Future of ‘Turkish Stream’ depends on EU: Turkish minister - ENERGY:
"The future of the Turkish Stream, a gas pipeline project to carry Russian gas, depends on interest shown by the European Union, according to EU Minister Volkan Bozkır.
“Turkish Stream will be composed of three pipelines. One will only be used for Turkey’s internal needs, but the fate of the other two will depend on the interest of the EU,” he said about the project, which will transport the gas through Thrace.
Speaking to Anadolu Agency at the Energy Security Summit in Budapest on April 7, Bozkır said natural gas would be the top energy issue of the future."
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Wednesday, 8 April 2015
Russian GDP to Start Growing at the End of 2015 - Minister / Sputnik International
Russian GDP to Start Growing at the End of 2015 - Minister / Sputnik International:
"Russia’s economic recession will come to an end in the third quarter of this year and the gross domestic product (GDP) will begin growing in the fourth quarter of the current year or beginning of 2016, Russian Economic Development Minister Alexei Ulyukayev said Wednesday.
“We believe the recession will most likely continue for no more than three quarters, and beginning from the fourth quarter of this year or the first quarter of 2016, we will gradually move into a positive pace of economic growth and by the end of 2016 we expect a growth of two-three percent for 2016 [while still] not under the best conditions for our companies and sanctions,” Ulyukayev said during a parliament session.
In March, the Russian Central Bank said that the country’s economy will falter until the first quarter of 2016, before beginning a slow recovery."
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"Russia’s economic recession will come to an end in the third quarter of this year and the gross domestic product (GDP) will begin growing in the fourth quarter of the current year or beginning of 2016, Russian Economic Development Minister Alexei Ulyukayev said Wednesday.
“We believe the recession will most likely continue for no more than three quarters, and beginning from the fourth quarter of this year or the first quarter of 2016, we will gradually move into a positive pace of economic growth and by the end of 2016 we expect a growth of two-three percent for 2016 [while still] not under the best conditions for our companies and sanctions,” Ulyukayev said during a parliament session.
In March, the Russian Central Bank said that the country’s economy will falter until the first quarter of 2016, before beginning a slow recovery."
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MIDEAST STOCKS-Saudi rally continues, upgrade fails to boost Egypt - Yahoo News
MIDEAST STOCKS-Saudi rally continues, upgrade fails to boost Egypt - Yahoo News:
"Saudi Arabia's stock market continued rebounding early on Wednesday because of firmer oil prices, but an upgrade of Egypt's debt by rating agency Moody's failed to boost that bourse.
Brent crude has risen sharply in the past two days and although it has pulled back slightly on Wednesday morning, it is still above $58 a barrel, about $1 above its levels when Gulf stock markets were open on Tuesday.
The Saudi stock index climbed 0.6 percent in the opening minutes of trade. Real estate stocks, which began recovering this week from a sell-off caused by a plan to tax undeveloped land, rose further; Dar Al Arkan, the most heavily traded stock, added 0.9 percent."
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"Saudi Arabia's stock market continued rebounding early on Wednesday because of firmer oil prices, but an upgrade of Egypt's debt by rating agency Moody's failed to boost that bourse.
Brent crude has risen sharply in the past two days and although it has pulled back slightly on Wednesday morning, it is still above $58 a barrel, about $1 above its levels when Gulf stock markets were open on Tuesday.
The Saudi stock index climbed 0.6 percent in the opening minutes of trade. Real estate stocks, which began recovering this week from a sell-off caused by a plan to tax undeveloped land, rose further; Dar Al Arkan, the most heavily traded stock, added 0.9 percent."
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Oil crisis casts shadow over Gulf banks |GulfNews.com
Oil crisis casts shadow over Gulf banks |GulfNews.com:
"Lower oil prices are set to end a run of bumper earnings for banks in the Gulf, one of a number of headwinds as lenders report first quarter results.
While the steep fall in oil prices is a concern to banks, a more immediate impact may be felt from retail banking rules, bad loan worries and property sector weakness.
