Battle over North Sea’s black gold | Economy | Saudi Gazette:
"North Sea oil has been at the center of fierce debate over Scotland’s future ahead of an independence vote next month, with both sides wrangling over the outlook for the region’s treasure trove of black gold.
Around 42 billion barrels of oil and gas have been extracted from the North Sea since the early 1970s, providing a welcome boost to the British government’s coffers — and Scotland’s economy.
Now, with Scotland heading to the polls on September 18 in a referendum that could spell the end of the 300-year-old union with England, its lucrative energy resources are in sharp focus."
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Saturday 23 August 2014
Central Bank challenges Standard Chartered over SME account closures | The National
Central Bank challenges Standard Chartered over SME account closures | The National:
"Standard Chartered’s woes deepened yesterday.
The Central Bank of the UAE said that StanChart’s plans to close the majority of its small and medium enterprise (SME) accounts in the country, as part of a $300 million settlement with US authorities, would be subject to legal action from affected account holders.
In a statement yesterday, the Central Bank said that StanChart’s closure of SME accounts in the UAE, a key part of its settlement with the New York State department of financial services (DFS), “means that the bank will be liable to prosecution by those companies due to the material and moral damage which is falling on them”."
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"Standard Chartered’s woes deepened yesterday.
The Central Bank of the UAE said that StanChart’s plans to close the majority of its small and medium enterprise (SME) accounts in the country, as part of a $300 million settlement with US authorities, would be subject to legal action from affected account holders.
In a statement yesterday, the Central Bank said that StanChart’s closure of SME accounts in the UAE, a key part of its settlement with the New York State department of financial services (DFS), “means that the bank will be liable to prosecution by those companies due to the material and moral damage which is falling on them”."
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Bank Sarasin-Alpen to appeal DIFC court ruling on miss-selling | GulfNews.com
Bank Sarasin-Alpen to appeal DIFC court ruling on miss-selling | GulfNews.com:
"The Dubai International Financial Centre Court (DIFC Court) on Thursday ruled in favour of Al Khorafi, a prominent Kuwait-based business family in its case against Bank Sarasin-Alpen and its Swiss parent Bank Sarasin over a case relating to investment losses.
The court found Sarasin sold unsuitable investments to Al Khorafi family members in 2007 and 2008, and should pay compensation to the family, deputy chief justice John Chadwick ruled on Thursday.
A Bank Sarasin-Alpen official said it is studying the ruling for further action. “We are looking at all aspects of the court ruling and an appeal will be the natural course of action,” Rohit Walia, Chief Executive Officer of Bank Sarasin-Alpen Middle East (BSAME), told Gulf News."
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"The Dubai International Financial Centre Court (DIFC Court) on Thursday ruled in favour of Al Khorafi, a prominent Kuwait-based business family in its case against Bank Sarasin-Alpen and its Swiss parent Bank Sarasin over a case relating to investment losses.
The court found Sarasin sold unsuitable investments to Al Khorafi family members in 2007 and 2008, and should pay compensation to the family, deputy chief justice John Chadwick ruled on Thursday.
A Bank Sarasin-Alpen official said it is studying the ruling for further action. “We are looking at all aspects of the court ruling and an appeal will be the natural course of action,” Rohit Walia, Chief Executive Officer of Bank Sarasin-Alpen Middle East (BSAME), told Gulf News."
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Russia Stocks Halt Best Rally Since 2005, Ruble Drops on Convoy - Bloomberg
Russia Stocks Halt Best Rally Since 2005, Ruble Drops on Convoy - Bloomberg:
"Russian stocks ended their longest stretch of gains in almost nine years and the ruble weakened on concern an aid convoy will stoke more tension with Ukraine. Mail.Ru (MAIL) Group Ltd. tumbled after cutting its sales forecast.
The Micex Index (INDEXCF) sank 1 percent to 1,446.60 at the close in Moscow. OAO Gazprom, the nation’s biggest oil company, dropped 1.1 percent, falling for a second day to become the biggest decliner on the index. Mail.Ru fell 11.8 percent in London after the operator of a social networking site cut its 2014 sales forecast amid a slowdown in advertising spending as sanctions against Russia threatened to exacerbate an economic slowdown. The ruble weakened 0.3 percent to 36.1350 per dollar by 6 p.m. in Moscow, when the central bank stops its market operations.
