Brexit could force multibillion-pound projects to be scrapped, says NAO chief | Politics | The Guardian:
"Billions of pounds worth of public projects will have to be scrapped by Theresa May because of a “tidal wave” of pressures from an impending Brexit, the head of Whitehall’s official spending watchdog has said.
The comptroller and auditor general of the National Audit Office, Sir Amyas Morse, said the government would have to treat leaving the EU as an “emergency” and that government departments would be forced to decide which plans could be cancelled or suspended.
Major projects such as the Hinkley Point C nuclear plant, a third runway at Heathrow and the ambitious HS2 rail project would have to be reassessed as the government decides which can be done without, he told the Guardian. "
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Thursday, 21 July 2016
IMF calls for more UAE targeted spending amid slowing growth forecast | The National
IMF calls for more UAE targeted spending amid slowing growth forecast | The National:
"The IMF has confirmed its forecast for a sharp slowdown in economic growth in the UAE this year and called for further government spending cuts to deal with the adjustment to a lower oil revenue future.
The IMF executive board report, which is the culmination of its annual review of the UAE economy, confirmed its spring forecast for non-oil economy growth this year of 2.4 per cent, down from a lowered estimate for last year’s growth of 3.7 per cent.
"Economic activity is expected to moderate further in 2016, before improving over the medium term," said the report from the IMF’s 24-member board, which is chaired by its managing director Christine Lagarde."
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"The IMF has confirmed its forecast for a sharp slowdown in economic growth in the UAE this year and called for further government spending cuts to deal with the adjustment to a lower oil revenue future.
The IMF executive board report, which is the culmination of its annual review of the UAE economy, confirmed its spring forecast for non-oil economy growth this year of 2.4 per cent, down from a lowered estimate for last year’s growth of 3.7 per cent.
"Economic activity is expected to moderate further in 2016, before improving over the medium term," said the report from the IMF’s 24-member board, which is chaired by its managing director Christine Lagarde."
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Open goal in English football for Middle East investors | The National
Open goal in English football for Middle East investors | The National:
"The English national football team may have proved about as effective as a melted sorbet as they crashed out to a fiery Iceland in the Euros last month but with domestic game kicking off at club level again on August 6, the country is still a world champion.
And, since Sheikh Mansour bin Zayed bought Manchester City in 2008, the Middle East’s influence over club football, particularly the English Premier League (EPL), has grown.
There has been a boom in the region’s involvement with football such as major sponsorship deals by Etihad and Emirates airlines at City and its EPL rival Arsenal, respectively, to the Iranian steel and energy magnate Farhad Moshiri’s acquisition of a controlling stake in Everton, also an EPL member. In addition, Everton’s city rivals Liverpool are attracting a lot of interest from the Middle East and there are ongoing rumours that the Anfield hierarchy have been in advanced talks over a potential takeover."
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"The English national football team may have proved about as effective as a melted sorbet as they crashed out to a fiery Iceland in the Euros last month but with domestic game kicking off at club level again on August 6, the country is still a world champion.
And, since Sheikh Mansour bin Zayed bought Manchester City in 2008, the Middle East’s influence over club football, particularly the English Premier League (EPL), has grown.
There has been a boom in the region’s involvement with football such as major sponsorship deals by Etihad and Emirates airlines at City and its EPL rival Arsenal, respectively, to the Iranian steel and energy magnate Farhad Moshiri’s acquisition of a controlling stake in Everton, also an EPL member. In addition, Everton’s city rivals Liverpool are attracting a lot of interest from the Middle East and there are ongoing rumours that the Anfield hierarchy have been in advanced talks over a potential takeover."
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UAE tycoon Qubaisi named in billion-dollar U.S. suits | Reuters
UAE tycoon Qubaisi named in billion-dollar U.S. suits | Reuters:
"The rise and fall of Abu Dhabi tycoon Khadem al-Qubaisi, named this week in U.S. Justice Department lawsuits seeking to seize over $1 billion in assets, illustrates the unpredictability of an opaque Gulf business world fueled by huge sums of oil money.
In a few years, Qubaisi rose from obscurity to become one of the top executives in the United Arab Emirates by taking the helm of International Petroleum Investment Co (IPIC), a state-run company investing some of Abu Dhabi's petrodollars.
His fall was even faster. In April last year he was abruptly replaced as managing director of IPIC, and in subsequent months he resigned from a string of management positions and board memberships at other companies around the UAE and the region."
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"The rise and fall of Abu Dhabi tycoon Khadem al-Qubaisi, named this week in U.S. Justice Department lawsuits seeking to seize over $1 billion in assets, illustrates the unpredictability of an opaque Gulf business world fueled by huge sums of oil money.
