France and Belgium freeze Russian state assets over Yukos case - FT.com:
"Russia said its lawyers were studying French and Belgian moves to freeze state assets in an attempt to enforce a $50bn damages award to controlling shareholders of the bankrupt Yukos oil company.
News of the freezes on Thursday caused a stir as political and business leaders gathered for the annual St Petersburg economic forum. Russian authorities are seeking to woo foreign investment at the economic showcase event despite international sanctions against the country over Ukraine.
Four main shareholders of Yukos were awarded $50bn damages against Russia in July by an arbitration panel in The Hague — by far the biggest compensation award in an arbitration case."
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Friday 19 June 2015
Qatar’s sovereign wealth fund looks to diversify in Asia and US - FT.com
Qatar’s sovereign wealth fund looks to diversify in Asia and US - FT.com:
"Qatar’s $256bn sovereign wealth fund has unveiled a new investment strategy which will see it make investments in Asia and the US as it looks to diversify its asset base, according to people familiar with the matter.
The Qatar Investment Authority new strategy follows a review carried out by chief executive, Sheikh Abdullah bin Mohamed bin Saud Al Thani, who was appointed last December.
In a presentation to staff made in the past few weeks, the fund said it would focus on Asia and the US to complement its strong base in European real estate and blue-chips, the people said."
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"Qatar’s $256bn sovereign wealth fund has unveiled a new investment strategy which will see it make investments in Asia and the US as it looks to diversify its asset base, according to people familiar with the matter.
The Qatar Investment Authority new strategy follows a review carried out by chief executive, Sheikh Abdullah bin Mohamed bin Saud Al Thani, who was appointed last December.
In a presentation to staff made in the past few weeks, the fund said it would focus on Asia and the US to complement its strong base in European real estate and blue-chips, the people said."
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Russia turns to Arab states for financing | The National
Russia turns to Arab states for financing | The National:
"Russia is looking to its Middle Eastern neighbours to help it recover from sanctions – and is finding Arab states eager to scale up economic ties.
A host of Arab ministers showed up to the St Petersburg International Economic Forum on Thursday, indicating that even as sanctions bite the Russian president Vladimir Putin is still able to draw friendly Arab governments to visit.
While Russia’s deputy industry and trade minister Viktor Evtukhov said no significant governmental representatives from the European Union attended the event, he emphasised that Middle East states had sent “everyone”, including “top-level representatives and mid-level representatives”. Arab ministers were keen to pitch for Russian business and to stress their political support for the country. Mounir Abdel Nour, the Egyptian minister of industry, trade and investment, who attended the conference, said: “Russia is a reliable partner – unlike many other countries.”"
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"Russia is looking to its Middle Eastern neighbours to help it recover from sanctions – and is finding Arab states eager to scale up economic ties.
A host of Arab ministers showed up to the St Petersburg International Economic Forum on Thursday, indicating that even as sanctions bite the Russian president Vladimir Putin is still able to draw friendly Arab governments to visit.
While Russia’s deputy industry and trade minister Viktor Evtukhov said no significant governmental representatives from the European Union attended the event, he emphasised that Middle East states had sent “everyone”, including “top-level representatives and mid-level representatives”. Arab ministers were keen to pitch for Russian business and to stress their political support for the country. Mounir Abdel Nour, the Egyptian minister of industry, trade and investment, who attended the conference, said: “Russia is a reliable partner – unlike many other countries.”"
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Dragon Oil’s largest minority shareholder rejects Enoc offer | The National
Dragon Oil’s largest minority shareholder rejects Enoc offer | The National:
"The largest minority shareholder in Dragon Oil rejected the latest offer from Emirates National Oil Company, which is attempting for the second time in six years to buy the Dublin-listed company outright.
Baillie Gifford, a fund manager based in Edinburgh, Scotland which owns just over 7 per cent of Dragon Oil, said that Enoc’s latest offer “materially undervalues” Dragon Oil, which it argues has the potential to double production at its main asset – the Cheleken oilfield in Turkmenistan – over the next 10 years.
