Will takeaway hubs fly? - YouTube: "
Just Eat, the online takeaway, rose on its debut on the London Stock Exchange. Lex's Joseph Cotterill and Oliver Ralph discuss whether the business plan of such internet fast food brokers is sustainable (or whether it will be tomorrow's fish and chip papers).
"
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Thursday, 3 April 2014
MIDEAST STOCKS-Egypt sinks after Cairo blasts; Dubai property shares up again | Reuters
MIDEAST STOCKS-Egypt sinks after Cairo blasts; Dubai property shares up again | Reuters:
"* Deadly bombing worries Egyptian retail investors
* But presidential election in May could spark rally
* Deyaar, other property stocks lift Dubai
* Ex-dividend stocks drag down Abu Dhabi
* Commercial Bank of Kuwait jumps on Islamic plan
By Olzhas Auyezov
DUBAI, April 3 (Reuters) - Egypt's bourse, which witnessed heavy profit-taking this week, came under pressure again on Thursday after explosions in Cairo killed two people including a senior police officer, while the local currency and economic data weakened.
The Cairo benchmark tumbled 2.9 percent to a six-week low of 7,701 points, with most constituent shares in the red and some dropping steeply, such as Telecom Egypt which fell 8.6 percent.
"What happened yesterday was big," said Chamel Fahmy of Cairo-based HC Securities and Investment, referring to the deadly blasts outside Cairo University which triggered a fresh wave of selling by retail investors.
Egypt's stock market surged earlier this year on expectations that former army chief Abdel Fattah al-Sisi, seen by many investors as a stabilising figure, would run for president. His official candidacy announcement last week caused many investors to lock in gains."
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"* Deadly bombing worries Egyptian retail investors
* But presidential election in May could spark rally
* Deyaar, other property stocks lift Dubai
* Ex-dividend stocks drag down Abu Dhabi
* Commercial Bank of Kuwait jumps on Islamic plan
By Olzhas Auyezov
DUBAI, April 3 (Reuters) - Egypt's bourse, which witnessed heavy profit-taking this week, came under pressure again on Thursday after explosions in Cairo killed two people including a senior police officer, while the local currency and economic data weakened.
The Cairo benchmark tumbled 2.9 percent to a six-week low of 7,701 points, with most constituent shares in the red and some dropping steeply, such as Telecom Egypt which fell 8.6 percent.
"What happened yesterday was big," said Chamel Fahmy of Cairo-based HC Securities and Investment, referring to the deadly blasts outside Cairo University which triggered a fresh wave of selling by retail investors.
Egypt's stock market surged earlier this year on expectations that former army chief Abdel Fattah al-Sisi, seen by many investors as a stabilising figure, would run for president. His official candidacy announcement last week caused many investors to lock in gains."
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Can IPOs survive Ukraine? | Russia Beyond The Headlines #EuroMaidan
Can IPOs survive Ukraine? | Russia Beyond The Headlines:
"Plans for Russian companies to list billions of dollars worth of shares on global exchanges have been thrown into question by the conflict over Ukraine.
Both state-owned and private companies are mulling plans to sell fresh equity to investors in 2014. Russian Prime Minister Dmitry Medvedev said at the start of the year that the government hopes to raise more than $5 billion in 2014 selling stakes in state-held firms.
“We have rather serious plans to raise around 200 billion rubles ($5.5 billion) from privatizations this year and I hope the plans will be fulfilled,” Mr. Medvedev told a government meeting in February, only days before the crisis in Ukraine reached new heights.
Yet even before the dispute over Crimea began to impact Russian markets, Mr. Medvedev had sounded a note of caution."
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"Plans for Russian companies to list billions of dollars worth of shares on global exchanges have been thrown into question by the conflict over Ukraine.
Both state-owned and private companies are mulling plans to sell fresh equity to investors in 2014. Russian Prime Minister Dmitry Medvedev said at the start of the year that the government hopes to raise more than $5 billion in 2014 selling stakes in state-held firms.
