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Monday 14 April 2014
UPDATE 1-Five S.Korea firms win combined $7.2 bln in Kuwait refinery orders | Reuters
UPDATE 1-Five S.Korea firms win combined $7.2 bln in Kuwait refinery orders | Reuters:
"Five South Korean companies have won a combined $7.2 billion in orders from Kuwait National Petroleum Company to expand capacity and improve environmental standards at two oil refineries.
The contracts, which stem from $12 billion in bids approved in February for the state-run company's Clean Fuels Project, highlight efforts by South Korean builders to shore up margins via joint bids with other local or foreign firms for major overseas construction projects.
Korean companies are increasingly forming consortiums with established overseas companies and that is helping them to win better value contracts, said Yun Sok-mo, an analyst at Samsung Securities."
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"Five South Korean companies have won a combined $7.2 billion in orders from Kuwait National Petroleum Company to expand capacity and improve environmental standards at two oil refineries.
The contracts, which stem from $12 billion in bids approved in February for the state-run company's Clean Fuels Project, highlight efforts by South Korean builders to shore up margins via joint bids with other local or foreign firms for major overseas construction projects.
Korean companies are increasingly forming consortiums with established overseas companies and that is helping them to win better value contracts, said Yun Sok-mo, an analyst at Samsung Securities."
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MIDEAST STOCKS-UAE, Qatar mkts close off lows as profit-taking eases | Reuters
MIDEAST STOCKS-UAE, Qatar mkts close off lows as profit-taking eases | Reuters:
"* Investors in UAE, Qatar book profits for second day
* But markets close well above intra-day lows
* Dubai ends in positive territory
* Kuwait's Gulf Bank falls after missing Q1 estimates
* Saudi bourse edges up after three days of losses
By Olzhas Auyezov
DUBAI, April 14 (Reuters) - Investors in Dubai, Abu Dhabi and Qatar booked profits for a second day on Monday as global markets remained gloomy and tension grew between Russia and the West over Ukraine. But all three bourses later recovered to different degrees.
After opening slightly higher, the three bourses dipped along with Asian and European markets as Ukraine threatened military action against pro-Russian separatists occupying government buildings in the east of the country.
However, towards the end of the day the Gulf markets started recovering and they closed well off their intra-day lows.
Dubai's index, which dived as much as 2.2 percent to 4,656 points during the session, closed up 0.08 percent at 4,763 points as renewed buying lifted heavyweight Emaar Properties 0.5 percent. Several Dubai property and construction names also rose."
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"* Investors in UAE, Qatar book profits for second day
* But markets close well above intra-day lows
* Dubai ends in positive territory
* Kuwait's Gulf Bank falls after missing Q1 estimates
* Saudi bourse edges up after three days of losses
By Olzhas Auyezov
DUBAI, April 14 (Reuters) - Investors in Dubai, Abu Dhabi and Qatar booked profits for a second day on Monday as global markets remained gloomy and tension grew between Russia and the West over Ukraine. But all three bourses later recovered to different degrees.
After opening slightly higher, the three bourses dipped along with Asian and European markets as Ukraine threatened military action against pro-Russian separatists occupying government buildings in the east of the country.
However, towards the end of the day the Gulf markets started recovering and they closed well off their intra-day lows.
Dubai's index, which dived as much as 2.2 percent to 4,656 points during the session, closed up 0.08 percent at 4,763 points as renewed buying lifted heavyweight Emaar Properties 0.5 percent. Several Dubai property and construction names also rose."
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EconoMonitor : EconoMonitor » Arab Economic Transformation Amid Political Transitions
EconoMonitor : EconoMonitor » Arab Economic Transformation Amid Political Transitions:
"The International Monetary Fund released today a new paper entitled “Toward New Horizons—Arab Economic Transformation amid Political Transitions.”
The paper makes the case for the urgency of launching economic policy reforms, beyond short-term macroeconomic management, to support economic stability and stronger, job-creating economic growth in the Arab Countries in Transition—Egypt, Jordan, Libya, Morocco, Tunisia, and Yemen.
