Norway Sees Stable Russia Gas Supply to EU Beyond Ukraine Crisis - Bloomberg:
"Norway, Europe’s largest gas supplier after Russia, said it expects Russia to remain a stable exporter to the continent in coming decades as tensions over Ukraine escalate.
“We’ve seen that Russia -- even during the Cold War -- was a stable exporter of gas to Europe,” Norway’s Petroleum and Energy Minister Tord Lien said in an interview in Oslo yesterday. “We have no indication that won’t be the case in the coming years and decades.”
The European Union depends on Russia for 30 percent of its gas consumption. About half of that transits through Ukraine, which has become the center of the biggest crisis between Russia and the U.S. and its European allies since the Cold War.
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Friday 9 May 2014
Ukraine looks to be heading for a crunch on Monday that will panic financial markets « ArabianMoney
Ukraine looks to be heading for a crunch on Monday that will panic financial markets « ArabianMoney:
"Global financial markets have been ignoring the Ukraine as a Russian sideshow but that could well change on Monday after the referendums on independence this Sunday in the eastern region. This will take the civil war to a new stage as the new administrations are likely to immediately call on Russia for military support.
Russian President Vladimir Putin has been cleverly trying to distance himself from the situation of the ground that his special forces have promoted in a tightly planned operation. He asked for the referendums to be delayed and said his troops have been pulled back from the border. The US insists the troops are still there and indeed Russian forces are undergoing a mobilization exercise."
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"Global financial markets have been ignoring the Ukraine as a Russian sideshow but that could well change on Monday after the referendums on independence this Sunday in the eastern region. This will take the civil war to a new stage as the new administrations are likely to immediately call on Russia for military support.
Russian President Vladimir Putin has been cleverly trying to distance himself from the situation of the ground that his special forces have promoted in a tightly planned operation. He asked for the referendums to be delayed and said his troops have been pulled back from the border. The US insists the troops are still there and indeed Russian forces are undergoing a mobilization exercise."
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DNO first-quarter profit falls as Kurdish oil exports stuck | The National
DNO first-quarter profit falls as Kurdish oil exports stuck | The National:
"DNO said first-quarter profit fell 21 per cent as oil exports to Turkey were stuck in storage amid a dispute over revenue sharing.
Net income fell to US$23.7 million from $30.1m a year before as sales grew 9.2 per cent to $112.8m, said the Norwegian oil producer focused on Iraq’s northern Kurdish region in a statement. The profit missed the $46m average of eight analyst estimates compiled by Bloomberg.
DNO, the first foreign company to drill for oil in Iraq after the US-led invasion in 2003, has been caught in a dispute between the semi-autonomous Kurdistan region and the central government in Baghdad over oil-export revenue sharing, contracts and land. The Kurds were still negotiating with Iraqi authorities as exports began from northern Iraq to Turkey, including from DNO and partner Genel Energy’s Tawke field."
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"DNO said first-quarter profit fell 21 per cent as oil exports to Turkey were stuck in storage amid a dispute over revenue sharing.
Net income fell to US$23.7 million from $30.1m a year before as sales grew 9.2 per cent to $112.8m, said the Norwegian oil producer focused on Iraq’s northern Kurdish region in a statement. The profit missed the $46m average of eight analyst estimates compiled by Bloomberg.
DNO, the first foreign company to drill for oil in Iraq after the US-led invasion in 2003, has been caught in a dispute between the semi-autonomous Kurdistan region and the central government in Baghdad over oil-export revenue sharing, contracts and land. The Kurds were still negotiating with Iraqi authorities as exports began from northern Iraq to Turkey, including from DNO and partner Genel Energy’s Tawke field."
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Middle East a bright spot for Standard Chartered | The National
Middle East a bright spot for Standard Chartered | The National:
"Standard Chartered yesterday reported a “low double-digit” rise in profit for the Middle East, North Africa and Pakistan during the first quarter of the year. Group income fell.
The regional gains were reported yesterday by a Dubai-based spokesman. Standard Chartered does not publish full quarterly results.
