J Sainsbury could attract renewed attention from Qatar, says broker | Business | theguardian.com:
"It's an old chestnut that the Qataris could take another tilt at J Sainsbury following their failed bid attempt in 2007.
Now Shore Capital's Clive Black has taken another look at the situation, not just with regard to a possible takeover but also the other implications of the Qatar Investment Authority's 26% stake in the supermarket group.
Black said that Sainsbury's shares had fallen sharply in recent weeks following a disappointing fourth quarter update. But he pointed to a strong forecast net asset value and a good dividend yield as potential supports for the share price. And one other support should be the Qatar stake. Black said:"
'via Blog this'
Tuesday 25 March 2014
Ukraine crisis forces bank bond investors to rethink risk - chicagotribune.com
Ukraine crisis forces bank bond investors to rethink risk - chicagotribune.com:
"LONDON, March 25 (Reuters/IFR) - European banks such as Societe Generale, Credit Agricole and Unicredit will likely have to pay investors a higher return to buy the risky bonds that banks use to strengthen their balance sheets after the crisis in Ukraine forces a rethink about the potential dangers from such investments.
So far this year, European banks have sold over 7.5 billion euros of bonds to boost their core financial strength and bankers expect that tally to reach a record 40 billion euros for 2014 as mainstream investors such as insurers and pension funds, who need to boost returns, buy more of them.
But KBC Bank's sale of 1.4 billion euros worth of such bonds at an interest rate of 5.625 percent, the lowest ever offered despite the Belgian bank's chequered past, could mark the end of the sweet spot for banks hoping to sell such debt at rock bottom rates.
The KBC paper, issued two weeks ago, has dropped over 2 percentage points in the secondary market as a standoff between Russia and the West over Ukraine has increased volatility across financial markets and alarmed investors who fear banks could suffer disproportionately."
'via Blog this'
"LONDON, March 25 (Reuters/IFR) - European banks such as Societe Generale, Credit Agricole and Unicredit will likely have to pay investors a higher return to buy the risky bonds that banks use to strengthen their balance sheets after the crisis in Ukraine forces a rethink about the potential dangers from such investments.
So far this year, European banks have sold over 7.5 billion euros of bonds to boost their core financial strength and bankers expect that tally to reach a record 40 billion euros for 2014 as mainstream investors such as insurers and pension funds, who need to boost returns, buy more of them.
But KBC Bank's sale of 1.4 billion euros worth of such bonds at an interest rate of 5.625 percent, the lowest ever offered despite the Belgian bank's chequered past, could mark the end of the sweet spot for banks hoping to sell such debt at rock bottom rates.
The KBC paper, issued two weeks ago, has dropped over 2 percentage points in the secondary market as a standoff between Russia and the West over Ukraine has increased volatility across financial markets and alarmed investors who fear banks could suffer disproportionately."
'via Blog this'
MIDEAST STOCKS-Egypt leads regional gains; banks weigh on Bahrain | Reuters
MIDEAST STOCKS-Egypt leads regional gains; banks weigh on Bahrain | Reuters:
"* Egypt resumes rally as retail investors back Sisi
* Dubai recovers from Monday's profit-taking
* Amlak's return to market good for Dubai's Emaar - broker
* Bahrain bank stocks extend declines
* Oman skips Tuesday's session due to glitch
By Olzhas Auyezov
DUBAI, March 25 (Reuters) - Egypt's bourse resumed a rally after a minor correction on Monday to lead gains across the Middle East, while Bahraini banks weighed on Manama's bourse after some lenders went ex-dividend or chose not to pay dividends at all.
Egypt's market index added 1.1 percent in widespread gains despite fresh protests against death sentences handed down to 529 Muslim Brotherhood supporters.
Local retail investors have been driving the index higher since former president Mohamed Morsi was ousted in a military coup last year.
These investors seem confident Egyptian Army chief Field Marshal Abdel Fattah al-Sisi will bring stability if he is elected president and Sisi's official bid now appears imminent."
