Ukrainian hryvnia in free fall after Central Bank scraps currency support — RT Business:
"The hryvnia lost 34 percent against the US dollar after the head of the central bank signaled it can no longer support the currency with regular interventions and will allow greater fluctuations. The hyrvnia hit a historic low of 24.5 per 1 USD.
“Get used to market volatility," National Bank of Ukraine (NBU) Governor Valery Gontareva told reporters in Kiev on Thursday."
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Thursday, 5 February 2015
BBC News - Global debts rise $57tn since crash
BBC News - Global debts rise $57tn since crash:
"After the explosion of borrowing in the boom years that led to the great crash and recession of 2007-08, most governments - especially those of rich developed countries - said they would embark on policies that would lead to greater saving, debt reduction and what's known as deleveraging.
They implied they would encourage prudence, so that the sum of household, business and government debt would fall.
So what has actually happened to global debt?"
'via Blog this'
"After the explosion of borrowing in the boom years that led to the great crash and recession of 2007-08, most governments - especially those of rich developed countries - said they would embark on policies that would lead to greater saving, debt reduction and what's known as deleveraging.
They implied they would encourage prudence, so that the sum of household, business and government debt would fall.
So what has actually happened to global debt?"
'via Blog this'
UPDATE 1-MIDEAST STOCKS-Galf markets edge down as oil drops | Reuters
UPDATE 1-MIDEAST STOCKS-Galf markets edge down as oil drops | Reuters:
"Gulf stock markets edged down in early trade on Thursday after oil prices extended their losses, showing that the commodity remains very volatile.
Brent crude gave up small early gains and dropped 1.6 percent, trading below $54 per dollar. It had plunged 5.5 percent in the previous session.
Dubai's stock index fell 1.1 percent as almost all traded shares declined and heavyweight developer Emaar Properties dropped 2.7 percent."
'via Blog this'
"Gulf stock markets edged down in early trade on Thursday after oil prices extended their losses, showing that the commodity remains very volatile.
Brent crude gave up small early gains and dropped 1.6 percent, trading below $54 per dollar. It had plunged 5.5 percent in the previous session.
Dubai's stock index fell 1.1 percent as almost all traded shares declined and heavyweight developer Emaar Properties dropped 2.7 percent."
'via Blog this'
Gulf countries to invest in Egypt sovereign fund - FT.com
Gulf countries to invest in Egypt sovereign fund - FT.com:
"Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo.
Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in Sharm el-Sheikh next month.
The official, who would not confirm the sums involved, said the “sovereign fund . . . would invest in renewable energy, infrastructure projects and job creation schemes” in Egypt. He added: “It will also fund projects in health and education. There is a lot of attention to the social dimension of the economic reform process”."
'via Blog this'
"Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo.
Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in Sharm el-Sheikh next month.
The official, who would not confirm the sums involved, said the “sovereign fund . . . would invest in renewable energy, infrastructure projects and job creation schemes” in Egypt. He added: “It will also fund projects in health and education. There is a lot of attention to the social dimension of the economic reform process”."
'via Blog this'
Gulf Capital considers IPO after raising Dh850 million in debt to fuel growth | The National
Gulf Capital considers IPO after raising Dh850 million in debt to fuel growth | The National:
"Gulf Capital, the Abu Dhabi-based alternative asset management firm, has raised Dh850 million of debt to help fund growth, but is still considering an initial public offering when market conditions allow.
The firm announced the syndicated revolving facility arranged by two local banks, Abu Dhabi Commercial Bank and FGB, which leaves it “extremely well funded”, according to the chief executive Karim El Solh.
But he said: “An IPO is still something we are considering for the future. When markets come back, we’re still interested in doing an equity capital markets deal.”"
'via Blog this'
"Gulf Capital, the Abu Dhabi-based alternative asset management firm, has raised Dh850 million of debt to help fund growth, but is still considering an initial public offering when market conditions allow.
The firm announced the syndicated revolving facility arranged by two local banks, Abu Dhabi Commercial Bank and FGB, which leaves it “extremely well funded”, according to the chief executive Karim El Solh.
But he said: “An IPO is still something we are considering for the future. When markets come back, we’re still interested in doing an equity capital markets deal.”"
'via Blog this'
What Saudi Arabia should say about its oil | The National
What Saudi Arabia should say about its oil | The National:
"Saudi oil policy has generally been constructive in recent years. In 2007 and again in 2011, the Saudis rushed to add production when the market found itself short. And during the Great Recession, Opec cut production to support oil prices in the face of collapsing demand.
With the recent collapse of oil prices, however, the Saudi mission has become much harder. As a strategic matter, the Saudis were correct in allowing oil prices to fall without a production cut. Nevertheless, the pressure on the kingdom has been unrelenting, and the western press has pilloried the Saudis – and in particular Ali Al Naimi, the country’s oil minister since 1995 – as mean, heartless and inflexible.
One senses these criticisms sting the Saudis. They value their reputation as a responsible member of the oil community and take their role of Opec patriarch to heart. Consequently, the Saudis find it hard to say no."
'via Blog this'
"Saudi oil policy has generally been constructive in recent years. In 2007 and again in 2011, the Saudis rushed to add production when the market found itself short. And during the Great Recession, Opec cut production to support oil prices in the face of collapsing demand.
