Heathrow airport overtaken by Dubai as world’s busiest | UK news | The Guardian:
"Heathrow has lost its crown as the busiest airport in the world for international passenger traffic. The oil-rich Gulf city of Dubai has knocked London off the top spot, figures from the Airports Council International show.
A total of 68.9 million passengers had passed through Dubai International compared with 67.8 million at Heathrow as of December 22, despite a late slowdown in traffic with one important destination, trouble-hit Russia.
The rise in passenger numbers at Dubai this year came despite only a single runway being usable for 80 days because of a refurbishment scheme, which caused a temporary decline in flights."
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Wednesday, 31 December 2014
EM portfolio flows suffer sharpest slump since “taper tantrum” | beyondbrics
EM portfolio flows suffer sharpest slump since “taper tantrum” | beyondbrics:
"Portfolio flows into emerging markets (EM) suffered their sharpest slump in December since the 2013 “taper tantrum” as the Russian currency crisis and sliding oil prices intensified risk aversion among both equity and debt investors, according to estimates by the Institute of International Finance (IIF), a global association of financial institutions.
The IIF’s EM Portfolio Flows Tracker, released on Tuesday, estimated total outflows from EM at $11.5bn during the month, with flows out of debt accounting for $7.8bn and flows out of equities reaching $3.7bn. The only EM area to register net inflows was emerging Asia, following foreign buying of Indian bonds and equity issuance throughout the region (see chart).
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"Portfolio flows into emerging markets (EM) suffered their sharpest slump in December since the 2013 “taper tantrum” as the Russian currency crisis and sliding oil prices intensified risk aversion among both equity and debt investors, according to estimates by the Institute of International Finance (IIF), a global association of financial institutions.
The IIF’s EM Portfolio Flows Tracker, released on Tuesday, estimated total outflows from EM at $11.5bn during the month, with flows out of debt accounting for $7.8bn and flows out of equities reaching $3.7bn. The only EM area to register net inflows was emerging Asia, following foreign buying of Indian bonds and equity issuance throughout the region (see chart).
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MIDEAST STOCKS-Background remains bleak for Gulf markets | Reuters
MIDEAST STOCKS-Background remains bleak for Gulf markets | Reuters:
"Gulf stock markets may consolidate with a weak tone on Wednesday after sharp drops in the previous session as weak oil, poor Chinese manufacturing data and the holiday lull dampen investor sentiment.
Brent crude oil is edging down towards $57.0 a barrel on Wednesday after China's factory sector shrank for the first time in seven months in December.
Oil's drop to a new 5-1/2-year low on Tuesday prompted a fresh sell-off on Gulf bourses. Saudi Arabia's main stock index tumbled 4.2 percent and Dubai lost 5.4 percent."
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"Gulf stock markets may consolidate with a weak tone on Wednesday after sharp drops in the previous session as weak oil, poor Chinese manufacturing data and the holiday lull dampen investor sentiment.
Brent crude oil is edging down towards $57.0 a barrel on Wednesday after China's factory sector shrank for the first time in seven months in December.
Oil's drop to a new 5-1/2-year low on Tuesday prompted a fresh sell-off on Gulf bourses. Saudi Arabia's main stock index tumbled 4.2 percent and Dubai lost 5.4 percent."
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UAE markets tumble as regulator halts four prominent investors | The National
UAE markets tumble as regulator halts four prominent investors | The National:
"The UAE’s stock markets fell on Tuesday as oil prices continued to drop and the federal market regulator halted four prominent investors from trading on the country’s stock exchanges.
The Dubai Financial Market General Index fell 5.4 per cent to 3,752.79, while the Abu Dhabi Securities Market General Index lost 2.18 per cent to 4,444.03. The Dubai Index was the worst performer on Tuesday among more than 90 indexes tracked globally by Bloomberg.
The Dubai measure has lost 13 per cent of its value this month, while the Abu Dhabi market has shed 5 per cent. The panic selling started in mid-November as the rapid decline in oil prices triggered concerns over economic growth in the UAE."
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"The UAE’s stock markets fell on Tuesday as oil prices continued to drop and the federal market regulator halted four prominent investors from trading on the country’s stock exchanges.