'via Blog this'
"* Egypt resumes rally as retail investors back Sisi
* Dubai recovers from Monday's profit-taking
* Amlak's return to market good for Dubai's Emaar - broker
* Bahrain bank stocks extend declines
* Oman skips Tuesday's session due to glitch
By Olzhas Auyezov
DUBAI, March 25 (Reuters) - Egypt's bourse resumed a rally after a minor correction on Monday to lead gains across the Middle East, while Bahraini banks weighed on Manama's bourse after some lenders went ex-dividend or chose not to pay dividends at all.
Egypt's market index added 1.1 percent in widespread gains despite fresh protests against death sentences handed down to 529 Muslim Brotherhood supporters.
Local retail investors have been driving the index higher since former president Mohamed Morsi was ousted in a military coup last year.
These investors seem confident Egyptian Army chief Field Marshal Abdel Fattah al-Sisi will bring stability if he is elected president and Sisi's official bid now appears imminent."
'via Blog this'
Abu Dhabi’s Mubadala Breaks Pattern in €300 Million French Fund - Middle East Real Time - WSJ
Abu Dhabi’s Mubadala Breaks Pattern in €300 Million French Fund - Middle East Real Time - WSJ:
"Mubadala Development, a strategic investment company owned by the Abu Dhabi government, is partnering with France’s CDC International Capital to launch a €300 million co-investment fund, it said Tuesday.
While that’s not huge by Mubadala’s standards – it had about $55.5 billion in assets as of the end of last June – the CDC fund appears to be a departure from Mubadala’s usual approach to foreign investment.
At home, Mubadala has long been at the heart of the Abu Dhabi government’s drive to diversify the local economy away from energy receipts, helping seed and grow new industries like aluminum smelting and aircraft parts manufacturing. It has usually done this in partnership with big developed-market companies like General Electric and Boeing."
'via Blog this'
"Mubadala Development, a strategic investment company owned by the Abu Dhabi government, is partnering with France’s CDC International Capital to launch a €300 million co-investment fund, it said Tuesday.
While that’s not huge by Mubadala’s standards – it had about $55.5 billion in assets as of the end of last June – the CDC fund appears to be a departure from Mubadala’s usual approach to foreign investment.
At home, Mubadala has long been at the heart of the Abu Dhabi government’s drive to diversify the local economy away from energy receipts, helping seed and grow new industries like aluminum smelting and aircraft parts manufacturing. It has usually done this in partnership with big developed-market companies like General Electric and Boeing."
'via Blog this'
Crimeanomics favours the West | FT Alphaville #EuroMaidan
Crimeanomics favours the West | FT Alphaville:
This guest post on the Ukraine crisis is from Jorge Mariscal and Alejo Czerwonko, emerging markets chief investment officer and emerging markets economist, respectively, at UBS Wealth Management.
________
Economic skirmishes between Russia and the West over Crimea have gone from mild to moderate – an asset freeze here, a travel ban there. But if tensions get much uglier, when it comes to ‘Crimeanomics’, the West should have the upper hand.
First, Russia’s much-vaunted grip over European energy is smaller than European energy’s grip over Russia. If Russia significantly escalates military tensions in Ukraine, Western leaders should advertise a few simple facts:
- If the EU cut off Russian energy imports, Russia would probably endure a 2009-style recession. True, Russian energy exports account for roughly 30 per cent of the EU’s oil and gas consumption. However, energy exports to the EU also account for 63 per cent of Russia’s oil and gas exports, with an estimated value of $231bn in 2013. Cutting them off would slice roughly 11 per cent off the size of Russia’s economy – literally decimating it overnight.
- A freeze in EU energy trade would cripple Russia’s financial defences.. Oil and gas exports to the EU were three times the size of Russia’s current account surplus in 2012. Total taxes on oil exports represent 50 per cent of Russia’s federal budget. Even with more than $500bn in foreign exchange reserves, the value of the rouble would come under severe pressure. Russia’s cushions against a severe downturn would be lower than during the financial crisis.
