Ukraine Receives IMF Staff Support for $17 Billion Loan - Bloomberg:
"International Monetary Fund staff endorsed a $17 billion loan to Ukraine to help the government pay its bills amid a projected economic contraction of 5 percent this year, according to government officials who have seen the recommendations.
The staff’s report was delivered to members of the IMF’s 24-seat board late yesterday, according to the officials, who spoke on condition of anonymity to discuss internal documents. The staff proposed an April 30 board meeting to consider the loan package, they said.
An IMF loan would clear the way for additional aid from the European Union, the U.S. and other donors. After weeks of talks with the government in Kiev, IMF staff concluded that Ukraine needs financing from the fund that’s at the higher end of the $14 billion to $18 billion range initially announced."
'via Blog this'
Wednesday 23 April 2014
Dubai's Emaar Properties says profits to quadruple by 2018 | Reuters
Dubai's Emaar Properties says profits to quadruple by 2018 | Reuters:
"Emaar Properties, Dubai's largest listed real estate developer, predicted on Wednesday that its profits would more than quadruple by 2018 as the emirate's economy booms and the company's overseas business expands.
The company, about 29 percent owned by the Dubai government, is seen by many investors as a proxy for the emirate's economy, which relies heavily on real estate development, tourism and the retail industry - sectors in which Emaar is a major player.
The company's optimism underlines Dubai's strong recovery from its 2008-2010 real estate market crash. Average residential property prices jumped 33 percent from a year earlier in the first quarter of 2014, according to consultants JLL."
'via Blog this'
"Emaar Properties, Dubai's largest listed real estate developer, predicted on Wednesday that its profits would more than quadruple by 2018 as the emirate's economy booms and the company's overseas business expands.
The company, about 29 percent owned by the Dubai government, is seen by many investors as a proxy for the emirate's economy, which relies heavily on real estate development, tourism and the retail industry - sectors in which Emaar is a major player.
The company's optimism underlines Dubai's strong recovery from its 2008-2010 real estate market crash. Average residential property prices jumped 33 percent from a year earlier in the first quarter of 2014, according to consultants JLL."
'via Blog this'
MIDEAST STOCKS-Earnings lift UAE mkts but weigh on Qatar, Saudi | Reuters
MIDEAST STOCKS-Earnings lift UAE mkts but weigh on Qatar, Saudi | Reuters:
"* Strong Emaar results lift Dubai; Arabtec soars
* Banks' earnings support Abu Dhabi
* Qatar's rise slows as volume drops
* Telecoms weigh on Saudi Arabia
* Result of Omantel offer dampens Oman
By Olzhas Auyezov
DUBAI, April 23 (Reuters) - Dubai's bourse led gains in the Gulf on Wednesday, lifted by strong first-quarter results and other positive news from listed companies, while Abu Dhabi and Qatar edged up.
The Dubai benchmark rose 2.3 percent on increasing volume, bringing its gains this year to 52.4 percent. Lender Emirates NBD was one of the main drivers, jumping 4.8 percent ahead of the publication of its quarterly report, due on Thursday.
Real estate developer Emaar Properties gained 1.9 percent after its quarterly earnings matched analysts' strong estimates on Tuesday."
'via Blog this'
"* Strong Emaar results lift Dubai; Arabtec soars
* Banks' earnings support Abu Dhabi
* Qatar's rise slows as volume drops
* Telecoms weigh on Saudi Arabia
* Result of Omantel offer dampens Oman
By Olzhas Auyezov
DUBAI, April 23 (Reuters) - Dubai's bourse led gains in the Gulf on Wednesday, lifted by strong first-quarter results and other positive news from listed companies, while Abu Dhabi and Qatar edged up.
The Dubai benchmark rose 2.3 percent on increasing volume, bringing its gains this year to 52.4 percent. Lender Emirates NBD was one of the main drivers, jumping 4.8 percent ahead of the publication of its quarterly report, due on Thursday.
Real estate developer Emaar Properties gained 1.9 percent after its quarterly earnings matched analysts' strong estimates on Tuesday."
'via Blog this'
Oman raises $530m from sale of 19% of Omantel - Al Arabiya News
Oman raises $530m from sale of 19% of Omantel - Al Arabiya News:
"Oman’s government raised nearly 204 million rials ($530 million) from its sale of a 19 percent stake in Omantel, part of efforts to revive its privatization program, a Muscat bourse statement said on Wednesday.
The government’s holding in the telecommunications operator will drop to 51 percent following the completion of the second and final part of the share sale.
Each tranche - the first a private placement for institutions and wealthy individuals, the second a public offer for retail investors - sold 71.25 million shares."