The rise was attributed to lower costs and lower loan impairments across the lender’s retail and wholesale bank businesses, the spokesman said, giving no further details.
The first quarter performance in the region was in contrast to that of the group as a whole, which reported a “low single-digit percentage” fall in group income, according to an interim management statement.
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"Standard Chartered yesterday reported a “low double-digit” rise in profit for the Middle East, North Africa and Pakistan during the first quarter of the year. Group income fell.
The regional gains were reported yesterday by a Dubai-based spokesman. Standard Chartered does not publish full quarterly results.
The rise was attributed to lower costs and lower loan impairments across the lender’s retail and wholesale bank businesses, the spokesman said, giving no further details.
The first quarter performance in the region was in contrast to that of the group as a whole, which reported a “low single-digit percentage” fall in group income, according to an interim management statement.
"
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Emaar granted exceptions to IPO rules on the Dubai Financial Market, sources say | The National
Emaar granted exceptions to IPO rules on the Dubai Financial Market, sources say | The National:
"Emaar Properties, Dubai’s leading developer, has been given approval to float shares in its malls business on the Dubai Financial Market, and exemption from restrictions that would normally apply to local-market initial public offerings.
Two senior sources in the Dubai financial hierarchy said the UAE regulator, the Securities and Commodities Authority, had given Emaar approval for an IPO on the DFM, easing rules on how much of its capital could be sold, how the price was set and what the proceeds could be used for.
The move means that Emaar is likely to abandon plans for simultaneous listings on the emirate’s international market, Nasdaq Dubai, and the London Stock Exchange announced by the board under the chairman, Mohamed Alabbar, in March."
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"Emaar Properties, Dubai’s leading developer, has been given approval to float shares in its malls business on the Dubai Financial Market, and exemption from restrictions that would normally apply to local-market initial public offerings.
Two senior sources in the Dubai financial hierarchy said the UAE regulator, the Securities and Commodities Authority, had given Emaar approval for an IPO on the DFM, easing rules on how much of its capital could be sold, how the price was set and what the proceeds could be used for.
The move means that Emaar is likely to abandon plans for simultaneous listings on the emirate’s international market, Nasdaq Dubai, and the London Stock Exchange announced by the board under the chairman, Mohamed Alabbar, in March."
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Dubai tribunal can hear claim against DP World Sokhna, judge rules | The National
Dubai tribunal can hear claim against DP World Sokhna, judge rules | The National:
"A judge has ruled that a special tribunal in Dubai can hear a US$50 million legal claim against DP World from an Egyptian company that provided services to the port operator’s terminal near the Suez Canal in Egypt.
During a hearing yesterday, Sir Anthony Evans, the chairman of the Dubai World Tribunal at Dubai International Financial Centre, dismissed a submission by Clifford Chance, the law firm acting on behalf of the ports operator, that the Dubai World Tribunal was not the appropriate venue to handle the case. Clifford Chance had said the case should be heard in Egypt, where the dispute arose and where DP World’s subsidiary, DP World Sokhna, is based.
Sir Anthony gave DP World 28 days to respond to the claim made by Platinum Services, a logistics company. He also ordered DP World to pay $125,000 of Platinum’s legal bill."
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"A judge has ruled that a special tribunal in Dubai can hear a US$50 million legal claim against DP World from an Egyptian company that provided services to the port operator’s terminal near the Suez Canal in Egypt.
During a hearing yesterday, Sir Anthony Evans, the chairman of the Dubai World Tribunal at Dubai International Financial Centre, dismissed a submission by Clifford Chance, the law firm acting on behalf of the ports operator, that the Dubai World Tribunal was not the appropriate venue to handle the case. Clifford Chance had said the case should be heard in Egypt, where the dispute arose and where DP World’s subsidiary, DP World Sokhna, is based.
Sir Anthony gave DP World 28 days to respond to the claim made by Platinum Services, a logistics company. He also ordered DP World to pay $125,000 of Platinum’s legal bill."