- The Russian corporate world would suffer greatly. Energy companies listed in the Russian stock exchange account for 57 per cent of the market. This would hurt the wealthiest players in the Russian economy and undermine a key source of support for the Russian government.
- In its search for energy, the EU would have a number of medium-term alternatives. If the US, its ally in the Crimea dispute, lifted its restrictions on energy exports, the EU would have an important new source of supply which would grow with the US shale energy boom. Canada (and other admittedly less stable nations) could provide a similar boost.
- Although damage from an energy shortage to EU GDP would still be significant, it would partially come initially from inflation, at a time when inflationary pressures in Europe are very low. Moreover, the EU’s starting point is not as bleak as it was 12 months ago. The EU’s economy grew 1.1 per cent in 2013, not far from Russia’s 1.3 per cent growth last year. The West also has wider trade sanctions up its sleeve.
- The EU would win an all-out trade war with Russia hands down. The EU is Russia’s biggest trading partner, while Russia is the third largest trading partner of the EU. Exports to Russia make up 7.3 per cent of the EU’s total, while imports are 12 per cent. On the other hand, the EU buys 50 per cent of Russian exports and sells 42 per cent of what Russia buys from the outside. Also, foreign direct investment from the EU accounted for over 75 per cent of Russia’s total in 2012. FDI from Russia is a small 3 per cent of the EU’s total.
- Russia has even less leverage over the US. Trade with Russia accounts for 1 per cent of the US total. By contrast, exports to the US account for 5.8 per cent of Russia’s total, while imports from the US are 4.9 per cent.
- In response to Iran-style sanctions, Russia could muster one unprecedented measure. It and its allies could stop buying euros, dollars, and Western government debt. However, Western governments should be able to brush this manoeuvre aside.
- In addition to an $87bn oil stabilization fund, Russia has $493 billion in foreign exchange reserves, just over 45 per cent of which were held in dollars as of the middle of last year. Influencing the massive $12.3trn US Treasury market – the obvious target – with such ammunition would be the equivalent of trying to bring down King Kong with a slingshot.
- The only Russian ally that could attempt a meaningful Treasury boycott would be China. But China has refused to take sides during the conflict, and its incentives for intervening in the Treasury market are low. As much as two-thirds of China’s $3.8trn international reserves are held in Treasuries and other government securities, while Treasuries held by China represent 22 per cent of the total outstanding. China could not rapidly dispose of large amounts of US Treasuries without causing severe damage to its own balance sheet.
In sum, when it comes to ‘Crimeanomics,’ it is clear that the US and the EU hold most of the cards. It is in the geopolitical arena where Russia’s leverage is greatest. This, as well as Europe’s reliance on Russian energy in the short term, may ultimately prove to be a limiting factor in the West’s response to the country’s actions in Ukraine and elsewhere. But in this economic “cold war” Russia would be unwise to underestimate the US and the EU’s economic arsenal and underappreciate its own economic vulnerabilities.
'via Blog this'
Daily chart: Growing and spreading | The Economist
Daily chart: Growing and spreading | The Economist:
The results from our latest poll of forecasters
EACH month we ask a group of economists to give us their predictions for GDP growth, inflation and the current account (basically, a measure of foreign trade) across 14 economies. Economists seldom agree on much, and the latest forecasts for 2015 are no exception. Sweden and Britain show the biggest discrepancies, with growth forecasts ranging from 2.1% to 3.5%, and 1.8% to 3.2%, respectively. Although the range of expectations for Japan’s economy was the narrowest among the countries in our poll, there was still of a spread of 0.8 percentage points. Overall, the economists felt that next year will be better than this year. Only the economies of Britain and Japan are expected to expand at slower rates in 2015. But for those European countries that have suffered deep recessions, notably Italy and Spain, growth is likely to remain sluggish over the two year period. Even economists, those dismal scientists, can agree on that.
