Kurds pump oil from Kirkuk in defiance of Iraq government - FT.com:
"Iraq’s autonomous Kurdistan region is pumping crude from the disputed province of Kirkuk into its own oil infrastructure, raising the stakes of a worsening political conflict with the central government in Baghdad.
The Kurdish Regional Government (KRG) appears to be making a serious effort to consolidate its control of the area, which is claimed by both Erbil and Baghdad, amid increasingly loud calls for Kurdish independence. Last week, Kurdish “peshmerga” forces seized control of two oilfields in Kirkuk."
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Thursday 17 July 2014
New UAE law allowing sell downs to boost listings, private equity | Reuters
New UAE law allowing sell downs to boost listings, private equity | Reuters:
"The United Arab Emirates' Ministry of Economy has published new rules allowing firms in the Gulf Arab state to use existing shares when listing on local exchanges or raising fresh equity capital, a move likely to boost private equity in the country.
Laws governing initial public offerings in the Gulf Arab state have long been criticised for their restrictive nature, including the need to list a minimum of 55 percent of a company and for only allowing the sale of new shares when going public.
This has led many firms to seek listings outside the country in recent years to the chagrin of local authorities, such as oil services group Gulf Marine Services and healthcare providers Al Noor Hospitals and NMC Healthcare."
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"The United Arab Emirates' Ministry of Economy has published new rules allowing firms in the Gulf Arab state to use existing shares when listing on local exchanges or raising fresh equity capital, a move likely to boost private equity in the country.
Laws governing initial public offerings in the Gulf Arab state have long been criticised for their restrictive nature, including the need to list a minimum of 55 percent of a company and for only allowing the sale of new shares when going public.
This has led many firms to seek listings outside the country in recent years to the chagrin of local authorities, such as oil services group Gulf Marine Services and healthcare providers Al Noor Hospitals and NMC Healthcare."
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Shell to Pull Out of Qatar Gas Project – Royal Dutch Shell plc .com
Shell to Pull Out of Qatar Gas Project – Royal Dutch Shell plc .com:
"Royal Dutch Shell PLC plans to end its investment in a natural gas project in Qatar, denting the Gulf state’s efforts to boost its proven hydrocarbon reserves, people familiar with the matter said. "
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"Royal Dutch Shell PLC plans to end its investment in a natural gas project in Qatar, denting the Gulf state’s efforts to boost its proven hydrocarbon reserves, people familiar with the matter said. "
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Abu Dhabi wealth fund eyes local hotel assets | The Australian
Abu Dhabi wealth fund eyes local hotel assets | The Australian:
"ONE of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority, could be searching for more property in Australia, according to the head of its hotel investments division.
Mike Goodson, visiting Sydney for the first time since concluding a record-breaking $800 million purchase of Australia’s largest hotel owner, Tourism Asset Holdings in September last year, said his phone was ringing regularly.
“We’re still very open (to acquisitions), we are working on the financing already, and we may well invest further if there is the right opportunity,” he said."
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"ONE of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority, could be searching for more property in Australia, according to the head of its hotel investments division.
Mike Goodson, visiting Sydney for the first time since concluding a record-breaking $800 million purchase of Australia’s largest hotel owner, Tourism Asset Holdings in September last year, said his phone was ringing regularly.
“We’re still very open (to acquisitions), we are working on the financing already, and we may well invest further if there is the right opportunity,” he said."
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EU Agrees to Place Sanctions on Firms and Block Loans to Russia Over Ukraine Crisis | Business | The Moscow Times
EU Agrees to Place Sanctions on Firms and Block Loans to Russia Over Ukraine Crisis | Business | The Moscow Times:
"European Union leaders have agreed to impose sanctions on Russian companies that help destabilize Ukraine and to block new loans to Russia through two multilateral lenders.
Wednesday's decision is a significant ratcheting-up of European pressure on Russia although it falls short of the hard-hitting economic measures against Russia for which the U.S. and hawks in the EU were pushing.
Simultaneously, U.S. President Barack Obama also on Wednesday announced the most wide-ranging sanctions yet on the Russian economy, targeting key institutions including Gazprombank and Rosneft, as well as other energy and defense companies.
"
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"European Union leaders have agreed to impose sanctions on Russian companies that help destabilize Ukraine and to block new loans to Russia through two multilateral lenders.
