IMF package for Ukraine 'not enough', minister says - chicagotribune.com:
"Ukraine's deputy prime minister told international donors on Tuesday that a $17 billion International Monetary Fund bailout was "not enough" because of "unprecedented Russian-inspired aggression".
Vice Prime Minister Volodymyr Groysman urged international donors at a meeting in Brussels to support a "Marshall Plan" for economic recovery that the government will present at a donors' conference expected to be held in the autumn.
The IMF approved a $17 billion two-year aid program for Ukraine in April to help the former Soviet republic's economy recover after months of upheaval, unlocking further credits from other donors of about $15 billion. Ukraine's economy has stagnated for the past two years and the government has said it is likely to shrink by 3-5 percent this year."
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Tuesday, 8 July 2014
MIDEAST STOCKS-Bets on property lift Egypt; banks support Qatar | Agricultural Commodities | Reuters
MIDEAST STOCKS-Bets on property lift Egypt; banks support Qatar | Agricultural Commodities | Reuters:
"Expectations of higher demand for property in response to higher inflation lifted Egypt's real estate stocks on Tuesday, while Qatar's biggest bank rose ahead of the top lender's second-quarter earnings statement.
Egypt's bourse climbed 1.4 percent to a three-week high of 8,429 points as shares in property developer Talaat Moustafa Group jumped 5.0 percent and were the main support.
Other property firms also posted strong gains: Egyptians For Investment & Urban Development surged 6.5 percent, SODIC rose 3.7 percent and Medinet Nasr for Housing and Development was up 3.0 percent."
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"Expectations of higher demand for property in response to higher inflation lifted Egypt's real estate stocks on Tuesday, while Qatar's biggest bank rose ahead of the top lender's second-quarter earnings statement.
Egypt's bourse climbed 1.4 percent to a three-week high of 8,429 points as shares in property developer Talaat Moustafa Group jumped 5.0 percent and were the main support.
Other property firms also posted strong gains: Egyptians For Investment & Urban Development surged 6.5 percent, SODIC rose 3.7 percent and Medinet Nasr for Housing and Development was up 3.0 percent."
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Sberbank Gets $5.8Bln Central Bank Loan to Ease Liquidity Squeeze | News | The Moscow Times
Sberbank Gets $5.8Bln Central Bank Loan to Ease Liquidity Squeeze | News | The Moscow Times:
"Sberbank, Russia's largest bank, has received a 200 billion ruble ($5.8 billion) loan from the Central Bank at a time when the government is trying to give domestic banks more capacity to lend to help to reverse an economic slowdown.
Sberbank chief executive German Gref said last month that Russian banks were experiencing a liquidity squeeze due to fallout from the Ukraine crisis, which has complicated Russian firms' access to capital markets.
State-owned Sberbank received the subordinated loan in June and will use it to finance ongoing operations, the bank said in a statement this week that accompanied its half-year results based on Russian accounting standards."
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"Sberbank, Russia's largest bank, has received a 200 billion ruble ($5.8 billion) loan from the Central Bank at a time when the government is trying to give domestic banks more capacity to lend to help to reverse an economic slowdown.
Sberbank chief executive German Gref said last month that Russian banks were experiencing a liquidity squeeze due to fallout from the Ukraine crisis, which has complicated Russian firms' access to capital markets.
State-owned Sberbank received the subordinated loan in June and will use it to finance ongoing operations, the bank said in a statement this week that accompanied its half-year results based on Russian accounting standards."
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Sharjah plans debut sukuk-bankers | GulfNews.com
Sharjah plans debut sukuk-bankers | GulfNews.com:
"The emirate of Sharjah is planning its first foray into international bond markets with a debut sukuk deal, three bankers with knowledge of the matter said.
The sovereign is rumoured to have appointed banks to manage the transaction and could launch the deal as early as September, the bankers said.
While Sharjah itself has not issued a bond in international markets before, state-owned Sharjah Islamic Bank has two sukuk outstanding: a $400 million, 4.715 per cent 2016 bond and a $500 million, 2.95 per cent 2018 note."
