Ruble Drops With Eurobonds Souring Weekly Rally on Convoy Attack - Bloomberg:
"The ruble weakened while government Eurobonds retreated after Ukraine said it had destroyed part of a Russian military convoy, wiping out a weekly rally spurred by speculation the conflict would ease.
The currency fell 0.5 percent to 36.2000 per dollar at 5:51 p.m. in London, reversing a gain of as much as 0.4 percent. Russia’s dollar-denominated bonds due in March 2030 fell for the first time in six days, sending the yield up 23 basis points to 4.73 percent. Local markets had closed before Ukraine announced the attack, with the Micex Index completing its best week since March and 10-year ruble bond yields sliding the most since 2009.
Investors dumped the ruble late in the trading session amid concern the assault could signal a new phase in the conflict, with Ukrainian forces directly clashing with Russian soldiers just a day after President Vladimir Putin pledged to work toward ending the bloodshed. Ukraine’s military spokesman Andriy Lysenko said troops partially destroyed a column of armed vehicles that had arrived overnight through the rebel-held section of the border."
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Friday 15 August 2014
Russian Stocks Jump Sixth Day as Putin Pledges to End Conflict - Bloomberg
Russian Stocks Jump Sixth Day as Putin Pledges to End Conflict - Bloomberg:
"Russian stocks gained for the sixth day, with the benchmark Micex Index headed for its strongest weekly performance since May, after President Vladimir Putin pledged to work to end the deadly conflict with Ukraine.
The Micex increased 0.6 percent to 1,416.53 at 3:21 p.m. in Moscow. The gauge rose 5 percent this week, the steepest such advance since the period ended May 9. Thirty-seven stocks climbed, while 12 retreated and one was unchanged. OAO Lukoil, Russia’s second-biggest natural gas producer, added 1.3 percent in the largest increase on the index.
Putin pledged yesterday to “do all we can” to bring the bloodshed in Ukraine to an end in a meeting with political leaders during a visit to the Crimea peninsula he annexed in March. European Commission President Jose Barroso agreed to meet with Putin to discuss relations between Moscow and the European Union, more than two weeks after the bloc imposed further sanctions on Russia."
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"Russian stocks gained for the sixth day, with the benchmark Micex Index headed for its strongest weekly performance since May, after President Vladimir Putin pledged to work to end the deadly conflict with Ukraine.
The Micex increased 0.6 percent to 1,416.53 at 3:21 p.m. in Moscow. The gauge rose 5 percent this week, the steepest such advance since the period ended May 9. Thirty-seven stocks climbed, while 12 retreated and one was unchanged. OAO Lukoil, Russia’s second-biggest natural gas producer, added 1.3 percent in the largest increase on the index.
Putin pledged yesterday to “do all we can” to bring the bloodshed in Ukraine to an end in a meeting with political leaders during a visit to the Crimea peninsula he annexed in March. European Commission President Jose Barroso agreed to meet with Putin to discuss relations between Moscow and the European Union, more than two weeks after the bloc imposed further sanctions on Russia."
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Egypt Energy Profile: Largest Non-OPEC Oil Producer In Africa - Analysis - Eurasia Review
Egypt Energy Profile: Largest Non-OPEC Oil Producer In Africa - Analysis - Eurasia Review:
"Egypt is the largest oil producer in Africa outside of the Organization of the Petroleum Exporting Countries (OPEC), and the second-largest natural gas producer on the continent, behind Algeria. Egypt plays a vital role in international energy markets through the operation of the Suez Canal and Suez-Mediterranean (SUMED) Pipeline.
The Suez Canal is an important transit route for oil and liquefied natural gas (LNG) shipments traveling northbound from the Persian Gulf to Europe and North America and southbound shipments from North Africa and countries along the Mediterranean Sea to Asia. The SUMED Pipeline is the only alternative route nearby to transport crude oil from the Red Sea to the Mediterranean Sea if ships were unable to navigate through the Suez Canal. Fees collected from the operation of these two transit points are significant sources of revenue for the Egyptian government.
In Africa, Egypt has the third-largest population, after Nigeria and Ethiopia, and the second-highest gross national income (GNI), after Nigeria, according to the World Bank. Egypt’s economy suffered during and after the 2011 revolution as the country experienced a sharp decline in tourism revenue and foreign direct investment, according to the International Monetary Fund (IMF). Annual gross domestic product (GDP) growth in Egypt dropped from 5.1% in 2010 to 1.8% in 2011 and still remains below the pre-revolution level, averaging 2.1% in 2013. According to the IMF, financial support, particularly in the form of oil and LNG shipments, from some Persian Gulf countries has helped Egypt to meet its domestic energy demand."
