Oman c.bank tells lenders to avoid conflicts of interest | Reuters:
"Oman's central bank has told commercial lenders to avoid conflicts of interest when appointing board members and senior management, in a fresh effort to improve corporate governance in the Gulf sultanate.
The move coincides with a wide-ranging government crackdown on corruption, which has seen several company managers jailed and fined for bribery-related offences.
"It is observed that some of the proposals, received of late, for approval of senior management and memberships in boards imply conflicts of interests," said a circular from the central bank, posted on its website.
For example, there have been proposals for the appointment of board members as senior management in banks, and senior management have been nominated as advisors, consultants and for other positions, the central bank said."
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Tuesday, 11 March 2014
MIDEAST STOCKS-Egypt climbs on talk of Sisi presidential bid; Qatar drops as IQ goes ex-div | Reuters
MIDEAST STOCKS-Egypt climbs on talk of Sisi presidential bid; Qatar drops as IQ goes ex-div | Reuters:
"* Newspaper says Sisi to resign as defence minister on Monday
* Heavyweight Industries Qatar tumbles 7.1 percent
* Gulf diplomatic tensions continue to weigh on market
* Dubai hits four-week closing low on profit-taking
* Kuwait's Zain, NBK bought as undervalued blue chips
By Nadia Saleem
DUBAI, March 11 (Reuters) - Egyptian shares rose on Tuesday after an unconfirmed media report suggested defence minister Abdel-Fattah al-Sisi would soon launch his bid for the presidency, while Qatar took a hit as heavyweight Industries Qatar traded ex-dividend.
Egypt's Al Shorouk newspaper reported Sisi would officially announce his resignation from his current post on March 17; it cited an unidentified source close to the armed forces. It said Sedki Sobhi, armed forces chief of staff, would replace Sisi.
"If this happens, it will open the way for Sisi's run for the presidency," said Islam Batrawy, Cairo-based head of regional equity sales at NBK Capital. Sisi is the favourite of many Egyptian investors, who see him as the best guarantor of political stability and economic aid from the Gulf."
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"* Newspaper says Sisi to resign as defence minister on Monday
* Heavyweight Industries Qatar tumbles 7.1 percent
* Gulf diplomatic tensions continue to weigh on market
* Dubai hits four-week closing low on profit-taking
* Kuwait's Zain, NBK bought as undervalued blue chips
By Nadia Saleem
DUBAI, March 11 (Reuters) - Egyptian shares rose on Tuesday after an unconfirmed media report suggested defence minister Abdel-Fattah al-Sisi would soon launch his bid for the presidency, while Qatar took a hit as heavyweight Industries Qatar traded ex-dividend.
Egypt's Al Shorouk newspaper reported Sisi would officially announce his resignation from his current post on March 17; it cited an unidentified source close to the armed forces. It said Sedki Sobhi, armed forces chief of staff, would replace Sisi.
"If this happens, it will open the way for Sisi's run for the presidency," said Islam Batrawy, Cairo-based head of regional equity sales at NBK Capital. Sisi is the favourite of many Egyptian investors, who see him as the best guarantor of political stability and economic aid from the Gulf."
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Bank of America Merrill Lynch Red Flags Dubai’s Debt (Again) - Middle East Real Time - WSJ
Bank of America Merrill Lynch Red Flags Dubai’s Debt (Again) - Middle East Real Time - WSJ:
"Dubai’s global financial crisis-induced slump, followed by a less dramatic, but equally sharp, recovery make for a compelling story. The endless flow of positive news in the desert emirate culminated late last year in Dubai winning the hosting rights for World Expo 2020.
But the smart people at Bank of America, Merrill Lynch are a little more sober in their analysis of Dubai’s rebound. Afterall, there’s still some pretty significant financial hurdles for the city’s government-related entities to clear.
“The recent news flow on Limitless and Dubai World highlights that the wave of restructured debt from 2015 onward is likely to be challenging,” Jean-Michel Saliba, a MENA economist at the bank, said in a recent report.
“We still expect Dubai to muddle through, though the current GRE refinancing strategy remains vulnerable if there are dislocations to global funding markets or shocks to growth.”"
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"Dubai’s global financial crisis-induced slump, followed by a less dramatic, but equally sharp, recovery make for a compelling story. The endless flow of positive news in the desert emirate culminated late last year in Dubai winning the hosting rights for World Expo 2020.
But the smart people at Bank of America, Merrill Lynch are a little more sober in their analysis of Dubai’s rebound. Afterall, there’s still some pretty significant financial hurdles for the city’s government-related entities to clear.
“The recent news flow on Limitless and Dubai World highlights that the wave of restructured debt from 2015 onward is likely to be challenging,” Jean-Michel Saliba, a MENA economist at the bank, said in a recent report.