With the recent collapse of oil prices, however, the Saudi mission has become much harder. As a strategic matter, the Saudis were correct in allowing oil prices to fall without a production cut. Nevertheless, the pressure on the kingdom has been unrelenting, and the western press has pilloried the Saudis – and in particular Ali Al Naimi, the country’s oil minister since 1995 – as mean, heartless and inflexible.
One senses these criticisms sting the Saudis. They value their reputation as a responsible member of the oil community and take their role of Opec patriarch to heart. Consequently, the Saudis find it hard to say no."
'via Blog this'
Foreign exodus from Russia gathers pace - FT.com
Foreign exodus from Russia gathers pace - FT.com:
"Foreigners are leaving Russia in unprecedented numbers in a sign of how the political stand-off with the west and economic crisis are deepening the country’s international isolation.
Excluding people who fled to Russia to escape the war in eastern Ukraine, there were 417,000 fewer foreigners in the country last month than a year ago, a drop of 4.7 per cent, according to Russian government figures.
The numbers from several western countries have plummeted by as much as a third, reflecting Moscow’s estrangement from Europe and the US as a result of the conflict in Ukraine."
'via Blog this'
"Foreigners are leaving Russia in unprecedented numbers in a sign of how the political stand-off with the west and economic crisis are deepening the country’s international isolation.
Excluding people who fled to Russia to escape the war in eastern Ukraine, there were 417,000 fewer foreigners in the country last month than a year ago, a drop of 4.7 per cent, according to Russian government figures.
The numbers from several western countries have plummeted by as much as a third, reflecting Moscow’s estrangement from Europe and the US as a result of the conflict in Ukraine."
'via Blog this'
Murdoch loses Saudi ally at News Corp - FT.com
Murdoch loses Saudi ally at News Corp - FT.com:
"Rupert Murdoch has lost an important News Corp ally after Prince Alwaleed bin Talal sold most of his stake, a move that could embolden dissident shareholders to challenge Mr Murdoch’s grip on the media company.
Kingdom Holding Company, Prince Alwaleed’s investment vehicle, sold about SR705m ($188m) of B shares in the media company, cutting its stake from 6.6 per cent to 1 per cent. It said it had decided to reduce its stake during a portfolio review, but gave no further explanation.
Kingdom has consistently supported Mr Murdoch, backing him during the phone-hacking scandal and in shareholder votes that have challenged News Corp’s dual class structure, which has for decades secured the Murdoch family’s control."
'via Blog this'
"Rupert Murdoch has lost an important News Corp ally after Prince Alwaleed bin Talal sold most of his stake, a move that could embolden dissident shareholders to challenge Mr Murdoch’s grip on the media company.
Kingdom Holding Company, Prince Alwaleed’s investment vehicle, sold about SR705m ($188m) of B shares in the media company, cutting its stake from 6.6 per cent to 1 per cent. It said it had decided to reduce its stake during a portfolio review, but gave no further explanation.
Kingdom has consistently supported Mr Murdoch, backing him during the phone-hacking scandal and in shareholder votes that have challenged News Corp’s dual class structure, which has for decades secured the Murdoch family’s control."
'via Blog this'
Wizz Air Returns With IPO Plan as Lower Oil Boosts Prospects - Bloomberg Business
Wizz Air Returns With IPO Plan as Lower Oil Boosts Prospects - Bloomberg Business:
"Wizz Air Ltd., eastern Europe’s biggest budget carrier, said it will pursue an initial public offering in London spurred by cheap oil and a more upbeat outlook, seven months after scrapping initial plans for a sale.
Wizz aims to list in early March and raise 150 million euros ($172 million), or 75 percent of last year’s target. Proceeds from the sale on the main market of the London Stock Exchange will strengthen the balance sheet and offer “strategic flexibility,” the Vecses, Hungary-based carrier said.
Wizz pulled the earlier IPO plan last June after Deutsche Lufthansa AG and Aer Lingus Group Plc cut earnings guidance and tension in the Middle East pushed up fuel prices. The backdrop is now more favorable, Chief Executive Officer Jozsef Varadi said, with a plunge in the cost of kerosene and strong results from discount peers EasyJet Plc and Ryanair Holdings Plc,"
'via Blog this'
"Wizz Air Ltd., eastern Europe’s biggest budget carrier, said it will pursue an initial public offering in London spurred by cheap oil and a more upbeat outlook, seven months after scrapping initial plans for a sale.
Wizz aims to list in early March and raise 150 million euros ($172 million), or 75 percent of last year’s target. Proceeds from the sale on the main market of the London Stock Exchange will strengthen the balance sheet and offer “strategic flexibility,” the Vecses, Hungary-based carrier said.
Wizz pulled the earlier IPO plan last June after Deutsche Lufthansa AG and Aer Lingus Group Plc cut earnings guidance and tension in the Middle East pushed up fuel prices. The backdrop is now more favorable, Chief Executive Officer Jozsef Varadi said, with a plunge in the cost of kerosene and strong results from discount peers EasyJet Plc and Ryanair Holdings Plc,"
'via Blog this'
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