APA - Azerbaijani President: ‘In the future, these three countries will also ensure European energy security”:
"The presidents of Azerbaijan, Georgia, and Turkey have exchanged views on future partnership, said Azerbaijani President Ilham Aliyev at the press conference on outcomes of Tbilisi Summit 2014, APA reports.
President Ilham Aliyev said that the result of the summit is that Georgia, Turkey, and Azerbaijan have reaffirmed their trilateral friendly and fraternal relations: “This is very important. Because the projects that connect us are important for our countries, peoples, as well as our neighbours and the continent. Oil and gas, trasport, and investment projects that were once carried out successfully, are now closely connecting our peoples. This trilateral format is globally interesting. This is a unique format. Because in this format, three independent countries have established modern, cultural and equal relations meeting our peoples’ interests based on the mutual interest and respect. Our relations have been built upon partnership. And each country greatly benefits from this partnership.
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Tuesday, 6 May 2014
Economies hit by Arab uprisings begin to improve, says IMF - FT.com
Economies hit by Arab uprisings begin to improve, says IMF - FT.com:
"The International Monetary Fund is seeing the first signs of good news from Arab states undergoing political change after poor economic performance in the wake of the uprisings that shook the region in 2011.
The IMF is forecasting that Egypt, Jordan, Morocco, Tunisia and Yemen – which it terms “transition states” – will see a slight increase in gross domestic product growth to 2.9 per cent in 2014 from 2.8 per cent last year. It predicts GDP growth will rise to 4.3 per cent next year on higher trade and investment.
Growth dropped to 1.1 per cent in 2011 from annual averages of almost five per cent before the Arab spring."
'via Blog this'
"The International Monetary Fund is seeing the first signs of good news from Arab states undergoing political change after poor economic performance in the wake of the uprisings that shook the region in 2011.
The IMF is forecasting that Egypt, Jordan, Morocco, Tunisia and Yemen – which it terms “transition states” – will see a slight increase in gross domestic product growth to 2.9 per cent in 2014 from 2.8 per cent last year. It predicts GDP growth will rise to 4.3 per cent next year on higher trade and investment.
Growth dropped to 1.1 per cent in 2011 from annual averages of almost five per cent before the Arab spring."
'via Blog this'
MIDEAST STOCKS-Most Gulf mkts gain; Qatar pulls back from new peak | Reuters
MIDEAST STOCKS-Most Gulf mkts gain; Qatar pulls back from new peak | Reuters:
"Most stock markets in the Gulf rose on Tuesday, but Qatar retreated from a new historical high and Abu Dhabi edged down, continuing a pattern of sideways moves.
The Doha bourse initially edged up after opening and crossed the psychologically important 13,000 point mark to reach 13,016 points but failed to hold above it.
The index closed 0.4 percent lower at 12,934 points and trading volume more than halved compared with Monday.
Industries Qatar and Qatar Islamic Bank were the main drags as their shares fell 1.0 and 1.9 percent, respectively."
'via Blog this'
"Most stock markets in the Gulf rose on Tuesday, but Qatar retreated from a new historical high and Abu Dhabi edged down, continuing a pattern of sideways moves.
The Doha bourse initially edged up after opening and crossed the psychologically important 13,000 point mark to reach 13,016 points but failed to hold above it.
The index closed 0.4 percent lower at 12,934 points and trading volume more than halved compared with Monday.
Industries Qatar and Qatar Islamic Bank were the main drags as their shares fell 1.0 and 1.9 percent, respectively."
'via Blog this'
Qatar Airways says it’s keen on buying a stake in IndiGo - The Economic Times
Qatar Airways says it’s keen on buying a stake in IndiGo - The Economic Times:
"Qatar Airways CEO Akbar Al Baker made a pitch for a stake in IndiGo, India's largest passenger carrier by market share, marking a reversal of his earlier stand and suggesting that he would be keen on following the strategy of Abu Dhabi's Etihad, which acquired 24% of Jet AirwaysBSE last year.