“We still expect Dubai to muddle through, though the current GRE refinancing strategy remains vulnerable if there are dislocations to global funding markets or shocks to growth.”"
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First Dubai IPO Since 2009 as Real Estate Fund Seeks $136m - Bloomberg
First Dubai IPO Since 2009 as Real Estate Fund Seeks $136m - Bloomberg:
"Emirates Reit, the United Arab Emirates-based real estate investment trust, will sell shares on Nasdaq Dubai in the first initial public offering in the sheikdom since 2009.
The company is seeking at least 500 million dirhams ($136 million) for acquisitions and investments, it said in Dubai today. Books will open in two weeks and build over 10 days, according to Karim Schoeib, chief executive officer of investment banking at Shuaa Capital PSC (SHUAA), one of the bookrunners on the deal. Drake & Skull International (DSI) was the last company to raise funds from a listing on one of Dubai’s two stock exchanges, with a sale in March 2009.
Emirates Reit wants to capitalize on resurgent interest in real estate in Dubai, where economic growth and property prices have rebounded since 2009. Home prices may jump as much as 40 percent this year, according to the emirate’s Land Department and the economy may expand 4.7 percent after recording the fastest growth in six years in 2013."
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"Emirates Reit, the United Arab Emirates-based real estate investment trust, will sell shares on Nasdaq Dubai in the first initial public offering in the sheikdom since 2009.
The company is seeking at least 500 million dirhams ($136 million) for acquisitions and investments, it said in Dubai today. Books will open in two weeks and build over 10 days, according to Karim Schoeib, chief executive officer of investment banking at Shuaa Capital PSC (SHUAA), one of the bookrunners on the deal. Drake & Skull International (DSI) was the last company to raise funds from a listing on one of Dubai’s two stock exchanges, with a sale in March 2009.
Emirates Reit wants to capitalize on resurgent interest in real estate in Dubai, where economic growth and property prices have rebounded since 2009. Home prices may jump as much as 40 percent this year, according to the emirate’s Land Department and the economy may expand 4.7 percent after recording the fastest growth in six years in 2013."
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Finance Ministry says average hryvnia rate in 2014 could be kept at UAH 10-10.1/$1 #EuroMaidan
Finance Ministry says average hryvnia rate in 2014 could be kept at UAH 10-10.1/$1:
"The Ukrainian Finance Ministry has said that the average exchange rate of the hryvnia in 2014 could be kept at UAH 10-10.1 per U.S. dollar, Finance Minister Oleksandr Shlapak said at a briefing in Kyiv on Monday.
He said that the hryvnia exchange rate had currently reached a balanced level, which corresponds to the trade balance."
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"The Ukrainian Finance Ministry has said that the average exchange rate of the hryvnia in 2014 could be kept at UAH 10-10.1 per U.S. dollar, Finance Minister Oleksandr Shlapak said at a briefing in Kyiv on Monday.
He said that the hryvnia exchange rate had currently reached a balanced level, which corresponds to the trade balance."
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Q&A With EFG Hermes Co-Chief Executive Karim Awad - Middle East Real Time - WSJ
Q&A With EFG Hermes Co-Chief Executive Karim Awad - Middle East Real Time - WSJ:
"
It’s been a tumultuous few years for EFG Hermes, the Arab World’s largest investment bank. Rocked by political instability in its domestic market, the Egyptian firm saw profits decline. In addition, it tried to partner up with Qatar’s QInvest, a proposed deal that collapsed last year. A new government in Egypt and billions of dollars in financial support from countries in the Persian Gulf has helped to prop up the country’s fragile economy, making EFG Hermes hopeful it can turn the page on one of the most difficult chapters in its history since inception in 1984. The bank’s recently appointed co-chief executive Karim Awad talks to The Wall Street Journal about recent developments in the bank’s home market and beyond."
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Bulgaria should examine South Stream in the context of Ukraine: Oresharski
Bulgaria should examine South Stream in the context of Ukraine: Oresharski:
"Sofia. “As far as the South Stream gas pipeline project is concerned, we should examine it in the context of the situation in Ukraine – the preparatory works are underway, it has not stopped,” Bulgarian Prime Minister Plamen Oresharski said during the meeting between the government and the media answering to journalists’ questions, FOCUS News Agency reporter said.
Oresharski added that over the next week Bulgaria would follow closely the development of the Russia-Ukraine relations as “we are among the countries that are least interested in the worsening of these relations because we will pay a highest price”."
