VoxUkraine: Aviation rules bad for Ukraine:
"This month’s announcement by Wizz Air that the airline may consider leaving Ukrainian market is deeply disturbing, primarily because the carrier named the new government regulations on designation of Ukrainian carriers to international markets as the main reason for this possible action.
The new regulations provide the smoking gun that shows that the new Ukrainian government is not committed to conducting economic and institutional reforms and putting Ukraine on the path of sustainable development. "
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Saturday, 29 November 2014
Abu Dhabi investments fuel banking recovery in Egypt | The National
Abu Dhabi investments fuel banking recovery in Egypt | The National:
"Investments by Abu Dhabi companies in Egypt are feeding a revival in the country’s corporate banking industry.
After years of sluggish growth in the sector, the outlook now is for aggressive growth, says the Middle East’s biggest investment bank.
“This is going to have an impact, not on the investment banking side, but the commercial banking a lot more,” said Karim Awad, the chief executive at EFG Hermes Holding.
"
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"Investments by Abu Dhabi companies in Egypt are feeding a revival in the country’s corporate banking industry.
After years of sluggish growth in the sector, the outlook now is for aggressive growth, says the Middle East’s biggest investment bank.
“This is going to have an impact, not on the investment banking side, but the commercial banking a lot more,” said Karim Awad, the chief executive at EFG Hermes Holding.
"
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Dubai as a global finance hub to help fuel its ambitions | GulfNews.com
Dubai as a global finance hub to help fuel its ambitions | GulfNews.com:
"Dubai as a global financial centre would help its ambition to grow and make available all the finances for itself and regionally, a senior official at the CFA Institute told Gulf News.
Dubai, Qatar have been climbing up the ranks as the global financial centre arena competing with other centres like London, New York.
“There is an intense competition. Dubai of course is well ahead. It will become even more difficult to stand out as a financial centre for global players. Dubai is already doing so much, which is positive, in terms of infrastructure to become a leading financial centre. But there are more things to be done,” said Nitin Mehta, managing director EMEA.
"
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"Dubai as a global financial centre would help its ambition to grow and make available all the finances for itself and regionally, a senior official at the CFA Institute told Gulf News.
Dubai, Qatar have been climbing up the ranks as the global financial centre arena competing with other centres like London, New York.
“There is an intense competition. Dubai of course is well ahead. It will become even more difficult to stand out as a financial centre for global players. Dubai is already doing so much, which is positive, in terms of infrastructure to become a leading financial centre. But there are more things to be done,” said Nitin Mehta, managing director EMEA.
"
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Arch to Take Complete Ownership of Gulf Re After Losses in Dubai - Bloomberg
Arch to Take Complete Ownership of Gulf Re After Losses in Dubai - Bloomberg:
"Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations.
Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms.
Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. The ratings firm said yesterday that the Dubai-based business will probably post a loss of $20 million to $30 million this year, which would push capital and surplus below the $200 million figure from when the reinsurer was founded."
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"Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations.
Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms.
Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. The ratings firm said yesterday that the Dubai-based business will probably post a loss of $20 million to $30 million this year, which would push capital and surplus below the $200 million figure from when the reinsurer was founded."
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Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg:
"
OPEC’s decision not to try and eliminate an oil-supply glut means the biggest crash in six years won’t stop until prices reach $60 a barrel, according to firms including Nomura Holdings Inc. and Deutsche Bank AG.
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
"
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg:
"
OPEC’s decision not to try and eliminate an oil-supply glut means the biggest crash in six years won’t stop until prices reach $60 a barrel, according to firms including Nomura Holdings Inc. and Deutsche Bank AG.
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
"
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg:
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and oil’s accelerating price crash, OAO Rosneft (ROSN) has lost 38 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $50 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and oil’s accelerating price crash, OAO Rosneft (ROSN) has lost 38 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $50 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
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