Lower oil revenues have yet to lead to a significant drying up of liquidity. Banks remain exposed if oil prices remain under pressure in the medium-term as deposits from the government, quasi-government bodies and national oil companies provide around 10 per cent to 35 per cent of their non-equity funding, according to Moody’s Investors Service."
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"Lower oil prices are set to end a run of bumper earnings for banks in the Gulf, one of a number of headwinds as lenders report first quarter results.
While the steep fall in oil prices is a concern to banks, a more immediate impact may be felt from retail banking rules, bad loan worries and property sector weakness.
Lower oil revenues have yet to lead to a significant drying up of liquidity. Banks remain exposed if oil prices remain under pressure in the medium-term as deposits from the government, quasi-government bodies and national oil companies provide around 10 per cent to 35 per cent of their non-equity funding, according to Moody’s Investors Service."
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Saudi King Takes on Cozy Landowners to Thaw Homebuilding Freeze - Bloomberg Business
Saudi King Takes on Cozy Landowners to Thaw Homebuilding Freeze - Bloomberg Business:
"Saudi Arabia’s new monarch isn’t afraid of riling the rich and powerful to get his subjects into homes they can afford.
One of King Salman’s first policy decisions after taking power in January was to approve a tax on millions of acres of so-called white land: development plots in cities that lie empty for years because the owners have no incentive to build on them. The move breaks the kingdom’s taboo on property taxation and puts pressure on landowners and developers who until now have been content to own and trade empty land like a commodity.
“It’s a bold decision that will ruffle some feathers,” Ramzi Darwish, a consultant with Cluttons LLC, said in an interview in Dubai. “The majority of landowners are royals and powerful trading families and this will push them to either develop the plots or sell.”"
'via Blog this'
"Saudi Arabia’s new monarch isn’t afraid of riling the rich and powerful to get his subjects into homes they can afford.
One of King Salman’s first policy decisions after taking power in January was to approve a tax on millions of acres of so-called white land: development plots in cities that lie empty for years because the owners have no incentive to build on them. The move breaks the kingdom’s taboo on property taxation and puts pressure on landowners and developers who until now have been content to own and trade empty land like a commodity.
“It’s a bold decision that will ruffle some feathers,” Ramzi Darwish, a consultant with Cluttons LLC, said in an interview in Dubai. “The majority of landowners are royals and powerful trading families and this will push them to either develop the plots or sell.”"
'via Blog this'
Qatar LNG Exports Shrink From Record as Australia, U.S. Expand - Bloomberg Business
Qatar LNG Exports Shrink From Record as Australia, U.S. Expand - Bloomberg Business:
"Qatar, the world’s biggest producer of liquefied natural gas, cut exports of the fuel for the first time since at least 2006 as Australia and the U.S. prepare to erode the Middle Eastern nation’s dominant position.
Qatari volumes dropped 2.1 percent from a year earlier in 2014 after at least eight years of gains, the International Group of Liquefied Natural Gas Importers said in its annual report to be published Wednesday. The nation’s share of global LNG imports shrank to 31.9 percent from a peak of 32.9 percent in 2013, according to the data from the Paris-based lobby group known as GIIGNL.
“The industry is waiting for the wave of new exports from the U.S. and from Australia, who will likely top the producers’ list by 2020,” Domenico Dispenza, GIIGNL president, said in the report. “The dominant market share and role of Middle East producers will diminish.”"
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"Qatar, the world’s biggest producer of liquefied natural gas, cut exports of the fuel for the first time since at least 2006 as Australia and the U.S. prepare to erode the Middle Eastern nation’s dominant position.
Qatari volumes dropped 2.1 percent from a year earlier in 2014 after at least eight years of gains, the International Group of Liquefied Natural Gas Importers said in its annual report to be published Wednesday. The nation’s share of global LNG imports shrank to 31.9 percent from a peak of 32.9 percent in 2013, according to the data from the Paris-based lobby group known as GIIGNL.
