Borse Dubai rules out Nasdaq OMX Group stake sale | Reuters:
"Borse Dubai [BRSDB.UL] ruled out any sale of its shares in Nasdaq OMX Group (NDAQ.O) on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE.L) (LSE).
The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 pounds a share.
This would equate to a total sale worth 1.36 billion pounds, according to Reuters calculations. Shares in LSE fell sharply as a result, down 10 percent to 22.83 pounds by 9:10 a.m."
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Friday, 27 March 2015
Guest post: South Korea deepens business ties in the Middle East | beyondbrics
Guest post: South Korea deepens business ties in the Middle East | beyondbrics:
"Over the last half century, the Middle East has been a cornerstone in South Korea’s rapid economic development, or what has become known as the ‘miracle on the Han river’ – a reference to the waterway that carves its way through Seoul.
Korean expertise in fields such as transportation, construction and technology can help the Middle East accelerate towards a future beyond oil. The relationship has deep historical roots.
Entrepreneurial Arab merchants first traded on the Korean peninsula in the seventh century. Returning westwards, these merchants spread the name ‘Korea’ to Europeans, who had difficulty with the pronounciation of the Goryeo dynasty, which ruled modern day Korea from 918 to 1392."
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"Over the last half century, the Middle East has been a cornerstone in South Korea’s rapid economic development, or what has become known as the ‘miracle on the Han river’ – a reference to the waterway that carves its way through Seoul.
Korean expertise in fields such as transportation, construction and technology can help the Middle East accelerate towards a future beyond oil. The relationship has deep historical roots.
Entrepreneurial Arab merchants first traded on the Korean peninsula in the seventh century. Returning westwards, these merchants spread the name ‘Korea’ to Europeans, who had difficulty with the pronounciation of the Goryeo dynasty, which ruled modern day Korea from 918 to 1392."
'via Blog this'
Ukraine: An oligarch brought to heel - FT.com
Ukraine: An oligarch brought to heel - FT.com:
"As Moscow annexed Crimea a year ago and pro-Russian separatists started seizing control of town halls across eastern Ukraine, Kiev came up with the novel idea of appointing Ukraine’s richest men as regional governors, in a bid to stop the unrest spreading to the heart of the country. Igor Kolomoisky was the first to sign up.
It was, the billionaire said, a way for the oligarchs “to atone for their guilt before the people by serving the state”.
The policy bore fruit. As governor of Dnipropetrovsk region, Mr Kolomoisky held the line against the Moscow-backed insurgents who now rule large swaths of the east. His financial support for volunteer battalions was critical in blocking the rebels’ advance."
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"As Moscow annexed Crimea a year ago and pro-Russian separatists started seizing control of town halls across eastern Ukraine, Kiev came up with the novel idea of appointing Ukraine’s richest men as regional governors, in a bid to stop the unrest spreading to the heart of the country. Igor Kolomoisky was the first to sign up.
It was, the billionaire said, a way for the oligarchs “to atone for their guilt before the people by serving the state”.
The policy bore fruit. As governor of Dnipropetrovsk region, Mr Kolomoisky held the line against the Moscow-backed insurgents who now rule large swaths of the east. His financial support for volunteer battalions was critical in blocking the rebels’ advance."
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RBS Sells Coutts International to UBP in Latest Swiss Exit - Bloomberg Business
RBS Sells Coutts International to UBP in Latest Swiss Exit - Bloomberg Business:
"Royal Bank of Scotland Group Plc agreed to sell its Coutts International private bank to Switzerland’s Union Bancaire Privee, becoming the latest foreign bank to retreat from the Swiss wealth market.
The price of the transaction was not disclosed by RBS, the biggest U.K. state-owned bank, nor UBP and may depend on how many client assets are transferred. The sale includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong and assets under management of about 32 billion Swiss francs ($33 billion), RBS said on Friday.
RBS joins lenders such as Bank of America Corp., Morgan Stanley and Lloyds Banking Group Plc in exiting Switzerland, the world’s biggest offshore financial center, over the past three years. Banks are selling their businesses amid low profitability and international scrutiny of the industry."
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"Royal Bank of Scotland Group Plc agreed to sell its Coutts International private bank to Switzerland’s Union Bancaire Privee, becoming the latest foreign bank to retreat from the Swiss wealth market.
The price of the transaction was not disclosed by RBS, the biggest U.K. state-owned bank, nor UBP and may depend on how many client assets are transferred. The sale includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong and assets under management of about 32 billion Swiss francs ($33 billion), RBS said on Friday.
RBS joins lenders such as Bank of America Corp., Morgan Stanley and Lloyds Banking Group Plc in exiting Switzerland, the world’s biggest offshore financial center, over the past three years. Banks are selling their businesses amid low profitability and international scrutiny of the industry."
'via Blog this'
Oil prices fall more than $1 as supply threat eases | Reuters
Oil prices fall more than $1 as supply threat eases | Reuters:
"Oil prices fell more than $1 on Friday, after sharp gains in the prior session, as worries of a disruption to supplies due to Saudi Arabia-led air strikes in Yemen eased.
Goldman Sachs said the strikes in Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination.
Brent LCOc1 was down $1 at $58.19 a barrel at 0817 GMT, after touching $57.93 earlier. U.S. crude CLc1 was down 96 cents at $50.47 a barrel, after hitting $50.25 earlier."
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"Oil prices fell more than $1 on Friday, after sharp gains in the prior session, as worries of a disruption to supplies due to Saudi Arabia-led air strikes in Yemen eased.
Goldman Sachs said the strikes in Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination.
Brent LCOc1 was down $1 at $58.19 a barrel at 0817 GMT, after touching $57.93 earlier. U.S. crude CLc1 was down 96 cents at $50.47 a barrel, after hitting $50.25 earlier."
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