Islamic banks turning toward Basel III sukuk | Economy | Saudi Gazette

Islamic banks turning toward Basel III sukuk | Economy | Saudi Gazette:



"

The gradual implementation of Basel III accords since Jan. 1, 2013 has led to Islamic banks turning toward issuing Basel III compliant sukuk instruments in order to satisfy the revised capital standards, “Global Sukuk Weekly Report” released by Kuwait Finance House Research Limited said.



Since the issuance of the world’s first Basel III compliant sukuk in November 2012, Islamic banks in countries including the United Arab Emirates (UAE), Saudi Arabia and Malaysia have issued such innovative sukuk instruments.



To date, a total of eight Basel III compliant sukuks have been issued raising $4.93 billion in proceeds for seven different issuing banks. By domicile, Saudi Arabia accounts for 48 percent of the total Basel III sukuk outstanding; UAE 41 percent and most recently, Malaysian Islamic banks have begun to issue Basel III compliant sukuks and account for 11 percent outstanding."



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Dubai's expat Indians: The world's most productive foreign workers - CNN.com

Dubai's expat Indians: The world's most productive foreign workers - CNN.com:



"

Dubai, UAE (CNN) -- Dubai Creek was once the heart the Gulf emirate's business activity, where boats and barges sailed along transporting goods and people to foreign ports.



From electronics to sporting goods, the Creek is still a vibrant trading base, but far from the integral shipping hub it once was.



For centuries this is where all Dubai's international business happened. Much of the goods bought and sold here went to India, which over time became the United Arab Emirates' largest trading partner.



In the 1970s, trade between the two countries amounted to $180 million a year. Today, this figure is closer to $75 billion.



With growing business ties, many Indians have moved to Dubai in search of work and opportunity -- but home is never far from their mind."



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Oman fights money laundering, terrorism financing | Al-Shorfa

Oman fights money laundering, terrorism financing | Al-Shorfa:



"Over the past decade, Oman has issued a series of legislations to combat money laundering and terrorism financing, experts told Al-Shorfa.



The country's strategic geographical position -- overlooking three seas and the Strait of Hormuz-- exposes it to these threats, though to a lesser extent than other countries in the region because of its reserved openness to global capital markets and globalisation, said Haitham al-Salemi, vice president for business development and operations at the Oman-based Gulf Baader Capital Markets, an investment banking company.



"Oman still has a very good reputation in combating money laundering and terrorist financing," he told Al-Shorfa."



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Hopes rise for sales of disputed Iraqi-Kurdish oil exports – beyondbrics - Blogs - FT.com

Hopes rise for sales of disputed Iraqi-Kurdish oil exports – beyondbrics - Blogs - FT.com:



"Hopes for an early release of disputed oil pumped from Kurdistan – but held in Turkey – are rising, a person familiar with the issue said. A resolution to a political impasse between the semi-autonomous Kurdistan region and Iraq could free up for sale millions of barrels of oil that have been stockpiled on the Eastern Mediterranean coast since the end of last year.



Oil has been flowing from Kurdistan – sometimes described as ‘the last great oil frontier’ with a potential 50bn barrels in reserves – through a newly-constructed pipeline to the Turkish export terminal of Ceyhan for more than five months.



But a disagreement between Baghdad and Erbil, the Kurdish capital, over who has the legal right to control hydrocarbon exports led to a block on sales of the oil by the Iraqi federal government. Instead, some 2.5m barrels have built up in tanks at Ceyhan as the Iraqi, Kurdish and Turkish authorities struggled to reach accord on a system for sharing payments."



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Romania Regains Investment Grade at S&P on Debt Cuts - Bloomberg

Romania Regains Investment Grade at S&P on Debt Cuts - Bloomberg:



"Romania regained its investment credit rating after six years at Standard & Poor’s, which cited the country’s success in reducing its external debt and keeping its budget under control.



The country’s long-term sovereign bond rating was raised one step to BBB-, the lowest investment grade, which puts it on par with Russia, Brazil and Spain, S&P said today in a statement. The outlook for the rating is stable, which “balances the likelihood of fiscal and reform programs exceeding our expectations, against the possibility of external imbalances re-emerging,” S&P said.



Romania has struggled to shed its junk rating over the past 5 1/2 years, embarking on one of the European Union’s toughest austerity programs in 2010 by cutting state wages 25 percent and raising the value-added tax by 5 percentage points. The government narrowed the budget gap to an estimated 2.2 percent of economic output this year from 7.2 percent in 2009."



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Qatar Gets Cannes InterContinental Control in 5 City Deal - Bloomberg

Qatar Gets Cannes InterContinental Control in 5 City Deal - Bloomberg:



"Qatar Investment Authority is acquiring joint control of a group of luxury hotels in five European cities including the Carlton InterContinental in Cannes and Amsterdam’s Amstel InterContinental.



The Qatari sovereign wealth fund’s Katara Hospitality unit is also taking joint control of InterContinental hotels in Frankfurt, Madrid and Rome, according to a notice on the website of the European Commission’s competition authority. The hotels are managed by and will continue to be jointly controlled by the U.K.’s InterContinental Hotels Group Plc. (IHG)



Qatar has used proceeds from the world’s third-largest gas reserves to snap up trophy stakes in companies including Volkswagen Ag, Tiffany & Co (TIF) and Harrods department store in London. Katara, which bought Le Royal Monceau in Paris in 2012, plans to more than double its properties by 2030 and was in talks to buy “iconic” hotels in London and Rome, Chief Operating Officer Christopher RJ Knable said last year."



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Emerging Stocks Post Third Weekly Gain as Indian Shares Rally - Bloomberg

Emerging Stocks Post Third Weekly Gain as Indian Shares Rally - Bloomberg:



"Emerging-market stocks posted a third straight weekly gain as a rally in Indian shares offset concern China’s slowdown is deepening. The rupee rose as the main opposition bloc swept to power with the biggest win in 30 years.



India’s benchmark index (SHCOMP) rose to a record, led by ICICI Bank Ltd. (ICICIBC) The Ibovespa rose as Centrais Eletricas Brasileiras SA led a rally among Brazilian utilities after reversing its losses in the first quarter. China’s small-company stocks sank, dragging the benchmark gauge down more than 20 percent from its February peak.



The MSCI Emerging Markets Index rose 0.3 percent to 1,032.57, extending its gain this week to 2.5 percent. Narendra Modi declared a new era in India as his opposition bloc secured the biggest election win in 30 years, having vowed to revive economic growth. A report showed Chinese banks had the biggest quarterly increase in bad loans since 2005 as a slowdown caused defaults to rise."



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