Russian ruble plunges as Central Bank announces limit to intervention — RT Business:
"The ruble hit historic lows against the dollar and euro after the Russian Central Bank announced it will essentially cap the amount it spends to defend the currency.
The Russian Central Bank’s switch to a more proactive currency regime will allow the bank to “surprise” markets by making the ruble interventions more sporadic and less predictable. This caused the ruble to plunge in opening trading hours.
At market close in Moscow, the ruble settled at 44.91 against the dollar, and 56.10 against the euro. The ruble has lost more than 25 percent against the US dollar this year as a result of lower oil prices, the Ukraine crisis and the sanctions, along with the US winding down its stimulus program."
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Wednesday, 5 November 2014
MIDEAST STOCKS-Saudi slumps to 3-week low as oil drop weighs on Gulf mkts | Agricultural Commodities | Reuters
MIDEAST STOCKS-Saudi slumps to 3-week low as oil drop weighs on Gulf mkts | Agricultural Commodities | Reuters:
"Saudi Arabia's stock index slumped to a three-week low on Wednesday as weak oil prices sparked a sell-off in Gulf markets.
The Saudi benchmark ended down 1.6 percent at 9,629 points, although late buying helped it rebound from an intra-day low of 9,436. That improvement coincided with gains in U.S. stock futures after Republicans secured control of the U.S. Senate in mid-term elections.
The Saudi bourse ceases trading at 1230 GMT and so can react to U.S. pre-market indicators, whereas other Gulf markets close hours earlier and so were more affected on Wednesday by gloomy Asian stocks and downbeat oil prices."
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"Saudi Arabia's stock index slumped to a three-week low on Wednesday as weak oil prices sparked a sell-off in Gulf markets.
The Saudi benchmark ended down 1.6 percent at 9,629 points, although late buying helped it rebound from an intra-day low of 9,436. That improvement coincided with gains in U.S. stock futures after Republicans secured control of the U.S. Senate in mid-term elections.
The Saudi bourse ceases trading at 1230 GMT and so can react to U.S. pre-market indicators, whereas other Gulf markets close hours earlier and so were more affected on Wednesday by gloomy Asian stocks and downbeat oil prices."
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UPDATE Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg
Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg:
"Dubai’s stocks fell the most among global markets as oil extended declines while Saudi shares slumped amid heightened security concerns.
The benchmark DFM General Index (DFMGI) dropped 3.3 percent, the most in three weeks, to 4,400.80 at the close. That’s the steepest slide among 93 gauges worldwide tracked by Bloomberg so far today. Saudi Arabia’s Tadawul All Share Index lost 1.6 percent for the third-worst decrease, taking its two-day decline to 5.1 percent.
Brent crude sank to $82.31 a barrel at 4:35 p.m. in Dubai, the lowest level since October 2010, extending the bear market reached last month on signs the biggest OPEC producers are discounting prices to keep market share. Saudi Arabia’s state-owned producer lowered its charges to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council that includes Saudi Arabia and the United Arab Emirates holds about a third of the world’s proven oil reserves."
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"Dubai’s stocks fell the most among global markets as oil extended declines while Saudi shares slumped amid heightened security concerns.
The benchmark DFM General Index (DFMGI) dropped 3.3 percent, the most in three weeks, to 4,400.80 at the close. That’s the steepest slide among 93 gauges worldwide tracked by Bloomberg so far today. Saudi Arabia’s Tadawul All Share Index lost 1.6 percent for the third-worst decrease, taking its two-day decline to 5.1 percent.
Brent crude sank to $82.31 a barrel at 4:35 p.m. in Dubai, the lowest level since October 2010, extending the bear market reached last month on signs the biggest OPEC producers are discounting prices to keep market share. Saudi Arabia’s state-owned producer lowered its charges to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council that includes Saudi Arabia and the United Arab Emirates holds about a third of the world’s proven oil reserves."
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Ruble hits record low against US dollar, euro | Russia Beyond The Headlines
Ruble hits record low against US dollar, euro | Russia Beyond The Headlines:
"The Central Bank of Russia will quote the U.S. dollar at 44.3993 rubles/$1 on November 6, 5.81 percent up from the previous exchange rate.
