UPDATE 1-MIDEAST STOCKS-Gulf markets neutral to negative in slow trade | Reuters:
"Most Gulf stock markets moved little in early trade on Wednesday in the absence of fresh catalysts or cues from the oil market, where prices have at least temporarily stabilised.
Brent crude inched up 0.1 percent on Wednesday morning, supported by strengthening European manufacturing data, while U.S. oil edged down 0.3 percent on an inventory build-up.
Dubai's stock index fell 1.3 percent in low-volume trade which focused on real estate developer Emaar Properties , down 2.6 percent. But Dubai Parks and Resorts bucked the trend and jumped 2.2 percent."
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Wednesday, 25 March 2015
DIFC Courts expected to unfreeze assets of Dubai businessman following Djibouti dispute | The National
DIFC Courts expected to unfreeze assets of Dubai businessman following Djibouti dispute | The National:
"The London High Court has lifted a worldwide freezing order on the assets of the Dubai-based businessman Abdourahman Boreh, paving the way for his Dubai holdings to be formally unfrozen within weeks.
It is the latest development in a series of bitter disputes between the government of Djibouti and Mr Boreh, formerly chairman of the East African state’s port and free zone authority.
Justice Flaux said that he had been “materially misled” when granting the worldwide freezing order against Mr Boreh, the former head of Djibouti’s port and free zone authority in September 2013, and that the freeze should be lifted immediately."
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"The London High Court has lifted a worldwide freezing order on the assets of the Dubai-based businessman Abdourahman Boreh, paving the way for his Dubai holdings to be formally unfrozen within weeks.
It is the latest development in a series of bitter disputes between the government of Djibouti and Mr Boreh, formerly chairman of the East African state’s port and free zone authority.
Justice Flaux said that he had been “materially misled” when granting the worldwide freezing order against Mr Boreh, the former head of Djibouti’s port and free zone authority in September 2013, and that the freeze should be lifted immediately."
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Swiss International Airlines joins group alleging Gulf carriers’ unfair competition | The National
Swiss International Airlines joins group alleging Gulf carriers’ unfair competition | The National:
"Swiss International Airlines has joined the growing number of US and European carriers who have alleged that Arabian Gulf rivals have used unfair business practices to become major global players.
In a statement to The National, Swiss International said it believes that access to liberalised markets, such as Europe, should be “contingent to adhering to fair competition rules”.
“All competitors should live up to the principle of equal and fair opportunity. Distortive practices such as subsidies harm liberal markets and competition,” i said."
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"Swiss International Airlines has joined the growing number of US and European carriers who have alleged that Arabian Gulf rivals have used unfair business practices to become major global players.
In a statement to The National, Swiss International said it believes that access to liberalised markets, such as Europe, should be “contingent to adhering to fair competition rules”.
“All competitors should live up to the principle of equal and fair opportunity. Distortive practices such as subsidies harm liberal markets and competition,” i said."
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Q&A: Iran nuclear talks - FT.com
Q&A: Iran nuclear talks - FT.com:
"The Iran nuclear talks are an international diplomatic effort to permanently restrict Tehran’s ability to build a nuclear weapon in return for an end to the crippling sanctions that have brought the country’s economy to its knees. On the one side are the so-called P5+1 — the five permanent members of the UN Security Council plus Germany; the EU is also represented. On the other side is Iran.
Weren’t these talks supposed to finish last year?
Yes. The talks began in November 2013, when Iran and the P5+1 signed a landmark temporary accord that froze the Iranian nuclear programme, made some timid first steps to rewinding it and granted limited economic relief. The main achievement of the compact, however, was to set up a negotiating framework of six months, after which the P5+1 was supposed to have agreed a full, and permanent binding contract to the satisfaction of all sides. The six months expired in July 2014. It was extended a further four months, but in November, that also ended. Diplomats felt they had made sufficient progress to grant themselves another extension."
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"The Iran nuclear talks are an international diplomatic effort to permanently restrict Tehran’s ability to build a nuclear weapon in return for an end to the crippling sanctions that have brought the country’s economy to its knees. On the one side are the so-called P5+1 — the five permanent members of the UN Security Council plus Germany; the EU is also represented. On the other side is Iran.
Weren’t these talks supposed to finish last year?
Yes. The talks began in November 2013, when Iran and the P5+1 signed a landmark temporary accord that froze the Iranian nuclear programme, made some timid first steps to rewinding it and granted limited economic relief. The main achievement of the compact, however, was to set up a negotiating framework of six months, after which the P5+1 was supposed to have agreed a full, and permanent binding contract to the satisfaction of all sides. The six months expired in July 2014. It was extended a further four months, but in November, that also ended. Diplomats felt they had made sufficient progress to grant themselves another extension."
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MIDEAST STOCKS-Land tax plan shakes up Saudi market; ruler's return boosts Oman | Markets | Reuters
MIDEAST STOCKS-Land tax plan shakes up Saudi market; ruler's return boosts Oman | Markets | Reuters:
"A sell-off in the property sector slowed Saudi Arabia's advance on Tuesday after the government approved a plan to tax undeveloped land, while Oman rallied because of the return of Sultan Qaboos after lengthy medical treatment abroad.
The main Saudi index inched up 0.1 percent as food maker Savola Group extended its rebound, jumping 2.9 percent.
Another major support was Saudi Cement Co, which rose 2.5 percent. Major builder Abdullah Abdul Mohsin al-Khodari and Sons jumped 2.8 percent and modular building producer Red Sea Housing Services rose 3.7 percent after the Riyadh government took a major step towards implementing its stalled housing programme."
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"A sell-off in the property sector slowed Saudi Arabia's advance on Tuesday after the government approved a plan to tax undeveloped land, while Oman rallied because of the return of Sultan Qaboos after lengthy medical treatment abroad.
The main Saudi index inched up 0.1 percent as food maker Savola Group extended its rebound, jumping 2.9 percent.
Another major support was Saudi Cement Co, which rose 2.5 percent. Major builder Abdullah Abdul Mohsin al-Khodari and Sons jumped 2.8 percent and modular building producer Red Sea Housing Services rose 3.7 percent after the Riyadh government took a major step towards implementing its stalled housing programme."
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