The Dubai Financial Market General Index fell 5.4 per cent to 3,752.79, while the Abu Dhabi Securities Market General Index lost 2.18 per cent to 4,444.03. The Dubai Index was the worst performer on Tuesday among more than 90 indexes tracked globally by Bloomberg.
The Dubai measure has lost 13 per cent of its value this month, while the Abu Dhabi market has shed 5 per cent. The panic selling started in mid-November as the rapid decline in oil prices triggered concerns over economic growth in the UAE."
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Where to buy property in Dubai as prices start to fall | The National
Where to buy property in Dubai as prices start to fall | The National:
"I see the sales prices on apartments in Dubai are falling now. Are they going to continue to fall? We are thinking of purchasing something as a starter home. I have been looking around several different neighbourhoods including Motor City, JVC, Sports City and even had a look at Remraam. Remraam seems very affordable, though the apartments are quite small. What is your opinion on this community? Are there other places I should also consider looking? AM, Dubai
All the areas you have mentioned are up and coming - especially JVC, Sports City and Remraam. Looking especially at Remraam, the one thing I can say is that at present there is little around in terms of amenities and facilities as this area is still very much developing. Having said that, this is the reason why the prices are cheaper. There is a lot of developing going on near/around the Umm Sequiem Road and ultimately, this in time, will be a thriving location as it is designed to cater for families and young professionals especially with the likes of Akoya, Arabian Ranches 2, Mudon and Sustainable City etc all under construction.
The real question is, if you can afford a bit more, then perhaps choosing more established areas such as Motor City or some parts of JVC and Sports City might be a better option. If you can handle living n or near a building site, then you can reap the future rewards of capital appreciation if you stick with Remraam."
'via Blog this'
"I see the sales prices on apartments in Dubai are falling now. Are they going to continue to fall? We are thinking of purchasing something as a starter home. I have been looking around several different neighbourhoods including Motor City, JVC, Sports City and even had a look at Remraam. Remraam seems very affordable, though the apartments are quite small. What is your opinion on this community? Are there other places I should also consider looking? AM, Dubai
All the areas you have mentioned are up and coming - especially JVC, Sports City and Remraam. Looking especially at Remraam, the one thing I can say is that at present there is little around in terms of amenities and facilities as this area is still very much developing. Having said that, this is the reason why the prices are cheaper. There is a lot of developing going on near/around the Umm Sequiem Road and ultimately, this in time, will be a thriving location as it is designed to cater for families and young professionals especially with the likes of Akoya, Arabian Ranches 2, Mudon and Sustainable City etc all under construction.
The real question is, if you can afford a bit more, then perhaps choosing more established areas such as Motor City or some parts of JVC and Sports City might be a better option. If you can handle living n or near a building site, then you can reap the future rewards of capital appreciation if you stick with Remraam."
'via Blog this'
Saudi Tadawul plunges as King Abdullah is hospitalised | The National
Saudi Tadawul plunges as King Abdullah is hospitalised | The National:
"The Saudi Tadawul index fell more than 5 per cent in midday trading today after the Saudi Arabia’s ruler, King Abdullah bin Abdulaziz was admitted to hospital for medical checks.
King Abdullah was admitted to the King Abdulaziz Medical City of National Guard in Riyadh, Saudi’s press agency said, citing a royal statement.
The Tadawul index fell to 8,042.23, 5.03 per cent below its opening, at 1.33pm UAE time, before rallying slightly."
'via Blog this'
"The Saudi Tadawul index fell more than 5 per cent in midday trading today after the Saudi Arabia’s ruler, King Abdullah bin Abdulaziz was admitted to hospital for medical checks.
King Abdullah was admitted to the King Abdulaziz Medical City of National Guard in Riyadh, Saudi’s press agency said, citing a royal statement.
The Tadawul index fell to 8,042.23, 5.03 per cent below its opening, at 1.33pm UAE time, before rallying slightly."
'via Blog this'
Ukraine Bonds Slide as Budget Fails to Ease Financing Concerns - Bloomberg
Ukraine Bonds Slide as Budget Fails to Ease Financing Concerns - Bloomberg:
"Ukrainian bonds slid the most in three weeks after approval of the 2015 budget failed to temper concern the financial crisis that’s dragged the country into a recession will worsen.
