining the increasingly long line of Russian companies that want to IPO on London’s stock exchange.
“We are contemplating an IPO, but have not decided on specific timing or plans,” MKB’s CEO, Vladimir Chubar, tells bne in an exclusive interview. “It depends on if the market improves, as the current valuation levels for Russian banks are not necessarily attractive. We are still growing, we have one of the lowest cost/income ratios and the return on equity of about 18-20% is one of the best in the sector. We feel like we are still quite a young bank and will wait for the right window of opportunity to open.”
A string of banks have sold shares in the last couple of years and more are expected to throw their hat into the ring as Russia’s IPO momentum continues to build."
'via Blog this'
Hypermarket Lenta Sets Price Range for London IPO | Business | The Moscow Times
Hypermarket Lenta Sets Price Range for London IPO | Business | The Moscow Times:
"Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, has set a price range for its initial public offering of between $9.5 and $11.5 per one global depositary receipt, a banking source said on Friday.
Lenta is the latest Russian retail chain to launch an IPO to cash on the country's rising middle class despite a flagging economy, where growth has slumped from an average seven percent a year to just over one percent last year.
Five GDRs equal one Lenta share, the source said Friday, just before the start of a roadshow that will last for two weeks. Lenta could not be reached for immediate comment.
"The valuation reflects investors' attitudes and is set somewhere in between Magnit and O'Key," another source said, referring to two Russian retail chains. Magnit is Russia's biggest food retailer, while O'Key is No.4."
'via Blog this'
"Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, has set a price range for its initial public offering of between $9.5 and $11.5 per one global depositary receipt, a banking source said on Friday.
Lenta is the latest Russian retail chain to launch an IPO to cash on the country's rising middle class despite a flagging economy, where growth has slumped from an average seven percent a year to just over one percent last year.
Five GDRs equal one Lenta share, the source said Friday, just before the start of a roadshow that will last for two weeks. Lenta could not be reached for immediate comment.
"The valuation reflects investors' attitudes and is set somewhere in between Magnit and O'Key," another source said, referring to two Russian retail chains. Magnit is Russia's biggest food retailer, while O'Key is No.4."
'via Blog this'
EconoMonitor : Thoughts From Across the Atlantic » On Polish Competitiveness and Flexible Labor Markets
EconoMonitor : Thoughts From Across the Atlantic » On Polish Competitiveness and Flexible Labor Markets:
"The Euro zone continues to expand, in spite of the debt problems of some members. Latvia introduced the euro on January 1, 2014 and Lithuania is on track to adopt the euro a year later. Leaders of Poland are now contemplating when to introduce the euro and Marek Belka, head of the Central Bank of Poland, recently discussed the economic conditions under which Poland would be prepared to adopt the euro in a Project Syndicate column titled „Poland’s Eurozone Tests”. He raised several issues such as the importance of meeting the Euro zone membership criteria in a sustainable manner as well as the need to further improve Poland’s labor market flexibility and strengthen the country’s capacity to withstand external shocks by building fiscal space. However, he also made two further claims, one of which is controversial, while the other is not supported by empirical data."
'via Blog this'
"The Euro zone continues to expand, in spite of the debt problems of some members. Latvia introduced the euro on January 1, 2014 and Lithuania is on track to adopt the euro a year later. Leaders of Poland are now contemplating when to introduce the euro and Marek Belka, head of the Central Bank of Poland, recently discussed the economic conditions under which Poland would be prepared to adopt the euro in a Project Syndicate column titled „Poland’s Eurozone Tests”. He raised several issues such as the importance of meeting the Euro zone membership criteria in a sustainable manner as well as the need to further improve Poland’s labor market flexibility and strengthen the country’s capacity to withstand external shocks by building fiscal space. However, he also made two further claims, one of which is controversial, while the other is not supported by empirical data."