IndiGo, which flew nearly one-third of India's domestic air passengers in the year ended March and is the country's best-performing carrier, declined to comment on the matter.
"We will always be open to opportunities in India," Al Baker said on Monday at the Arabian Travel Market in Dubai. "We are very interested in IndiGo if there is something available." But then he also added that IndiGo is "performing very well" and he didn't think the carrier would be interested. When asked about his interest in Indian carriers last year, Al Baker had said: "I don't have so much money to buy stakes in airlines." A person close to the IndiGo leadership said no discussions have taken place with Qatar Airways and that the carrier doesn't need cash.
"
'via Blog this'
"Qatar Airways CEO Akbar Al Baker made a pitch for a stake in IndiGo, India's largest passenger carrier by market share, marking a reversal of his earlier stand and suggesting that he would be keen on following the strategy of Abu Dhabi's Etihad, which acquired 24% of Jet AirwaysBSE last year.
IndiGo, which flew nearly one-third of India's domestic air passengers in the year ended March and is the country's best-performing carrier, declined to comment on the matter.
"We will always be open to opportunities in India," Al Baker said on Monday at the Arabian Travel Market in Dubai. "We are very interested in IndiGo if there is something available." But then he also added that IndiGo is "performing very well" and he didn't think the carrier would be interested. When asked about his interest in Indian carriers last year, Al Baker had said: "I don't have so much money to buy stakes in airlines." A person close to the IndiGo leadership said no discussions have taken place with Qatar Airways and that the carrier doesn't need cash.
"
'via Blog this'
Emirates to delay hub move until 2024 after Dubai study
Emirates to delay hub move until 2024 after Dubai study:
"Emirates, the No 1 international airline, won’t be asked to move to Dubai’s new super-hub until 2024, avoiding disruption to its growth as it takes delivery of the world’s biggest fleet of wide-body jets.
Dubai’s Al Maktoum airport, which opened in October and is targeting a capacity of 228mn passengers at a cost of 156.8bn dirhams ($43bn), should instead become an interim base for local low-cost carrier FlyDubai, according to the preferred scenario of a government-sponsored strategy study obtained by Bloomberg News.
The plan would see FlyDubai transfer to Al Maktoum from Dubai International airport next year, before making the switch in reverse in a decade’s time, the document suggests. That would allow Emirates to expand its current base at Dubai International for the maximum possible period, after earlier plans envisaged a move to the new super-hub as early as 2020."
'via Blog this'
"Emirates, the No 1 international airline, won’t be asked to move to Dubai’s new super-hub until 2024, avoiding disruption to its growth as it takes delivery of the world’s biggest fleet of wide-body jets.
Dubai’s Al Maktoum airport, which opened in October and is targeting a capacity of 228mn passengers at a cost of 156.8bn dirhams ($43bn), should instead become an interim base for local low-cost carrier FlyDubai, according to the preferred scenario of a government-sponsored strategy study obtained by Bloomberg News.
The plan would see FlyDubai transfer to Al Maktoum from Dubai International airport next year, before making the switch in reverse in a decade’s time, the document suggests. That would allow Emirates to expand its current base at Dubai International for the maximum possible period, after earlier plans envisaged a move to the new super-hub as early as 2020."
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Ukraine crisis hardens Brussels stance on Gazprom pipeline - FT.com #EuroMaidan
Ukraine crisis hardens Brussels stance on Gazprom pipeline - FT.com:
"The EU’s energy chief warned Moscow on Monday that the Ukraine crisis was hardening Brussels’ stance on a gas pipeline that Russia’s Gazprom is planning to build in southeast Europe.
Next month, construction is due to begin on the South Stream pipeline, which would run from the Black Sea to Austria. Gazprom has long sought to challenge EU competition rules to make the project more commercially appealing.
"
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"The EU’s energy chief warned Moscow on Monday that the Ukraine crisis was hardening Brussels’ stance on a gas pipeline that Russia’s Gazprom is planning to build in southeast Europe.