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"Sofia. “As far as the South Stream gas pipeline project is concerned, we should examine it in the context of the situation in Ukraine – the preparatory works are underway, it has not stopped,” Bulgarian Prime Minister Plamen Oresharski said during the meeting between the government and the media answering to journalists’ questions, FOCUS News Agency reporter said.
Oresharski added that over the next week Bulgaria would follow closely the development of the Russia-Ukraine relations as “we are among the countries that are least interested in the worsening of these relations because we will pay a highest price”."
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BBC News - Upbeat mood in Tehran bazaar VIDEO
BBC News - Upbeat mood in Tehran bazaar:
"Life in Iran since sanctions were imposed has been tough for many citizens and prices for some basic goods have tripled.
The BBC's Chief International Correspondent Lyse Doucet reports from a bazaar in North Tehran"
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"Life in Iran since sanctions were imposed has been tough for many citizens and prices for some basic goods have tripled.
The BBC's Chief International Correspondent Lyse Doucet reports from a bazaar in North Tehran"
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It's developed debt, stupid - YouTube
It's developed debt, stupid - YouTube:
"While markets worry about weakness in emerging markets, Jan Dehn, head of research at Ashmore Investment Management, suggests developed economies and their rising debt levels are driving the risk of a further crisis. He explains why to John Authers.
"
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"While markets worry about weakness in emerging markets, Jan Dehn, head of research at Ashmore Investment Management, suggests developed economies and their rising debt levels are driving the risk of a further crisis. He explains why to John Authers.
"
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Companies law in UAE offers promising year for IPOs | The National
Companies law in UAE offers promising year for IPOs | The National:
"More businesses will list on financial markets once new rules come into force reducing the size of the stake that companies are obliged to offer, says the chairman of the Dubai Financial Market (DFM).
“This year could be a really good year for IPOs,” Essa Kazim said at a conference in Dubai yesterday. “The new companies law will be a milestone for the IPO market and that should be approved very soon.”
Mr Kazim, who is also governor of the Dubai International Financial Centre Authority, said that the existing legislation had dissuaded some companies from listing."
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"More businesses will list on financial markets once new rules come into force reducing the size of the stake that companies are obliged to offer, says the chairman of the Dubai Financial Market (DFM).
“This year could be a really good year for IPOs,” Essa Kazim said at a conference in Dubai yesterday. “The new companies law will be a milestone for the IPO market and that should be approved very soon.”
Mr Kazim, who is also governor of the Dubai International Financial Centre Authority, said that the existing legislation had dissuaded some companies from listing."
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Dubai's Arqaam Capital bulks up with Instrata Capital unit | The National
Dubai's Arqaam Capital bulks up with Instrata Capital unit | The National:
"Arqaam Capital said it had bought the infrastructure asset management business of Instrata Capital as it targets emerging markets.
The Dubai-based firm would not disclose the amount it has paid for the business or the value of the assets in it but said the infrastructure portfolio that Bahrain-based Instrata manages includes power generation and water desalination assets across the Arabian Gulf.
“The acquisition takes us another step forward with the implementation of our growth strategy in emerging and frontier markets,” said Riad Meliti, the chief executive of Arqaam Capital. “The development of infrastructure is a fundamental requirement for economic growth in the Middle East, Africa and South East Asia. We see significant potential in this sector for Arqaam and our clients and this acquisition will complement the growth of our asset management division.”"
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"Arqaam Capital said it had bought the infrastructure asset management business of Instrata Capital as it targets emerging markets.
The Dubai-based firm would not disclose the amount it has paid for the business or the value of the assets in it but said the infrastructure portfolio that Bahrain-based Instrata manages includes power generation and water desalination assets across the Arabian Gulf.
“The acquisition takes us another step forward with the implementation of our growth strategy in emerging and frontier markets,” said Riad Meliti, the chief executive of Arqaam Capital. “The development of infrastructure is a fundamental requirement for economic growth in the Middle East, Africa and South East Asia. We see significant potential in this sector for Arqaam and our clients and this acquisition will complement the growth of our asset management division.”"
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Ukraine Crisis Endangers Exxon’s Black Sea Gas Drilling: Energy - Bloomberg
Ukraine Crisis Endangers Exxon’s Black Sea Gas Drilling: Energy - Bloomberg:
"Crimea’s hastily organized vote this weekend on whether to leave Ukraine to join Russia is threatening Black Sea oil and natural gas drilling prospects coveted by Exxon Mobil Corp. (XOM) and Eni SpA. (ENI)
Before violent protests in Kiev overthrew pro-Moscow President Viktor Yanukovych and Russian troops occupied parts of Crimea, a group including Exxon and Royal Dutch Shell Plc (RDSA) planned to spend $735 million drilling two wells about 50 miles (80 kilometers) from the region’s southwest coast.