Wednesday's decision is a significant ratcheting-up of European pressure on Russia although it falls short of the hard-hitting economic measures against Russia for which the U.S. and hawks in the EU were pushing.
Simultaneously, U.S. President Barack Obama also on Wednesday announced the most wide-ranging sanctions yet on the Russian economy, targeting key institutions including Gazprombank and Rosneft, as well as other energy and defense companies.
"
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Dubai Shares Rise to Six-Week High as Exchange Suspends Arabtec - Bloomberg
Dubai Shares Rise to Six-Week High as Exchange Suspends Arabtec - Bloomberg:
"Stocks in Dubai posted their biggest weekly gain since March after the bourse halted trading in Arabtec Holding Co., the largest listed construction company, pending clarification of its ownership.
The DFM General Index (DFMGI) increased 0.9 percent to 4,903.46 at the close in the emirate, the highest since June 8, bringing its weekly gain to 7.2 percent. Arabtec was suspended “awaiting clarification from the company on media reports about strategic partners’ stake,” according to a statement on its website.
Arabtec’s second-largest shareholder, Aabar Investments PJSC, is in talks to buy at least half of a 28.9 percent stake held by the construction company’s former Chief Executive Officer Hasan Ismaik, a person with knowledge of the situation said July 15. The builder’s public relations executive didn’t immediately respond to calls and an e-mail seeking comment today."
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"Stocks in Dubai posted their biggest weekly gain since March after the bourse halted trading in Arabtec Holding Co., the largest listed construction company, pending clarification of its ownership.
The DFM General Index (DFMGI) increased 0.9 percent to 4,903.46 at the close in the emirate, the highest since June 8, bringing its weekly gain to 7.2 percent. Arabtec was suspended “awaiting clarification from the company on media reports about strategic partners’ stake,” according to a statement on its website.
Arabtec’s second-largest shareholder, Aabar Investments PJSC, is in talks to buy at least half of a 28.9 percent stake held by the construction company’s former Chief Executive Officer Hasan Ismaik, a person with knowledge of the situation said July 15. The builder’s public relations executive didn’t immediately respond to calls and an e-mail seeking comment today."
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What the Ukraine crisis means for EU gas markets
What the Ukraine crisis means for EU gas markets:
"With the elections of May 2014, with part of its lands annexed, economic problems, and security issues resulting from rebellions in the eastern provinces, the country of Ukraine has elected Petro Poroshenko as its president. Considering that heavy industry in Ukraine is located in its eastern provinces, security and economic issues are interlaced. In this regard, the armed struggle taking place around the towns in the east of the country is occurring on delicate ground in terms of territorial integrity and economic considerations.
Economic issues are not limited to the non-functionality of the economic institutions. Since the New Year, there has been a serious problem arising from disagreement over prices in the Russian-dominated energy sector, and this problem transformed into a crisis by June.
Subsequent to the political crisis, Russia has increased the price per thousand cubic meters of gas from $268.5 to $485. The change of government in Ukraine and its failure to pay Russia for gas influenced this hike in prices. Russia applied the new prices and billed the Ukrainian government $4.5 billion for gas. The Kiev administration, faced with the sudden increase in cost, has found this price unacceptable and has refused to pay. This circumstance risks a new crisis evocative of the 2006 and 2009 crises. While Gazprom ceased gas transport to Ukraine starting on 16 June, the company also declared that gas transport would continue thereafter dependent on payment in advance."
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"With the elections of May 2014, with part of its lands annexed, economic problems, and security issues resulting from rebellions in the eastern provinces, the country of Ukraine has elected Petro Poroshenko as its president. Considering that heavy industry in Ukraine is located in its eastern provinces, security and economic issues are interlaced. In this regard, the armed struggle taking place around the towns in the east of the country is occurring on delicate ground in terms of territorial integrity and economic considerations.
Economic issues are not limited to the non-functionality of the economic institutions. Since the New Year, there has been a serious problem arising from disagreement over prices in the Russian-dominated energy sector, and this problem transformed into a crisis by June.
Subsequent to the political crisis, Russia has increased the price per thousand cubic meters of gas from $268.5 to $485. The change of government in Ukraine and its failure to pay Russia for gas influenced this hike in prices. Russia applied the new prices and billed the Ukrainian government $4.5 billion for gas. The Kiev administration, faced with the sudden increase in cost, has found this price unacceptable and has refused to pay. This circumstance risks a new crisis evocative of the 2006 and 2009 crises. While Gazprom ceased gas transport to Ukraine starting on 16 June, the company also declared that gas transport would continue thereafter dependent on payment in advance."