“We have rather serious plans to raise around 200 billion rubles ($5.5 billion) from privatizations this year and I hope the plans will be fulfilled,” Mr. Medvedev told a government meeting in February, only days before the crisis in Ukraine reached new heights.
Yet even before the dispute over Crimea began to impact Russian markets, Mr. Medvedev had sounded a note of caution."
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Dubai's ICD to buy stake in hotel manager Kerzner -sources | Reuters
Dubai's ICD to buy stake in hotel manager Kerzner -sources | Reuters:
"Investment Corp of Dubai (ICD), the emirate's sovereign wealth fund, has agreed to buy about 46 percent of hotel management company Kerzner International , sources aware of the deal said.
The sources, speaking on condition of anonymity because the matter is not yet public, did not reveal the price of the deal. Executives from ICD could not immediately be reached to comment.
The stake will be bought from the founders, the sources said. Istithmar World, a unit of state-owned conglomerate Dubai World, already owns 25 percent of Kerzner, while Goldman Sachs also has a stake.
Among its properties, Kerzner manages the global Atlantis and One & Only resort chains; much of its business is now focused on Dubai. "
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"Investment Corp of Dubai (ICD), the emirate's sovereign wealth fund, has agreed to buy about 46 percent of hotel management company Kerzner International , sources aware of the deal said.
The sources, speaking on condition of anonymity because the matter is not yet public, did not reveal the price of the deal. Executives from ICD could not immediately be reached to comment.
The stake will be bought from the founders, the sources said. Istithmar World, a unit of state-owned conglomerate Dubai World, already owns 25 percent of Kerzner, while Goldman Sachs also has a stake.
Among its properties, Kerzner manages the global Atlantis and One & Only resort chains; much of its business is now focused on Dubai. "
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Times of Oman | News :: Oman may buy stake in Petronet’s unit in India
Times of Oman | News :: Oman may buy stake in Petronet’s unit in India:
"Oman is considering buying a 10-15 per cent stake in Petronet LNG's proposed plant in India's east coast, Mohammed bin Hamad Al Rumhy, minister of oil and gas, said yesterday.
"We have not decided on (the) stake. It will be a small (stake) — may be 10-15 per cent," Rumhy said, adding the two sides had been engaged in talks for the past two months.
Petronet, which supplies liquefied natural gas (LNG), aims to build a 5 million tonne a year LNG terminal at Gangavaram, in the east coast, by 2016."
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"Oman is considering buying a 10-15 per cent stake in Petronet LNG's proposed plant in India's east coast, Mohammed bin Hamad Al Rumhy, minister of oil and gas, said yesterday.
"We have not decided on (the) stake. It will be a small (stake) — may be 10-15 per cent," Rumhy said, adding the two sides had been engaged in talks for the past two months.
Petronet, which supplies liquefied natural gas (LNG), aims to build a 5 million tonne a year LNG terminal at Gangavaram, in the east coast, by 2016."
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Russia, Iran Make Headway on $20Bln Oil-for-Goods Deal | News | The Moscow Times
Russia, Iran Make Headway on $20Bln Oil-for-Goods Deal | News | The Moscow Times:
"Iran and Russia have made progress toward an oil-for-goods deal that sources said could be worth up to $20 billion and enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations said.
In January, Reuters reported that Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.
The United States has said such a deal would raise "serious concerns" and be inconsistent with the nuclear talks between world powers and Iran.
A Russian source said Moscow had "prepared all documents from its side", adding that completion of a deal was awaiting agreement on what oil price to lock in."
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"Iran and Russia have made progress toward an oil-for-goods deal that sources said could be worth up to $20 billion and enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations said.
In January, Reuters reported that Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.
The United States has said such a deal would raise "serious concerns" and be inconsistent with the nuclear talks between world powers and Iran.
A Russian source said Moscow had "prepared all documents from its side", adding that completion of a deal was awaiting agreement on what oil price to lock in."
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Small steps ahead for Balkan regional gas projects
Small steps ahead for Balkan regional gas projects:
"
Several natural gas infrastructure projects in Southeastern European countries are moving ahead and slowly but steadily building up the regional market.