'via Blog this'
Sales of Iranian Crude Oil Rose in January - NYTimes.com
Sales of Iranian Crude Oil Rose in January - NYTimes.com:
"Sales of Iranian crude oil rose by 100,000 barrels a day in January, to 1.32 million, the International Energy Agency reported on Thursday in its monthly survey, offering what appeared to be a glimpse at the initial impact of the temporary nuclear agreement that eased some of the Western sanctions against Iran.
American supporters of strong sanctions against Iran seized on the increased oil sales as new evidence that the temporary agreement, negotiated in Geneva in November and put into effect last month, had disproportionately favored Iran. The Obama administration said at the time the agreement was reached that Iran’s oil exports would not increase, remaining around one million barrels a day."
'via Blog this'
"Sales of Iranian crude oil rose by 100,000 barrels a day in January, to 1.32 million, the International Energy Agency reported on Thursday in its monthly survey, offering what appeared to be a glimpse at the initial impact of the temporary nuclear agreement that eased some of the Western sanctions against Iran.
American supporters of strong sanctions against Iran seized on the increased oil sales as new evidence that the temporary agreement, negotiated in Geneva in November and put into effect last month, had disproportionately favored Iran. The Obama administration said at the time the agreement was reached that Iran’s oil exports would not increase, remaining around one million barrels a day."
'via Blog this'
Dana Gas given go-ahead to start work on offshore block in Egypt | The National
Dana Gas given go-ahead to start work on offshore block in Egypt | The National:
"Egypt has given final approval for Sharjah-based Dana Gas to start work on a Mediterranean block. The UAE company remains bullish on Egypt’s economy even as the country’s government owes it hundreds of millions of dollars.
“The Egyptian government ratified the issuance of the block and now it will be handed to Dana Gas,” said Robinder Singh, Dana’s director of investor relations.
“We are very clear about our strategy in Egypt. We see a significant potential in its growing hydrocarbon market — which grows an average of 7 per cent.”
The approvals were signed late on Wednesday. Dana shares were unchanged at 90 fils yesterday."
'via Blog this'
"Egypt has given final approval for Sharjah-based Dana Gas to start work on a Mediterranean block. The UAE company remains bullish on Egypt’s economy even as the country’s government owes it hundreds of millions of dollars.
“The Egyptian government ratified the issuance of the block and now it will be handed to Dana Gas,” said Robinder Singh, Dana’s director of investor relations.
“We are very clear about our strategy in Egypt. We see a significant potential in its growing hydrocarbon market — which grows an average of 7 per cent.”
The approvals were signed late on Wednesday. Dana shares were unchanged at 90 fils yesterday."
'via Blog this'
Investors clamour for Dubai Investment Park $300m sukuk | The National
Investors clamour for Dubai Investment Park $300m sukuk | The National:
"Dubai Investment Park’s US$300 million Islamic bond was more than 12 times oversubscribed yesterday in a closely watched test of sukuk investor demand in the emirate.
Investors placed US$4 billion in orders for the sukuk.
That comes amid a recent spike in demand by cash-rich regional banks seeking higher yields as concerns about emerging markets begin to wane.
DIP, a subsidiary of Dubai Investments, the biggest listed firm of its kind on the emirate’s stock exchange, sold the five-year sukuk at a profit rate of 4.3 per cent, marking the first Islamic issue out of Dubai this year."
'via Blog this'
"Dubai Investment Park’s US$300 million Islamic bond was more than 12 times oversubscribed yesterday in a closely watched test of sukuk investor demand in the emirate.
Investors placed US$4 billion in orders for the sukuk.
That comes amid a recent spike in demand by cash-rich regional banks seeking higher yields as concerns about emerging markets begin to wane.
DIP, a subsidiary of Dubai Investments, the biggest listed firm of its kind on the emirate’s stock exchange, sold the five-year sukuk at a profit rate of 4.3 per cent, marking the first Islamic issue out of Dubai this year."
'via Blog this'
Asmak's full-year losses widen to Dh240.5 million | The National
Asmak's full-year losses widen to Dh240.5 million | The National:
"The company that plans to bring salmon farming to Abu Dhabi reported deepening losses last year despite rising sales.