Saudi Arabia’s Hanco Buys U.A.E.’s Byrne for $163 Million - Bloomberg
Saudi Arabia’s Hanco Buys U.A.E.’s Byrne for $163 Million - Bloomberg:
"Hanco, a Saudi Arabian auto rental company, said it acquired U.A.E.-based Byrne Investments from a private-equity group previously owned by HSBC Holdings Plc (HSBA) for 600 million dirhams ($163 million).
Hanco, majority-owned by closely-held Bin Sulaiman Holdings, is buying Byrne’s equipment rental operations and modular building services business from Dubai-based Havenvest Private Equity Middle East Partnership, it said today in a statement.
Persian Gulf companies are stepping up acquisitions as financial markets improve and confidence in the economy recovers. Abu Dhabi National Energy Co. said March 2 it will pay $1.6 billion to buy two hydroelectric power plants in India with partners, while Emirates Telecommunications Corp. is completing the acquisition of Vivendi SA (VIV)’s controlling stake in Maroc Telecom SA for about 4.2 billion euros ($5.7 billion)."
'via Blog this'
"Hanco, a Saudi Arabian auto rental company, said it acquired U.A.E.-based Byrne Investments from a private-equity group previously owned by HSBC Holdings Plc (HSBA) for 600 million dirhams ($163 million).
Hanco, majority-owned by closely-held Bin Sulaiman Holdings, is buying Byrne’s equipment rental operations and modular building services business from Dubai-based Havenvest Private Equity Middle East Partnership, it said today in a statement.
Persian Gulf companies are stepping up acquisitions as financial markets improve and confidence in the economy recovers. Abu Dhabi National Energy Co. said March 2 it will pay $1.6 billion to buy two hydroelectric power plants in India with partners, while Emirates Telecommunications Corp. is completing the acquisition of Vivendi SA (VIV)’s controlling stake in Maroc Telecom SA for about 4.2 billion euros ($5.7 billion)."
'via Blog this'
Egypt's Naeem Holding to cross-list on Abu Dhabi exchange | Reuters
Egypt's Naeem Holding to cross-list on Abu Dhabi exchange | Reuters:
"Naeem Holding for Investments has received approval from the United Arab Emirate's financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf.
"Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of the Egyptian Financial Supervisory Authority are being taken," Naeem Holding said in a statement late on Monday.
It gave no further details of the timing or size of the listing.
Countries like the UAE, Saudi Arabia and Kuwait came to Egypt's aid last year - pledging more than $12 billion to help its ailing economy - after the army overthrew the country's first elected leader Mohamed Mursi following mass protests against him. The Gulf largely mistrusts Mursi's Muslim Brotherhood group, labeled a terrorist group in Egypt last year."
'via Blog this'
"Naeem Holding for Investments has received approval from the United Arab Emirate's financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf.
"Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of the Egyptian Financial Supervisory Authority are being taken," Naeem Holding said in a statement late on Monday.
It gave no further details of the timing or size of the listing.
Countries like the UAE, Saudi Arabia and Kuwait came to Egypt's aid last year - pledging more than $12 billion to help its ailing economy - after the army overthrew the country's first elected leader Mohamed Mursi following mass protests against him. The Gulf largely mistrusts Mursi's Muslim Brotherhood group, labeled a terrorist group in Egypt last year."
'via Blog this'
The Peninsula Qatar - Qatar well-placed for stable LNG supply
The Peninsula Qatar - Qatar well-placed for stable LNG supply:
"Doha/Seoul: Asia’s growing energy requirements calls for supply from a diverse portfolio of established liquefied natural gas (LNG) producers and developers with proven records of reliability and stability, said RasGas Company Ltd’s (RasGas) Chief Executive Officer Hamad Rashid Al Mohannadi at Gastech, currently being held in Seoul, South Korea.
