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Tuesday 27 May 2014
Saudi Banks Beating JPMorgan Urged to Boost Capital: Arab Credit - Bloomberg
Saudi Banks Beating JPMorgan Urged to Boost Capital: Arab Credit - Bloomberg:
"Saudi Arabia is urging lenders to boost capital reserves, which are already above those of global peers including JPMorgan Chase & Co. and Citigroup Inc, to support lending growth.
Lending in the oil-rich country is expected to increase more than 10 percent a year until 2017, according to Arqaam Capital Ltd. National Commercial Bank this year raised $1.3 billion through bonds, making it the strongest start to a year for bank issuance since 2007, as Central Bank Governor Fahad Al Mubarak seeks higher capital ratios.
“Saudi Arabian Monetary Agency continues to encourage Saudi banks to build up higher levels of capital adequacy,” Al Mubarak said May 21 in response to e-mailed questions. “Banks should anticipate that current and future economic growth will lead to increased credit demand.”"
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"Saudi Arabia is urging lenders to boost capital reserves, which are already above those of global peers including JPMorgan Chase & Co. and Citigroup Inc, to support lending growth.
Lending in the oil-rich country is expected to increase more than 10 percent a year until 2017, according to Arqaam Capital Ltd. National Commercial Bank this year raised $1.3 billion through bonds, making it the strongest start to a year for bank issuance since 2007, as Central Bank Governor Fahad Al Mubarak seeks higher capital ratios.
“Saudi Arabian Monetary Agency continues to encourage Saudi banks to build up higher levels of capital adequacy,” Al Mubarak said May 21 in response to e-mailed questions. “Banks should anticipate that current and future economic growth will lead to increased credit demand.”"
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Qatar Increases Foreign Ownership Limits Before MSCI Upgrade - Bloomberg
Qatar Increases Foreign Ownership Limits Before MSCI Upgrade - Bloomberg:
"Qatar raised the foreign ownership limit for shares listed on Doha’s stock exchange, less than a week before an MSCI Inc. upgrade to emerging market status. The benchmark index rose.
Investors outside the six-nation Gulf Cooperation Council will be able to hold as much as 49 percent of a company listed on the Qatar Stock Exchange after Emir Sheikh Tamim bin Hamad Al Thani gave instructions to raise the limit from 25 percent, state-run Qatar News Agency reported late yesterday. The Ministry of Economy and Commerce and the Qatar Financial Markets Authority will take necessary measures to put directives into effect, the news agency said.
“Clearly, it’s done with the MSCI in mind,” Julian Bruce, head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by phone. “If normal convention is followed, each individual company has to hold an extraordinary general meeting to approve the change in its structure. With the MSCI event right upon us, you would assume that it might not be able to go through in time.”"
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"Qatar raised the foreign ownership limit for shares listed on Doha’s stock exchange, less than a week before an MSCI Inc. upgrade to emerging market status. The benchmark index rose.
Investors outside the six-nation Gulf Cooperation Council will be able to hold as much as 49 percent of a company listed on the Qatar Stock Exchange after Emir Sheikh Tamim bin Hamad Al Thani gave instructions to raise the limit from 25 percent, state-run Qatar News Agency reported late yesterday. The Ministry of Economy and Commerce and the Qatar Financial Markets Authority will take necessary measures to put directives into effect, the news agency said.
“Clearly, it’s done with the MSCI in mind,” Julian Bruce, head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by phone. “If normal convention is followed, each individual company has to hold an extraordinary general meeting to approve the change in its structure. With the MSCI event right upon us, you would assume that it might not be able to go through in time.”"
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A Chinese Silk Road Runs Now Through Crimea - Analysis | Eurasia Review
A Chinese Silk Road Runs Now Through Crimea - Analysis | Eurasia Review:
"The Silk Road as a concept is a network of trade routes which sought to connect China and Europe. Its alignment from a geostrategic standpoint has been influenced by geopolitics, security considerations and the availability and viability of transportation routes. Over the last few years various proposals on regional integration of Eurasia (China-Central Asia-Europe) have been put forth.
US proposed its “New Silk Road Initiative” in 2011; Russia promoted the eco-political Eurasian Economic Union. Beijing’s initiative, the “Silk Road Economic Belt” was announced by President Xi Jinping in the fall of 2013. Of the three proposals, the Chinese proposal is considered closest to the ancient version of the Silk Road and most pragmatic vision for Eurasia’s 18 Central Asian and European countries along the route, including Russia. Consequently it has resulted in tangible infrastructure projects, and “Silk Road Economic Belt” agreements have been signed with 24 cities from eight countries along the Silk Road till November 2013.
