Russian Ruble Plunges as Oil Prices Hit Five-Year Low | News | The Moscow Times:
"The ruble fell more than 4 percent on Tuesday in thin, volatile holiday trading as oil prices hit a new 5-1/2-year low.
By 1:03 p.m., the ruble was down 4.5 percent against the dollar at 63.55 rubles and 3.9 percent weaker against the euro at 75.52.
Commentators said weak oil prices, which slumped yet again on expectations of a supply glut, would continue to weigh heavily on the Russian currency, making it extra vulnerable to sharp moves in thin trade."
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Tuesday 6 January 2015
Iran joins European gas race
Iran joins European gas race:
"Thaw in relations between the West and Iran gradually begins to bear fruit, and Azerbaijan can also obtain considerable dividends from it.
The recent sworn enemies are in talks now as well. The negotiations led by several European countries (France, UK, Germany, Italy) with the National Iranian Gas Company on the issue of cooperation in the construction of gas processing plants and gas pipelines both in the country and from Iran to Iraq, Turkey, Pakistan and other countries, are the striking example of that.
Considering the issue of cooperation in the construction of gas pipelines, the issue of supplies of Iranian gas to Europe also becomes relevant. The issue of gas supplies, which became a matter of urgency in the relations between Europe and Russia, is still open and needs to be addressed."
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"Thaw in relations between the West and Iran gradually begins to bear fruit, and Azerbaijan can also obtain considerable dividends from it.
The recent sworn enemies are in talks now as well. The negotiations led by several European countries (France, UK, Germany, Italy) with the National Iranian Gas Company on the issue of cooperation in the construction of gas processing plants and gas pipelines both in the country and from Iran to Iraq, Turkey, Pakistan and other countries, are the striking example of that.
Considering the issue of cooperation in the construction of gas pipelines, the issue of supplies of Iranian gas to Europe also becomes relevant. The issue of gas supplies, which became a matter of urgency in the relations between Europe and Russia, is still open and needs to be addressed."
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Panic selling on UAE stock markets after oil drops 5 per cent | The National
Panic selling on UAE stock markets after oil drops 5 per cent | The National:
"Abu Dhabi and Dubai shares were subject to a panic sell-off by retail investors this morning after oil plunged five per cent on Monday.
Most stocks were down between 5 and 6 per cent on the Abu Dhabi Securities Exchange and Dubai Financial Market after touching their maximum one day price drop at the opening bell.
“Oil dropped strongly yesterday, causing negative sentiment in international markets, and retail investors are reacting to that,” said Marwan Shurrab, fund manager at Dubai-based Vision Investments & Holdings."
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"Abu Dhabi and Dubai shares were subject to a panic sell-off by retail investors this morning after oil plunged five per cent on Monday.
Most stocks were down between 5 and 6 per cent on the Abu Dhabi Securities Exchange and Dubai Financial Market after touching their maximum one day price drop at the opening bell.
“Oil dropped strongly yesterday, causing negative sentiment in international markets, and retail investors are reacting to that,” said Marwan Shurrab, fund manager at Dubai-based Vision Investments & Holdings."
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Al Gosaibi family spat may test waters | The National
Al Gosaibi family spat may test waters | The National:
"Some observers see a long-running dispute involving two of Saudi Arabia’s leading business families, about 100 foreign banks and billions of dollars of debts as a test-case of the kingdom’s willingness to open up to foreign finance.
Since 2009, the Al Gosaibi trading family and the Saad Group have been locked in a corporate “frozen war” that has left global and Saudi banks out of pocket to the tune of more than $15bn. It has also led to accusations that the Saudi financial and legal system is loaded against foreigners in favour of domestic banks.
“The issue is simple,” says one executive involved in the dispute who does not wish to be identified. “Will Saudi financial institutions adhere to the spirit of their commercial and Sharia laws by taking part in meaningful talks to resolve this long-running situation, which risks the reputation of the entire Saudi financial system?”"
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"Some observers see a long-running dispute involving two of Saudi Arabia’s leading business families, about 100 foreign banks and billions of dollars of debts as a test-case of the kingdom’s willingness to open up to foreign finance.
Since 2009, the Al Gosaibi trading family and the Saad Group have been locked in a corporate “frozen war” that has left global and Saudi banks out of pocket to the tune of more than $15bn. It has also led to accusations that the Saudi financial and legal system is loaded against foreigners in favour of domestic banks.
“The issue is simple,” says one executive involved in the dispute who does not wish to be identified. “Will Saudi financial institutions adhere to the spirit of their commercial and Sharia laws by taking part in meaningful talks to resolve this long-running situation, which risks the reputation of the entire Saudi financial system?”"
