A conservative approach pays off for Oman | GulfNews.com:
"Policymakers in Oman have been steadfast in their espousal of a conservative mindset on economic policies. Recent statistics released by the Central Bank of Oman confirm just such a tendency.
The CBO noted that the country’s gross domestic product (GDP) at current prices grew by 2.8 per cent in 2013, and down from the 11.5 per cent achieved in 2012. This partially reflects the modest 3.2 per cent rise in budgetary spending in fiscal 2013, and down appreciably from the 26.2 per cent in 2012.
Public sector spending is essential to fuel economic activities in the Sultanate. But, clearly, the authorities are now heeding calls, including those voiced by the International Monetary Fund, for restraint on public sector expenditures and thus make them sustainable."
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Saturday, 5 July 2014
What’s behind the Dubai stock market correction? « ArabianMoney
What’s behind the Dubai stock market correction? « ArabianMoney:
"Is the recent collapse in the Dubai Financial Market just a matter of local factors or the first sign of a wider overvaluation of global equities?
Nour Al-Hammoury of ADS Securities discusses the recent volatility in the Dubai stock index and sees this mainly as a domestic problem…
"
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"Is the recent collapse in the Dubai Financial Market just a matter of local factors or the first sign of a wider overvaluation of global equities?
Nour Al-Hammoury of ADS Securities discusses the recent volatility in the Dubai stock index and sees this mainly as a domestic problem…
"
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BBC News - Egypt raises fuel and electricity costs
BBC News - Egypt raises fuel and electricity costs:
"Egypt has introduced electricity and fuel price increases in a move to cut state subsidies and reduce the budget deficit.
Some fuel tariffs are reported to be increasing by 78% while electricity prices are expected to almost double within five years.
The government currently sells electricity for less than half its production cost."
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"Egypt has introduced electricity and fuel price increases in a move to cut state subsidies and reduce the budget deficit.
Some fuel tariffs are reported to be increasing by 78% while electricity prices are expected to almost double within five years.
The government currently sells electricity for less than half its production cost."
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Dubai World makes second early repayment worth $300m to creditors | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.
Dubai World makes second early repayment worth $300m to creditors | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Dubai World, one of the emirate’s big state-owned conglomerates, has made a second early repayment worth around $300 million under its $25 billion debt restructuring plan, sources familiar with the matter said.
The payment — made at the end of June — came from the proceeds of asset sales completed by the firm and follows an initial sum of $284.5 million returned in March to creditors, which include dozens of local and international lenders.
A spokesman for Dubai World declined to comment."
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"Dubai World, one of the emirate’s big state-owned conglomerates, has made a second early repayment worth around $300 million under its $25 billion debt restructuring plan, sources familiar with the matter said.
The payment — made at the end of June — came from the proceeds of asset sales completed by the firm and follows an initial sum of $284.5 million returned in March to creditors, which include dozens of local and international lenders.
A spokesman for Dubai World declined to comment."
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UAE oversupply of property means a correction ahead | The National
UAE oversupply of property means a correction ahead | The National:
"The oversupply of property in Dubai has increased by almost 8 per cent in the past month if you follow adverts for homes for sale or rent on the Dubizzle.com website that have topped 206,000. There are a record 116,000 units available for rent and 90,000 for sale. It’s not that much better in Abu Dhabi, where an astonishing 59,000 units are available for rent or sale, albeit the position for sellers is better with just 3,800 units on the market.
The influx of new residents into the UAE has been overtaken by a surge in the number of available homes. Most probably the flow of new immigrants has slowed with the return to authoritarian government in Egypt and maybe the majority of the Arab rich who wish to move to the UAE have now done so. At the same time developers have taken the opportunity to finish off projects launched many years ago in the previous boom as well as to initiate a perhaps too optimistic number of new ones.
I have noted before that a classic three-year property cycle is in operation. It started in late August 2011, when the US$25 billion Dubai World debt rescheduling was signed off. Last year was the price spike stage with 30 per cent gains for property prices and rentals in Dubai. It cooled off rapidly last autumn after transaction fees were doubled and new mortgage rules introduced. This summer is the phase when sales dry up and inventory surges. Presumably in the late summer and autumn there will be price cuts by “motivated sellers” and quite a steep fall in prices over the following six months."