The price on the government’s dollar-denominated note maturing July 2017 dropped 4.6 cents, the most since since Dec. 10, to 60.03 cents on the dollar by 5:28 p.m. in Kiev. The yield on the notes rose 3.8 percentage points to 33.75 percent, approaching the record 34.17 percent close from Dec. 16. The hryvnia appreciated 0.2 percent to 15.7960 against the dollar, trimming its world-beating loss this year to 48 percent.
While the approval of next year’s budget yesterday marks a step toward unlocking future tranches of the International Monetary Fund-led $17 billion loan, Ukraine’s ability to ward off a default was curtailed as foreign-currency reserves halved in 2014 to $9.97 billion. The country’s economy is forecast to shrink 7.5 percent this year amid the conflict with eastern separatists and Russia’s takeover of Crimea."
'via Blog this'
"Ukrainian bonds slid the most in three weeks after approval of the 2015 budget failed to temper concern the financial crisis that’s dragged the country into a recession will worsen.
The price on the government’s dollar-denominated note maturing July 2017 dropped 4.6 cents, the most since since Dec. 10, to 60.03 cents on the dollar by 5:28 p.m. in Kiev. The yield on the notes rose 3.8 percentage points to 33.75 percent, approaching the record 34.17 percent close from Dec. 16. The hryvnia appreciated 0.2 percent to 15.7960 against the dollar, trimming its world-beating loss this year to 48 percent.
While the approval of next year’s budget yesterday marks a step toward unlocking future tranches of the International Monetary Fund-led $17 billion loan, Ukraine’s ability to ward off a default was curtailed as foreign-currency reserves halved in 2014 to $9.97 billion. The country’s economy is forecast to shrink 7.5 percent this year amid the conflict with eastern separatists and Russia’s takeover of Crimea."
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Russian ADRs Gain With Ruble as Stock Valuations Drop - Bloomberg
Russian ADRs Gain With Ruble as Stock Valuations Drop - Bloomberg:
"Russian stocks rose in New York, trimming a December retreat that has pushed their valuation to the lowest level since 2008, as the ruble gained.
A Bloomberg index of the most-traded American depositary receipts of Russian companies added 1.2 percent. The gauge, which trades at 4.4 times projected earnings for the next 12 months, has lost 24 percent this month and is on track for the worst annual slide in six years. The Market Vectors Russia ETF (RSX), the biggest exchange-traded fund tracking Russian equities, advanced 6.4 percent. The ruble, headed for its worst year since its 1998 default, strengthened 4.2 percent.
Tuesday’s gains for stocks and the currency follow declines that have been fueled by a bear market in oil, the nation’s biggest export, and sanctions over the Ukraine conflict that have pushed Russia’s economy toward recession. The ruble has lost 41 percent in 2014, the most in the world after the Ukrainian hryvnia, while the Micex Index in Moscow posted the first decline in three years.
"
'via Blog this'
"Russian stocks rose in New York, trimming a December retreat that has pushed their valuation to the lowest level since 2008, as the ruble gained.
A Bloomberg index of the most-traded American depositary receipts of Russian companies added 1.2 percent. The gauge, which trades at 4.4 times projected earnings for the next 12 months, has lost 24 percent this month and is on track for the worst annual slide in six years. The Market Vectors Russia ETF (RSX), the biggest exchange-traded fund tracking Russian equities, advanced 6.4 percent. The ruble, headed for its worst year since its 1998 default, strengthened 4.2 percent.
Tuesday’s gains for stocks and the currency follow declines that have been fueled by a bear market in oil, the nation’s biggest export, and sanctions over the Ukraine conflict that have pushed Russia’s economy toward recession. The ruble has lost 41 percent in 2014, the most in the world after the Ukrainian hryvnia, while the Micex Index in Moscow posted the first decline in three years.
"
'via Blog this'
Hedge Funds Surrender to Oil Rout as Bullish Bets Drop - Bloomberg
Hedge Funds Surrender to Oil Rout as Bullish Bets Drop - Bloomberg:
"Hedge funds finally pulled back from bets on higher oil prices as the market faces its worst year since 2008.
