Russia's Central Bank to Amend GDP Growth Forecast | Business | RIA Novosti:
"Russia's Central Bank will change its national GDP growth forecast slightly from the current 0.4 percent for 2014, the bank's First Deputy Governor Ksenia Yudaeva said Friday.
"Our forecast is rather sensible, and if it is to be corrected, [the adjustment] will not be significant," Yudaeva said during the International Banking Forum in Sochi.
The bank's deputy governor said the risk of slower economic growth is structural, whereas "the risks do exist from the point of view of the inflation, and we have been reacting to them actively at the previous session.""
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Friday, 5 September 2014
Abu Dhabi's TAQA said to mull assets sale this year - Energy - ArabianBusiness.com
Abu Dhabi's TAQA said to mull assets sale this year - Energy - ArabianBusiness.com:
"Abu Dhabi National Energy Co (TAQA), the state-owned explorer and power supplier, may sell assets this year and has picked two international advisers for a possible sale, two sources familiar with the matter said on Thursday.
TAQA, about 75 percent owned by the government of Abu Dhabi, has hired Australian investment bank Macquarie and McKinsey & Co as advisers, the sources said.
"Some of TAQA's assets no longer fit into its strategy after the company's growth plans were rebalanced," one of the sources told Reuters, adding that the sales would reduce debt leverage and improve cash flow."
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"Abu Dhabi National Energy Co (TAQA), the state-owned explorer and power supplier, may sell assets this year and has picked two international advisers for a possible sale, two sources familiar with the matter said on Thursday.
TAQA, about 75 percent owned by the government of Abu Dhabi, has hired Australian investment bank Macquarie and McKinsey & Co as advisers, the sources said.
"Some of TAQA's assets no longer fit into its strategy after the company's growth plans were rebalanced," one of the sources told Reuters, adding that the sales would reduce debt leverage and improve cash flow."
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Kuwait's KIPCO gets nod to raise Burgan Bank stake - Companies A-Z - ArabianBusiness.com
Kuwait's KIPCO gets nod to raise Burgan Bank stake - Companies A-Z - ArabianBusiness.com:
"Kuwait Projects Company (KIPCO) said on Thursday it received approval from the country's central bank to increase its stake in Burgan Bank by 5 percent.
A bourse filing by KIPCO added that its direct and indirect stake in the Kuwait's third-largest lender by assets currently stands at 57.94 percent.
The statement did not indicate when the stake increase would be completed."
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"Kuwait Projects Company (KIPCO) said on Thursday it received approval from the country's central bank to increase its stake in Burgan Bank by 5 percent.
A bourse filing by KIPCO added that its direct and indirect stake in the Kuwait's third-largest lender by assets currently stands at 57.94 percent.
The statement did not indicate when the stake increase would be completed."
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Dubai hotels operating to tight margins as occupancy levels dip | The National
Dubai hotels operating to tight margins as occupancy levels dip | The National:
"Dubai’s plush hotels may command room rates of hundreds of dollars, but margins can be tight during some periods as the latest data from the booming sector reveals.
Hotels in the emirate barely managed to cover their operational costs in July, while those in Abu Dhabi made a loss when occupancy levels dipped to a record low and sales from food and beverages came to a halt during Ramadan hours.
The gross operating profit per available room that month was just seven cents in Dubai, according to Hotstats data from Dubai research company TRI Middle East. Abu Dhabi hotels made a loss of US$12.44."
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"Dubai’s plush hotels may command room rates of hundreds of dollars, but margins can be tight during some periods as the latest data from the booming sector reveals.
Hotels in the emirate barely managed to cover their operational costs in July, while those in Abu Dhabi made a loss when occupancy levels dipped to a record low and sales from food and beverages came to a halt during Ramadan hours.
The gross operating profit per available room that month was just seven cents in Dubai, according to Hotstats data from Dubai research company TRI Middle East. Abu Dhabi hotels made a loss of US$12.44."
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Iraq cuts output targets in revised oil deals with BP, CNPC | GulfNews.com
Iraq cuts output targets in revised oil deals with BP, CNPC | GulfNews.com:
"Iraq signed revised contracts with foreign oil companies for two southern oilfields on Thursday that reduced their production targets and extended the life of the deals, Iraqi oil officials said.
The revised deal with oil major BP for Iraq’s giant Rumaila oilfield cut the planned plateau level to 2.1 million barrels per day from 2.85 million bpd, Salah Mohammad, general manager of the Rumaila Operating Organisation, told Reuters.
Iraq also agreed with China’s CNPC to slash the final output target from the Halfaya oilfield to 400,000 bpd from 535,000 bpd, Adnan Noshi, head of state-run Maysan Oil Co, said."