The Central Bank will quote the euro at 55.6234 rubles/EUR1, 5.50 percent up from the previous exchange rate, the bank's Foreign and Public Relations Department told Interfax."
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"The Central Bank of Russia will quote the U.S. dollar at 44.3993 rubles/$1 on November 6, 5.81 percent up from the previous exchange rate.
The Central Bank will quote the euro at 55.6234 rubles/EUR1, 5.50 percent up from the previous exchange rate, the bank's Foreign and Public Relations Department told Interfax."
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Naftogaz makes first payment of $1.45 billion to foot Gazprom's gas bill | Russia Beyond The Headlines
Naftogaz makes first payment of $1.45 billion to foot Gazprom's gas bill | Russia Beyond The Headlines:
"Naftogaz has made the first payment of $1.45 billion to foot the gas bill of Gazprom.
"Naftogaz has transferred $1.45 billion to Gazprom to pay for the delivered but hitherto unpaid gas supplies," the company press service reported on Tuesday evening.
Consistent with the Brussels deal, Naftogaz will pay a total of $3.1 billion for 11.5 billion cubic meters of gas delivered by Gazprom in November-December 2013 and April-June 2014."
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"Naftogaz has made the first payment of $1.45 billion to foot the gas bill of Gazprom.
"Naftogaz has transferred $1.45 billion to Gazprom to pay for the delivered but hitherto unpaid gas supplies," the company press service reported on Tuesday evening.
Consistent with the Brussels deal, Naftogaz will pay a total of $3.1 billion for 11.5 billion cubic meters of gas delivered by Gazprom in November-December 2013 and April-June 2014."
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Billionaire Sawiris Plans Egypt Spending After Tax Court Win - Bloomberg
Billionaire Sawiris Plans Egypt Spending After Tax Court Win - Bloomberg:
"Billionaire Nassef Sawiris’s OCI (OCI) NV is boosting investment in Egypt after the company was told it no longer has to pay billions of pounds as part of a tax settlement.
The Dutch company’s unit Orascom Construction Industries is partnering with Abu Dhabi-based International Petroleum Investment Co. to build a coal-fired power plant on the Red Sea, subject to technical studies and government and corporate approvals, OCI said in an e-mailed statement today. The Egyptian court yesterday overturned a 7 billion-pound ($979 million) tax settlement Orascom Construction reached in April of last year with the government.
“Our appetite now has increased 10-fold,” Sawiris said in a phone interview from New York yesterday. The ruling is “an annulment of the extortion tax claim by the Muslim Brotherhood government” and “closes the final chapter of the entire saga and we can focus on investment opportunities and creating value,” he said."
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"Billionaire Nassef Sawiris’s OCI (OCI) NV is boosting investment in Egypt after the company was told it no longer has to pay billions of pounds as part of a tax settlement.
The Dutch company’s unit Orascom Construction Industries is partnering with Abu Dhabi-based International Petroleum Investment Co. to build a coal-fired power plant on the Red Sea, subject to technical studies and government and corporate approvals, OCI said in an e-mailed statement today. The Egyptian court yesterday overturned a 7 billion-pound ($979 million) tax settlement Orascom Construction reached in April of last year with the government.
“Our appetite now has increased 10-fold,” Sawiris said in a phone interview from New York yesterday. The ruling is “an annulment of the extortion tax claim by the Muslim Brotherhood government” and “closes the final chapter of the entire saga and we can focus on investment opportunities and creating value,” he said."
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RBS Said to Weigh Sale of Mideast Loans Amid CEO Review - Bloomberg
RBS Said to Weigh Sale of Mideast Loans Amid CEO Review - Bloomberg:
"Royal Bank of Scotland Group Plc, the U.K.’s largest taxpayer-owned bank, is weighing the sale of its Middle East corporate-loan book as it review its international business, two people with knowledge of the matter said.
The bank is working with PricewaterhouseCoopers on the sale and has already contacted potential buyers, the people said, asking not to be identified as the information is private.