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Emirates repeat forecast of runway closure losses | GulfNews.com
Emirates repeat forecast of runway closure losses | GulfNews.com:
"Emirates have again warned that it could be set to lose Dh1 billion in revenue this year due to the capacity-constraining runway closure at Dubai International.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and chairman and chief executive of Emirates airline and Emirates Group, delivering the Group’s 2013-2014 annual results on Thursday, said the fleet grounding will impact next year’s financial performance.
Dubai International is operating with a single runway for 80 days, which started on May 1, due to scheduled maintenance work. Emirates is grounding up to 22 aircraft each month until July 20 and cutting frequency on 41 routes."
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"Emirates have again warned that it could be set to lose Dh1 billion in revenue this year due to the capacity-constraining runway closure at Dubai International.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and chairman and chief executive of Emirates airline and Emirates Group, delivering the Group’s 2013-2014 annual results on Thursday, said the fleet grounding will impact next year’s financial performance.
Dubai International is operating with a single runway for 80 days, which started on May 1, due to scheduled maintenance work. Emirates is grounding up to 22 aircraft each month until July 20 and cutting frequency on 41 routes."
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Ukraine to Hungary Debt Holders Most at Risk, Goldman Sachs Says - Bloomberg
Ukraine to Hungary Debt Holders Most at Risk, Goldman Sachs Says - Bloomberg:
"Investors in the debt of Hungary, Argentina and Ukraine will lose most in the event of a default among emerging-market nations, Goldman Sachs Group Inc. said.
The U.S. bank’s model evaluates the size of external debt relative to a country’s economy and gives scores to the strength of 24 nations. Holders of Taiwan, South Korea and Israel government notes are least at risk, London-based analyst Themistoklis Fiotakis wrote in today’s report.
Ukraine suffered rating cuts this year as Russia annexed Crimea in March and separatist unrest escalated while Argentina was downgraded after it devalued the peso in January by the most since 2002. Emerging-market dollar debt has gained 6.9 percent this year after a 6.6 percent drop in 2013 that was the first annual decrease since 2008, JPMorgan Chase & Co. indexes show."
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"Investors in the debt of Hungary, Argentina and Ukraine will lose most in the event of a default among emerging-market nations, Goldman Sachs Group Inc. said.
The U.S. bank’s model evaluates the size of external debt relative to a country’s economy and gives scores to the strength of 24 nations. Holders of Taiwan, South Korea and Israel government notes are least at risk, London-based analyst Themistoklis Fiotakis wrote in today’s report.
Ukraine suffered rating cuts this year as Russia annexed Crimea in March and separatist unrest escalated while Argentina was downgraded after it devalued the peso in January by the most since 2002. Emerging-market dollar debt has gained 6.9 percent this year after a 6.6 percent drop in 2013 that was the first annual decrease since 2008, JPMorgan Chase & Co. indexes show."
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Emirates Says Foreign Carriers Hindering Bid for Global Primacy - Bloomberg
Emirates Says Foreign Carriers Hindering Bid for Global Primacy - Bloomberg:
"Emirates, the No. 1 airline by international traffic, said its drive to add new routes using the world’s biggest fleet of wide-body jets is being frustrated as foreign carriers lobby governments to limit market access.
The Dubai-based carrier, which today reported its 26th straight annual profit, is also seeing average fares come under pressure as rivals seek to counter its expansion, Chairman Sheikh Ahmed Bin Saeed Al Maktoum said at a press conference.
“Our industry has always been competitive and that competition is getting more intense,” Sheikh Ahmed said today. “Our yields are under pressure, our competitors challenge us every day and lobby their government to restrict us.”"
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"Emirates, the No. 1 airline by international traffic, said its drive to add new routes using the world’s biggest fleet of wide-body jets is being frustrated as foreign carriers lobby governments to limit market access.
The Dubai-based carrier, which today reported its 26th straight annual profit, is also seeing average fares come under pressure as rivals seek to counter its expansion, Chairman Sheikh Ahmed Bin Saeed Al Maktoum said at a press conference.
“Our industry has always been competitive and that competition is getting more intense,” Sheikh Ahmed said today. “Our yields are under pressure, our competitors challenge us every day and lobby their government to restrict us.”"
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