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"Iraq signed revised contracts with foreign oil companies for two southern oilfields on Thursday that reduced their production targets and extended the life of the deals, Iraqi oil officials said.
The revised deal with oil major BP for Iraq’s giant Rumaila oilfield cut the planned plateau level to 2.1 million barrels per day from 2.85 million bpd, Salah Mohammad, general manager of the Rumaila Operating Organisation, told Reuters.
Iraq also agreed with China’s CNPC to slash the final output target from the Halfaya oilfield to 400,000 bpd from 535,000 bpd, Adnan Noshi, head of state-run Maysan Oil Co, said."
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Dubai Holding unit in talks to raise up to $1.1b loan | GulfNews.com
Dubai Holding unit in talks to raise up to $1.1b loan | GulfNews.com:
"A unit of Dubai Holding, the investment vehicle of the emirate’s ruler, said on Thursday it was in talks with lenders to raise a syndicated loan, with banking sources adding the facility could be worth up to Dh4 billion ($1.1 billion).
Tecom Investments, a business park operator and one of the key assets of Dubai Holding, is expected to use the proceeds for its growth plans, while some of the cash would also be diverted to the parent company, one of the sources said.
Tecom said in a statement to Reuters it was seeking to raise a loan facility and the funds would be used to “support future growth opportunities and other strategic objectives”."
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"A unit of Dubai Holding, the investment vehicle of the emirate’s ruler, said on Thursday it was in talks with lenders to raise a syndicated loan, with banking sources adding the facility could be worth up to Dh4 billion ($1.1 billion).
Tecom Investments, a business park operator and one of the key assets of Dubai Holding, is expected to use the proceeds for its growth plans, while some of the cash would also be diverted to the parent company, one of the sources said.
Tecom said in a statement to Reuters it was seeking to raise a loan facility and the funds would be used to “support future growth opportunities and other strategic objectives”."
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UAE bourses end week in the red as DFM falls 0.99% | GulfNews.com
UAE bourses end week in the red as DFM falls 0.99% | GulfNews.com:
"The UAE bourses ended the week in the red with the Dubai Financial Market (DFM) index falling 0.99 per cent on Thursday to reach 5,120.75 on the back of negative performance by market blue chips. This brings the total gains this week to 3.9 per cent.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index went down 0.76 per cent to reach 5,141.18, bringing the total gain of the week to 1.39 per cent.
In Dubai, Arabtec share prices remained flat at Dh4.78, though the real estate developer topped the market in terms of value, accounting for 28 per cent of the total value on DFM."
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"The UAE bourses ended the week in the red with the Dubai Financial Market (DFM) index falling 0.99 per cent on Thursday to reach 5,120.75 on the back of negative performance by market blue chips. This brings the total gains this week to 3.9 per cent.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index went down 0.76 per cent to reach 5,141.18, bringing the total gain of the week to 1.39 per cent.
In Dubai, Arabtec share prices remained flat at Dh4.78, though the real estate developer topped the market in terms of value, accounting for 28 per cent of the total value on DFM."
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#Ukraine Cease-Fire Talks Set as East’s Fate Teeters - Bloomberg
Ukraine Cease-Fire Talks Set as East’s Fate Teeters - Bloomberg:
"Ukraine’s President Petro Poroshenko voiced “careful optimism” that talks today with pro-Russian rebels in Minsk, Belarus, will set the course for a cease-fire after more than five months of fighting.
After Poroshenko met yesterday with leaders of the North Atlantic Treaty Organization, the alliance’s Secretary General Anders Fogh Rasmussen said it’s too early to tell whether peace overtures by Russian President Vladimir Putin are genuine.
“We have seen similar statements and initiatives, and they have actually just been a smokescreen for continued Russian destabilization of the situation in Ukraine,” Rasmussen told reporters at the summit in Newport, Wales. “Based on experience, we have to be cautious.”"
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"Ukraine’s President Petro Poroshenko voiced “careful optimism” that talks today with pro-Russian rebels in Minsk, Belarus, will set the course for a cease-fire after more than five months of fighting.
After Poroshenko met yesterday with leaders of the North Atlantic Treaty Organization, the alliance’s Secretary General Anders Fogh Rasmussen said it’s too early to tell whether peace overtures by Russian President Vladimir Putin are genuine.
“We have seen similar statements and initiatives, and they have actually just been a smokescreen for continued Russian destabilization of the situation in Ukraine,” Rasmussen told reporters at the summit in Newport, Wales. “Based on experience, we have to be cautious.”"
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