This article looks at the impact of the Ukraine crisis on the Chinese Silk road initiative and China-Russia relations."
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"The Silk Road as a concept is a network of trade routes which sought to connect China and Europe. Its alignment from a geostrategic standpoint has been influenced by geopolitics, security considerations and the availability and viability of transportation routes. Over the last few years various proposals on regional integration of Eurasia (China-Central Asia-Europe) have been put forth.
US proposed its “New Silk Road Initiative” in 2011; Russia promoted the eco-political Eurasian Economic Union. Beijing’s initiative, the “Silk Road Economic Belt” was announced by President Xi Jinping in the fall of 2013. Of the three proposals, the Chinese proposal is considered closest to the ancient version of the Silk Road and most pragmatic vision for Eurasia’s 18 Central Asian and European countries along the route, including Russia. Consequently it has resulted in tangible infrastructure projects, and “Silk Road Economic Belt” agreements have been signed with 24 cities from eight countries along the Silk Road till November 2013.
This article looks at the impact of the Ukraine crisis on the Chinese Silk road initiative and China-Russia relations."
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After Travelex Buy, UAE Exchange Founder Eyes India Expansion - Middle East Real Time - WSJ
After Travelex Buy, UAE Exchange Founder Eyes India Expansion - Middle East Real Time - WSJ:
"Bavaguthu Raghuram Shetty moved to the United Arab Emirates from India nearly 40 years ago and made his fortune by building a hospital chain and money exchange group from scratch. Last week, he bought Travelex, the foreign exchange operator, for an undisclosed sum but what is likely the biggest investment of his career.
In an interview with The Wall Street Journal, Mr. Shetty said he plans to grow Travelex in tandem with developing his UAE Exchange’s India franchise, pouring back some of the money he made into his country of origin.
UAE Exchange last year applied for a banking license in India which Mr. Shetty expects to obtain soon. Once the license is awarded, Mr. Shetty plans a significant upgrade of his exchange business’ network there, reaching out to areas where people lack access to basic banking services.
“As and when the Reserve Bank of India reopens the licensing process, I’m very confident I will get the license. We will go to the market and go to the under-banked people, the remote areas of India for the customers,” Mr. Shetty said, adding India was gradually opening up and becoming more successful in tackling issues like bureaucracy and corruption. UAE Exchange, which says it handles about 10% of all remittances flowing into India, already has 350 branches in the country, a number that it wants to expand to 850 in the next 5 years."
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"Bavaguthu Raghuram Shetty moved to the United Arab Emirates from India nearly 40 years ago and made his fortune by building a hospital chain and money exchange group from scratch. Last week, he bought Travelex, the foreign exchange operator, for an undisclosed sum but what is likely the biggest investment of his career.
In an interview with The Wall Street Journal, Mr. Shetty said he plans to grow Travelex in tandem with developing his UAE Exchange’s India franchise, pouring back some of the money he made into his country of origin.
UAE Exchange last year applied for a banking license in India which Mr. Shetty expects to obtain soon. Once the license is awarded, Mr. Shetty plans a significant upgrade of his exchange business’ network there, reaching out to areas where people lack access to basic banking services.
“As and when the Reserve Bank of India reopens the licensing process, I’m very confident I will get the license. We will go to the market and go to the under-banked people, the remote areas of India for the customers,” Mr. Shetty said, adding India was gradually opening up and becoming more successful in tackling issues like bureaucracy and corruption. UAE Exchange, which says it handles about 10% of all remittances flowing into India, already has 350 branches in the country, a number that it wants to expand to 850 in the next 5 years."
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Adia takes 13 per cent stake in German apartment owner Deutsche Annington | The National
Adia takes 13 per cent stake in German apartment owner Deutsche Annington | The National:
"Abu Dhabi Investment Authority (Adia) has a 13.4 per cent stake in Deutsche Annington, Germany’s largest publicly traded owner of apartments.
The Abu Dhabi government-owned sovereign wealth fund was required by German financial rules to make the disclosure after a change in Deutsche Annington’s investment structure. Deutsche announced the disclosure yesterday in a statement.