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Egypt needs $120 billion inflow over next 4 years | Economy | Saudi Gazette
Egypt needs $120 billion inflow over next 4 years | Economy | Saudi Gazette:
"
Western consultants helping Egypt compile an economic reform plan say it needs at least $60 billion of investment to reach average GDP growth of 5 percent by 2018 and the same amount again to bolster its foreign reserves, senior officials said.
The Egyptian officials said the country would seek dollar-denominated investments and loans from local and foreign investors, foreign governments and international lenders to fill the gap at a donor conference slated for the end of the year in Egypt.
The International Monetary Fund is expected to attend the conference and has discussed the possibility of extending a loan to Egypt, one official said."
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"
The Egyptian officials said the country would seek dollar-denominated investments and loans from local and foreign investors, foreign governments and international lenders to fill the gap at a donor conference slated for the end of the year in Egypt.
The International Monetary Fund is expected to attend the conference and has discussed the possibility of extending a loan to Egypt, one official said."
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As Ukraine Heats Up, Exxon to Airbus Eye Growing Risks - Businessweek
As Ukraine Heats Up, Exxon to Airbus Eye Growing Risks - Businessweek:
"As the U.S. and Europe escalate sanctions against Russia over its role in the Ukraine crisis, companies such as Exxon Mobil Corp. (XOM:US), Airbus Group NV (AIR) and Daimler AG (DAI) are facing a threat to their multibillion-dollar businesses in the country.
“We have enjoyed good relationships with Russian partners,” Airbus Chief Executive Officer Tom Enders said on the sidelines of the Farnborough Air Show near London. “I would only express my hope that these relationships and partnerships will survive the current political tensions.”
In contrast to sanctions targets Iran and North Korea, Russia’s $2 trillion economy -- about the size of Italy’s -- is closely linked to global business as multinationals have piled into a promising consumer market and resource producer. That highlights the difficulty the U.S. and Europe face in trying to punish Russian President Vladimir Putin."
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"As the U.S. and Europe escalate sanctions against Russia over its role in the Ukraine crisis, companies such as Exxon Mobil Corp. (XOM:US), Airbus Group NV (AIR) and Daimler AG (DAI) are facing a threat to their multibillion-dollar businesses in the country.
“We have enjoyed good relationships with Russian partners,” Airbus Chief Executive Officer Tom Enders said on the sidelines of the Farnborough Air Show near London. “I would only express my hope that these relationships and partnerships will survive the current political tensions.”
In contrast to sanctions targets Iran and North Korea, Russia’s $2 trillion economy -- about the size of Italy’s -- is closely linked to global business as multinationals have piled into a promising consumer market and resource producer. That highlights the difficulty the U.S. and Europe face in trying to punish Russian President Vladimir Putin."
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Etihad Airways aims to finalise Alitalia negotiations by end of month | The National
Etihad Airways aims to finalise Alitalia negotiations by end of month | The National:
"Etihad Airways aims to finish negotiations by the end of this month to go ahead with its investment in Alitalia, but the airline needs to be the “right size”.
“We need to right-size the airline [Alitalia] to go forward,” James Hogan, the president and chief executive of Etihad Airways, said in Rome yesterday.
“We are still negotiating and we have a target of the end of this month. Both teams are working in good faith to achieve that. We have a team of executives on the ground here working with our advisers JP Morgan. They are working with Citibank to ensure that they can broker the transaction to win,” he added."
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"Etihad Airways aims to finish negotiations by the end of this month to go ahead with its investment in Alitalia, but the airline needs to be the “right size”.
“We need to right-size the airline [Alitalia] to go forward,” James Hogan, the president and chief executive of Etihad Airways, said in Rome yesterday.
“We are still negotiating and we have a target of the end of this month. Both teams are working in good faith to achieve that. We have a team of executives on the ground here working with our advisers JP Morgan. They are working with Citibank to ensure that they can broker the transaction to win,” he added."
