UAE's RAK Bank launches debut $500m bond - Banking & Finance - ArabianBusiness.com:
"UAE-based lender National Bank of Ras Al Khaimah (RAK Bank) launched its debut $500 million, five-year bond on Tuesday after tightening the pricing, a document from lead managers said.
Tightened pricing for the bond was given at 160 basis points over mid-swaps, against initial price thoughts in the area of 170 bps on Monday.
RAK Bank, rated BBB-plus by Fitch, attracted books of over $1.5 billion for its offer, the document said. The bank has chosen National Bank of Abu Dhabi and Standard Chartered to arrange the bond sale."
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Tuesday 17 June 2014
Saudi Arabia’s biggest merger to date concludes « ASHARQ AL-AWSAT
Saudi Arabia’s biggest merger to date concludes « ASHARQ AL-AWSAT:
1.3-billion-dollar merger between Bahri and Vela creates one of the world’s largest oil shipping fleets
Saleh Al-Jassir, left, speaks, during a news conference to announce the conclusion of a corporate merger deal between the National Shipping Company of Saudi Arabia (Bahri) and the Saudi Aramco-owned crude oil tanker company Vela International Marine Limited (Vela), on Monday, June 16, 2014, in Riyadh Saudi Arabia. (Asharq Al-Awsat/Iqbal Hussein)
Riyadh, Asharq Al-Awsat—Saudi Arabia on Monday announced the conclusion of due diligence measures for its biggest private sector corporate merger to date, valued at 4.8 billion Saudi riyals (1.3 billion US dollars).
The deal, between the National Shipping Company of Saudi Arabia (Bahri) and the Saudi Aramco-owned crude oil tanker company Vela International Marine Limited (Vela), will create the world’s fourth-largest oil shipping fleet.
Bahri Chief Executive Saleh Al-Jasser said the merger will increase Bahri’s oil fleet of giant oil tankers to 31, after adding the 14 tankers from Vela’s fleet to the 17 already owned by Bahri, raising its share of the world’s shipping market—which he said consists of some 640 giant tankers—to five percent.
Bahri will now become the exclusive provider of crude oil shipping services for Aramco, Saudi Arabia’s state-owned oil and gas company.
The merger—first announced in November 2012—will see Bahri pay 3.1 billion riyals (8.3 million dollars) in cash and issue 7.87 million shares valued at 22.25 riyals (5.9 dollars) per share via a capital mechanism—Saudi Vela–Aramco—allowing it to acquire 20 percent of Bahri’s capital.
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MIDEAST STOCKS-Egypt extends slump as Iraq worries weigh; Gulf stabilises | Reuters
MIDEAST STOCKS-Egypt extends slump as Iraq worries weigh; Gulf stabilises | Reuters:
"GULF
Meanwhile, Gulf markets were mixed following a widespread sell-off earlier this week that was partly due to unease over Iraq, even though the region's oil-exporting economies are unlikely to be hurt and could even benefit from higher crude prices.
In Dubai, the benchmark rose 0.6 percent to 4,495 points in another volatile session. The measure eased away from Monday's 11-week low to stand up 33 percent in 2014, as investors switched between booking gains from a near two-year rally and buying back stocks at lower prices.
"Dubai triggered a downtrend on a technical basis, which would indicate there's probably more downside to come after breaking below the lows of about a month ago," said Bruce Powers, technical strategist and president at WideVision in Dubai."
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"GULF
Meanwhile, Gulf markets were mixed following a widespread sell-off earlier this week that was partly due to unease over Iraq, even though the region's oil-exporting economies are unlikely to be hurt and could even benefit from higher crude prices.
In Dubai, the benchmark rose 0.6 percent to 4,495 points in another volatile session. The measure eased away from Monday's 11-week low to stand up 33 percent in 2014, as investors switched between booking gains from a near two-year rally and buying back stocks at lower prices.
"Dubai triggered a downtrend on a technical basis, which would indicate there's probably more downside to come after breaking below the lows of about a month ago," said Bruce Powers, technical strategist and president at WideVision in Dubai."
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Gazprom Lists Shares in Singapore | News | The Moscow Times
Gazprom Lists Shares in Singapore | News | The Moscow Times:
"Russia's top natural gas producer, Gazprom, listed on the Singapore stock exchange Tuesday, giving it greater access to Asian investors in the wake of a multibillion-dollar gas supply deal with China.
The state-controlled company said in a regulatory filing that its American Depositary Receipts, or ADRs, which are already listed on the London Stock Exchange, had been admitted for trading on the Singapore exchange.
"This is just an expansion of trading platforms, an increase in accessibility of the stock for local investors. There is no placement [of new shares]," a spokesman for Gazprom said."
