Good and evil - YouTube: ""
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Friday 16 May 2014
Egypt to launch first domestic ETF - FT.com
Egypt to launch first domestic ETF - FT.com:
"Egypt is planning to launch its first domestically listed exchange traded fund. It is part of efforts to attract capital into a country that has been battered by political and economic instability after the toppling of Hosni Mubarak as president in February 2011.
Beltone Financial, a Cairo-headquartered financial services group, has been granted Egypt’s first licence to create an ETF. Trading in the new XT-Misr ETF, which will track Egypt’s EGX 30 stock index, is expected to start in late May or early June, with charges of around 1 per cent.
Aladdin Saba, Beltone’s chairman, said the launch of the ETF coincided with a new era for Egypt. A presidential election is due later this week, followed by parliamentary elections in the autumn."
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"Egypt is planning to launch its first domestically listed exchange traded fund. It is part of efforts to attract capital into a country that has been battered by political and economic instability after the toppling of Hosni Mubarak as president in February 2011.
Beltone Financial, a Cairo-headquartered financial services group, has been granted Egypt’s first licence to create an ETF. Trading in the new XT-Misr ETF, which will track Egypt’s EGX 30 stock index, is expected to start in late May or early June, with charges of around 1 per cent.
Aladdin Saba, Beltone’s chairman, said the launch of the ETF coincided with a new era for Egypt. A presidential election is due later this week, followed by parliamentary elections in the autumn."
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US sanctions threaten freeze on Russian bonds – beyondbrics - FT.com #EuroMaidan
US sanctions threaten freeze on Russian bonds – beyondbrics - Blogs - FT.com:
"US Ukraine-related sanctions threaten to bring the secondary market for Russian bonds to a standstill, the head of emerging market debt at BlackRock, the world’s biggest asset manager, has told beyondbrics.
Sergio Trigo Paz said his EM debt funds had sold all their holdings of Russian bonds, worth “hundreds of millions of dollars”, and that the market for Russian debt was “freezing up”.
“The glue of sanctions is starting to dry,” he said. “People thought sanctions were about visas for oligarchs wanting to visit Disneyland. But they are much more important and any US asset manager [owning Russian bonds] will have their legal people looking very closely at the impact of [Russian individuals and companies] being on the sanctions list.”"
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"US Ukraine-related sanctions threaten to bring the secondary market for Russian bonds to a standstill, the head of emerging market debt at BlackRock, the world’s biggest asset manager, has told beyondbrics.
Sergio Trigo Paz said his EM debt funds had sold all their holdings of Russian bonds, worth “hundreds of millions of dollars”, and that the market for Russian debt was “freezing up”.
“The glue of sanctions is starting to dry,” he said. “People thought sanctions were about visas for oligarchs wanting to visit Disneyland. But they are much more important and any US asset manager [owning Russian bonds] will have their legal people looking very closely at the impact of [Russian individuals and companies] being on the sanctions list.”"
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A bumper year for Middle East and North Africa equity listings – beyondbrics - Blogs - FT.com
A bumper year for Middle East and North Africa equity listings – beyondbrics - Blogs - FT.com:
"A flood of petrodollars into the turbo-charged Qatari and UAE economies is driving a bumper year for equity listings in the Middle East and North Africa (MENA) region, resulting in the highest levels of equity fundraising since 2008.
Although the total value raised in the region – $3.1bn across 24 deals, according to figures compiled by data provider Dealogic – is fairly small in the scheme of global equities, it marks the busiest January to mid-May period in the region for six years.
As this chart from Dealogic shows, the amount of capital raised in those five-and-a-half months is up 35 per cent on the same period last year and amounts to nearly half last year’s total of $6.4bn.
"
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"A flood of petrodollars into the turbo-charged Qatari and UAE economies is driving a bumper year for equity listings in the Middle East and North Africa (MENA) region, resulting in the highest levels of equity fundraising since 2008.
Although the total value raised in the region – $3.1bn across 24 deals, according to figures compiled by data provider Dealogic – is fairly small in the scheme of global equities, it marks the busiest January to mid-May period in the region for six years.