'via Blog this'
"Oman’s government raised nearly 204 million rials ($530 million) from its sale of a 19 percent stake in Omantel, part of efforts to revive its privatization program, a Muscat bourse statement said on Wednesday.
The government’s holding in the telecommunications operator will drop to 51 percent following the completion of the second and final part of the share sale.
Each tranche - the first a private placement for institutions and wealthy individuals, the second a public offer for retail investors - sold 71.25 million shares."
'via Blog this'
Dubai’s Dragon Oil to launch survey in Afghanistan | The National
Dubai’s Dragon Oil to launch survey in Afghanistan | The National:
"Dragon Oil, the Dubai-owned oil producer, is launching a geological survey of concessions in Afghanistan this year as part of a US$1.5 billion planned spending campaign.
Dragon and its partners in Afghanistan, Turkiye Petrolleri and the Ghazanfar Group, will conduct two-dimensional seismic imaging over a 1,275 kilometre stretch, it announced yesterday.
Dragon, which is 51 per cent-owned by Dubai’s Emirates National Oil Company, holds a 40 per cent stake in the concession it secured last year. It will be the operator of the Sanduqli block, which borders Turkmenistan and Uzbekistan and spans 2,563 square km.
Dragon is also exploring in Tunisia, Egypt, Iraq and the Phillipines in an effort to expand its production base beyond Turkmenistan, where late rig deliveries this year have delayed its drilling programme."
'via Blog this'
"Dragon Oil, the Dubai-owned oil producer, is launching a geological survey of concessions in Afghanistan this year as part of a US$1.5 billion planned spending campaign.
Dragon and its partners in Afghanistan, Turkiye Petrolleri and the Ghazanfar Group, will conduct two-dimensional seismic imaging over a 1,275 kilometre stretch, it announced yesterday.
Dragon, which is 51 per cent-owned by Dubai’s Emirates National Oil Company, holds a 40 per cent stake in the concession it secured last year. It will be the operator of the Sanduqli block, which borders Turkmenistan and Uzbekistan and spans 2,563 square km.
Dragon is also exploring in Tunisia, Egypt, Iraq and the Phillipines in an effort to expand its production base beyond Turkmenistan, where late rig deliveries this year have delayed its drilling programme."
'via Blog this'
DFM crosses 5,000 points barrier for first time since 2008 | The National
DFM crosses 5,000 points barrier for first time since 2008 | The National:
"The Dubai Financial Market General Index closed above 5,000 points on Tuesday as investors flock to the bourse ahead of the country’s MSCI Emerging Markets upgrade.
It was the first time since July 2008 that the Dubai index breached the psychologically important barrier. HSBC predicts capital inflows of $370 million will result from the MSCI upgrade as passive investors gain automatic exposure to the country’s bourses.
The index closed just shy of 5,019 points."
'via Blog this'
"The Dubai Financial Market General Index closed above 5,000 points on Tuesday as investors flock to the bourse ahead of the country’s MSCI Emerging Markets upgrade.
It was the first time since July 2008 that the Dubai index breached the psychologically important barrier. HSBC predicts capital inflows of $370 million will result from the MSCI upgrade as passive investors gain automatic exposure to the country’s bourses.
The index closed just shy of 5,019 points."
'via Blog this'
Mideast consortium agrees $500m National Petroleum Services buy | GulfNews.com
Mideast consortium agrees $500m National Petroleum Services buy | GulfNews.com:
"A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (Apicorp) have agreed on a deal to acquire Dubai-based oilfield services firm National Petroleum Services, Fajr said on Tuesday.
The transaction, which is expected to close in the second quarter of 2014, is valued “in excess of $500 million”, it said in a statement.
Reuters had reported last November that a Gulf consortium led by Fajr and also containing Apicorp and Saudi-Arabia based investment holding company Zamil Group were in advanced talks over a deal worth between $500 million and $700 million.
This followed an unsuccessful attempt to sell NPS to Norway’s Aker Solutions in 2012."
'via Blog this'
"A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (Apicorp) have agreed on a deal to acquire Dubai-based oilfield services firm National Petroleum Services, Fajr said on Tuesday.
The transaction, which is expected to close in the second quarter of 2014, is valued “in excess of $500 million”, it said in a statement.
Reuters had reported last November that a Gulf consortium led by Fajr and also containing Apicorp and Saudi-Arabia based investment holding company Zamil Group were in advanced talks over a deal worth between $500 million and $700 million.
This followed an unsuccessful attempt to sell NPS to Norway’s Aker Solutions in 2012."
'via Blog this'
ADCB reports Dh1.1b first quarter net profit | GulfNews.com
ADCB reports Dh1.1b first quarter net profit | GulfNews.com:
"Abu Dhabi Commercial Bank (ADCB) on Tuesday reported Dh1.1 billion net profit for the first quarter of 2014, up 22 per cent compared to the first quarter of last year.