“The industry is waiting for the wave of new exports from the U.S. and from Australia, who will likely top the producers’ list by 2020,” Domenico Dispenza, GIIGNL president, said in the report. “The dominant market share and role of Middle East producers will diminish.”"
'via Blog this'
UPDATE 1-MIDEAST STOCKS-Gulf markets edge up in early trade | Reuters
UPDATE 1-MIDEAST STOCKS-Gulf markets edge up in early trade | Reuters:
"Gulf stock markets edged up in quiet, early trade on Wednesday, encouraged by a sharp rebound of oil prices over the past two days and signs of strength returning to the Saudi bourse.
The Dubai index inched up 0.1 percent with trade focusing on small-caps such as Union Properties, up 2.7 percent.
Gulf Finance House, which jumped 8.6 percent on Tuesday in its heaviest trade since January 2014, after a 15 percent leap on Monday, fell back 1.2 percent."
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"Gulf stock markets edged up in quiet, early trade on Wednesday, encouraged by a sharp rebound of oil prices over the past two days and signs of strength returning to the Saudi bourse.
The Dubai index inched up 0.1 percent with trade focusing on small-caps such as Union Properties, up 2.7 percent.
Gulf Finance House, which jumped 8.6 percent on Tuesday in its heaviest trade since January 2014, after a 15 percent leap on Monday, fell back 1.2 percent."
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Charlemagne teams up with Tehran group to offer Iran fund - FT.com
Charlemagne teams up with Tehran group to offer Iran fund - FT.com:
"UK investors are preparing to re-enter Iran as the prospective nuclear agreement between the west and Tehran, announced last week, begins to bear fruit.
On Tuesday, Charlemagne Capital, a UK asset manager focused on emerging markets, and Turquoise Partners, a Tehran-based investment group, announced plans to offer international investors exposure to Iranian equities in a deal that is likely to be one of many more over the coming weeks and months.
Dominic Bokor-Ingram, a portfolio adviser at Charlemagne, said: “I doubt you will be able to get a seat on a flight to Tehran in the next week or two as business people will be flocking to the Iranian capital. The nuclear deal will open the floodgates to international investment in Iran.”"
'via Blog this'
"UK investors are preparing to re-enter Iran as the prospective nuclear agreement between the west and Tehran, announced last week, begins to bear fruit.
On Tuesday, Charlemagne Capital, a UK asset manager focused on emerging markets, and Turquoise Partners, a Tehran-based investment group, announced plans to offer international investors exposure to Iranian equities in a deal that is likely to be one of many more over the coming weeks and months.
Dominic Bokor-Ingram, a portfolio adviser at Charlemagne, said: “I doubt you will be able to get a seat on a flight to Tehran in the next week or two as business people will be flocking to the Iranian capital. The nuclear deal will open the floodgates to international investment in Iran.”"
'via Blog this'
Royal Dutch Shell to Buy BG Group for Nearly $70 Billion - NYTimes.com
Royal Dutch Shell to Buy BG Group for Nearly $70 Billion - NYTimes.com:
"Royal Dutch Shell said on Wednesday that it had agreed to buy the BG Group for nearly $70 billion.
Shell said that it would pay for the acquisition with a mix of cash and stock. The price is a 50 percent premium to BG’s closing share price on Tuesday, Shell said.
BG, which was once part of British Gas, is a major player in liquefied natural gas, a fuel whose use is growing fast, although prices have slumped recently. Shell has invested heavily in the L.N.G. business."
'via Blog this'
"Royal Dutch Shell said on Wednesday that it had agreed to buy the BG Group for nearly $70 billion.
Shell said that it would pay for the acquisition with a mix of cash and stock. The price is a 50 percent premium to BG’s closing share price on Tuesday, Shell said.
BG, which was once part of British Gas, is a major player in liquefied natural gas, a fuel whose use is growing fast, although prices have slumped recently. Shell has invested heavily in the L.N.G. business."
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