More analytically, it was recently announced that in June 2014 an interconnector gas pipeline between Bulgaria and Romania will be finalized, overcoming several technical difficulties that had delayed the plan. It will take further time though for commercial operations to begin since Romania needs to construct a compressor station. If negotiations, which are currently underway are successful, it should be done by mid-2015."
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"
More analytically, it was recently announced that in June 2014 an interconnector gas pipeline between Bulgaria and Romania will be finalized, overcoming several technical difficulties that had delayed the plan. It will take further time though for commercial operations to begin since Romania needs to construct a compressor station. If negotiations, which are currently underway are successful, it should be done by mid-2015."
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Nasdaq Dubai makes Islamic finance strides with trading platform | The National
Nasdaq Dubai makes Islamic finance strides with trading platform | The National:
"Nasdaq Dubai has taken another step towards Dubai’s goal of becoming a global hub for the Islamic economy by launching a trading platform for murabaha or asset-backed Sharia-compliant financial instruments.
In partnership with Emirates Islamic Bank (EIB), Nasdaq Dubai has been running a pilot scheme in murabaha trading since last September. The platform went public yesterday, hoping to carve a niche in a daily market for murabaha trading that experts value at US$5 billion to $10bn, much of it conducted in London.
“We are open for business,” said Hamed Ali, the Nasdaq Dubai chief executive.
Jamal bin Ghalaita, the chairman of EIB, said: “This is creative, but asset backed.”"
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"Nasdaq Dubai has taken another step towards Dubai’s goal of becoming a global hub for the Islamic economy by launching a trading platform for murabaha or asset-backed Sharia-compliant financial instruments.
In partnership with Emirates Islamic Bank (EIB), Nasdaq Dubai has been running a pilot scheme in murabaha trading since last September. The platform went public yesterday, hoping to carve a niche in a daily market for murabaha trading that experts value at US$5 billion to $10bn, much of it conducted in London.
“We are open for business,” said Hamed Ali, the Nasdaq Dubai chief executive.
Jamal bin Ghalaita, the chairman of EIB, said: “This is creative, but asset backed.”"
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Dubai World brings in Blackstone for ‘fresh pair of eyes’ on debt repayment | The National
Dubai World brings in Blackstone for ‘fresh pair of eyes’ on debt repayment | The National:
"Dubai World, the government-owned conglomerate, has appointed the New York investment bank Blackstone to thoroughly review its strategy for disposals and debt repayment.
Dubai World, whose debt problems sparked the 2009 financial crisis in the emirate, feels the need for a “fresh pair of eyes” on its debt situation, according to one person familiar with the situation.
A spokesman declined to comment.
A spokesman for Blackstone in New York confirmed that DW had hired the firm on a “debt optimisation mandate” but declined to comment further.
In 2010 the company reached agreement with creditors over the terms of US$25 billion of debt."
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"Dubai World, the government-owned conglomerate, has appointed the New York investment bank Blackstone to thoroughly review its strategy for disposals and debt repayment.
Dubai World, whose debt problems sparked the 2009 financial crisis in the emirate, feels the need for a “fresh pair of eyes” on its debt situation, according to one person familiar with the situation.
A spokesman declined to comment.
A spokesman for Blackstone in New York confirmed that DW had hired the firm on a “debt optimisation mandate” but declined to comment further.
In 2010 the company reached agreement with creditors over the terms of US$25 billion of debt."
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Premier Inn plans to open 14 hotels in GCC in next 3 years | GulfNews.com
Premier Inn plans to open 14 hotels in GCC in next 3 years | GulfNews.com:
"UK-based budget hotel chain Premier Inn plans to open 14 hotels in Gulf Cooperation Council (GCC) countries over the next three years, the company’s top executive said yesterday.
“We are targeting a minimum of 30 hotels in the GCC by 2020,” said Darroch Crawford, the company’s managing director.
Owned by hospitality company Whitbread, Premier Inan has over 650 hotels in the UK, five in the UAE and three in India.
The hotels that are set to open include one each in Sharjah, Riyadh, Dammam, Jubail, Manama, two each in Muscat, Doha and Jeddah, and three in Dubai (one of which is expected to be in Dubai Healthcare City)."