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"Egypt is the largest oil producer in Africa outside of the Organization of the Petroleum Exporting Countries (OPEC), and the second-largest natural gas producer on the continent, behind Algeria. Egypt plays a vital role in international energy markets through the operation of the Suez Canal and Suez-Mediterranean (SUMED) Pipeline.
The Suez Canal is an important transit route for oil and liquefied natural gas (LNG) shipments traveling northbound from the Persian Gulf to Europe and North America and southbound shipments from North Africa and countries along the Mediterranean Sea to Asia. The SUMED Pipeline is the only alternative route nearby to transport crude oil from the Red Sea to the Mediterranean Sea if ships were unable to navigate through the Suez Canal. Fees collected from the operation of these two transit points are significant sources of revenue for the Egyptian government.
In Africa, Egypt has the third-largest population, after Nigeria and Ethiopia, and the second-highest gross national income (GNI), after Nigeria, according to the World Bank. Egypt’s economy suffered during and after the 2011 revolution as the country experienced a sharp decline in tourism revenue and foreign direct investment, according to the International Monetary Fund (IMF). Annual gross domestic product (GDP) growth in Egypt dropped from 5.1% in 2010 to 1.8% in 2011 and still remains below the pre-revolution level, averaging 2.1% in 2013. According to the IMF, financial support, particularly in the form of oil and LNG shipments, from some Persian Gulf countries has helped Egypt to meet its domestic energy demand."
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Dubai’s Emaar says no decision yet on timing of malls unit IPO | The National
Dubai’s Emaar says no decision yet on timing of malls unit IPO | The National:
"Dubai’s Emaar Properties said on Thursday it had not yet taken a decision on the timing of an initial public offering of its malls business, which was expected later this year.
In a statement released on the Dubai stock exchange, the firm said details of the proposed listing would be announced in “due course”.
The Emaar Malls Group listing is expected to raise up to Dh9 billion, making it one of the region’s largest equity offers since 2008.
Local media reports said the company would list its mall business on the Dubai stock exchange in mid-September."
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"Dubai’s Emaar Properties said on Thursday it had not yet taken a decision on the timing of an initial public offering of its malls business, which was expected later this year.
In a statement released on the Dubai stock exchange, the firm said details of the proposed listing would be announced in “due course”.
The Emaar Malls Group listing is expected to raise up to Dh9 billion, making it one of the region’s largest equity offers since 2008.
Local media reports said the company would list its mall business on the Dubai stock exchange in mid-September."
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Oil falls below $104 on steady supply, weak data | GulfNews.com
Oil falls below $104 on steady supply, weak data | GulfNews.com:
"Brent crude oil fell below $104 a barrel on Thursday as a contraction in the German economy underscored sluggish demand in Europe while supply remained strong despite conflict in key exporting countries Iraq and Libya.
Germany’s economy shrank in the second quarter and France posted no growth, data showed, adding to jitters as the euro zone trades tit-for-tat sanctions with Russia over the crisis in Ukraine.
“We are seeing general weakness in oil, not only because of (ample) supply but also on the demand side,” said Abhishek Deshpande, oil analyst at Natixis."
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"Brent crude oil fell below $104 a barrel on Thursday as a contraction in the German economy underscored sluggish demand in Europe while supply remained strong despite conflict in key exporting countries Iraq and Libya.
Germany’s economy shrank in the second quarter and France posted no growth, data showed, adding to jitters as the euro zone trades tit-for-tat sanctions with Russia over the crisis in Ukraine.
“We are seeing general weakness in oil, not only because of (ample) supply but also on the demand side,” said Abhishek Deshpande, oil analyst at Natixis."
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DIFC Investments plans sukuk issue | GulfNews.com
DIFC Investments plans sukuk issue | GulfNews.com:
"DIFC Investments, the investment arm of the company running Dubai’s financial free zone, is planning to issue sukuk, four bankers told IFR.
The company has appointed banks and could come to market as early as September, they said. Key banks on a 2012 loan deal are among those involved in the new sukuk, two of the bankers said. DIFC took out a $1 billion syndicated loan in May 2012 with Emirates NBD acting as financial adviser, while Standard Chartered coordinated the debt. Dubai Islamic Bank and Noor Bank also participated in the loan. The purpose of that loan was to refinance a $1.2 billion FRN sukuk that was maturing later that year. One of the bankers suggested that the new sukuk, if successful, would be used to refinance that 2012 loan."
