Dubai passes first deficit-free budget since crisis - The Economic Times:
"Dubai announced Saturday adoption of a balanced budget for 2015, the first time there has been no shortfall since the global financial crisis.
Spending and revenues are both projected at 41 billion dirhams ($11.2 billion/9.3 billion euros), according to an official statement cited by the official WAM news agency.
Spending is set at 9.0 per cent higher, while revenues are projected to be up 11 per cent. "
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Saturday 3 January 2015
Funds positive on UAE, Egypt stocks in era of cheap oil | GulfNews.com
Funds positive on UAE, Egypt stocks in era of cheap oil | GulfNews.com:
"The United Arab Emirates and Egypt appear the most attractive among major Middle Eastern stock markets in an era of low oil prices, the latest Reuters survey of regional asset managers suggests.
The plunge of oil and equity prices over the last several months has stunned managers, and they may therefore invest their 2015 equity allocations to the region only gradually.
“I think the next three months will witness a wait-and-see approach by most fund managers, as they wait to see stability in the equity markets after the wild swings of December,” said Mohammad Ali Yasin, managing director at NBAD Securities."
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"The United Arab Emirates and Egypt appear the most attractive among major Middle Eastern stock markets in an era of low oil prices, the latest Reuters survey of regional asset managers suggests.
The plunge of oil and equity prices over the last several months has stunned managers, and they may therefore invest their 2015 equity allocations to the region only gradually.
“I think the next three months will witness a wait-and-see approach by most fund managers, as they wait to see stability in the equity markets after the wild swings of December,” said Mohammad Ali Yasin, managing director at NBAD Securities."
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Turkmenistan Devalues Currency 19% Amid Oil Plunge, Ruble Crisis - Bloomberg
Turkmenistan Devalues Currency 19% Amid Oil Plunge, Ruble Crisis - Bloomberg:
"Turkmenistan devalued its currency by 19 percent versus the dollar, the first depreciation in almost seven years, as slumping energy prices and the weaker Russian ruble pressure former Soviet states.
The country’s central bank weakened the manat to a 3.5 per dollar as of Jan. 1 from 2.85 previously, data on the Central Bank of Turkmenistan’s website show. That’s the first change in the currency peg since May 2008, according to data compiled by Bloomberg.
The depreciation comes as oil slid to the weakest level since May 2009 and natural gas tumbled to a four-month low in Europe, curtailing the earnings prospects for central Asian energy producers. Russia’s financial crisis, spurred by sanctions over the Ukraine conflict and Brent crude’s 48 percent drop last year, is raising speculation that countries including Turkmenistan’s northern neighbor Kazakhstan will need to devalue to keep exports competitive. The ruble weakened 41 percent versus the dollar in 2014."
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"Turkmenistan devalued its currency by 19 percent versus the dollar, the first depreciation in almost seven years, as slumping energy prices and the weaker Russian ruble pressure former Soviet states.
The country’s central bank weakened the manat to a 3.5 per dollar as of Jan. 1 from 2.85 previously, data on the Central Bank of Turkmenistan’s website show. That’s the first change in the currency peg since May 2008, according to data compiled by Bloomberg.
The depreciation comes as oil slid to the weakest level since May 2009 and natural gas tumbled to a four-month low in Europe, curtailing the earnings prospects for central Asian energy producers. Russia’s financial crisis, spurred by sanctions over the Ukraine conflict and Brent crude’s 48 percent drop last year, is raising speculation that countries including Turkmenistan’s northern neighbor Kazakhstan will need to devalue to keep exports competitive. The ruble weakened 41 percent versus the dollar in 2014."
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Oil Falls to 5 1/2-Year Low as Russia, Iraq Boost Output - Bloomberg
Oil Falls to 5 1/2-Year Low as Russia, Iraq Boost Output - Bloomberg:
"Oil dropped to the lowest in more than five and a half years amid growing supply from Russia and Iraq and signs of manufacturing weakness in Europe and China.
Futures capped a sixth weekly loss in New York and London. Oil output in Russia and Iraq surged to the highest levels in decades in December, according to data from both countries’ governments. Euro-area factory output expanded less than initially estimated in December. A manufacturing gauge in China, the world’s second-largest oil consumer, fell to the weakest level in 18 months, government data showed yesterday.
Prices slumped 46 percent in New York in 2014, the steepest drop in six years and second-worst since trading began in 1983, as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share. OPEC pumped above its quota for a seventh month in December even as U.S. output expanded to the highest in more than three decades, according to data compiled by Bloomberg."
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"Oil dropped to the lowest in more than five and a half years amid growing supply from Russia and Iraq and signs of manufacturing weakness in Europe and China.
Futures capped a sixth weekly loss in New York and London. Oil output in Russia and Iraq surged to the highest levels in decades in December, according to data from both countries’ governments. Euro-area factory output expanded less than initially estimated in December. A manufacturing gauge in China, the world’s second-largest oil consumer, fell to the weakest level in 18 months, government data showed yesterday.
Prices slumped 46 percent in New York in 2014, the steepest drop in six years and second-worst since trading began in 1983, as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share. OPEC pumped above its quota for a seventh month in December even as U.S. output expanded to the highest in more than three decades, according to data compiled by Bloomberg."
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