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Second-quarter profit quadruples for Dubai’s Shuaa Capital | The National
Second-quarter profit quadruples for Dubai’s Shuaa Capital | The National:
"Shuaa Capital, Dubai’s oldest investment bank, said its second quarter profit more than quadrupled as it continued to benefit from a revival in the country’s capital markets following years of stagnation in the aftermath of the 2008 financial crisis.
Net income advanced for the fifth straight quarter to Dh6.2 million from Dh1.3m in the same period last year, Shuaa said. Revenue increased to Dh52m from Dh43.4m. Those gains were mostly bolstered by the firm’s asset management, investment banking and lending divisions.
On the Dubai Financial Market yesterday, Shuaa shares gained 7.4 per cent, or 9 fils, to close at Dh1.30 each. Volume was heavy at 4.97m shares."
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"Shuaa Capital, Dubai’s oldest investment bank, said its second quarter profit more than quadrupled as it continued to benefit from a revival in the country’s capital markets following years of stagnation in the aftermath of the 2008 financial crisis.
Net income advanced for the fifth straight quarter to Dh6.2 million from Dh1.3m in the same period last year, Shuaa said. Revenue increased to Dh52m from Dh43.4m. Those gains were mostly bolstered by the firm’s asset management, investment banking and lending divisions.
On the Dubai Financial Market yesterday, Shuaa shares gained 7.4 per cent, or 9 fils, to close at Dh1.30 each. Volume was heavy at 4.97m shares."
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Kuwait’s NBK Q2 profit rises 29 per cent, misses estimates | GulfNews.com
Kuwait’s NBK Q2 profit rises 29 per cent, misses estimates | GulfNews.com:
"National Bank of Kuwait , the Gulf Arab state’s largest commercial lender, reported a 29 per cent rise in second-quarter profit on Wednesday but missed analysts’ estimates.
Net profit climbed to 60.9 million dinars ($215.8 million) in the three months to June 30 from 47.2 million dinars a year earlier, according to Reuters calculations based on the bank’s first-half financial statement.
Analysts in a Reuters poll had predicted 74.8 million dinars profit on average."
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"National Bank of Kuwait , the Gulf Arab state’s largest commercial lender, reported a 29 per cent rise in second-quarter profit on Wednesday but missed analysts’ estimates.
Net profit climbed to 60.9 million dinars ($215.8 million) in the three months to June 30 from 47.2 million dinars a year earlier, according to Reuters calculations based on the bank’s first-half financial statement.
Analysts in a Reuters poll had predicted 74.8 million dinars profit on average."
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LNG Shipments Diverted From Asia Drive U.K. Price Drop - Bloomberg
LNG Shipments Diverted From Asia Drive U.K. Price Drop - Bloomberg:
"Faced with slumping demand for liquefied natural gas in Asian markets, Qatar is shipping cargoes to Britain, deepening the biggest seasonal price drop for the fuel there in five years.
Qatar, the biggest producer, will send at least eight cargoes to the U.K. this month, taking the total since April to 35, six more than last year, data compiled by Bloomberg show. Prices on the U.K.’s National Balancing Point, the largest trading hub outside the U.S., have fallen 28 percent since the summer started on April 1.
The cargoes, typically big enough to meet about 75 percent of Britain’s daily gas use, are entering a market where the mildest European winter in seven years damped prices and demand, reducing the need to replenish inventories. Buyers in Asia, the largest LNG market, have covered their summer needs and spare deliveries are heading to Europe, where enough gas is traded to absorb the fuel not required elsewhere, according to Laurent Maurel, a vice president for strategy at Total SA in Paris."
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"Faced with slumping demand for liquefied natural gas in Asian markets, Qatar is shipping cargoes to Britain, deepening the biggest seasonal price drop for the fuel there in five years.
Qatar, the biggest producer, will send at least eight cargoes to the U.K. this month, taking the total since April to 35, six more than last year, data compiled by Bloomberg show. Prices on the U.K.’s National Balancing Point, the largest trading hub outside the U.S., have fallen 28 percent since the summer started on April 1.
The cargoes, typically big enough to meet about 75 percent of Britain’s daily gas use, are entering a market where the mildest European winter in seven years damped prices and demand, reducing the need to replenish inventories. Buyers in Asia, the largest LNG market, have covered their summer needs and spare deliveries are heading to Europe, where enough gas is traded to absorb the fuel not required elsewhere, according to Laurent Maurel, a vice president for strategy at Total SA in Paris."
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