As this chart from Dealogic shows, the amount of capital raised in those five-and-a-half months is up 35 per cent on the same period last year and amounts to nearly half last year’s total of $6.4bn.
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Deutsche Bank divests lossmaking Las Vegas gambling for $1.7bn — RT Business
Deutsche Bank divests lossmaking Las Vegas gambling for $1.7bn — RT Business:
"Germany’s biggest lender, Deutsche Bank, has sold its luxury, but profitless, casino resort, The Cosmopolitan of Las Vegas, to the US-based Blackstone Group for $1.7 billion in cash.
No closing date has been disclosed for the transaction that will be an all-cash deal. The deal remains subject to Nevada regulatory approval.
“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders,” said Pius Sprenger, Head of the Non-Core Operations Unit, as cited in a press-release on DB’s website. “We are pleased to have agreed to this sale and to have delivered on our commitment."
Deutsche Bank bought the Cosmopolitan at the onset of the financial crisis in 2008 for $3.9 billion."
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"Germany’s biggest lender, Deutsche Bank, has sold its luxury, but profitless, casino resort, The Cosmopolitan of Las Vegas, to the US-based Blackstone Group for $1.7 billion in cash.
No closing date has been disclosed for the transaction that will be an all-cash deal. The deal remains subject to Nevada regulatory approval.
“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders,” said Pius Sprenger, Head of the Non-Core Operations Unit, as cited in a press-release on DB’s website. “We are pleased to have agreed to this sale and to have delivered on our commitment."
Deutsche Bank bought the Cosmopolitan at the onset of the financial crisis in 2008 for $3.9 billion."
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Egypt finmin says Gulf states won't stand by if Egypt needs aid | Reuters
Egypt finmin says Gulf states won't stand by if Egypt needs aid | Reuters:
"Egypt is only receiving aid in the form of oil products from Saudi Arabia at present but wealthy Arab neighbours would not stand by if further assistance was needed, finance minister Hany Kadiri Dimian said on Friday.
"We have not received cash aid from the Gulf this month but we are receiving in-kind assistance in the form of petroleum products from Saudi Arabia. This will continue until August," Dimian told an investment conference.
But he added: "I do not expect the Arab countries will stand still if Egypt is in need of assistance."
In turmoil since the Arab Spring events of 2011, Egypt has been making ends meet largely with the help of multi-billion dollar aid from Gulf states, but the United Arab Emirates said this week it was unlikely to disburse more aid."
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"Egypt is only receiving aid in the form of oil products from Saudi Arabia at present but wealthy Arab neighbours would not stand by if further assistance was needed, finance minister Hany Kadiri Dimian said on Friday.
"We have not received cash aid from the Gulf this month but we are receiving in-kind assistance in the form of petroleum products from Saudi Arabia. This will continue until August," Dimian told an investment conference.
But he added: "I do not expect the Arab countries will stand still if Egypt is in need of assistance."
In turmoil since the Arab Spring events of 2011, Egypt has been making ends meet largely with the help of multi-billion dollar aid from Gulf states, but the United Arab Emirates said this week it was unlikely to disburse more aid."
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Ukraine Needs $4.2 Billion or More to Shore Up Banks, Kubiv Says - Bloomberg
Ukraine Needs $4.2 Billion or More to Shore Up Banks, Kubiv Says - Bloomberg:
"Ukraine’s banks need at least 50 billion hryvnia ($4.2 billion) to 60 billion hryvnia in fresh capital, central bank Governor Stepan Kubiv said, giving a more downbeat view than the country’s biggest foreign lender.
The monetary authority seeks to maintain the solvency of the banking system after Russia’s annexation of Crimea and a war against pro-Russian separatists in the country’s east drove off foreign investors and shut bank branches in areas wracked by violence. The economy may shrink 5 percent this year, the International Monetary Fund said on May 1, before the latest surge in fighting.
Ukraine’s banking system will probably see a year or two of losses as local and foreign-owned lenders “freeze operations” until they get more clarity on the country’s future, analysts at Raiffeisen Bank International AG, including Gunter Deuber in Vienna, wrote yesterday. Raiffeisen sees recapitalization needs between $3 billion and $5 billion as the hryvnia currency’s devaluation curbs banks’ capital adequacy."