RBS chief executive officer Ross McEwan, 57, has been cutting back investment-banking operations and focusing on domestic customers to reverse six straight years of losses. The bank said in August that it’s considering selling the international arm of its Coutts private bank to focus on wealthy U.K. clients."
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"Royal Bank of Scotland Group Plc, the U.K.’s largest taxpayer-owned bank, is weighing the sale of its Middle East corporate-loan book as it review its international business, two people with knowledge of the matter said.
The bank is working with PricewaterhouseCoopers on the sale and has already contacted potential buyers, the people said, asking not to be identified as the information is private.
RBS chief executive officer Ross McEwan, 57, has been cutting back investment-banking operations and focusing on domestic customers to reverse six straight years of losses. The bank said in August that it’s considering selling the international arm of its Coutts private bank to focus on wealthy U.K. clients."
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Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg
Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg:
"Dubai’s stocks fell the most among global markets as Brent extended losses and Saudi shares slid following the death of two security personnel who were killed in nationwide arrest raids after an attack in the oil-rich east.
The benchmark DFM General Index (DFMGI) slumped 3.3 percent, the most since Oct. 16, to 4,398.00 as of 1:49 p.m. local time. That’s the steepest drop among 93 gauges tracked by Bloomberg worldwide so far today. Saudi Arabia’s Tadawul All Share Index, the Arab world’s largest bourse, decreased 2.9 percent to the lowest since April, taking a two-day decline to 6.3 percent.
Brent crude sank to $82.05 a barrel, the lowest level since October 2010. Global oil prices slid into a bear market last month on bets the biggest OPEC producers were discounting their crude to maintain market share. Saudi Arabia deepened the selloff as its state-owned producer lowered the cost of oil to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council is home to about a third of the world’s proven oil reserves."
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"Dubai’s stocks fell the most among global markets as Brent extended losses and Saudi shares slid following the death of two security personnel who were killed in nationwide arrest raids after an attack in the oil-rich east.
The benchmark DFM General Index (DFMGI) slumped 3.3 percent, the most since Oct. 16, to 4,398.00 as of 1:49 p.m. local time. That’s the steepest drop among 93 gauges tracked by Bloomberg worldwide so far today. Saudi Arabia’s Tadawul All Share Index, the Arab world’s largest bourse, decreased 2.9 percent to the lowest since April, taking a two-day decline to 6.3 percent.
Brent crude sank to $82.05 a barrel, the lowest level since October 2010. Global oil prices slid into a bear market last month on bets the biggest OPEC producers were discounting their crude to maintain market share. Saudi Arabia deepened the selloff as its state-owned producer lowered the cost of oil to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council is home to about a third of the world’s proven oil reserves."
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Dubai Property Firms Rise From Ashes - WSJ - WSJ
Dubai Property Firms Rise From Ashes - WSJ - WSJ:
"Five years after collapsing, Dubai’s strengthening real-estate industry is getting a vote of confidence from investors in the emirate’s stock market.
In September, Dubai’s flagship developer Emaar Properties spun off its malls business in a $1.6 billion initial public offering that enjoyed strong demand from investors. The IPO of Emaar Malls—whose main asset is Dubai Mall, one of the largest shopping centers in the world—marked the biggest share sale in the United Arab Emirates since 2007.
Shares of the company are trading about 10% above their offering price. Dubai’s benchmark index has fallen roughly 7% since Oct. 2, the day Emaar Malls started trading."
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"Five years after collapsing, Dubai’s strengthening real-estate industry is getting a vote of confidence from investors in the emirate’s stock market.
In September, Dubai’s flagship developer Emaar Properties spun off its malls business in a $1.6 billion initial public offering that enjoyed strong demand from investors. The IPO of Emaar Malls—whose main asset is Dubai Mall, one of the largest shopping centers in the world—marked the biggest share sale in the United Arab Emirates since 2007.
Shares of the company are trading about 10% above their offering price. Dubai’s benchmark index has fallen roughly 7% since Oct. 2, the day Emaar Malls started trading."
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