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"DIFC Investments, the investment arm of the company running Dubai’s financial free zone, is planning to issue sukuk, four bankers told IFR.
The company has appointed banks and could come to market as early as September, they said. Key banks on a 2012 loan deal are among those involved in the new sukuk, two of the bankers said. DIFC took out a $1 billion syndicated loan in May 2012 with Emirates NBD acting as financial adviser, while Standard Chartered coordinated the debt. Dubai Islamic Bank and Noor Bank also participated in the loan. The purpose of that loan was to refinance a $1.2 billion FRN sukuk that was maturing later that year. One of the bankers suggested that the new sukuk, if successful, would be used to refinance that 2012 loan."
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Arab Bank Accused of Turning Blind Eye to Terror Funding - Bloomberg
Arab Bank Accused of Turning Blind Eye to Terror Funding - Bloomberg:
"Arab Bank Plc went on trial in New York accused of turning a blind eye as terrorists used its services to finance attacks in and near Israel.
A lawyer for victims and their family members told jurors yesterday that the Amman-based lender, Jordan’s largest bank, helped Hamas during a wave of Israel-Palestinian violence in the early 2000s. The claims at issue were brought on behalf of about 300 U.S. citizens who were either victims of 24 attacks or relatives of those injured or killed. The trial of the decade-old case in federal court in Brooklyn may take as long as six weeks.
The bank’s account holders during some of that period included Osama Hamdan, a spokesman for Hamas, the Palestinian militant group that has been designated a terrorist organization by the U.S., the plaintiffs allege."
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"Arab Bank Plc went on trial in New York accused of turning a blind eye as terrorists used its services to finance attacks in and near Israel.
A lawyer for victims and their family members told jurors yesterday that the Amman-based lender, Jordan’s largest bank, helped Hamas during a wave of Israel-Palestinian violence in the early 2000s. The claims at issue were brought on behalf of about 300 U.S. citizens who were either victims of 24 attacks or relatives of those injured or killed. The trial of the decade-old case in federal court in Brooklyn may take as long as six weeks.
The bank’s account holders during some of that period included Osama Hamdan, a spokesman for Hamas, the Palestinian militant group that has been designated a terrorist organization by the U.S., the plaintiffs allege."
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Emerging Stocks Head for Biggest Weekly Advance in Four Months - Bloomberg
Emerging Stocks Head for Biggest Weekly Advance in Four Months - Bloomberg:
"Emerging-market stocks headed for the steepest weekly gain since March as weak economic data spurred bets China will do more to boost growth and investors speculated that tension in Ukraine is easing. Malaysia’s ringgit surged to a nine-month high.
The Shanghai Composite Index rallied for a fifth week, set for its longest winning streak in 14 months. China Mobile Ltd. (941) jumped the most in five years in Hong Kong after saying it will cut device subsidies. Quanta Computer Inc. (2382) slid 2.4 percent in Taipei after its profit trailed estimates. The ringgit added 0.6 percent versus the dollar after economic growth beat estimates.
The MSCI Emerging Markets Index added 0.1 percent to 1,073.06 at 1:46 p.m. in Hong Kong, extending gains this week to 2.6 percent. China may adopt targeted interest-rate cuts for shanty-town redevelopment, the agriculture sector and small companies, according to a front-page commentary today in the China Securities Journal. Russia has proposed a cease-fire for humanitarian aid deliveries to parts of southeastern Ukraine."
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"Emerging-market stocks headed for the steepest weekly gain since March as weak economic data spurred bets China will do more to boost growth and investors speculated that tension in Ukraine is easing. Malaysia’s ringgit surged to a nine-month high.
The Shanghai Composite Index rallied for a fifth week, set for its longest winning streak in 14 months. China Mobile Ltd. (941) jumped the most in five years in Hong Kong after saying it will cut device subsidies. Quanta Computer Inc. (2382) slid 2.4 percent in Taipei after its profit trailed estimates. The ringgit added 0.6 percent versus the dollar after economic growth beat estimates.
The MSCI Emerging Markets Index added 0.1 percent to 1,073.06 at 1:46 p.m. in Hong Kong, extending gains this week to 2.6 percent. China may adopt targeted interest-rate cuts for shanty-town redevelopment, the agriculture sector and small companies, according to a front-page commentary today in the China Securities Journal. Russia has proposed a cease-fire for humanitarian aid deliveries to parts of southeastern Ukraine."
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