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"The emirate of Sharjah is planning its first foray into international bond markets with a debut sukuk deal, three bankers with knowledge of the matter said.
The sovereign is rumoured to have appointed banks to manage the transaction and could launch the deal as early as September, the bankers said.
While Sharjah itself has not issued a bond in international markets before, state-owned Sharjah Islamic Bank has two sukuk outstanding: a $400 million, 4.715 per cent 2016 bond and a $500 million, 2.95 per cent 2018 note."
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Qatar and Exxon Mobil seek LNG exporting through Houston company Golden Pass Products - Houston Business Journal
Qatar and Exxon Mobil seek LNG exporting through Houston company Golden Pass Products - Houston Business Journal:
"Houston-based Golden Pass Products LLC has filed a federal application to export liquefied natural gas from its Sabine Pass facilities near Port Arthur.
The proposal is a $10 billion export project by Golden Pass Products, which is 70 percent owned by state-run Qatar Petroleum and 30 percent by Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM). The facilities are owned by Golden Pass LNG, which is a joint venture with Qatar, Exxon Mobil and Houston-based ConocoPhillips"
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"Houston-based Golden Pass Products LLC has filed a federal application to export liquefied natural gas from its Sabine Pass facilities near Port Arthur.
The proposal is a $10 billion export project by Golden Pass Products, which is 70 percent owned by state-run Qatar Petroleum and 30 percent by Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM). The facilities are owned by Golden Pass LNG, which is a joint venture with Qatar, Exxon Mobil and Houston-based ConocoPhillips"
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Etihad Airways H1 revenues up 28 pct on passenger, cargo growth « ASHARQ AL-AWSAT
Etihad Airways H1 revenues up 28 pct on passenger, cargo growth « ASHARQ AL-AWSAT:
"Abu Dhabi’s state-owned Etihad Airways, which plans to buy a 49 percent stake in Alitalia, reported on Tuesday a 28 percent jump in first-half revenues, helped by growth in passenger and cargo volumes.
The carrier earned revenues of 3.2 billion US dollars in the six months ended June 2014 compared to 2.5 billion dollars in the corresponding period last year, it said in a statement.
Revenues from code-sharing and equity partners rose 31 percent to 471 million dollars. The airline carried 6.7 million passengers in the first half of this year, up 22 percent, while cargo volumes grew 25 percent to 268,713 tonnes."
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"Abu Dhabi’s state-owned Etihad Airways, which plans to buy a 49 percent stake in Alitalia, reported on Tuesday a 28 percent jump in first-half revenues, helped by growth in passenger and cargo volumes.
The carrier earned revenues of 3.2 billion US dollars in the six months ended June 2014 compared to 2.5 billion dollars in the corresponding period last year, it said in a statement.
Revenues from code-sharing and equity partners rose 31 percent to 471 million dollars. The airline carried 6.7 million passengers in the first half of this year, up 22 percent, while cargo volumes grew 25 percent to 268,713 tonnes."
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Small shareholders in Solidere mulling lawsuit against board on mismanagement grounds | Al Akhbar English
Small shareholders in Solidere mulling lawsuit against board on mismanagement grounds | Al Akhbar English:
"Solidere board members are making side profits from being part of companies that do business with Solidere, such as Bank Med and real estate developers, or subsidiary tourist enterprises established in a way that violates the laws related to the company’s scope of work. Small shareholders are disgruntled about this situation as well as the company’s financial results, and some plan to sue on mismanagement grounds.
Solidere insiders confirm that the company’s financial statements have intentionally overlooked the proposal by its board not to distribute dividends for 2013 profits. The insiders say that the board has used some figures to show a “rosy” picture and camouflage the company’s problems that have been there for years, and conceal the true financial priorities of the company, which only serve the interests of major shareholders that the board represents.
The members of the board share among themselves senior positions in companies created by Solidere, and are allowed to run companies that have a clear conflict of interest with Solidere itself, or work for banks that lend to Solidere."