The Gastech conference and exhibition is held approximately once every 18 months. This is RasGas’ ninth consecutive participation in the industry event for which it is also a strategic sponsor. The Qatar delegation was led by HE Dr Mohammed Bin Saleh Al Sada, Minister of Energy and Industry.
Speaking on an executive leadership panel discussion entitled ‘Developing the Next Wave of Gas Supply to Asia-Pacific Markets’ on the inaugural day of the four-day event, Al Mohannadi highlighted the fact that Asian customers need to remain focused on projects with strong and economically viable resources which are serviced by reliable and experienced developers and operators. "
'via Blog this'
"Doha/Seoul: Asia’s growing energy requirements calls for supply from a diverse portfolio of established liquefied natural gas (LNG) producers and developers with proven records of reliability and stability, said RasGas Company Ltd’s (RasGas) Chief Executive Officer Hamad Rashid Al Mohannadi at Gastech, currently being held in Seoul, South Korea.
The Gastech conference and exhibition is held approximately once every 18 months. This is RasGas’ ninth consecutive participation in the industry event for which it is also a strategic sponsor. The Qatar delegation was led by HE Dr Mohammed Bin Saleh Al Sada, Minister of Energy and Industry.
Speaking on an executive leadership panel discussion entitled ‘Developing the Next Wave of Gas Supply to Asia-Pacific Markets’ on the inaugural day of the four-day event, Al Mohannadi highlighted the fact that Asian customers need to remain focused on projects with strong and economically viable resources which are serviced by reliable and experienced developers and operators. "
'via Blog this'
Agronomy-Ukraine: So, just how dry is it in Ukraine? tks @AgronomyUkraine
Agronomy-Ukraine: So, just how dry is it in Ukraine?: "
The markets are starting to wake up the the idea that it might be pretty dry in Ukraine.
While there is a risk that Russia might invade further in to Ukraine adding to market uncertainty, for now I'm going to focus on what I do understand; the weather.
It is dry in Ukraine and the story started back in December.
Ukraine had very little snow fall over the winter and the lack of snow melt left the soils dry.
The lack of snow cover also left soils exposed to drying winds."
'via Blog this'
The markets are starting to wake up the the idea that it might be pretty dry in Ukraine.
While there is a risk that Russia might invade further in to Ukraine adding to market uncertainty, for now I'm going to focus on what I do understand; the weather.
It is dry in Ukraine and the story started back in December.
Ukraine had very little snow fall over the winter and the lack of snow melt left the soils dry.
The lack of snow cover also left soils exposed to drying winds."
'via Blog this'
Petrofac wins $1bn oil and gas project in Oman | The National
Petrofac wins $1bn oil and gas project in Oman | The National:
"Petrofac has won a contract expected to be worth at least US$1 billion on a massive oil and gas project in Oman.
The London-listed oilfield services contractor that operates out of Abu Dhabi and Sharjah was selected by Petroleum Development Oman (PDO).
It covers engineering and procurement on the Rabab Harweel Integrated Project, which will also include a sour gas facility.
“This award underpins Petrofac’s strategy to enhance service capability in the Middle East,” said Craig Muir, the managing director for the company’s engineering and consulting services."
'via Blog this'
"Petrofac has won a contract expected to be worth at least US$1 billion on a massive oil and gas project in Oman.
The London-listed oilfield services contractor that operates out of Abu Dhabi and Sharjah was selected by Petroleum Development Oman (PDO).
It covers engineering and procurement on the Rabab Harweel Integrated Project, which will also include a sour gas facility.
“This award underpins Petrofac’s strategy to enhance service capability in the Middle East,” said Craig Muir, the managing director for the company’s engineering and consulting services."
'via Blog this'
Dubai’s Ithmar eyes Dh1 billion in GCC deals | GulfNews.com
Dubai’s Ithmar eyes Dh1 billion in GCC deals | GulfNews.com:
"Abu Dhabi: Private equity firm Ithmar Capital, which manages more than $800 million (Dh2.9 billion) in investments, expects to close deals worth at least Dh1 billion dirhams this year as economies in the Gulf continue to recover from the global financial crisis, its top executive said on Monday.
