Dubai Sees U.A.E. Bourse Merger Taking Time in ‘Busy’ Market - Bloomberg:
"The planned merger of the United Arab Emirates’ two main stock exchanges, home to the second-best performing share gauge in the world, will take more time to complete, according to a Dubai government official.
“It’s still on the table,” Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai, the emirate’s main state-owned holding company, said in an interview today at a Dubai conference. “We were hoping it would happen earlier. We knew that when the markets started to pick up again that the merger would be put on the shelf again as everybody is busy.”
Dubai’s DFM General Index (DFMGI) has gained 47 percent this year, trailing only Argentina’s gauge, according to data compiled by Bloomberg. Abu Dhabi’s measure has climbed 19 percent. The Arab world’s second-largest economy is benefiting from a commercial and tourism boom and surge in real-estate prices."
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Friday, 3 October 2014
Dubai flexes legal muscles as financial court system grows | GulfNews.com
Dubai flexes legal muscles as financial court system grows | GulfNews.com:
"A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York.
Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million (Dh734 million) of investment products to Kuwait’s prominent Khorafi family, ordering it to pay compensation.
Sarasin, which denied any wrongdoing, may appeal the ruling, and the amount of compensation hasn’t yet been fixed. But it was a startling judgement by a court system that has been operating only since 2006."
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"A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York.
Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million (Dh734 million) of investment products to Kuwait’s prominent Khorafi family, ordering it to pay compensation.
Sarasin, which denied any wrongdoing, may appeal the ruling, and the amount of compensation hasn’t yet been fixed. But it was a startling judgement by a court system that has been operating only since 2006."
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Sberbank’s Moscow Dollar Bond Plan Shows Funding Strain - Bloomberg
Sberbank’s Moscow Dollar Bond Plan Shows Funding Strain - Bloomberg:
"Russian banks need dollars, and there may be no easier place to find them than at home.
With sanctions driving the cost of swapping rubles for dollars to a record, OAO Sberbank and OAO Gazprombank said they’re weighing selling bonds in foreign currencies to Russians as a source of cash for domestic companies. Individuals hold a net $75 billion in such deposits at the nation’s lenders, central bank data show.
Being locked out of global capital markets because of the conflict in Ukraine is raising the stakes for the nation’s lenders as companies including OAO Rosneft face $17.6 billion of dollar-denominated debt maturing before the end of the year, data compiled by Bloomberg show. Russian lenders would join companies from Venezuela and Argentina, who have tapped their citizens for foreign currency as overseas sources dried up."
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"Russian banks need dollars, and there may be no easier place to find them than at home.
With sanctions driving the cost of swapping rubles for dollars to a record, OAO Sberbank and OAO Gazprombank said they’re weighing selling bonds in foreign currencies to Russians as a source of cash for domestic companies. Individuals hold a net $75 billion in such deposits at the nation’s lenders, central bank data show.
Being locked out of global capital markets because of the conflict in Ukraine is raising the stakes for the nation’s lenders as companies including OAO Rosneft face $17.6 billion of dollar-denominated debt maturing before the end of the year, data compiled by Bloomberg show. Russian lenders would join companies from Venezuela and Argentina, who have tapped their citizens for foreign currency as overseas sources dried up."
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Emerging-Market Bears Want More as Stocks See Correction - Bloomberg
Emerging-Market Bears Want More as Stocks See Correction - Bloomberg:
"Investors are ramping up bets that the selloff in emerging-market stocks isn’t over after the benchmark index plunged 9.9 percent from a three-year high reached in September.
Shares of the $38 billion iShares MSCI Emerging Markets exchange-traded fund being shorted have jumped almost five-fold over the past month to about 49 million, or 5.3 percent of all outstanding securities, the most since June, according to data compiled by Markit and Bloomberg. The MSCI Emerging Markets Index fell 0.4 percent yesterday to 992.53, the lowest since March 28. Earlier in the day, the index slid as much as 0.8 percent, touching a level that left it down 10 percent from its September high, a percent move that traders consider a correction.
After a six-month rally sparked optimism that three years of under performance in emerging markets had run its course, sentiment has soured again as growth from China to Russia slows. Brazil’s Ibovespa Index has lost 14 percent over the past month, the biggest decline in the world, as President Dilma Rousseff’s widening lead in polls ahead of the Oct. 5 vote dashed speculation that a new administration would take office and rekindle economic growth."
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"Investors are ramping up bets that the selloff in emerging-market stocks isn’t over after the benchmark index plunged 9.9 percent from a three-year high reached in September.
Shares of the $38 billion iShares MSCI Emerging Markets exchange-traded fund being shorted have jumped almost five-fold over the past month to about 49 million, or 5.3 percent of all outstanding securities, the most since June, according to data compiled by Markit and Bloomberg. The MSCI Emerging Markets Index fell 0.4 percent yesterday to 992.53, the lowest since March 28. Earlier in the day, the index slid as much as 0.8 percent, touching a level that left it down 10 percent from its September high, a percent move that traders consider a correction.
After a six-month rally sparked optimism that three years of under performance in emerging markets had run its course, sentiment has soured again as growth from China to Russia slows. Brazil’s Ibovespa Index has lost 14 percent over the past month, the biggest decline in the world, as President Dilma Rousseff’s widening lead in polls ahead of the Oct. 5 vote dashed speculation that a new administration would take office and rekindle economic growth."
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Goldman Losing Faith in $100 Brent as WTI Spread Seen Wider - Bloomberg
Goldman Losing Faith in $100 Brent as WTI Spread Seen Wider - Bloomberg:
"Goldman Sachs Group Inc. says it’s losing confidence in its forecast that Brent crude will recover to $100 a barrel next year.
While the Wall Street bank is maintaining its projection for now, it says that a lack of signs of accelerating global economic growth and uncertainty over OPEC’s production plans amid rising Libyan output are weakening its conviction. Brent, the benchmark for more than half the world’s oil, closed at $93.42 a barrel yesterday, the lowest in more than two years.
Prices slumped as U.S. crude production climbed last month to the highest level since 1986 and the Organization of Petroleum Exporting Countries pumped the most oil in a year. The International Energy Agency cut its projections for global consumption growth through next year due to a weakening economic outlook while Saudi Arabia lowered prices this week, signaling the world’s biggest exporter is prepared to let them fall rather than cede market share."
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"Goldman Sachs Group Inc. says it’s losing confidence in its forecast that Brent crude will recover to $100 a barrel next year.
While the Wall Street bank is maintaining its projection for now, it says that a lack of signs of accelerating global economic growth and uncertainty over OPEC’s production plans amid rising Libyan output are weakening its conviction. Brent, the benchmark for more than half the world’s oil, closed at $93.42 a barrel yesterday, the lowest in more than two years.
Prices slumped as U.S. crude production climbed last month to the highest level since 1986 and the Organization of Petroleum Exporting Countries pumped the most oil in a year. The International Energy Agency cut its projections for global consumption growth through next year due to a weakening economic outlook while Saudi Arabia lowered prices this week, signaling the world’s biggest exporter is prepared to let them fall rather than cede market share."
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