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"Ukraine’s banks need at least 50 billion hryvnia ($4.2 billion) to 60 billion hryvnia in fresh capital, central bank Governor Stepan Kubiv said, giving a more downbeat view than the country’s biggest foreign lender.
The monetary authority seeks to maintain the solvency of the banking system after Russia’s annexation of Crimea and a war against pro-Russian separatists in the country’s east drove off foreign investors and shut bank branches in areas wracked by violence. The economy may shrink 5 percent this year, the International Monetary Fund said on May 1, before the latest surge in fighting.
Ukraine’s banking system will probably see a year or two of losses as local and foreign-owned lenders “freeze operations” until they get more clarity on the country’s future, analysts at Raiffeisen Bank International AG, including Gunter Deuber in Vienna, wrote yesterday. Raiffeisen sees recapitalization needs between $3 billion and $5 billion as the hryvnia currency’s devaluation curbs banks’ capital adequacy."
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Liquidity helps, but UAE stock markets have a long way to go | The National
Liquidity helps, but UAE stock markets have a long way to go | The National:
"Investors and brokers can now trade with greater ease on UAE bourses, as the country’s upgrade to MSCI Emerging Market status brings new capital to exchanges.
But despite the step forward, there is still a long way for the bourses to go before they start to behave like developed-market indexes.
Allocative and informational market inefficiencies will remain – with significant implications for fund managers.
A recent paper by the academics Imen Rejichi, Chaker Aloui and Duc Khuong Nguyen showed that stock exchanges in the Middle East were very far from satisfying the market efficiency hypothesis – in which prices reflect current information about a company’s fair value."
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"Investors and brokers can now trade with greater ease on UAE bourses, as the country’s upgrade to MSCI Emerging Market status brings new capital to exchanges.
But despite the step forward, there is still a long way for the bourses to go before they start to behave like developed-market indexes.
Allocative and informational market inefficiencies will remain – with significant implications for fund managers.
A recent paper by the academics Imen Rejichi, Chaker Aloui and Duc Khuong Nguyen showed that stock exchanges in the Middle East were very far from satisfying the market efficiency hypothesis – in which prices reflect current information about a company’s fair value."
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Zain Iraq hires investment bank as it prepares for an IPO | The National
Zain Iraq hires investment bank as it prepares for an IPO | The National:
"The Kuwaiti mobile operator Zain has hired an Iraqi investment bank to lead the initial public offering of its subsidiary in the country.
This comes after the US$1.3 billion Baghdad listing of the mobile operator Asiacell, which is part-owned by Qatar’s Ooredoo.
“We chose to appoint Melak Iraq and Rabee Securities as the leading adviser and broker because of their track record and because we need on-the-ground advisory and support in Iraq,” said Saif Altimen, the head of investor relations at Zain Iraq.
Melak Investments, run by the Iraq-born former Franklin Templeton asset manager Shwan Taha, will spearhead the public share sale of Zain Iraq, according to three sources familiar with the matter."
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"The Kuwaiti mobile operator Zain has hired an Iraqi investment bank to lead the initial public offering of its subsidiary in the country.
This comes after the US$1.3 billion Baghdad listing of the mobile operator Asiacell, which is part-owned by Qatar’s Ooredoo.
“We chose to appoint Melak Iraq and Rabee Securities as the leading adviser and broker because of their track record and because we need on-the-ground advisory and support in Iraq,” said Saif Altimen, the head of investor relations at Zain Iraq.
Melak Investments, run by the Iraq-born former Franklin Templeton asset manager Shwan Taha, will spearhead the public share sale of Zain Iraq, according to three sources familiar with the matter."
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The UAE companies that made it into MSCI’s list | The National
The UAE companies that made it into MSCI’s list | The National:
"We take a look at the nine UAE companies that have been added to the MSCI benchmark indexes, from their PE ratios to their big picture."
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"We take a look at the nine UAE companies that have been added to the MSCI benchmark indexes, from their PE ratios to their big picture."