These countries face the risk of stagnation if reforms are delayed further.Economic conditions have deteriorated from transition-related disruptions, regional conflict, an unclear political outlook, eroding competitiveness, and a challenging external economic environment.
As economic realities fall behind peoples’ expectations, there is a risk of increased discontent. This could further complicate the political transitions, impairing governments’ mandates and planning horizons and, consequently, their ability to implement the policies necessary to catalyze the much-needed economic improvements."
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"The International Monetary Fund released today a new paper entitled “Toward New Horizons—Arab Economic Transformation amid Political Transitions.”
The paper makes the case for the urgency of launching economic policy reforms, beyond short-term macroeconomic management, to support economic stability and stronger, job-creating economic growth in the Arab Countries in Transition—Egypt, Jordan, Libya, Morocco, Tunisia, and Yemen.
These countries face the risk of stagnation if reforms are delayed further.Economic conditions have deteriorated from transition-related disruptions, regional conflict, an unclear political outlook, eroding competitiveness, and a challenging external economic environment.
As economic realities fall behind peoples’ expectations, there is a risk of increased discontent. This could further complicate the political transitions, impairing governments’ mandates and planning horizons and, consequently, their ability to implement the policies necessary to catalyze the much-needed economic improvements."
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Qatar, Dubai and Russia: construction industry must step up on human rights | Guardian Sustainable Business | Guardian Professional
Qatar, Dubai and Russia: construction industry must step up on human rights | Guardian Sustainable Business | Guardian Professional:
"This time last year, Pete Pattisson, a freelance journalist and filmmaker based in Nepal, began a daily journey to Katmandu airport. There he watched a steady stream of coffins arriving from across the Gulf, carrying the bodies of migrant workers back to their grieving families who couldn't understand how their young sons had left clutching job contracts and arrived back, some only months later, in body bags.
Pattisson got on a plane to Qatar to try and find out what was happening to these men. The scale and severity of the abuses he found shocked him to the core.
"Any workers' camp I went to I found stories of non-payment of wages, appalling living and working conditions, huge debts and confiscation of passports, this was the story told by almost everyone I met. This was not the exception, this was the rule for how things were done in the Qatari construction industry," says Pattisson."
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"This time last year, Pete Pattisson, a freelance journalist and filmmaker based in Nepal, began a daily journey to Katmandu airport. There he watched a steady stream of coffins arriving from across the Gulf, carrying the bodies of migrant workers back to their grieving families who couldn't understand how their young sons had left clutching job contracts and arrived back, some only months later, in body bags.
Pattisson got on a plane to Qatar to try and find out what was happening to these men. The scale and severity of the abuses he found shocked him to the core.
"Any workers' camp I went to I found stories of non-payment of wages, appalling living and working conditions, huge debts and confiscation of passports, this was the story told by almost everyone I met. This was not the exception, this was the rule for how things were done in the Qatari construction industry," says Pattisson."
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Five IPOs in MENA raise US$1.3 billion in first quarter 2014, says EY - bi-me.com
Five IPOs in MENA raise US$1.3 billion in first quarter 2014, says EY - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"According to EY’s Q1 2014 MENA IPO update, five IPOs from MENA raised US$1,283.8 mn in Q1 2014, a decrease of 21% in terms of value compared to Q1 2013. The MENA IPO market in Q1 2014 saw no change in terms of volume compared to Q1 2013.
Phil Gandier, MENA Head of Transaction Advisory Services, EY, says: “The MENA IPO market is off to a slower start in the first quarter compared to the same period last year, however compared to IPO performance over the past few years, Q1 2014 has been one of the best performing quarters. The recently announced Emirates REIT and Marka IPOs will spur further IPO activity and point the way to high levels of activity through the first half of 2014.”"
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"According to EY’s Q1 2014 MENA IPO update, five IPOs from MENA raised US$1,283.8 mn in Q1 2014, a decrease of 21% in terms of value compared to Q1 2013. The MENA IPO market in Q1 2014 saw no change in terms of volume compared to Q1 2013.