Adia was one of the largest investors in the €2.1 billion (Dh10.52bn) Terra Firma Deutsche Annington Fund, set up in 2006 to hold the majority interest in Deutsche Annington.
Terra Firma, the UK-based private equity company that managed the fund, announced last week it was transferring ownership of its shares in Deutsche Annington to investors in the fund, giving them a direct shareholding in the property group."
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"Abu Dhabi Investment Authority (Adia) has a 13.4 per cent stake in Deutsche Annington, Germany’s largest publicly traded owner of apartments.
The Abu Dhabi government-owned sovereign wealth fund was required by German financial rules to make the disclosure after a change in Deutsche Annington’s investment structure. Deutsche announced the disclosure yesterday in a statement.
Adia was one of the largest investors in the €2.1 billion (Dh10.52bn) Terra Firma Deutsche Annington Fund, set up in 2006 to hold the majority interest in Deutsche Annington.
Terra Firma, the UK-based private equity company that managed the fund, announced last week it was transferring ownership of its shares in Deutsche Annington to investors in the fund, giving them a direct shareholding in the property group."
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GCC countries looking for economic integration | GulfNews.com
GCC countries looking for economic integration | GulfNews.com:
"The Gulf Cooperation Council (GCC) countries are moving in the right direction ahead of the implementation of the GCC customs union on January 1, according to Sultan Bin Saeed Al Mansouri, the UAE’s minister of economy.
“One of the biggest challenges is the issue of the customs,” he said. “I think they have made practical steps in addressing these issues and how to redistribute the custom fees between the GCC countries.”
He was speaking on the sidelines of the 15th edition of the GCC Joint Exhibition and Conference, which was opened at Expo Centre Sharjah on Monday by Shaikh Abdullah Bin Salem Bin Sultan Al Qasimi, Deputy Ruler of Sharjah."
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"The Gulf Cooperation Council (GCC) countries are moving in the right direction ahead of the implementation of the GCC customs union on January 1, according to Sultan Bin Saeed Al Mansouri, the UAE’s minister of economy.
“One of the biggest challenges is the issue of the customs,” he said. “I think they have made practical steps in addressing these issues and how to redistribute the custom fees between the GCC countries.”
He was speaking on the sidelines of the 15th edition of the GCC Joint Exhibition and Conference, which was opened at Expo Centre Sharjah on Monday by Shaikh Abdullah Bin Salem Bin Sultan Al Qasimi, Deputy Ruler of Sharjah."
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Ajman builds new airport and two ports | GulfNews.com
Ajman builds new airport and two ports | GulfNews.com:
"Ajman is allocating 40 per cent of its 2014 budget to increase work on new development, economic and social projects, that aim to boost tourism in the emirate.
In an exclusive interview with Al Khaleej, an Arabic daily newspaper, Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman, said that the plan is part of Ajman’s 2021 strategy, which expects a greater influx of tourists in the emirate in the future.
The plans follow a directive from President His Highness Shaikh Khalifa bin Zayed Al Nahyan, to enable projects that will increase the number of airports and ports in the UAE, and enhance the country’s development."
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"Ajman is allocating 40 per cent of its 2014 budget to increase work on new development, economic and social projects, that aim to boost tourism in the emirate.
In an exclusive interview with Al Khaleej, an Arabic daily newspaper, Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman, said that the plan is part of Ajman’s 2021 strategy, which expects a greater influx of tourists in the emirate in the future.
The plans follow a directive from President His Highness Shaikh Khalifa bin Zayed Al Nahyan, to enable projects that will increase the number of airports and ports in the UAE, and enhance the country’s development."
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A Europe Hooked on Russian Gas Debates Imposing Sanctions - Bloomberg
A Europe Hooked on Russian Gas Debates Imposing Sanctions - Bloomberg:
"European leaders, while calling Ukraine’s May 25 presidential election a success, are still facing a deeper dilemma: how to free their countries from an addiction to Russian energy.
Pro-European billionaire Petro Poroshenko’s victory has relieved the immediate pressure on the U.S. and the European Union to impose tougher sanctions against Russia.
The European and American reluctance to escalate in the wake of an election that was at least a partial success, a U.S. official said yesterday, suggests that by finally tempering his actions and rhetoric, Russian President Vladimir Putin may have achieved much of what he sought in Ukraine."
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"European leaders, while calling Ukraine’s May 25 presidential election a success, are still facing a deeper dilemma: how to free their countries from an addiction to Russian energy.
