Times of Oman | News :: Three Omani firms plan sukuk issue:
"At least three Omani companies are planning to float sukuk issues this year for raising funds for their expansion programmes. These companies are engaged in construction, property development, telecommunication and logistics services near port, Dr Mohd Daud Bakar, a prominent global Sharia scholar and chairman of Amanie Advisors, told Times of Oman on the sidelines of a seminar on sukuk. However, he declined to name the companies that are eying sukuk funds for their expansion programmes.
"Every one is looking at more than OMR100 million worth of sukuk issue. The second sukuk issue will be for more than OMR100 million," he added. Tilal Development started the first sukuk issue in Oman by raising OMR50 million."
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Saturday, 10 May 2014
Can Emaar get its $900m malls IPO away before the stock market downturn? « ArabianMoney
Can Emaar get its $900m malls IPO away before the stock market downturn? « ArabianMoney:
"A race is apparently on to get the pending $900 million initial public offering for the Emaar malls business away before Ramadan and before a stock market downturn that many think is imminent. The Dubai Financial Market is up 160 per cent in the past 12 months, the best performing global stock market.
The higher you go the harder you fall in stock markets. Last time the DFM powered up like this was in 2005 when the market doubled only to crash and finally bottom out in 2012 down almost 90 per cent. History does have a habit of repeating itself. The same thing happened in 1998-9 before the DFM got its trading floor."
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"A race is apparently on to get the pending $900 million initial public offering for the Emaar malls business away before Ramadan and before a stock market downturn that many think is imminent. The Dubai Financial Market is up 160 per cent in the past 12 months, the best performing global stock market.
The higher you go the harder you fall in stock markets. Last time the DFM powered up like this was in 2005 when the market doubled only to crash and finally bottom out in 2012 down almost 90 per cent. History does have a habit of repeating itself. The same thing happened in 1998-9 before the DFM got its trading floor."
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Iran’s bad debt push reveals problem, and silver lining | GulfNews.com
Iran’s bad debt push reveals problem, and silver lining | GulfNews.com:
"A move by Iran to recover bad debts on behalf of banks has shed light on possible corrupt lending under the previous president and also suggests a fresh spirit of cooperation among its various centres of power.
A reported big increase in underperforming bank loans during the eight years of Mahmoud Ahmadinejad’s presidency is seen by some as evidence of loans made on the basis of political favouritism as well the impact on business of Western sanctions.
President Hassan Rouhani’s administration, in power for nine months, says bad debt in the banking system has reached a “critical” level — 15.6 per cent according to the central bank — and has pointed the finger at cronyism under Ahmadinejad."
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"A move by Iran to recover bad debts on behalf of banks has shed light on possible corrupt lending under the previous president and also suggests a fresh spirit of cooperation among its various centres of power.
A reported big increase in underperforming bank loans during the eight years of Mahmoud Ahmadinejad’s presidency is seen by some as evidence of loans made on the basis of political favouritism as well the impact on business of Western sanctions.
President Hassan Rouhani’s administration, in power for nine months, says bad debt in the banking system has reached a “critical” level — 15.6 per cent according to the central bank — and has pointed the finger at cronyism under Ahmadinejad."
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Egypt funding crunch slowing food payments again-traders | GulfNews.com
Egypt funding crunch slowing food payments again-traders | GulfNews.com:
"Egypt’s financial crisis is hindering payments for food commodities as banks and traders say some of the funding problems which first surfaced early last year are re-emerging.
Subsidised food is considered essential to heading off social unrest in the world’s biggest wheat buyer, a nation that has seen protests lead to the removal of two Egyptian presidents in the past three years.
Traders and bankers said tight foreign currency reserves, combined with the Central Bank taking a particularly cautious approach to allocating these funds, were slowing payment procedures for food bought by state entities."
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"Egypt’s financial crisis is hindering payments for food commodities as banks and traders say some of the funding problems which first surfaced early last year are re-emerging.
Subsidised food is considered essential to heading off social unrest in the world’s biggest wheat buyer, a nation that has seen protests lead to the removal of two Egyptian presidents in the past three years.
Traders and bankers said tight foreign currency reserves, combined with the Central Bank taking a particularly cautious approach to allocating these funds, were slowing payment procedures for food bought by state entities."