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"UK-based budget hotel chain Premier Inn plans to open 14 hotels in Gulf Cooperation Council (GCC) countries over the next three years, the company’s top executive said yesterday.
“We are targeting a minimum of 30 hotels in the GCC by 2020,” said Darroch Crawford, the company’s managing director.
Owned by hospitality company Whitbread, Premier Inan has over 650 hotels in the UK, five in the UAE and three in India.
The hotels that are set to open include one each in Sharjah, Riyadh, Dammam, Jubail, Manama, two each in Muscat, Doha and Jeddah, and three in Dubai (one of which is expected to be in Dubai Healthcare City)."
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Gazprom’s $910 Billion Gaffe Shows Putin Economy Waning - Bloomberg
Gazprom’s $910 Billion Gaffe Shows Putin Economy Waning - Bloomberg:
"Back in April 2007, in the midst of the greatest commodities rally on record, OAO Gazprom (OGZD)’s deputy chief executive officer, Alexander Medvedev, was talking big.
Russia’s natural-gas export monopoly aspired to be the world’s largest company, he said while offering up a prediction: its market value would quadruple to $1 trillion in as little as seven years.
Medvedev was off by $910 billion. Since he made that forecast, no company among the world’s top 5,000 has suffered a bigger collapse in market capitalization than Gazprom, a $154 billion plunge that’s become emblematic of the malaise that has overtaken President Vladimir Putin’s economy. The state-run company has tumbled three straight years in the stock market as it stepped up spending on everything from the Olympic games in Sochi to projects in Siberia."
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"Back in April 2007, in the midst of the greatest commodities rally on record, OAO Gazprom (OGZD)’s deputy chief executive officer, Alexander Medvedev, was talking big.
Russia’s natural-gas export monopoly aspired to be the world’s largest company, he said while offering up a prediction: its market value would quadruple to $1 trillion in as little as seven years.
Medvedev was off by $910 billion. Since he made that forecast, no company among the world’s top 5,000 has suffered a bigger collapse in market capitalization than Gazprom, a $154 billion plunge that’s become emblematic of the malaise that has overtaken President Vladimir Putin’s economy. The state-run company has tumbled three straight years in the stock market as it stepped up spending on everything from the Olympic games in Sochi to projects in Siberia."
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Londoners Priced Out of Housing Blame Foreigners: Real Estate - Bloomberg
Londoners Priced Out of Housing Blame Foreigners: Real Estate - Bloomberg:
"Cheryl Coyne shouted, “No more homes for millionaires!” with protesters dressed as pirates outside London City Hall this week. Inside, Mayor Boris Johnson was approving a plan by Hong Kong’s Hutchison Whampoa Ltd. to build as many as 3,500 homes close to where she lives.
“These are the kind of homes that local people will never be able to afford,” said Coyne, a 63-year-old semi-retired schoolteacher who wore a striped shirt and a skull and crossbones neck scarf. “There are thousands of people in the borough who need homes, and instead they’re building flats for multimillionaires.”
The U.K. capital’s status as a magnet for wealthy foreign home buyers is helping to drive prices in many areas beyond the reach of most Londoners. That’s putting pressure on politicians and developers to convince locals that they haven’t been forgotten in the rush to court overseas investors."
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"Cheryl Coyne shouted, “No more homes for millionaires!” with protesters dressed as pirates outside London City Hall this week. Inside, Mayor Boris Johnson was approving a plan by Hong Kong’s Hutchison Whampoa Ltd. to build as many as 3,500 homes close to where she lives.
“These are the kind of homes that local people will never be able to afford,” said Coyne, a 63-year-old semi-retired schoolteacher who wore a striped shirt and a skull and crossbones neck scarf. “There are thousands of people in the borough who need homes, and instead they’re building flats for multimillionaires.”
The U.K. capital’s status as a magnet for wealthy foreign home buyers is helping to drive prices in many areas beyond the reach of most Londoners. That’s putting pressure on politicians and developers to convince locals that they haven’t been forgotten in the rush to court overseas investors."
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