Today it’s not even clear whether the government in Kiev will have the power to award oil and gas licenses in Black Sea waters around the disputed region. The parliament in Crimea, the only area of Ukraine where Russian speakers are in the majority, said last week it voted to join the Russian Federation and would put the plan to a referendum on March 16.
“Exxon and Shell are now in a legal limbo,” said Chris Weafer, a partner at Macro Advisory in Moscow. They pursued an “exploration deal with a government which may soon no longer have jurisdiction over the region.”"
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"Crimea’s hastily organized vote this weekend on whether to leave Ukraine to join Russia is threatening Black Sea oil and natural gas drilling prospects coveted by Exxon Mobil Corp. (XOM) and Eni SpA. (ENI)
Before violent protests in Kiev overthrew pro-Moscow President Viktor Yanukovych and Russian troops occupied parts of Crimea, a group including Exxon and Royal Dutch Shell Plc (RDSA) planned to spend $735 million drilling two wells about 50 miles (80 kilometers) from the region’s southwest coast.
Today it’s not even clear whether the government in Kiev will have the power to award oil and gas licenses in Black Sea waters around the disputed region. The parliament in Crimea, the only area of Ukraine where Russian speakers are in the majority, said last week it voted to join the Russian Federation and would put the plan to a referendum on March 16.
“Exxon and Shell are now in a legal limbo,” said Chris Weafer, a partner at Macro Advisory in Moscow. They pursued an “exploration deal with a government which may soon no longer have jurisdiction over the region.”"
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Senate Ukraine Draft Measure Said to Include IMF Change - Bloomberg
Senate Ukraine Draft Measure Said to Include IMF Change - Bloomberg:
"Senate Democrats may boost International Monetary Fund resources in an aid package they’re preparing for Ukraine, potentially setting up a dispute with the U.S. House.
Senate Foreign Relations Committee Chairman Bob Menendez said today lawmakers “are very close” to an agreement “at least in the committee” on an aid plan for Ukraine that would include the IMF funding.
Still, the committee delayed its planned consideration of the measure from tomorrow until March 12. “The IMF is the hangup” to an agreement on the measure, said Senator Lindsey Graham, a South Carolina Republican."
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"Senate Democrats may boost International Monetary Fund resources in an aid package they’re preparing for Ukraine, potentially setting up a dispute with the U.S. House.
Senate Foreign Relations Committee Chairman Bob Menendez said today lawmakers “are very close” to an agreement “at least in the committee” on an aid plan for Ukraine that would include the IMF funding.
Still, the committee delayed its planned consideration of the measure from tomorrow until March 12. “The IMF is the hangup” to an agreement on the measure, said Senator Lindsey Graham, a South Carolina Republican."
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National Bank of Abu Dhabi Plans Second Sale of Kangaroo Bonds - Bloomberg
National Bank of Abu Dhabi Plans Second Sale of Kangaroo Bonds - Bloomberg:
"National Bank of Abu Dhabi PJSC plans to sell Kangaroo bonds, the lender’s second foray into the Australian dollar-denominated debt market, as it diversifies its investor base.
Australia & New Zealand Banking Group Ltd., Citigroup Inc, HSBC Holdings Plc and National Bank of Abu Dhabi are arranging the sale of five-year notes, according to an e-mail from ANZ. The lender is marketing the sale at about 130 basis points more than swaps, according to a person familiar with the matter, who asked not to be identified because the terms aren’t set.
National Bank of Abu Dhabi, which last year hired Alex Thursby from ANZ as its chief executive officer, is selling bonds in currencies from the Mexican peso to Malaysia’s ringgit to tap wider investor pools. Last year, the lender raised A$300 million ($271 million) from Kangaroo bonds and sold 15-year so-called Uridashi bonds denominated in Mexican pesos to Japanese retail investors."
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"National Bank of Abu Dhabi PJSC plans to sell Kangaroo bonds, the lender’s second foray into the Australian dollar-denominated debt market, as it diversifies its investor base.
Australia & New Zealand Banking Group Ltd., Citigroup Inc, HSBC Holdings Plc and National Bank of Abu Dhabi are arranging the sale of five-year notes, according to an e-mail from ANZ. The lender is marketing the sale at about 130 basis points more than swaps, according to a person familiar with the matter, who asked not to be identified because the terms aren’t set.
National Bank of Abu Dhabi, which last year hired Alex Thursby from ANZ as its chief executive officer, is selling bonds in currencies from the Mexican peso to Malaysia’s ringgit to tap wider investor pools. Last year, the lender raised A$300 million ($271 million) from Kangaroo bonds and sold 15-year so-called Uridashi bonds denominated in Mexican pesos to Japanese retail investors."
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