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"Solidere board members are making side profits from being part of companies that do business with Solidere, such as Bank Med and real estate developers, or subsidiary tourist enterprises established in a way that violates the laws related to the company’s scope of work. Small shareholders are disgruntled about this situation as well as the company’s financial results, and some plan to sue on mismanagement grounds.
Solidere insiders confirm that the company’s financial statements have intentionally overlooked the proposal by its board not to distribute dividends for 2013 profits. The insiders say that the board has used some figures to show a “rosy” picture and camouflage the company’s problems that have been there for years, and conceal the true financial priorities of the company, which only serve the interests of major shareholders that the board represents.
The members of the board share among themselves senior positions in companies created by Solidere, and are allowed to run companies that have a clear conflict of interest with Solidere itself, or work for banks that lend to Solidere."
'via Blog this'
Shell ending investments in gas development project in #Saudi Arabia | Arab News
Shell ending investments in gas development project in #Saudi Arabia | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.
The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand.
But the emergence of the shale gas industry has opened up more lucrative opportunities for energy companies elsewhere."
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"Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.
The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand.
But the emergence of the shale gas industry has opened up more lucrative opportunities for energy companies elsewhere."
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Ukraine-EU Pipeline to Be Fully Operational by September, Report Says | News | The Moscow Times
Ukraine-EU Pipeline to Be Fully Operational by September, Report Says | News | The Moscow Times:
"A pipeline that will carry gas into Ukraine via the European Union will start running at full capacity in September, although the gas flow could be interrupted, a news report has said.
The Vojany pipeline from Slovakia had been booked to ship 10 billion cubic meters each year until 2019, allowing it to meet about 20 percent of Ukraine's current demand, Bloomberg reported Monday, citing Tomas Marecek, the chairman of Slovak gas pipeline operator Eustream.
It was reported earlier this month that the Vojany-Uzhorod pipeline was expected have the capacity to carry 8 billion to 10 billion cubic meters per year by the first quarter of 2015 at the latest, while more limited shipments could start in September."
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"A pipeline that will carry gas into Ukraine via the European Union will start running at full capacity in September, although the gas flow could be interrupted, a news report has said.
The Vojany pipeline from Slovakia had been booked to ship 10 billion cubic meters each year until 2019, allowing it to meet about 20 percent of Ukraine's current demand, Bloomberg reported Monday, citing Tomas Marecek, the chairman of Slovak gas pipeline operator Eustream.
It was reported earlier this month that the Vojany-Uzhorod pipeline was expected have the capacity to carry 8 billion to 10 billion cubic meters per year by the first quarter of 2015 at the latest, while more limited shipments could start in September."
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Kuwait's CBK gets approval to raise up to 120 mln dinars via bonds | Reuters
Kuwait's CBK gets approval to raise up to 120 mln dinars via bonds | Reuters:
"Commercial Bank of Kuwait, the Gulf state's fifth-largest lender by assets, has received regulatory approval to issue up to 120 million dinars ($425.8 million) of bonds, as it prepares to convert into an Islamic bank.
In April, CBK shareholders approved both the issuance of the subodinated bonds and plans to convert the lender into a full-fledged Islamic bank, making it the sixth in the oil-rich country to follow Islamic principles.
The bonds will comply with Basel-III rules, which are being phased in around the world over the next several years. Kuwait's central bank issued final guidance on capital adequacy requirements at the end of June."
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"Commercial Bank of Kuwait, the Gulf state's fifth-largest lender by assets, has received regulatory approval to issue up to 120 million dinars ($425.8 million) of bonds, as it prepares to convert into an Islamic bank.
In April, CBK shareholders approved both the issuance of the subodinated bonds and plans to convert the lender into a full-fledged Islamic bank, making it the sixth in the oil-rich country to follow Islamic principles.
The bonds will comply with Basel-III rules, which are being phased in around the world over the next several years. Kuwait's central bank issued final guidance on capital adequacy requirements at the end of June."