Asmak, an Abu Dhabi-based fish farming holding company, netted a full year loss of Dh240.5 million, the company said in a filing to the Abu Dhabi Securities Exchange.
It lost Dh141.3m the year before.
The losses are attributable to increased investment in the company’s hammour and sea bream facilities in Saudi Arabia, as well as investment in a salmon farming facility in Abu Dhabi’s Western Region, according to the marketing manager Tamer Yousef."
'via Blog this'
"The company that plans to bring salmon farming to Abu Dhabi reported deepening losses last year despite rising sales.
Asmak, an Abu Dhabi-based fish farming holding company, netted a full year loss of Dh240.5 million, the company said in a filing to the Abu Dhabi Securities Exchange.
It lost Dh141.3m the year before.
The losses are attributable to increased investment in the company’s hammour and sea bream facilities in Saudi Arabia, as well as investment in a salmon farming facility in Abu Dhabi’s Western Region, according to the marketing manager Tamer Yousef."
'via Blog this'
Middle East airlines must consolidate to survive — IATA | GulfNews.com
Middle East airlines must consolidate to survive — IATA | GulfNews.com:
"Dubai; Middle East airlines that are not backed by government coffers must consider consolidating if they want to survive the pressures of the world’s major carriers, a top regional aviation executive has said.
Airlines continue to try and offset the challenges posed by rising fuel costs, regional political instability and increasing competition from the Gulf aviation giants, Emirates, Etihad Airways and Qatar Airways.
“Consolidation in this part of the world has not yet taken place but it should. We have too many small airlines that will find it difficult to survive with the pressure and the expansion of airlines in the region,” said Hussain Dabbas, Africa & Middle East Regional Vice-President at the International Air Transport Association (IATA)."
'via Blog this'
"Dubai; Middle East airlines that are not backed by government coffers must consider consolidating if they want to survive the pressures of the world’s major carriers, a top regional aviation executive has said.
Airlines continue to try and offset the challenges posed by rising fuel costs, regional political instability and increasing competition from the Gulf aviation giants, Emirates, Etihad Airways and Qatar Airways.
“Consolidation in this part of the world has not yet taken place but it should. We have too many small airlines that will find it difficult to survive with the pressure and the expansion of airlines in the region,” said Hussain Dabbas, Africa & Middle East Regional Vice-President at the International Air Transport Association (IATA)."
'via Blog this'
Political will needed to decongest GCC skies | GulfNews.com
Political will needed to decongest GCC skies | GulfNews.com:
"The future of aviation in the Gulf is potentially one of the most exciting anywhere. Yet despite the enormous expansion and investment, despite the gleaming new airports and record-breaking aircraft orders, the security of that future remains in the balance.
The region stands at the crossroads between being one of the world’s true aviation powerhouses or a land of missed opportunities. Which direction it takes hinges on it gaining mastery of the invisible infrastructure — the mastery of airspace. The simple truth is that any airport, no matter how many terminals or runways it has, will only ever be as efficient as the airspace that serves it.
Airspace in the Gulf is currently far from efficient. It is fragmented and hugely congested — a relic of quieter skies. If that situation remains unchanged, the industry will never be able to fulfil its full potential, leaving both airport and airline investors increasingly frustrated and shortchanged. Delays will begin to spiral, connectivity will disintegrate and the region’s ability to act as an aviation hub will be critically undermined."
'via Blog this'
"The future of aviation in the Gulf is potentially one of the most exciting anywhere. Yet despite the enormous expansion and investment, despite the gleaming new airports and record-breaking aircraft orders, the security of that future remains in the balance.
The region stands at the crossroads between being one of the world’s true aviation powerhouses or a land of missed opportunities. Which direction it takes hinges on it gaining mastery of the invisible infrastructure — the mastery of airspace. The simple truth is that any airport, no matter how many terminals or runways it has, will only ever be as efficient as the airspace that serves it.