In a few years, Qubaisi rose from obscurity to become one of the top executives in the United Arab Emirates by taking the helm of International Petroleum Investment Co (IPIC), a state-run company investing some of Abu Dhabi's petrodollars.
His fall was even faster. In April last year he was abruptly replaced as managing director of IPIC, and in subsequent months he resigned from a string of management positions and board memberships at other companies around the UAE and the region."
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MIDEAST STOCKS-Gulf falls on oil and earnings, Egypt hit by FX worries | Reuters
MIDEAST STOCKS-Gulf falls on oil and earnings, Egypt hit by FX worries | Reuters:
"Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's currency.
Dubai's index edged down 0.1 percent. Dubai Parks & Resorts surged 3.8 percent but real estate stocks were weak, with Deyaar Development dropping 1.1 percent after reporting a 17.8 percent fall in second-quarter net profit.
Blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam. It edged down 0.3 percent to 7.00 dirhams, failing to break major technical resistance on its October 2015 peak of 7.01 dirhams."
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"Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's currency.
Dubai's index edged down 0.1 percent. Dubai Parks & Resorts surged 3.8 percent but real estate stocks were weak, with Deyaar Development dropping 1.1 percent after reporting a 17.8 percent fall in second-quarter net profit.
Blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam. It edged down 0.3 percent to 7.00 dirhams, failing to break major technical resistance on its October 2015 peak of 7.01 dirhams."
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MIDEAST STOCKS-Markets flat to lower; Emaar loses steam in Dubai | Reuters
MIDEAST STOCKS-Markets flat to lower; Emaar loses steam in Dubai | Reuters:
"Gulf stock markets were flat to slightly softer in early trade on Thursday as blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam in Dubai.
Emaar edged down 0.1 percent to 7.00 dirhams, failing to break technical resistance on its October 2015 peak of 7.01 dirhams. A break would trigger a reverse head & shoulders pattern formed by the highs and lows since last August and pointing up in the long term to at least the April 2015 peak of 8.39 dirhams.
Dubai's stock index was flat. Second-tier real estate firm Deyaar Development dropped 0.7 percent after reporting a 17.8 percent fall in second-quarter net profit, though a few small, speculative stocks such as Al Salam Group Holding rose sharply."
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"Gulf stock markets were flat to slightly softer in early trade on Thursday as blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam in Dubai.
Emaar edged down 0.1 percent to 7.00 dirhams, failing to break technical resistance on its October 2015 peak of 7.01 dirhams. A break would trigger a reverse head & shoulders pattern formed by the highs and lows since last August and pointing up in the long term to at least the April 2015 peak of 8.39 dirhams.
Dubai's stock index was flat. Second-tier real estate firm Deyaar Development dropped 0.7 percent after reporting a 17.8 percent fall in second-quarter net profit, though a few small, speculative stocks such as Al Salam Group Holding rose sharply."
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Wolf of Wall Street film linked to money 'stolen from Malaysian fund', US claims | World news | The Guardian
Wolf of Wall Street film linked to money 'stolen from Malaysian fund', US claims | World news | The Guardian:
"The US justice department has moved to seize more than $1bn of assets allegedly acquired using funds misappropriated from the Malaysian economic development fund 1MDB, according to court papers filed on Wednesday.
The news follows a months-long international FBI probe, as well as five separate investigations around the world, and mark a step up in the investigation into up to $6bn that was allegedly skimmed from the sovereign fund and allegedly used to support the lavish lifestyles of several men connected to the Malaysian prime minister, Najib Razak.
The US attorney general, Loretta Lynch, said the funds defrauded from the Malaysian people were used to pay for luxury real estate in the US and Europe, gambling expenses in Las Vegas casinos, a London interior designer, more than $200m in artwork by artists including Van Gogh and Monet, and the production of films including the Oscar-nominated The Wolf of Wall Street."
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"The US justice department has moved to seize more than $1bn of assets allegedly acquired using funds misappropriated from the Malaysian economic development fund 1MDB, according to court papers filed on Wednesday.
The news follows a months-long international FBI probe, as well as five separate investigations around the world, and mark a step up in the investigation into up to $6bn that was allegedly skimmed from the sovereign fund and allegedly used to support the lavish lifestyles of several men connected to the Malaysian prime minister, Najib Razak.
The US attorney general, Loretta Lynch, said the funds defrauded from the Malaysian people were used to pay for luxury real estate in the US and Europe, gambling expenses in Las Vegas casinos, a London interior designer, more than $200m in artwork by artists including Van Gogh and Monet, and the production of films including the Oscar-nominated The Wolf of Wall Street."
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