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Emirates to stay in Milan until final verdict | GulfNews.com
Emirates to stay in Milan until final verdict | GulfNews.com:
"Emirates Airline will continue its controversial Milan-New York JFK service until an Italian court delivers its verdict later this year.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline & Group, said on Thursday that, “we will continue with the service until the hearing.”
Last month, an administrative court in Italy ruled against Emirates following a complaint by Assaereo, an association that represents Alitalia and other Italian airlines. The ruling was later suspended by the Council of State, a higher body, pending the outcome of an Emirates appeal."
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"Emirates Airline will continue its controversial Milan-New York JFK service until an Italian court delivers its verdict later this year.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline & Group, said on Thursday that, “we will continue with the service until the hearing.”
Last month, an administrative court in Italy ruled against Emirates following a complaint by Assaereo, an association that represents Alitalia and other Italian airlines. The ruling was later suspended by the Council of State, a higher body, pending the outcome of an Emirates appeal."
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Ukrainian Bonds Drop First Time in Week Amid Deadly Clashes - Bloomberg
Ukrainian Bonds Drop First Time in Week Amid Deadly Clashes - Bloomberg:
"Ukrainian Eurobonds fell, sending yields higher for the first time in a week, as deadly clashes resumed between government forces and pro-Russian separatists before a vote on autonomy in eastern regions.
Yields on government dollar-denominated notes due in April 2023 rose 10 basis points to 10.17 percent by 4:26 p.m. in Kiev after dropping 76 basis points in the previous four days. The hryvnia was unchanged at 11.655 per dollar, having depreciated 29 percent this year, the worst performance among more than 170 currencies monitored by Bloomberg.
Rebels in the Donetsk and Luhansk regions plan to hold plebiscites on secession on May 11, even after Russian President Vladimir Putin discouraged them from conducting the votes. About 20 separatists and at least one serviceman died as militants attacked a police building in the eastern port city of Mariupol today, Interior Minister Arsen Avakov said on Facebook. Russian and Ukrainian markets are shut for a holiday commemorating the Soviet victory over the Nazis in World War II."
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"Ukrainian Eurobonds fell, sending yields higher for the first time in a week, as deadly clashes resumed between government forces and pro-Russian separatists before a vote on autonomy in eastern regions.
Yields on government dollar-denominated notes due in April 2023 rose 10 basis points to 10.17 percent by 4:26 p.m. in Kiev after dropping 76 basis points in the previous four days. The hryvnia was unchanged at 11.655 per dollar, having depreciated 29 percent this year, the worst performance among more than 170 currencies monitored by Bloomberg.
Rebels in the Donetsk and Luhansk regions plan to hold plebiscites on secession on May 11, even after Russian President Vladimir Putin discouraged them from conducting the votes. About 20 separatists and at least one serviceman died as militants attacked a police building in the eastern port city of Mariupol today, Interior Minister Arsen Avakov said on Facebook. Russian and Ukrainian markets are shut for a holiday commemorating the Soviet victory over the Nazis in World War II."
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Putin Going After Chinese Money to Sustain Sagging Russian Economy - Bloomberg
Putin Going After Chinese Money to Sustain Sagging Russian Economy - Bloomberg:
"Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials.
The move would roll back informal limits on Chinese investment as Russia seeks to stimulate growth, said the officials, who have direct knowledge of talks and asked not to be identified as the information isn’t public. The government wants to lure cash from the world’s second-biggest economy into industries from housing and infrastructure construction to natural resources, they said.
The Chinese won’t be welcome in all areas: Russia plans to set “red lines” around significant gold, platinum-group metals, diamond mining and high-technology projects, the officials said."
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"Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials.
The move would roll back informal limits on Chinese investment as Russia seeks to stimulate growth, said the officials, who have direct knowledge of talks and asked not to be identified as the information isn’t public. The government wants to lure cash from the world’s second-biggest economy into industries from housing and infrastructure construction to natural resources, they said.
The Chinese won’t be welcome in all areas: Russia plans to set “red lines” around significant gold, platinum-group metals, diamond mining and high-technology projects, the officials said."
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