The Micex halted a 10-day advance as Valentyn Nalyvaychenko, the head of Ukraine’s security council, said on TV5 that Russia is invading the country under the cover of aid trucks. Ukraine said the convoy moved into the country without its consent. The dollar-denominated RTS Index (RTSI$) fell 1.2 percent."
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"Russian stocks ended their longest stretch of gains in almost nine years and the ruble weakened on concern an aid convoy will stoke more tension with Ukraine. Mail.Ru (MAIL) Group Ltd. tumbled after cutting its sales forecast.
The Micex Index (INDEXCF) sank 1 percent to 1,446.60 at the close in Moscow. OAO Gazprom, the nation’s biggest oil company, dropped 1.1 percent, falling for a second day to become the biggest decliner on the index. Mail.Ru fell 11.8 percent in London after the operator of a social networking site cut its 2014 sales forecast amid a slowdown in advertising spending as sanctions against Russia threatened to exacerbate an economic slowdown. The ruble weakened 0.3 percent to 36.1350 per dollar by 6 p.m. in Moscow, when the central bank stops its market operations.
The Micex halted a 10-day advance as Valentyn Nalyvaychenko, the head of Ukraine’s security council, said on TV5 that Russia is invading the country under the cover of aid trucks. Ukraine said the convoy moved into the country without its consent. The dollar-denominated RTS Index (RTSI$) fell 1.2 percent."
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Ukraine Rating Cut by Fitch as East Conflict Hurts Growth - Bloomberg
Ukraine Rating Cut by Fitch as East Conflict Hurts Growth - Bloomberg:
"Ukraine’s credit rating was cut by Fitch Ratings, which cited a worsening economic outlook as the military conflict with pro-Russian separatists in the nation’s east curbs business activity.
The company lowered its assessment to CCC from B-, which signals a high risk of default. Only Argentina, which failed to make an interest payment last month, is rated lower than Ukraine among 104 countries Fitch tracks.
While the government has recaptured territory from the rebels, conflict may persist or intensify, delaying economic revival and damaging productive assets, Fitch wrote in a statement yesterday. Ukraine and its allies say the war is being fueled by Russian support for the insurgents, which President Vladimir Putin has denied."
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"Ukraine’s credit rating was cut by Fitch Ratings, which cited a worsening economic outlook as the military conflict with pro-Russian separatists in the nation’s east curbs business activity.
The company lowered its assessment to CCC from B-, which signals a high risk of default. Only Argentina, which failed to make an interest payment last month, is rated lower than Ukraine among 104 countries Fitch tracks.
While the government has recaptured territory from the rebels, conflict may persist or intensify, delaying economic revival and damaging productive assets, Fitch wrote in a statement yesterday. Ukraine and its allies say the war is being fueled by Russian support for the insurgents, which President Vladimir Putin has denied."
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Hryvnia Weakens to Near Record as Ukraine Says Russia Invading - Bloomberg
Hryvnia Weakens to Near Record as Ukraine Says Russia Invading - Bloomberg:
"The hryvnia extended its fifth weekly depreciation and Ukrainian bonds fell as the government said Russia is invading the country under the cover of aid.
The currency slumped 2.5 percent to 13.55 per dollar by 4:43 p.m. in Kiev, within 0.17 hryvnia of a record low reached on Aug. 12. It lost 9.4 percent this month, the most among all currencies tracked by Bloomberg, and is down 39 percent in 2014.
Russian trucks with aid for eastern Ukraine crossed the border without consent from the government in Kiev, representing a “direct invasion,” Valentyn Nalyvaychenko, the head of Ukraine’s security council, said on TV5. More than 150 trucks entered without a Red Cross escort through a border checkpoint in a rebel-held area and headed for the city of Luhansk. Russia warned against attempts to disrupt the convoy."
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"The hryvnia extended its fifth weekly depreciation and Ukrainian bonds fell as the government said Russia is invading the country under the cover of aid.
The currency slumped 2.5 percent to 13.55 per dollar by 4:43 p.m. in Kiev, within 0.17 hryvnia of a record low reached on Aug. 12. It lost 9.4 percent this month, the most among all currencies tracked by Bloomberg, and is down 39 percent in 2014.
Russian trucks with aid for eastern Ukraine crossed the border without consent from the government in Kiev, representing a “direct invasion,” Valentyn Nalyvaychenko, the head of Ukraine’s security council, said on TV5. More than 150 trucks entered without a Red Cross escort through a border checkpoint in a rebel-held area and headed for the city of Luhansk. Russia warned against attempts to disrupt the convoy."
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