Phil Gandier, MENA Head of Transaction Advisory Services, EY, says: “The MENA IPO market is off to a slower start in the first quarter compared to the same period last year, however compared to IPO performance over the past few years, Q1 2014 has been one of the best performing quarters. The recently announced Emirates REIT and Marka IPOs will spur further IPO activity and point the way to high levels of activity through the first half of 2014.”"
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US Pays Half Of Gazprom's Overdue Invoice With $1 Billion Ukraine Loan Guarantee | Zero Hedge
US Pays Half Of Gazprom's Overdue Invoice With $1 Billion Ukraine Loan Guarantee | Zero Hedge:
"With Ukraine no longer paying for Russian gaz, and with Gazprom making it clear Kiev has to a) first pay the overdue $2+ billion in invoice and then b) prepay some $5 billion in gas until the end of the year of Europe gets it, it was only a matter of time before the US Treasury stepped in and paid off part or all of Gazprom's demands. That time is now, when moments ago Jack Lew announced a $1 billion loan guarantee for Ukraine - very much the same way that the US provided billions in loan guarnatees for the now long overthrown Mursi regime in Egypt. And in other news, many more "costly" and "damaging" US sanctions are surely headed Russia's way any second now."
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"With Ukraine no longer paying for Russian gaz, and with Gazprom making it clear Kiev has to a) first pay the overdue $2+ billion in invoice and then b) prepay some $5 billion in gas until the end of the year of Europe gets it, it was only a matter of time before the US Treasury stepped in and paid off part or all of Gazprom's demands. That time is now, when moments ago Jack Lew announced a $1 billion loan guarantee for Ukraine - very much the same way that the US provided billions in loan guarnatees for the now long overthrown Mursi regime in Egypt. And in other news, many more "costly" and "damaging" US sanctions are surely headed Russia's way any second now."
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Sanctions Are Eased; Iran Sees Little Relief - NYTimes.com
Sanctions Are Eased; Iran Sees Little Relief - NYTimes.com:
"Halfway through a six-month nuclear deal between Iran and major world powers that was meant to allow time to reach a comprehensive agreement, the Iranians have seen little in the way of a boost from the sanctions relief they had been expecting, trade lawyers and diplomatic analysts say.
Whether Iran’s disappointment means that it will be more or less motivated to negotiate a permanent deal on its disputed nuclear program by the July 20 deadline remains unclear.
“Iran has become kryptonite for banks and shippers and insurance companies,” said Farhad R. Alavi, a sanctions law specialist at Akrivis, a Washington-based international law firm that has fielded numerous inquiries about doing business with Iran since the temporary accord took effect. Though the accord may have served as a “teaser” to Iran, he said in a telephone interview, foreign business interest has remained extremely limited."
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"Halfway through a six-month nuclear deal between Iran and major world powers that was meant to allow time to reach a comprehensive agreement, the Iranians have seen little in the way of a boost from the sanctions relief they had been expecting, trade lawyers and diplomatic analysts say.
Whether Iran’s disappointment means that it will be more or less motivated to negotiate a permanent deal on its disputed nuclear program by the July 20 deadline remains unclear.
“Iran has become kryptonite for banks and shippers and insurance companies,” said Farhad R. Alavi, a sanctions law specialist at Akrivis, a Washington-based international law firm that has fielded numerous inquiries about doing business with Iran since the temporary accord took effect. Though the accord may have served as a “teaser” to Iran, he said in a telephone interview, foreign business interest has remained extremely limited."
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Fourteen airlines to use DWC while Dubai International Airport runways are closed | The National
Fourteen airlines to use DWC while Dubai International Airport runways are closed | The National:
"Fourteen airlines have reserved slots for flights at Al Maktoum International at Dubai World Central (DWC) while major runway upgrade work is carried out at Dubai International Airport.
The upgrade work, which is designed to improve safety, service and capacity levels, will begin on May 1 and is set to last for 80 days.