Next month, construction is due to begin on the South Stream pipeline, which would run from the Black Sea to Austria. Gazprom has long sought to challenge EU competition rules to make the project more commercially appealing.
"
'via Blog this'
Dubai Holding plans land sale for mid-range hotels | The National
Dubai Holding plans land sale for mid-range hotels | The National:
"Dubai Holding has identified 40 plots across its Tecom business parks and Dubai Properties Group districts for the development of mid-range hotels.
Forty hotels with a total of 7,500 to 8,500 rooms are expected to be built on the plots.
Eighteen of the plots are located in Tecom parks and the rest across Dubai Properties Group areas.
Dubai Holding expects construction to start in 12 to 18 months, with the hotels opening in two or three years.
“These packages offer an excellent opportunity for Emirati small and medium businesses and entrepreneurs,” said Ahmad bin Byat, the chief executive of Dubai Holding."
'via Blog this'
"Dubai Holding has identified 40 plots across its Tecom business parks and Dubai Properties Group districts for the development of mid-range hotels.
Forty hotels with a total of 7,500 to 8,500 rooms are expected to be built on the plots.
Eighteen of the plots are located in Tecom parks and the rest across Dubai Properties Group areas.
Dubai Holding expects construction to start in 12 to 18 months, with the hotels opening in two or three years.
“These packages offer an excellent opportunity for Emirati small and medium businesses and entrepreneurs,” said Ahmad bin Byat, the chief executive of Dubai Holding."
'via Blog this'
Dubai Holding plans land sale for mid-range hotels | The National
Dubai Holding plans land sale for mid-range hotels | The National:
"Dubai Holding has identified 40 plots across its Tecom business parks and Dubai Properties Group districts for the development of mid-range hotels.
Forty hotels with a total of 7,500 to 8,500 rooms are expected to be built on the plots.
Eighteen of the plots are located in Tecom parks and the rest across Dubai Properties Group areas.
Dubai Holding expects construction to start in 12 to 18 months, with the hotels opening in two or three years.
“These packages offer an excellent opportunity for Emirati small and medium businesses and entrepreneurs,” said Ahmad bin Byat, the chief executive of Dubai Holding."
'via Blog this'
"Dubai Holding has identified 40 plots across its Tecom business parks and Dubai Properties Group districts for the development of mid-range hotels.
Forty hotels with a total of 7,500 to 8,500 rooms are expected to be built on the plots.
Eighteen of the plots are located in Tecom parks and the rest across Dubai Properties Group areas.
Dubai Holding expects construction to start in 12 to 18 months, with the hotels opening in two or three years.
“These packages offer an excellent opportunity for Emirati small and medium businesses and entrepreneurs,” said Ahmad bin Byat, the chief executive of Dubai Holding."
'via Blog this'
Al Gosaibi desperate for solution on Dh22.52bn debt | The National
Al Gosaibi desperate for solution on Dh22.52bn debt | The National:
"Saudi Arabia’s Al Gosaibi group meets creditors in Dubai tomorrow in a crucial attempt to reach agreement on about 23 billion Saudi riyals (Dh22.52bn) of debts that have been hanging over the family-owned partnership since 2009.
About 40 regional and international banks, and other creditors, will hear proposals from Al Gosaibi executives to settle the long-running dispute, which has sparked legal actions across three continents. In total, about 80 institutions are owed money by Al Gosaibi.
If a deal is not reached, the prospects for the decades-old Saudi merchant family look stark."
'via Blog this'
"Saudi Arabia’s Al Gosaibi group meets creditors in Dubai tomorrow in a crucial attempt to reach agreement on about 23 billion Saudi riyals (Dh22.52bn) of debts that have been hanging over the family-owned partnership since 2009.
About 40 regional and international banks, and other creditors, will hear proposals from Al Gosaibi executives to settle the long-running dispute, which has sparked legal actions across three continents. In total, about 80 institutions are owed money by Al Gosaibi.