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Market regulator to monitor comments of CEOs of listed companies | The National
Market regulator to monitor comments of CEOs of listed companies | The National:
"The UAE stock market regulator will actively monitor the comments of chief executives to ensure they are transparent and truthful following the Arabtec-led market meltdown last month.
The Securities and Commodities Authority (SCA) has launched a permanent committee to review remarks by CEOs and analysts and their material impact on the stock price.
The SCA said yesterday that a technical panel that included the Abu Dhabi Securities Exchange, Dubai Financial Market and Central Bank had been formed."
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"The UAE stock market regulator will actively monitor the comments of chief executives to ensure they are transparent and truthful following the Arabtec-led market meltdown last month.
The Securities and Commodities Authority (SCA) has launched a permanent committee to review remarks by CEOs and analysts and their material impact on the stock price.
The SCA said yesterday that a technical panel that included the Abu Dhabi Securities Exchange, Dubai Financial Market and Central Bank had been formed."
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Value buying is trending in Dubai’s realty | GulfNews.com
Value buying is trending in Dubai’s realty | GulfNews.com:
"Property buyers in Dubai are chasing value at those locations where they see that asking prices have yet to go through artificially induced spikes.
This is why residential communities such as Jumeirah Village, Dubai Sports City and Dubai Silicon Oasis are attracting a lot of interest as compared to a Downtown Dubai or a Dubai Marina. This search for affordability ensured that the former recorded higher growth rates of around 10 per cent in the second quarter, states a new report from Asteco tracking the period between April to June.
Mid-tier locations such as Discovery Gardens and International City recorded price increases of “only” 4 and 3 per cent growth respectively in Q2-2014. However, “any further growth in these communities will position them outside the affordable range, and consequently lead to a reduction in buyer interest”."
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"Property buyers in Dubai are chasing value at those locations where they see that asking prices have yet to go through artificially induced spikes.
This is why residential communities such as Jumeirah Village, Dubai Sports City and Dubai Silicon Oasis are attracting a lot of interest as compared to a Downtown Dubai or a Dubai Marina. This search for affordability ensured that the former recorded higher growth rates of around 10 per cent in the second quarter, states a new report from Asteco tracking the period between April to June.
Mid-tier locations such as Discovery Gardens and International City recorded price increases of “only” 4 and 3 per cent growth respectively in Q2-2014. However, “any further growth in these communities will position them outside the affordable range, and consequently lead to a reduction in buyer interest”."
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Gulf fertiliser industry growing twice as fast as global average | GulfNews.com
Gulf fertiliser industry growing twice as fast as global average | GulfNews.com:
"The fertiliser industry in the Gulf Cooperation Council (GCC) is growing twice as fast as the global industry average due to increased investments from petrochemical producers, according to the Gulf Petrochemicals and Chemicals Association (GPCA).
The GCC’s fertiliser production capacity reached 42.7 million tons in 2013, up 4 per cent compared to the previous year, while the global fertiliser industry grew by 1.7 per cent in the same period. Capacity growth was achieved with several multimillion dollar projects in the UAE, Saudi Arabia and Qatar coming on-stream.
“In 2013, GCC producers exported 20 million tons of fertiliser products to more than 80 countries worldwide,” said Khalifa Al Suwaidi, chairman of the GPCA’s Fertiliser Committee and CEO of Qatar Fertilizer Company (QAFCO), in a statement. He added that the GCC industry accounted for around a quarter of global urea trade and for 12 per cent of the global ammonia trade volume in 2013."
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"The fertiliser industry in the Gulf Cooperation Council (GCC) is growing twice as fast as the global industry average due to increased investments from petrochemical producers, according to the Gulf Petrochemicals and Chemicals Association (GPCA).
The GCC’s fertiliser production capacity reached 42.7 million tons in 2013, up 4 per cent compared to the previous year, while the global fertiliser industry grew by 1.7 per cent in the same period. Capacity growth was achieved with several multimillion dollar projects in the UAE, Saudi Arabia and Qatar coming on-stream.