Speculators reduced their net-long position in West Texas Intermediate crude for the first time in four weeks, cutting their holdings by 5 percent in the week ended Dec. 23, Commodity Futures Trading Commission data showed yesterday. Long wagers dropped the most since August.
Prices have tumbled to the lowest level in more than five years as U.S. output climbed and the Organization of Petroleum Exporting Countries refused to make production cuts. The International Energy Agency and U.S. Energy Information Administration cut their estimates of 2015 global fuel consumption this month amid expectations for slower economic growth outside the U.S."
'via Blog this'
"Hedge funds finally pulled back from bets on higher oil prices as the market faces its worst year since 2008.
Speculators reduced their net-long position in West Texas Intermediate crude for the first time in four weeks, cutting their holdings by 5 percent in the week ended Dec. 23, Commodity Futures Trading Commission data showed yesterday. Long wagers dropped the most since August.
Prices have tumbled to the lowest level in more than five years as U.S. output climbed and the Organization of Petroleum Exporting Countries refused to make production cuts. The International Energy Agency and U.S. Energy Information Administration cut their estimates of 2015 global fuel consumption this month amid expectations for slower economic growth outside the U.S."
'via Blog this'
Kellogg Set to Win Egypt’s Bisco Misr Bid as Abraaj Opts Out - Bloomberg
Kellogg Set to Win Egypt’s Bisco Misr Bid as Abraaj Opts Out - Bloomberg:
"Buyout firm Abraaj Group said it withdrew from bidding for Bisco Misr after U.S. rival Kellogg Co. (K) submitted a higher offer for the Egyptian biscuit maker.
The U.S. food producer offered 89.86 Egyptian pounds a share for Bisco Misr on Dec. 24, the same day that Abraaj had offered 88.09 pounds a share. Kellogg’s offer values Bisco Misr at 1.03 billion pounds ($144 million).
The private equity firm’s decision ends a two-month takeover battle in which the offer price has increased about 22 percent from Abraaj’s initial bid of 73.91 a share in November. Bisco, which earlier turned down offers from Juhayna Food Industries and Saudi Arabia’s Halwani Bros., owns three factories, where it produces biscuit Luxe and a variety of cakes and wafers."
'via Blog this'
"Buyout firm Abraaj Group said it withdrew from bidding for Bisco Misr after U.S. rival Kellogg Co. (K) submitted a higher offer for the Egyptian biscuit maker.
The U.S. food producer offered 89.86 Egyptian pounds a share for Bisco Misr on Dec. 24, the same day that Abraaj had offered 88.09 pounds a share. Kellogg’s offer values Bisco Misr at 1.03 billion pounds ($144 million).
The private equity firm’s decision ends a two-month takeover battle in which the offer price has increased about 22 percent from Abraaj’s initial bid of 73.91 a share in November. Bisco, which earlier turned down offers from Juhayna Food Industries and Saudi Arabia’s Halwani Bros., owns three factories, where it produces biscuit Luxe and a variety of cakes and wafers."
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UPDATE 2-MIDEAST STOCKS-Gulf markets mixed in thin trade; Kuwait's Boubyan rises | Reuters
UPDATE 2-MIDEAST STOCKS-Gulf markets mixed in thin trade; Kuwait's Boubyan rises | Reuters:
"Gulf stock markets were mixed in low-volume trade around midday on Wednesday after tumbling in the previous session when oil prices hit fresh 5-1/2-year lows.
Brent crude was just above $57 per barrel as Gulf bourses opened, roughly the same level that prevailed during Gulf trading hours on Tuesday.
Saudi Arabia's index fell 1.7 percent, dragged down by heavyweight banks and petrochemicals. National Commercial Bank , the kingdom's biggest lender, fell 0.9 percent and Saudi Basic Industries lost 1.5 percent."
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"Gulf stock markets were mixed in low-volume trade around midday on Wednesday after tumbling in the previous session when oil prices hit fresh 5-1/2-year lows.
Brent crude was just above $57 per barrel as Gulf bourses opened, roughly the same level that prevailed during Gulf trading hours on Tuesday.
Saudi Arabia's index fell 1.7 percent, dragged down by heavyweight banks and petrochemicals. National Commercial Bank , the kingdom's biggest lender, fell 0.9 percent and Saudi Basic Industries lost 1.5 percent."
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