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Qatar to set up deposit insurance, including Islamic scheme | GulfNews.com
Qatar to set up deposit insurance, including Islamic scheme | GulfNews.com:
"Qatar regulators will establish a deposit insurance framework that will include a Sharia-compliant scheme, one of several reforms aimed at modernising the financial sector of the world’s top exporter of liquefied natural gas.
The scheme is part of a strategic plan for Qatar’s financial sector developed by the country’s three regulatory bodies, which they aim to implement by 2016.
While government support for domestic banks is considered implicit in many Gulf countries, explicit deposit insurance is rare in the region but would help bring Qatar in line with best practices in other high-income jurisdictions.
The scheme would initially be set up under central bank law, a safety net that would promote financial stability, said the strategy plan published in the Qatar Central Bank (QCB) website. “Going forward, steps will be taken to implement a depositor protection scheme in Qatar as required by the QCB law. At a later stage, consideration will be given to developing a risk-based premium mechanism,” it said."
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"Qatar regulators will establish a deposit insurance framework that will include a Sharia-compliant scheme, one of several reforms aimed at modernising the financial sector of the world’s top exporter of liquefied natural gas.
The scheme is part of a strategic plan for Qatar’s financial sector developed by the country’s three regulatory bodies, which they aim to implement by 2016.
While government support for domestic banks is considered implicit in many Gulf countries, explicit deposit insurance is rare in the region but would help bring Qatar in line with best practices in other high-income jurisdictions.
The scheme would initially be set up under central bank law, a safety net that would promote financial stability, said the strategy plan published in the Qatar Central Bank (QCB) website. “Going forward, steps will be taken to implement a depositor protection scheme in Qatar as required by the QCB law. At a later stage, consideration will be given to developing a risk-based premium mechanism,” it said."
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Etihad plan sees Alitalia returning to profit by 2017 — source | GulfNews.com
Etihad plan sees Alitalia returning to profit by 2017 — source | GulfNews.com:
"Loss-making Italian airline Alitalia could return to profit by 2017 under a turnaround plan presented by Etihad Airways as part of tie-up talks between the two carriers, an Italian government source said on Thursday.
Alitalia was kept afloat by a government-engineered ₤500 million (Dh2.5 billion, $686 million) rescue package last year but needs to find a cash-rich partner quickly to revamp its flight network or risk having to ground its planes.
Abu Dhabi-based Etihad has been looking at a possible investment in Alitalia since the start of the year. But the prospect of large job cuts at Alitalia and the airline’s debt of at least ₤800 million have been major hurdles in the talks."
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"Loss-making Italian airline Alitalia could return to profit by 2017 under a turnaround plan presented by Etihad Airways as part of tie-up talks between the two carriers, an Italian government source said on Thursday.
Alitalia was kept afloat by a government-engineered ₤500 million (Dh2.5 billion, $686 million) rescue package last year but needs to find a cash-rich partner quickly to revamp its flight network or risk having to ground its planes.
Abu Dhabi-based Etihad has been looking at a possible investment in Alitalia since the start of the year. But the prospect of large job cuts at Alitalia and the airline’s debt of at least ₤800 million have been major hurdles in the talks."
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Dana Gas First-Quarter Profit Falls on Absence of Year-Ago Gain - Bloomberg
Dana Gas First-Quarter Profit Falls on Absence of Year-Ago Gain - Bloomberg:
"Dana Gas PJSC (DANA), the energy company seeking payments for past production in Egypt and Iraq, said first-quarter profit slipped 32 percent from a year earlier when an asset sale boosted earnings.
Net income fell to 164 million dirhams ($45 million), from 241 million dirhams a year earlier, Dana Gas said in a statement today to the Abu Dhabi stock exchange. Sales rose 18 percent to 660 million dirhams.
Earnings a year ago benefited from a one-time gain of 143 million dirhams from the sale of shares in Hungarian refiner Mol Nyrt, Chief Executive Officer Patrick Allman-Ward said on a conference call today."