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"Russia's top natural gas producer, Gazprom, listed on the Singapore stock exchange Tuesday, giving it greater access to Asian investors in the wake of a multibillion-dollar gas supply deal with China.
The state-controlled company said in a regulatory filing that its American Depositary Receipts, or ADRs, which are already listed on the London Stock Exchange, had been admitted for trading on the Singapore exchange.
"This is just an expansion of trading platforms, an increase in accessibility of the stock for local investors. There is no placement [of new shares]," a spokesman for Gazprom said."
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Gulf's billions insulate economies, markets from Iraq turmoil | Reuters
Gulf's billions insulate economies, markets from Iraq turmoil | Reuters:
"For years, the rich oil states of the Gulf have struggled to insulate themselves from political turbulence in the rest of their volatile region. Markets' reaction to the insurgency in Iraq suggest they may finally have succeeded.
Saudi Arabia and Kuwait face the potential disintegration of a country on their borders. At the very least, the turmoil in Iraq looks set to widen the Sunni-Shi'ite divide which has poisoned politics across the region.
But in contrast to past episodes of instability in the Middle East, the Gulf's financial markets are mostly reacting calmly. Foreign investors have continued to plough hundreds of millions of dollars into Gulf bonds. There have been no signs of pressure on Gulf currencies' pegs to the U.S. dollar."
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"For years, the rich oil states of the Gulf have struggled to insulate themselves from political turbulence in the rest of their volatile region. Markets' reaction to the insurgency in Iraq suggest they may finally have succeeded.
Saudi Arabia and Kuwait face the potential disintegration of a country on their borders. At the very least, the turmoil in Iraq looks set to widen the Sunni-Shi'ite divide which has poisoned politics across the region.
But in contrast to past episodes of instability in the Middle East, the Gulf's financial markets are mostly reacting calmly. Foreign investors have continued to plough hundreds of millions of dollars into Gulf bonds. There have been no signs of pressure on Gulf currencies' pegs to the U.S. dollar."
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EconoMonitor : EconoMonitor » Oil-Rich Kurdistan Capitalizes on Iraqi Chaos
EconoMonitor : EconoMonitor » Oil-Rich Kurdistan Capitalizes on Iraqi Chaos:
"In the rapidly unfolding events and chaos in Iraq, leaders of the semi-autonomous region of Kurdistan have capitalized on the situation to gain further leverage over the central government in Baghdad. As the militant Sunni group ISIS rolled up towns and cities and moved south toward the capital, the Kurdish Regional Government (KRG) seized Kirkuk, an oil-rich city whose control has long been in dispute between Kurds and the Iraqi government.
ISIS fighters, within a week, have pushed Iraq to the precipice. First was the fall of Mosul. Then, in quick fashion, ISIS moved south in pickup trucks and took Tikrit. Now, threatening Baghdad, the security situation is taking a turn for the worse. On June 13, the Grand Ayatollah Ali Sistani, Iraq’s highest Shiite cleric, issued a decree calling on his followers to take up arms against the Sunni ISIS.
This portends a violent struggle of an increasingly sectarian nature. As people are forced to choose sides, Iraqi Sunni and Shiite civilians will likely get swept up in the fight.
"
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"In the rapidly unfolding events and chaos in Iraq, leaders of the semi-autonomous region of Kurdistan have capitalized on the situation to gain further leverage over the central government in Baghdad. As the militant Sunni group ISIS rolled up towns and cities and moved south toward the capital, the Kurdish Regional Government (KRG) seized Kirkuk, an oil-rich city whose control has long been in dispute between Kurds and the Iraqi government.
ISIS fighters, within a week, have pushed Iraq to the precipice. First was the fall of Mosul. Then, in quick fashion, ISIS moved south in pickup trucks and took Tikrit. Now, threatening Baghdad, the security situation is taking a turn for the worse. On June 13, the Grand Ayatollah Ali Sistani, Iraq’s highest Shiite cleric, issued a decree calling on his followers to take up arms against the Sunni ISIS.
This portends a violent struggle of an increasingly sectarian nature. As people are forced to choose sides, Iraqi Sunni and Shiite civilians will likely get swept up in the fight.
"
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Dubai Government considers crackdown on flipping of off-plan property | The National
Dubai Government considers crackdown on flipping of off-plan property | The National:
"The Dubai Government is considering a crackdown on the flipping of off-plan properties.
The emirate is weighing up the introduction of extra fees on off-plan sales and placing new restrictions on such sales, the government’s media office tweeted yesterday afternoon.
The long-anticipated news follows an influential report by the IMF published this month that highlighted the issue of flipping – or buying off-plan homes then selling them before they are completed at a profit."
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"The Dubai Government is considering a crackdown on the flipping of off-plan properties.
The emirate is weighing up the introduction of extra fees on off-plan sales and placing new restrictions on such sales, the government’s media office tweeted yesterday afternoon.