The Dubai-based firm, founded in 2005, invests in growth and buyout opportunities in Gulf-based or related companies.
“We expect to do deals in excess of Dh1 billion in 2014 in the healthcare and education sectors across the GCC [Gulf Cooperation Council],” said Faisal Bin Juma Belhoul, founder and managing partner of Ithmar."
'via Blog this'
"Abu Dhabi: Private equity firm Ithmar Capital, which manages more than $800 million (Dh2.9 billion) in investments, expects to close deals worth at least Dh1 billion dirhams this year as economies in the Gulf continue to recover from the global financial crisis, its top executive said on Monday.
The Dubai-based firm, founded in 2005, invests in growth and buyout opportunities in Gulf-based or related companies.
“We expect to do deals in excess of Dh1 billion in 2014 in the healthcare and education sectors across the GCC [Gulf Cooperation Council],” said Faisal Bin Juma Belhoul, founder and managing partner of Ithmar."
'via Blog this'
Loneliness of Kiev Bond Trader Shows Market Was Wiped Out - Bloomberg
Loneliness of Kiev Bond Trader Shows Market Was Wiped Out - Bloomberg:
"For 29-year-old Fyodor Bagnenko, a fixed-income trader at Dragon Capital in Ukraine, selling bonds has become a lonely business.
From his seven-story office in central Kiev, about 20 minutes from the barricades on Independence Square that were the epicenter of protests that triggered the worst crisis between Russia and the West since the Cold War, he would trade more than $20 million of bonds a day last year. Since the revolution, there have been days where he couldn’t close a single deal as trading in Ukrainian financial assets dried up.
“We’ve had days where the market’s dropped five points or more and not a buyer in sight,” he said as he headed to his morning meeting March 14. “People have gotten whiplash, with the market jumping from complete indecision to frantic action, with the whole world trying to buy, or sell, simultaneously.”"
'via Blog this'
"For 29-year-old Fyodor Bagnenko, a fixed-income trader at Dragon Capital in Ukraine, selling bonds has become a lonely business.
From his seven-story office in central Kiev, about 20 minutes from the barricades on Independence Square that were the epicenter of protests that triggered the worst crisis between Russia and the West since the Cold War, he would trade more than $20 million of bonds a day last year. Since the revolution, there have been days where he couldn’t close a single deal as trading in Ukrainian financial assets dried up.
“We’ve had days where the market’s dropped five points or more and not a buyer in sight,” he said as he headed to his morning meeting March 14. “People have gotten whiplash, with the market jumping from complete indecision to frantic action, with the whole world trying to buy, or sell, simultaneously.”"
'via Blog this'
Russian Oil Seen Heading East Not West in Crimea Spat - Bloomberg
Russian Oil Seen Heading East Not West in Crimea Spat - Bloomberg:
"The Crimean crisis is poised to reshape the politics of oil by accelerating Russia’s drive to send more barrels to China, leaving Europe with pricier imports and boosting U.S. dependence on fuel from the Middle East.
China already has agreed to buy more than $350 billion of Russian crude in coming years from the government of President Vladimir Putin. The ties are likely to deepen as the U.S. and Europe levy sanctions against Russia as punishment for the invasion of Ukraine.
Such shifts will be hard to overcome. Europe, which gets about 30 percent of its natural gas from Russia, has few viable immediate alternatives. The U.S., even after the shale boom, must import 40 percent of its crude oil, 10.6 million barrels a day that leaves the country vulnerable to global markets."
'via Blog this'
"The Crimean crisis is poised to reshape the politics of oil by accelerating Russia’s drive to send more barrels to China, leaving Europe with pricier imports and boosting U.S. dependence on fuel from the Middle East.
China already has agreed to buy more than $350 billion of Russian crude in coming years from the government of President Vladimir Putin. The ties are likely to deepen as the U.S. and Europe levy sanctions against Russia as punishment for the invasion of Ukraine.