“In 2013, GCC producers exported 20 million tons of fertiliser products to more than 80 countries worldwide,” said Khalifa Al Suwaidi, chairman of the GPCA’s Fertiliser Committee and CEO of Qatar Fertilizer Company (QAFCO), in a statement. He added that the GCC industry accounted for around a quarter of global urea trade and for 12 per cent of the global ammonia trade volume in 2013."
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Russia, Bulgaria Seek Quick Resumption of South Stream - Bloomberg
Russia, Bulgaria Seek Quick Resumption of South Stream - Bloomberg:
"Bulgaria and Russia are seeking to soon resume the construction of the South Stream pipeline designed to ship natural gas via the Black Sea to the European Union to cut dependence on Ukraine for transit of the fuel.
“It’s important to adhere to the project’s construction schedule and continue dialogue with the participating countries and the European Commission in Brussels,” Russian Foreign Minister Sergei Lavrov said at a news conference in Sofia today.
Bulgaria, which mostly relies on Russian gas for its energy needs, halted the project last month after the EU’s executive arm sent a letter asking for work to be suspended because of concerns the Balkan country may have broken the bloc’s public procurement laws by favoring local and Russian bidders. Russia then said the 28-nation union was seeking to retaliate over its conflict with Ukraine."
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"Bulgaria and Russia are seeking to soon resume the construction of the South Stream pipeline designed to ship natural gas via the Black Sea to the European Union to cut dependence on Ukraine for transit of the fuel.
“It’s important to adhere to the project’s construction schedule and continue dialogue with the participating countries and the European Commission in Brussels,” Russian Foreign Minister Sergei Lavrov said at a news conference in Sofia today.
Bulgaria, which mostly relies on Russian gas for its energy needs, halted the project last month after the EU’s executive arm sent a letter asking for work to be suspended because of concerns the Balkan country may have broken the bloc’s public procurement laws by favoring local and Russian bidders. Russia then said the 28-nation union was seeking to retaliate over its conflict with Ukraine."
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BNP Sees Egypt Yield Surge Fading as Deficit Eases: Arab Credit - Bloomberg
BNP Sees Egypt Yield Surge Fading as Deficit Eases: Arab Credit - Bloomberg:
"The increase in Egypt’s borrowing costs after President Abdel-Fattah El-Sisi raised energy prices will be short-lived because the measures will help narrow the budget deficit, BNP Paribas Egypt and Capital Economics said.
El-Sisi’s decision to cut fuel subsidies will reduce borrowing needs, helping lower yields by as much as 1 percentage point by the end of the quarter, said Nour Mohei-el-Din, assistant general manager for treasury at BNP Paribas Egypt. The average yield on nine-month notes advanced 16 basis points to 11.1 percent this week at the first sale after prices rose. The yield on seven-year bonds sold yesterday climbed 36 basis points to 14.53 percent, the highest since August.
“We expect a one-time inflationary impact that may force yields up over the next month before they stabilize and come back down,” Mohei-el-Din said by phone from Cairo yesterday. “The government took a serious step to cut the deficit.”"
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"The increase in Egypt’s borrowing costs after President Abdel-Fattah El-Sisi raised energy prices will be short-lived because the measures will help narrow the budget deficit, BNP Paribas Egypt and Capital Economics said.
El-Sisi’s decision to cut fuel subsidies will reduce borrowing needs, helping lower yields by as much as 1 percentage point by the end of the quarter, said Nour Mohei-el-Din, assistant general manager for treasury at BNP Paribas Egypt. The average yield on nine-month notes advanced 16 basis points to 11.1 percent this week at the first sale after prices rose. The yield on seven-year bonds sold yesterday climbed 36 basis points to 14.53 percent, the highest since August.
“We expect a one-time inflationary impact that may force yields up over the next month before they stabilize and come back down,” Mohei-el-Din said by phone from Cairo yesterday. “The government took a serious step to cut the deficit.”"
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