If a deal is not reached, the prospects for the decades-old Saudi merchant family look stark."
'via Blog this'
Saudi Arabia tries to cool stock market with treasury notes | The National
Saudi Arabia tries to cool stock market with treasury notes | The National:
"Bank holdings of treasury bills in Saudi Arabia rose to a record high in March, indicating the government may be responding to concerns about overheating in the stock market by selling more notes.
Total treasury holdings by banks rose to 209 billion Saudi riyals (Dh204.68bn), up 14.8bn riyals on the month before, according to data from Jadwa Investment, the investment bank based in the kingdom.
“We suspect that the government may be concerned that excess liquidity in the stock market could create the risk of a bubble similar to 2006,” said Fahad Alturki, the head of research at Jadwa. “The higher holdings suggest the Saudi Arabian Monetary Agency could be trying to manage liquidity in the banking system.”"
'via Blog this'
"Bank holdings of treasury bills in Saudi Arabia rose to a record high in March, indicating the government may be responding to concerns about overheating in the stock market by selling more notes.
Total treasury holdings by banks rose to 209 billion Saudi riyals (Dh204.68bn), up 14.8bn riyals on the month before, according to data from Jadwa Investment, the investment bank based in the kingdom.
“We suspect that the government may be concerned that excess liquidity in the stock market could create the risk of a bubble similar to 2006,” said Fahad Alturki, the head of research at Jadwa. “The higher holdings suggest the Saudi Arabian Monetary Agency could be trying to manage liquidity in the banking system.”"
'via Blog this'
Dubai’s economy to grow around 5% this year | GulfNews.com
Dubai’s economy to grow around 5% this year | GulfNews.com:
"Dubai’s economy is expected to grow around 5 per cent this year, a similar pace to 2013, the head of its statistics office said on Monday.
Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year, buoyed by the prospect of government real estate projects worth tens of billions of dollars following a property market crash in 2008-2010.
“It is expected that growth... will reach around 5 per cent in 2014,” Executive Director Arif Obaid Al Muhairi said on the Dubai Statistics Center’s website www.dsc.gov.ae. “We expect that the current year will witness growth close to these rates.” The economy grew around 4.5 per cent in the first nine months of last year, he said."
'via Blog this'
"Dubai’s economy is expected to grow around 5 per cent this year, a similar pace to 2013, the head of its statistics office said on Monday.
Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year, buoyed by the prospect of government real estate projects worth tens of billions of dollars following a property market crash in 2008-2010.
“It is expected that growth... will reach around 5 per cent in 2014,” Executive Director Arif Obaid Al Muhairi said on the Dubai Statistics Center’s website www.dsc.gov.ae. “We expect that the current year will witness growth close to these rates.” The economy grew around 4.5 per cent in the first nine months of last year, he said."
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Some countries could spend their way into budget deficit | GulfNews.com
Some countries could spend their way into budget deficit | GulfNews.com:
"Average oil prices have been well above the breakeven prices of oil for the GCC. As a result, excess spending has been comfortably met from buoyant oil receipts. In fact, GCC economies have, on aggregate, continued to register relatively large budget and current account surpluses.
But there are increasing concerns that the rapid rise in spending in recent years may not be sustainable over the long term. Fiscal breakeven oil prices (minimum oil price required to balance the budget) have risen significantly in the last decade, raising vulnerabilities in the event of a sharp and sustained downturn in the energy markets.
“The average GCC fiscal breakeven oil price was $75 per barrel in 2013. Even under assumptions of a significantly slower rate of increase in spending, the surpluses could turn to deficits in the medium term. Saudi Arabia, for example, could reach that point in 2017-18,” said Giyas Gokkent, senior economist of IIF, Africa/Middle East."
'via Blog this'
"Average oil prices have been well above the breakeven prices of oil for the GCC. As a result, excess spending has been comfortably met from buoyant oil receipts. In fact, GCC economies have, on aggregate, continued to register relatively large budget and current account surpluses.