If it were to achieve that rate, Baillie Gifford argued, “this would represent one of the fastest production growth rates of any listed oil company in the world”. Enoc on Monday raised its offer for the third time in three months, offering 750 pence a share to buy the 46 per cent of Dragon Oil that it does not already own. That would value the entire company at about £3.7 billion (Dh21.62bn) and was up from an offer of 735 pence in May and an initial offer of 650 pence in early March, when the shares were trading at 509 pence.In trading yesterday, Dragon shares were at 723.50 pence, not far off their 52-week high of 728 pence apiece. Baillie Gifford successfully rallied investors in 2009 to block an earlier bid by Enoc to buy out Dragon Oil."
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"The largest minority shareholder in Dragon Oil rejected the latest offer from Emirates National Oil Company, which is attempting for the second time in six years to buy the Dublin-listed company outright.
Baillie Gifford, a fund manager based in Edinburgh, Scotland which owns just over 7 per cent of Dragon Oil, said that Enoc’s latest offer “materially undervalues” Dragon Oil, which it argues has the potential to double production at its main asset – the Cheleken oilfield in Turkmenistan – over the next 10 years.
If it were to achieve that rate, Baillie Gifford argued, “this would represent one of the fastest production growth rates of any listed oil company in the world”. Enoc on Monday raised its offer for the third time in three months, offering 750 pence a share to buy the 46 per cent of Dragon Oil that it does not already own. That would value the entire company at about £3.7 billion (Dh21.62bn) and was up from an offer of 735 pence in May and an initial offer of 650 pence in early March, when the shares were trading at 509 pence.In trading yesterday, Dragon shares were at 723.50 pence, not far off their 52-week high of 728 pence apiece. Baillie Gifford successfully rallied investors in 2009 to block an earlier bid by Enoc to buy out Dragon Oil."
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CFAs Dominant in Abu Dhabi as Wealth Funds Trump Banks - Bloomberg Business
CFAs Dominant in Abu Dhabi as Wealth Funds Trump Banks - Bloomberg Business:
"Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirate’s wealth is managed.
The Abu Dhabi Investment Authority employs about 130 CFAs, a person with knowledge of the matter said, asking not to be identified as the information is private. Abu Dhabi Investment Company has at least 51. That makes them the two largest employers of CFAs in the region, according to rankings provided by the Charlottesville, Virginia-based CFA Institute.
The concentration of CFAs in Abu Dhabi speaks to the power of an array of sovereign funds in the city charged with investing hundreds of billions of the nation’s oil-generated riches. ADIA trails only Norway as the world’s largest sovereign wealth fund and still relies on outside managers for most of its investments. Other funds, such as Aabar Investments PJSC and Mubadala Development Co., are better known for taking direct stakes in companies such as Glencore Plc."
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"Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirate’s wealth is managed.
The Abu Dhabi Investment Authority employs about 130 CFAs, a person with knowledge of the matter said, asking not to be identified as the information is private. Abu Dhabi Investment Company has at least 51. That makes them the two largest employers of CFAs in the region, according to rankings provided by the Charlottesville, Virginia-based CFA Institute.
The concentration of CFAs in Abu Dhabi speaks to the power of an array of sovereign funds in the city charged with investing hundreds of billions of the nation’s oil-generated riches. ADIA trails only Norway as the world’s largest sovereign wealth fund and still relies on outside managers for most of its investments. Other funds, such as Aabar Investments PJSC and Mubadala Development Co., are better known for taking direct stakes in companies such as Glencore Plc."
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Despite obstacles, chances grow for final Iran nuclear deal | Reuters
Despite obstacles, chances grow for final Iran nuclear deal | Reuters:
"Iran is trying to avoid detailed commitments. The French are sticking to their tough line. And U.S. President Barack Obama faces a battle to sell any deal to a skeptical Congress.
Despite those and other obstacles, negotiators appear increasingly likely to clinch an historic deal to restrict Iran's nuclear program for at least a decade in exchange for relief from sanctions, Western and Iranian officials said.
U.S. officials, including Obama, have long said they see at best a 50-50 chance of getting a deal with Iran."
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"Iran is trying to avoid detailed commitments. The French are sticking to their tough line. And U.S. President Barack Obama faces a battle to sell any deal to a skeptical Congress.
Despite those and other obstacles, negotiators appear increasingly likely to clinch an historic deal to restrict Iran's nuclear program for at least a decade in exchange for relief from sanctions, Western and Iranian officials said.
U.S. officials, including Obama, have long said they see at best a 50-50 chance of getting a deal with Iran."
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