The long-anticipated news follows an influential report by the IMF published this month that highlighted the issue of flipping – or buying off-plan homes then selling them before they are completed at a profit."
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UK Islamic banks disappointed over plans for sukuk | GulfNews.com
UK Islamic banks disappointed over plans for sukuk | GulfNews.com:
"Islamic banks in the UK are disappointed that the British government has not included any of them as issuers of its first Islamic bond.
The UK is staking its claim as the western centre for Islamic finance by becoming the first non-Muslim country to sell a government bond, expected in the next few weeks, that complies with the religion’s ban on interest, selling £200 million in a five-year investment.
However, Islamic banks based in London have expressed surprise that they were not included as one of the five institutions hired to issue the bonds, or sukuk."
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"Islamic banks in the UK are disappointed that the British government has not included any of them as issuers of its first Islamic bond.
The UK is staking its claim as the western centre for Islamic finance by becoming the first non-Muslim country to sell a government bond, expected in the next few weeks, that complies with the religion’s ban on interest, selling £200 million in a five-year investment.
However, Islamic banks based in London have expressed surprise that they were not included as one of the five institutions hired to issue the bonds, or sukuk."
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Russia Earmarks Extra $58 Billion to Ease Bank Funding Shortage - Bloomberg
Russia Earmarks Extra $58 Billion to Ease Bank Funding Shortage - Bloomberg:
"Russia’s central bank is adding 2 trillion rubles ($58 billion) to a financing program aimed at tackling a cash shortage at lenders that has worsened this year as bond markets cut off borrowers.
The Bank of Russia expects lenders will need 7 trillion rubles to help meet refinancing needs through year end, Chairman Elvira Nabiullina said at a news briefing in Moscow yesterday. That’s up from a previous estimate of 5 trillion rubles in 2014, which was surpassed by June 1, according to the regulator’s data.
Russian lenders have become more reliant on the central bank for funding as foreign investors dumped the nation’s assets, deterred by the escalating crisis in Ukraine, which also choked off borrowers’ access to global debt markets. Central bank loans comprised 8.2 percent of the banking industry’s funding as of June 1, an increase from 5.4 percent at the start of 2013, the data show."
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"Russia’s central bank is adding 2 trillion rubles ($58 billion) to a financing program aimed at tackling a cash shortage at lenders that has worsened this year as bond markets cut off borrowers.
The Bank of Russia expects lenders will need 7 trillion rubles to help meet refinancing needs through year end, Chairman Elvira Nabiullina said at a news briefing in Moscow yesterday. That’s up from a previous estimate of 5 trillion rubles in 2014, which was surpassed by June 1, according to the regulator’s data.
Russian lenders have become more reliant on the central bank for funding as foreign investors dumped the nation’s assets, deterred by the escalating crisis in Ukraine, which also choked off borrowers’ access to global debt markets. Central bank loans comprised 8.2 percent of the banking industry’s funding as of June 1, an increase from 5.4 percent at the start of 2013, the data show."
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Just Falafel Says Not Planning IPO in Next Few Months - Bloomberg
Just Falafel Says Not Planning IPO in Next Few Months - Bloomberg:
"Just Falafel, the United Arab Emirates fast-food chain with more than 50 restaurants, said it has no immediate plans for an initial public offering, after the company hired financial advisers for a potential sale last year.
“Just Falafel has no immediate plans to IPO in the next few months,” Sarah Cocker, the Dubai-based company’s head of investor relations, said in an e-mailed response to questions today from Bloomberg News. “It is a huge responsibility to bring a company to market and one that we take very seriously.”
The vegetarian restaurant chain, which plans 160 new outlets in North America during the next five years, was weighing the sale of a 25 percent stake in an IPO on the NasdaqDubai exchange, two people with knowledge of the matter said Sept. 17. The company hired Dubai boutique advisory firm HK Advisory Services Ltd. to manage the potential listing and had sought to conduct it by year’s-end, the people said."
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"Just Falafel, the United Arab Emirates fast-food chain with more than 50 restaurants, said it has no immediate plans for an initial public offering, after the company hired financial advisers for a potential sale last year.
“Just Falafel has no immediate plans to IPO in the next few months,” Sarah Cocker, the Dubai-based company’s head of investor relations, said in an e-mailed response to questions today from Bloomberg News. “It is a huge responsibility to bring a company to market and one that we take very seriously.”
The vegetarian restaurant chain, which plans 160 new outlets in North America during the next five years, was weighing the sale of a 25 percent stake in an IPO on the NasdaqDubai exchange, two people with knowledge of the matter said Sept. 17. The company hired Dubai boutique advisory firm HK Advisory Services Ltd. to manage the potential listing and had sought to conduct it by year’s-end, the people said."
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