The bank’s net profit was up 26 per cent compared to the fourth quarter of 2013.
During the first three moths of this year ADCB’s operating income grew 9 per cent to Dh1.9 billion and the operating profit was up 4 per cent at Dh1.27 billion compared to the first quarter of 2013.
“ADCB had a very good start to the year. We are seeing positive signs that the economy is getting stronger and we continue to follow a corporate strategy based on measured growth and discipline,” said Ala’a Eraiqat, chief executive officer of ADCB."
'via Blog this'
"Abu Dhabi Commercial Bank (ADCB) on Tuesday reported Dh1.1 billion net profit for the first quarter of 2014, up 22 per cent compared to the first quarter of last year.
The bank’s net profit was up 26 per cent compared to the fourth quarter of 2013.
During the first three moths of this year ADCB’s operating income grew 9 per cent to Dh1.9 billion and the operating profit was up 4 per cent at Dh1.27 billion compared to the first quarter of 2013.
“ADCB had a very good start to the year. We are seeing positive signs that the economy is getting stronger and we continue to follow a corporate strategy based on measured growth and discipline,” said Ala’a Eraiqat, chief executive officer of ADCB."
'via Blog this'
IMF Ukraine Aid Report Said Ready for Board Review Within Days - Bloomberg
IMF Ukraine Aid Report Said Ready for Board Review Within Days - Bloomberg:
"The International Monetary Fund’s executive board will receive within days a staff report detailing Ukraine’s proposed loan program, in an effort to approve emergency financing by early May, a board official said.
The report, which will describe the economic outlook, financing needs and policy steps Ukraine agreed to take, may trigger a request for an expedited board review, according to the official, who spoke about private discussions on condition of anonymity. That means a typical two-week period for the board to study the report may be cut in half, with a vote next week, the person said.
The IMF is leading a $27 billion international loan package with a contribution of as much as $18 billion, which was agreed to in principle almost four weeks ago. The fund is seeking to complete its report as a multinational agreement with Russia to ease tensions in the former Soviet republic showed signs of collapse."
'via Blog this'
"The International Monetary Fund’s executive board will receive within days a staff report detailing Ukraine’s proposed loan program, in an effort to approve emergency financing by early May, a board official said.
The report, which will describe the economic outlook, financing needs and policy steps Ukraine agreed to take, may trigger a request for an expedited board review, according to the official, who spoke about private discussions on condition of anonymity. That means a typical two-week period for the board to study the report may be cut in half, with a vote next week, the person said.
The IMF is leading a $27 billion international loan package with a contribution of as much as $18 billion, which was agreed to in principle almost four weeks ago. The fund is seeking to complete its report as a multinational agreement with Russia to ease tensions in the former Soviet republic showed signs of collapse."
'via Blog this'
Iran Shares Rise a Third Day as Bourse Creates Stability Fund - Bloomberg
Iran Shares Rise a Third Day as Bourse Creates Stability Fund - Bloomberg:
"Iranian shares advanced for a third day as financial institutions agreed to set up a fund to counter price swings on the Tehran Stock Exchange.
The nation’s benchmark stock index rose 0.9 percent at the close of trading in Tehran, taking its three-day advance to 2.8 percent, according to data on the bourse’s website. The gauge touched a six-month low on April 19 before four banks and two insurance companies agreed yesterday to contribute 50 trillion rials ($2 billion) for the Capital Markets Development Fund.
Iran’s index has declined 15 percent this year after soaring 130 percent in 2013, beating returns posted by the 93 major global equity gauges tracked by Bloomberg. President Hassan Rouhani may have felt extra pressure to stop the fall in share prices as the government introduces measures to remove state subsidies from fuel and energy prices, according to Alireza Salavati, an independent analyst based in London."
'via Blog this'
"Iranian shares advanced for a third day as financial institutions agreed to set up a fund to counter price swings on the Tehran Stock Exchange.
The nation’s benchmark stock index rose 0.9 percent at the close of trading in Tehran, taking its three-day advance to 2.8 percent, according to data on the bourse’s website. The gauge touched a six-month low on April 19 before four banks and two insurance companies agreed yesterday to contribute 50 trillion rials ($2 billion) for the Capital Markets Development Fund.
Iran’s index has declined 15 percent this year after soaring 130 percent in 2013, beating returns posted by the 93 major global equity gauges tracked by Bloomberg. President Hassan Rouhani may have felt extra pressure to stop the fall in share prices as the government introduces measures to remove state subsidies from fuel and energy prices, according to Alireza Salavati, an independent analyst based in London."
'via Blog this'
Subscribe to:
Posts (Atom)