Airspace in the Gulf is currently far from efficient. It is fragmented and hugely congested — a relic of quieter skies. If that situation remains unchanged, the industry will never be able to fulfil its full potential, leaving both airport and airline investors increasingly frustrated and shortchanged. Delays will begin to spiral, connectivity will disintegrate and the region’s ability to act as an aviation hub will be critically undermined."
'via Blog this'
Deutsche Telekom Seeks to Dominate East European Markets by 2018 - Bloomberg
Deutsche Telekom Seeks to Dominate East European Markets by 2018 - Bloomberg:
"Deutsche Telekom AG (DTE), fresh from a string of acquisitions, plans to become the market leader in all of its central and eastern European markets by 2018 as it buys assets and upgrades networks.
“There will be a big revolution in every country” as the carrier blends landline and mobile networks to deliver improved phone and Internet services to win customers, Claudia Nemat, who heads European operations outside Germany, said in an interview in Macedonia’s capital of Skopje.
Deutsche Telekom has returned to buying assets outside its home country as Chief Executive Officer Timotheus Hoettges bets on a rebound in demand from the Baltic Sea to Crete. The target for dominance means the company will have to increase market share in countries including Romania and Poland and step up challenges to rivals such as Orange SA and Polkomtel Sp. z o.o., which is owned by billionaire Zygmunt Solorz-Zak."
'via Blog this'
"Deutsche Telekom AG (DTE), fresh from a string of acquisitions, plans to become the market leader in all of its central and eastern European markets by 2018 as it buys assets and upgrades networks.
“There will be a big revolution in every country” as the carrier blends landline and mobile networks to deliver improved phone and Internet services to win customers, Claudia Nemat, who heads European operations outside Germany, said in an interview in Macedonia’s capital of Skopje.
Deutsche Telekom has returned to buying assets outside its home country as Chief Executive Officer Timotheus Hoettges bets on a rebound in demand from the Baltic Sea to Crete. The target for dominance means the company will have to increase market share in countries including Romania and Poland and step up challenges to rivals such as Orange SA and Polkomtel Sp. z o.o., which is owned by billionaire Zygmunt Solorz-Zak."
'via Blog this'
Oil Inventories Declined Most Since 1999 in IEA Estimate - Bloomberg
Oil Inventories Declined Most Since 1999 in IEA Estimate - Bloomberg:
"Oil inventories in advanced economies tumbled in the fourth quarter by the most since 1999 because of “surprising robustness” of demand in the U.S. and other developed nations, the International Energy Agency said.
The IEA, a Paris-based adviser to oil-consuming nations, also boosted forecasts for global fuel demand this year and the amount of crude that will be required from the Organization of Petroleum Exporting Countries. Stockpiles of crude and refined products in the Organization for Economic Cooperation and Development nations shrank by 1.5 million barrels a day in the last three months of 2013 to end the year at 2.6 billion, their lowest level since 2008, the IEA said.
“We expect this constructive trend in OECD inventories to continue through the first quarter, with some months where we would see less than seasonal builds, especially in the light of positive demand data we are seeing,'' said Miswin Mahesh, an analyst at Barclays Plc in London."
'via Blog this'
"Oil inventories in advanced economies tumbled in the fourth quarter by the most since 1999 because of “surprising robustness” of demand in the U.S. and other developed nations, the International Energy Agency said.
The IEA, a Paris-based adviser to oil-consuming nations, also boosted forecasts for global fuel demand this year and the amount of crude that will be required from the Organization of Petroleum Exporting Countries. Stockpiles of crude and refined products in the Organization for Economic Cooperation and Development nations shrank by 1.5 million barrels a day in the last three months of 2013 to end the year at 2.6 billion, their lowest level since 2008, the IEA said.
“We expect this constructive trend in OECD inventories to continue through the first quarter, with some months where we would see less than seasonal builds, especially in the light of positive demand data we are seeing,'' said Miswin Mahesh, an analyst at Barclays Plc in London."
'via Blog this'