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Air Arabia buys 49% stake in Jordan’s Petra Airlines | GulfNews.com
Air Arabia buys 49% stake in Jordan’s Petra Airlines | GulfNews.com:
"Air Arabia said on Monday it has bought a 49 per cent stake in Jordan’s Petra Airlines, in a sign that the Gulf airline industry is maturing as it moves towards consolidation.
The move will see Jordan’s budget carrier being relaunched as “Air Arabia Jordan”, and Sharjah’s Air Arabia opening a new international hub at Jordan’s Amman Queen Alia International Airport, marking its fifth hub globally. The operations are due to commence under the new identity in the first quarter of 2015, according to Air Arabia.
In the first equity acquisition by a budget carrier in the region, the deal will see the existing principal shareholder of Perta Airlines, RUM Group, maintaining a 51 per cent stake in the airline, Air Arabia stated."
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"Air Arabia said on Monday it has bought a 49 per cent stake in Jordan’s Petra Airlines, in a sign that the Gulf airline industry is maturing as it moves towards consolidation.
The move will see Jordan’s budget carrier being relaunched as “Air Arabia Jordan”, and Sharjah’s Air Arabia opening a new international hub at Jordan’s Amman Queen Alia International Airport, marking its fifth hub globally. The operations are due to commence under the new identity in the first quarter of 2015, according to Air Arabia.
In the first equity acquisition by a budget carrier in the region, the deal will see the existing principal shareholder of Perta Airlines, RUM Group, maintaining a 51 per cent stake in the airline, Air Arabia stated."
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Ukraine Bonds at 60 Cents Seen Signaling Risk of Default - Bloomberg
Ukraine Bonds at 60 Cents Seen Signaling Risk of Default - Bloomberg:
"Ukraine’s deepening recession and mounting debt burden have bondholders to Moody’s Investors Service weighing prospects for a sovereign default.
The country’s July 2017 notes are trading at about 60 cents on the dollar after a record monthly selloff in December, down from above par a year ago. Ukrainian debt lost 21 percent in 2014, the worst slump after Venezuela among 59 countries tracked by the Bloomberg USD Emerging Market Sovereign Bond Index. (BEMS)
Investors are fleeing as central bank Governor Valeriya Gontareva said on Dec. 30 that Ukraine is facing a “full-blown financial crisis” and that its economy probably shrank 7.5 percent in 2014 amid a collapse in the currency and the war with pro-Russian separatists in the country’s east. Bond prices are signaling expectations of delayed repayments and possible losses on principal, according to Lutz Roehmeyer at LBB Invest."
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"Ukraine’s deepening recession and mounting debt burden have bondholders to Moody’s Investors Service weighing prospects for a sovereign default.
The country’s July 2017 notes are trading at about 60 cents on the dollar after a record monthly selloff in December, down from above par a year ago. Ukrainian debt lost 21 percent in 2014, the worst slump after Venezuela among 59 countries tracked by the Bloomberg USD Emerging Market Sovereign Bond Index. (BEMS)
Investors are fleeing as central bank Governor Valeriya Gontareva said on Dec. 30 that Ukraine is facing a “full-blown financial crisis” and that its economy probably shrank 7.5 percent in 2014 amid a collapse in the currency and the war with pro-Russian separatists in the country’s east. Bond prices are signaling expectations of delayed repayments and possible losses on principal, according to Lutz Roehmeyer at LBB Invest."
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Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers - Bloomberg
Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers - Bloomberg:
"Saudi Arabia raised the cost of its oil sales to Asia in February, prompting speculation the world’s biggest exporter is retreating from using record price discounts to defend market share.
Saudi Arabian Oil Co. will sell its Arab Light grade for $1.40 a barrel less than a regional average next month, the company said yesterday in a statement. That’s a narrowing from January, when the discount was $2, the biggest in at least 14 years. It decreased 11 prices globally and increased six. Brent oil fell 5.9 percent yesterday.
Oil prices collapsed 32 percent since the Organization of Petroleum Exporting Countries decided to maintain its output target on Nov. 27, amid signs Saudi Arabia and other members are determined to let North American shale drillers and other producers share the burden of reducing an oversupply. When Aramco lowered prices for November it prompted speculation the nation was seeking to preserve market share."
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"Saudi Arabia raised the cost of its oil sales to Asia in February, prompting speculation the world’s biggest exporter is retreating from using record price discounts to defend market share.
Saudi Arabian Oil Co. will sell its Arab Light grade for $1.40 a barrel less than a regional average next month, the company said yesterday in a statement. That’s a narrowing from January, when the discount was $2, the biggest in at least 14 years. It decreased 11 prices globally and increased six. Brent oil fell 5.9 percent yesterday.
Oil prices collapsed 32 percent since the Organization of Petroleum Exporting Countries decided to maintain its output target on Nov. 27, amid signs Saudi Arabia and other members are determined to let North American shale drillers and other producers share the burden of reducing an oversupply. When Aramco lowered prices for November it prompted speculation the nation was seeking to preserve market share."
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