Pro-European billionaire Petro Poroshenko’s victory has relieved the immediate pressure on the U.S. and the European Union to impose tougher sanctions against Russia.
The European and American reluctance to escalate in the wake of an election that was at least a partial success, a U.S. official said yesterday, suggests that by finally tempering his actions and rhetoric, Russian President Vladimir Putin may have achieved much of what he sought in Ukraine."
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Easing Egypt Debt Risk Shows Investors Favoring El-Sisi Victory - Bloomberg
Easing Egypt Debt Risk Shows Investors Favoring El-Sisi Victory - Bloomberg:
"To gauge how Field Marshal Abdel-Fattah El-Sisi’s likely victory in this week’s Egyptian presidential election is winning over investors, look no further than the country’s creditworthiness.
The cost of insuring the nation’s debt fell to the lowest since July 2011 this month, according to data provider CMA. It was at 350 at the end of last week, about half its level in the run-up to the 2012 presidential race, in which the Islamist Mohamed Mursi beat 12 contenders into office.
Since Mursi was ousted July 3, the military-backed interim government has attracted billions of dollars in aid from the Persian Gulf and has promised reforms to cut the Middle East’s highest budget deficit and boost investment. Egypt’s default-swap contracts, now priced at about half for those of similarly-rated Pakistan, may signal improving investor sentiment and better prospects for the most populous Arab state to tap international capital markets."
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"To gauge how Field Marshal Abdel-Fattah El-Sisi’s likely victory in this week’s Egyptian presidential election is winning over investors, look no further than the country’s creditworthiness.
The cost of insuring the nation’s debt fell to the lowest since July 2011 this month, according to data provider CMA. It was at 350 at the end of last week, about half its level in the run-up to the 2012 presidential race, in which the Islamist Mohamed Mursi beat 12 contenders into office.
Since Mursi was ousted July 3, the military-backed interim government has attracted billions of dollars in aid from the Persian Gulf and has promised reforms to cut the Middle East’s highest budget deficit and boost investment. Egypt’s default-swap contracts, now priced at about half for those of similarly-rated Pakistan, may signal improving investor sentiment and better prospects for the most populous Arab state to tap international capital markets."
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Avoiding Ukraine Pipelines Would Hurt Gazprom: Chart of the Day - Businessweek
Avoiding Ukraine Pipelines Would Hurt Gazprom: Chart of the Day - Businessweek:
"Avoiding Ukrainian natural-gas pipelines would cut OAO Gazprom shipments to Europe by more than a third because there isn’t enough alternative capacity, hurting revenue for the world’s largest gas producer.
The CHART OF THE DAY shows Gazprom shipped 89 billion cubic meters of gas, or 55 percent of its total exports to Europe, through Ukraine last year. About a third of Ukrainian flows could be replaced immediately with added pumping through the Nord Stream and Yamal pipelines, leaving Gazprom with 59 billion cubic meters of gas unable to reach Europe until the South Stream transit system comes on line in five years.
The Ukrainian-Russian conflict revived concerns that European gas supplies are at risk after Gazprom raised prices for Ukraine 81 percent last month and threatened to halt supplies in June unless the country pays past-due bills. Gazprom can’t afford to completely circumvent Ukraine because European sales are about 56 percent of revenue, said Leslie Palti-Guzman, an energy analyst at Eurasia Group (ALEUA) in New York."
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"Avoiding Ukrainian natural-gas pipelines would cut OAO Gazprom shipments to Europe by more than a third because there isn’t enough alternative capacity, hurting revenue for the world’s largest gas producer.
The CHART OF THE DAY shows Gazprom shipped 89 billion cubic meters of gas, or 55 percent of its total exports to Europe, through Ukraine last year. About a third of Ukrainian flows could be replaced immediately with added pumping through the Nord Stream and Yamal pipelines, leaving Gazprom with 59 billion cubic meters of gas unable to reach Europe until the South Stream transit system comes on line in five years.
The Ukrainian-Russian conflict revived concerns that European gas supplies are at risk after Gazprom raised prices for Ukraine 81 percent last month and threatened to halt supplies in June unless the country pays past-due bills. Gazprom can’t afford to completely circumvent Ukraine because European sales are about 56 percent of revenue, said Leslie Palti-Guzman, an energy analyst at Eurasia Group (ALEUA) in New York."
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