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"Dana Gas PJSC (DANA), the energy company seeking payments for past production in Egypt and Iraq, said first-quarter profit slipped 32 percent from a year earlier when an asset sale boosted earnings.
Net income fell to 164 million dirhams ($45 million), from 241 million dirhams a year earlier, Dana Gas said in a statement today to the Abu Dhabi stock exchange. Sales rose 18 percent to 660 million dirhams.
Earnings a year ago benefited from a one-time gain of 143 million dirhams from the sale of shares in Hungarian refiner Mol Nyrt, Chief Executive Officer Patrick Allman-Ward said on a conference call today."
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Kuwait’s TID Said Expected to Miss $372 Million June Payment - Bloomberg
Kuwait’s TID Said Expected to Miss $372 Million June Payment - Bloomberg:
"The Investment Dar Co. expects to miss a 105 million dinar ($372 million) debt repayment next month and the Kuwaiti company is seeking creditor approval for a new debt plan, two people with knowledge of the matter said.
The proposal, presented to about 80 creditors last week, will seek to repay TID’s remaining 800 million dinar debt by June 2017 through asset sales, the people said, asking not to be identified because the information is private. TID is unable to make the June payment because of a legal dispute related to the sale of its stake in Kuwait’s Boubyan Bank, said the people.
Investment Dar defaulted on a $100 million Islamic bond in 2009, triggering a restructuring of about $5 billion of debt, after the global credit crisis reduced the ability of some Kuwaiti companies to repay loans. Almost a third of the company’s creditors last year accepted a loan deal backed by assets, including TID’s 34 percent stake in carmaker Aston Martin, in return for a write down on the value of the loans. That accord helped settle about $1 billion of debt."
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"The Investment Dar Co. expects to miss a 105 million dinar ($372 million) debt repayment next month and the Kuwaiti company is seeking creditor approval for a new debt plan, two people with knowledge of the matter said.
The proposal, presented to about 80 creditors last week, will seek to repay TID’s remaining 800 million dinar debt by June 2017 through asset sales, the people said, asking not to be identified because the information is private. TID is unable to make the June payment because of a legal dispute related to the sale of its stake in Kuwait’s Boubyan Bank, said the people.
Investment Dar defaulted on a $100 million Islamic bond in 2009, triggering a restructuring of about $5 billion of debt, after the global credit crisis reduced the ability of some Kuwaiti companies to repay loans. Almost a third of the company’s creditors last year accepted a loan deal backed by assets, including TID’s 34 percent stake in carmaker Aston Martin, in return for a write down on the value of the loans. That accord helped settle about $1 billion of debt."
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Emirates Takes A380 to Berlin With Aspiration to Crack Capital - Bloomberg
Emirates Takes A380 to Berlin With Aspiration to Crack Capital - Bloomberg:
"Emirates Airline is applying a 560-ton crowbar to pry open Germany’s capital.
The Middle Eastern carrier is bringing its Airbus A380 flagship to the ILA air show in Berlin next week, straight out of the factory 200 miles northwest in Hamburg where the double-decker received its final touches. The 48th superjumbo in the airline’s fleet, the A380 will serve as a magnet for visitors to the expo and a reminder to other carriers that Emirates commands an unrivaled armada to dominate global traffic flows.
“We are happy to be in Berlin with our eco-efficient A380 flagship for a third time at the ILA,” Thierry Antinori, the airline’s chief commercial officer, said in a statement. “We hope that Berlin will soon be a part of our growing network.”"
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"Emirates Airline is applying a 560-ton crowbar to pry open Germany’s capital.
The Middle Eastern carrier is bringing its Airbus A380 flagship to the ILA air show in Berlin next week, straight out of the factory 200 miles northwest in Hamburg where the double-decker received its final touches. The 48th superjumbo in the airline’s fleet, the A380 will serve as a magnet for visitors to the expo and a reminder to other carriers that Emirates commands an unrivaled armada to dominate global traffic flows.
“We are happy to be in Berlin with our eco-efficient A380 flagship for a third time at the ILA,” Thierry Antinori, the airline’s chief commercial officer, said in a statement. “We hope that Berlin will soon be a part of our growing network.”"
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