But there are increasing concerns that the rapid rise in spending in recent years may not be sustainable over the long term. Fiscal breakeven oil prices (minimum oil price required to balance the budget) have risen significantly in the last decade, raising vulnerabilities in the event of a sharp and sustained downturn in the energy markets.
“The average GCC fiscal breakeven oil price was $75 per barrel in 2013. Even under assumptions of a significantly slower rate of increase in spending, the surpluses could turn to deficits in the medium term. Saudi Arabia, for example, could reach that point in 2017-18,” said Giyas Gokkent, senior economist of IIF, Africa/Middle East."
'via Blog this'
Ruble Plunge Hitting Russians Speeds Slide to Recession - Bloomberg
Ruble Plunge Hitting Russians Speeds Slide to Recession - Bloomberg:
"As Russia’s central bank struggles to shield the ruble from the standoff over Ukraine, Vasily Isaev it may already be too little, too late to save his plans for a vacation in Italy.
“If you get your salary in rubles, a trip to the beach in Europe is going to be difficult this year,” said the 37-year-old sales manager, looking up from his English homework in the park near Tverskoy Boulevard in central Moscow. “We’re going to Bulgaria instead of Italy this year and we’re renting an apartment a little further away from the sea.”
Consumers like Isaev, spending more than a few months ago to fill a shopping cart with everyday items, may be squeezed most by the currency’s decline as inflation quickens. Wobbling consumption threatens to knock out another pillar of the economy reeling from sanctions that stoked capital flight."
'via Blog this'
"As Russia’s central bank struggles to shield the ruble from the standoff over Ukraine, Vasily Isaev it may already be too little, too late to save his plans for a vacation in Italy.
“If you get your salary in rubles, a trip to the beach in Europe is going to be difficult this year,” said the 37-year-old sales manager, looking up from his English homework in the park near Tverskoy Boulevard in central Moscow. “We’re going to Bulgaria instead of Italy this year and we’re renting an apartment a little further away from the sea.”
Consumers like Isaev, spending more than a few months ago to fill a shopping cart with everyday items, may be squeezed most by the currency’s decline as inflation quickens. Wobbling consumption threatens to knock out another pillar of the economy reeling from sanctions that stoked capital flight."
'via Blog this'
Poland’s GDP Growth to Top Eastern EU Peers, Commission Says - Bloomberg
Poland’s GDP Growth to Top Eastern EU Peers, Commission Says - Bloomberg:
"Poland’s economic growth will outperform the European Union’s largest post-communist members through next year as subdued inflation and an improving labor market bolster consumption, the European Commission said.
Gross domestic product will accelerate to 3.2 percent this year and 3.4 percent in 2015 from last year’s 1.6 percent, the Brussels-based commission said in its spring forecasts released today. The Czech and Hungarian economies are set to grow 2 percent and 2.3 percent this year, respectively, according to the report. The 2014 estimate for Poland is the third-fastest in the EU behind Latvia and Lithuania.
Poland is set to benefit from domestic demand picking up while public investment is rising, which will help offset threats related to the escalating conflict in neighboring Ukraine and a possible recession in Russia, according to the EU."
'via Blog this'
"Poland’s economic growth will outperform the European Union’s largest post-communist members through next year as subdued inflation and an improving labor market bolster consumption, the European Commission said.
Gross domestic product will accelerate to 3.2 percent this year and 3.4 percent in 2015 from last year’s 1.6 percent, the Brussels-based commission said in its spring forecasts released today. The Czech and Hungarian economies are set to grow 2 percent and 2.3 percent this year, respectively, according to the report. The 2014 estimate for Poland is the third-fastest in the EU behind Latvia and Lithuania.
Poland is set to benefit from domestic demand picking up while public investment is rising, which will help offset threats related to the escalating conflict in neighboring Ukraine and a possible recession in Russia, according to the EU."
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