Of the 14 airlines which have applied for slots at DWC, flydubai, PAL Express, Jet Airways, Royal Brunei Airlines, Yemenia Airlines, Equatorial Congo Airlines, Malaysia Airlines and Ural Airlines are relocating from Dubai International. All Emirates Airline flights will continue to operate out of Dubai International."
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"Fourteen airlines have reserved slots for flights at Al Maktoum International at Dubai World Central (DWC) while major runway upgrade work is carried out at Dubai International Airport.
The upgrade work, which is designed to improve safety, service and capacity levels, will begin on May 1 and is set to last for 80 days.
Of the 14 airlines which have applied for slots at DWC, flydubai, PAL Express, Jet Airways, Royal Brunei Airlines, Yemenia Airlines, Equatorial Congo Airlines, Malaysia Airlines and Ural Airlines are relocating from Dubai International. All Emirates Airline flights will continue to operate out of Dubai International."
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Australia looks to Gulf funds for A$700bn infrastructure investment | The National
Australia looks to Gulf funds for A$700bn infrastructure investment | The National:
"Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap.
It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”"
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"Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap.
It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”"
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Landmark SMEs law has big implications for UAE economy | The National
Landmark SMEs law has big implications for UAE economy | The National:
"A newly approved law supporting Emirati-owned small and medium enterprises will play a significant role in promoting sustainable economic development, the Minister of Economy said yesterday.
Sheikh Khalifa, President of the UAE, has approved Federal Law No 2 of 2014, which will categorise SMEs, establish a dedicated council and determine incentives to be offered to small business owners.
The legislation grants SMEs exemptions from customs tax for equipment, raw materials and goods for production purposes. It also exempts them the payment of bank guarantees that companies must pay per new worker."
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"A newly approved law supporting Emirati-owned small and medium enterprises will play a significant role in promoting sustainable economic development, the Minister of Economy said yesterday.
Sheikh Khalifa, President of the UAE, has approved Federal Law No 2 of 2014, which will categorise SMEs, establish a dedicated council and determine incentives to be offered to small business owners.
The legislation grants SMEs exemptions from customs tax for equipment, raw materials and goods for production purposes. It also exempts them the payment of bank guarantees that companies must pay per new worker."
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Brent Crude Rises With WTI as Tension Escalates in East Ukraine - Bloomberg
Brent Crude Rises With WTI as Tension Escalates in East Ukraine - Bloomberg:
"Brent crude advanced for the first time in three days and West Texas Intermediate extended gains as tension escalated between Ukraine and Russia, fanning concern that energy supplies in Europe may be disrupted.
Futures rose as much as 0.7 percent in London. Russia called for an emergency meeting of the United Nations Security Council after Ukrainian security forces clashed with pro-Russian gunmen in the eastern town of Slovyansk. Libya’s prime minister resigned while the nation, a member of the Organization of Petroleum Exporting Countries, sought to restore oil shipments.
“The major contributor to the firm tone we’re seeing in the market is further concerns about Ukraine,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney who predicts investors may sell contracts if Brent climbs to $109.50 a barrel. “Tensions are ramping up again. There’s still a bit of upside from a technical point of view before we hit significant resistance.”"
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"Brent crude advanced for the first time in three days and West Texas Intermediate extended gains as tension escalated between Ukraine and Russia, fanning concern that energy supplies in Europe may be disrupted.
Futures rose as much as 0.7 percent in London. Russia called for an emergency meeting of the United Nations Security Council after Ukrainian security forces clashed with pro-Russian gunmen in the eastern town of Slovyansk. Libya’s prime minister resigned while the nation, a member of the Organization of Petroleum Exporting Countries, sought to restore oil shipments.
“The major contributor to the firm tone we’re seeing in the market is further concerns about Ukraine,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney who predicts investors may sell contracts if Brent climbs to $109.50 a barrel. “Tensions are ramping up again. There’s still a bit of upside from a technical point of view before we hit significant resistance.”"
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