Such shifts will be hard to overcome. Europe, which gets about 30 percent of its natural gas from Russia, has few viable immediate alternatives. The U.S., even after the shale boom, must import 40 percent of its crude oil, 10.6 million barrels a day that leaves the country vulnerable to global markets."
'via Blog this'
Taqa Reports 2013 Loss on Impairment of North American Assets - Bloomberg
Taqa Reports 2013 Loss on Impairment of North American Assets - Bloomberg:
"Abu Dhabi National Energy Co. (TAQA), the government-controlled utility known as Taqa, posted a loss last year and won’t pay a dividend after writing down the value of North American assets. The shares slumped.
The net loss after minority interests was 2.52 billion dirhams ($686 million) after a profit of 649 million dirhams a year earlier, the company said in a statement. Sales fell 7 percent to 25.8 billion dirhams. Taqa said it took a 3.25 billion-dirham non-cash impairment mainly linked to reserve revisions and lower anticipated production in North America.
“Underlying revenues and cash flow rose year-on-year, while the net result was affected by a one-off, non-cash accounting entry,” Chief Financial Officer Stephen Kersley said in the statement. “Our strong levels of liquidity enable us to continue to fund operations and service our debt obligations on favorable terms.”"
'via Blog this'
"Abu Dhabi National Energy Co. (TAQA), the government-controlled utility known as Taqa, posted a loss last year and won’t pay a dividend after writing down the value of North American assets. The shares slumped.
The net loss after minority interests was 2.52 billion dirhams ($686 million) after a profit of 649 million dirhams a year earlier, the company said in a statement. Sales fell 7 percent to 25.8 billion dirhams. Taqa said it took a 3.25 billion-dirham non-cash impairment mainly linked to reserve revisions and lower anticipated production in North America.
“Underlying revenues and cash flow rose year-on-year, while the net result was affected by a one-off, non-cash accounting entry,” Chief Financial Officer Stephen Kersley said in the statement. “Our strong levels of liquidity enable us to continue to fund operations and service our debt obligations on favorable terms.”"
'via Blog this'
Hidden Qatar Billionaire Al-Thani Seen With Hotel Empire - Bloomberg
Hidden Qatar Billionaire Al-Thani Seen With Hotel Empire - Bloomberg:
"The Sheikh Faisal bin Qassim Al Thani Museum sits 14 miles west of Doha, the capital of Qatar. A desert fortress with stone turrets and arched wooden doors, the museum’s 15 halls hold more than 15,000 artifacts, including ancient Qurans, Yemeni daggers and vintage American cars.
The Al Thani museum is home to a collection belonging to Sheikh Faisal bin Qassim Al Thani, owner of Al Faisal Holding, a Doha-based conglomerate that operates about 50 businesses in nine industries. It’s also a symbol of the wealth that’s been accumulated by Qatari businessmen during the past four decades.
“We are lucky to live in a country with a rapidly growing economy,” Al Thani, 65, said in a March 16 e-mail. “In order to benefit from this economic boom, one has to take the initiative and be willing to seize opportunities.”"
'via Blog this'
"The Sheikh Faisal bin Qassim Al Thani Museum sits 14 miles west of Doha, the capital of Qatar. A desert fortress with stone turrets and arched wooden doors, the museum’s 15 halls hold more than 15,000 artifacts, including ancient Qurans, Yemeni daggers and vintage American cars.
The Al Thani museum is home to a collection belonging to Sheikh Faisal bin Qassim Al Thani, owner of Al Faisal Holding, a Doha-based conglomerate that operates about 50 businesses in nine industries. It’s also a symbol of the wealth that’s been accumulated by Qatari businessmen during the past four decades.
“We are lucky to live in a country with a rapidly growing economy,” Al Thani, 65, said in a March 16 e-mail. “In order to benefit from this economic boom, one has to take the initiative and be willing to seize opportunities.”"
'via Blog this'