'via Blog this'
"The oversupply of property in Dubai has increased by almost 8 per cent in the past month if you follow adverts for homes for sale or rent on the Dubizzle.com website that have topped 206,000. There are a record 116,000 units available for rent and 90,000 for sale. It’s not that much better in Abu Dhabi, where an astonishing 59,000 units are available for rent or sale, albeit the position for sellers is better with just 3,800 units on the market.
The influx of new residents into the UAE has been overtaken by a surge in the number of available homes. Most probably the flow of new immigrants has slowed with the return to authoritarian government in Egypt and maybe the majority of the Arab rich who wish to move to the UAE have now done so. At the same time developers have taken the opportunity to finish off projects launched many years ago in the previous boom as well as to initiate a perhaps too optimistic number of new ones.
I have noted before that a classic three-year property cycle is in operation. It started in late August 2011, when the US$25 billion Dubai World debt rescheduling was signed off. Last year was the price spike stage with 30 per cent gains for property prices and rentals in Dubai. It cooled off rapidly last autumn after transaction fees were doubled and new mortgage rules introduced. This summer is the phase when sales dry up and inventory surges. Presumably in the late summer and autumn there will be price cuts by “motivated sellers” and quite a steep fall in prices over the following six months."
'via Blog this'
Naftogaz to Sell 15% of Unit in IPO to Boost Ukraine Market - Bloomberg
Naftogaz to Sell 15% of Unit in IPO to Boost Ukraine Market - Bloomberg:
"NAK Naftogaz Ukrainy is planning to sell 15 percent of its gas extraction unit in an initial public offering next year.
Ukrgazvydobuvannya’s market value may reach as much as $12 billion by 2015 if the government allows the company to raise gas prices, chief adviser to the chairman, Yuriy Vitrenko, said by phone yesterday.
Agricultural producer Ukrlandfarming Plc yesterday said it was considering an IPO in London and Hong Kong as local businesses struggle to raise funds amid a separatist uprising in the country. The benchmark UX Index fell 1.5 percent to the lowest close since May 23 in Kiev as government troops retook a majority of districts in the east after peace talks with Russia faltered."
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"NAK Naftogaz Ukrainy is planning to sell 15 percent of its gas extraction unit in an initial public offering next year.
Ukrgazvydobuvannya’s market value may reach as much as $12 billion by 2015 if the government allows the company to raise gas prices, chief adviser to the chairman, Yuriy Vitrenko, said by phone yesterday.
Agricultural producer Ukrlandfarming Plc yesterday said it was considering an IPO in London and Hong Kong as local businesses struggle to raise funds amid a separatist uprising in the country. The benchmark UX Index fell 1.5 percent to the lowest close since May 23 in Kiev as government troops retook a majority of districts in the east after peace talks with Russia faltered."
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How Bulgaria’s Bank Run Affects Ukraine’s European Dream - Bloomberg
How Bulgaria’s Bank Run Affects Ukraine’s European Dream - Bloomberg:
"Joining the European Union was meant to give Bulgaria a fresh start. Try telling that to Anna Dimitrova.
“Bulgaria didn’t gain from the EU as much as it could have, because it’s mismanaged by corrupt politicians,” said Dimitrova, a law student, in central Sofia. “Our politicians are not visionaries. Their horizon is too short.”
Seven years after entering, Bulgaria has had three governments, remains the poorest of the bloc’s 28 nations and is repeatedly told by the EU to cut graft and corruption. In January, the EU said corruption “poses a significant challenge for the Bulgarian authorities.”"
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"Joining the European Union was meant to give Bulgaria a fresh start. Try telling that to Anna Dimitrova.
“Bulgaria didn’t gain from the EU as much as it could have, because it’s mismanaged by corrupt politicians,” said Dimitrova, a law student, in central Sofia. “Our politicians are not visionaries. Their horizon is too short.”
Seven years after entering, Bulgaria has had three governments, remains the poorest of the bloc’s 28 nations and is repeatedly told by the EU to cut graft and corruption. In January, the EU said corruption “poses a significant challenge for the Bulgarian authorities.”"
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U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia - Bloomberg
U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia - Bloomberg:
"The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”"
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"The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”"
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