UPDATE 3-UK pressing wary banks to deepen trade deals with Iran | Reuters:
"Trade between Britain and Iran is beginning to grow but the reluctance of large Western lenders is holding back a major expansion of ties and needs to be resolved, government and finance officials said on Wednesday.
Since the removal of international banking restrictions in January, Tehran has secured links with only a limited number of smaller banks as U.S. sanctions remain in force and large foreign institutions still fear potential fines.
Banks remain nervous after U.S. penalties including a $9 billion fine on France's BNP Paribas in 2014, partly for violating financial sanctions imposed in 2012 to pressure Iran to abandon its nuclear programme."
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Wednesday 2 November 2016
Foreign shoppers to fuel pre-Christmas sales boom in central London | Business | The Guardian
Foreign shoppers to fuel pre-Christmas sales boom in central London | Business | The Guardian:
"Retailers in the West End of London are expecting a 1.6% rise in takings to £2.34bn in the six weeks to Christmas, as a surge in foreign shoppers helps offset lower spending by Brits.
US, Chinese and Middle Eastern visitors are being drawn to the capita by the double-digit decline in the value of the pound against foreign currencies since the EU referendum in June.
The average monthly spend for each international shopper soared by more than 25% to £1,155 between July and September, according to the New West End Company, the trade body that represents retailers on Oxford Street, Regent Street and Bond Street."
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"Retailers in the West End of London are expecting a 1.6% rise in takings to £2.34bn in the six weeks to Christmas, as a surge in foreign shoppers helps offset lower spending by Brits.
US, Chinese and Middle Eastern visitors are being drawn to the capita by the double-digit decline in the value of the pound against foreign currencies since the EU referendum in June.
The average monthly spend for each international shopper soared by more than 25% to £1,155 between July and September, according to the New West End Company, the trade body that represents retailers on Oxford Street, Regent Street and Bond Street."
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Iran opens for telecoms connections
Iran opens for telecoms connections:
"When Twitter’s Jack Dorsey tweeted Hassan Rouhani in 2013 to ask if any of the citizens of his country were able to read the Iranian president’s tweets, he probably did not expect a response. To the surprise of many in the West, Mr Rouhani quickly shot back a friendly missive that access to global information for Iranians “is their #right”.
Such gestures of welcome alongside the recent lifting of economic sanctions on the country have sparked hopes among Western telecoms, technology and media groups that one of the only new markets in the Middle East is finally open for business.
Sir Martin Sorrell, chief executive of WPP, which was one of the first Western companies to test the water in the post-sanction Iranian economy, called Iran the “last great untapped market”."
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"When Twitter’s Jack Dorsey tweeted Hassan Rouhani in 2013 to ask if any of the citizens of his country were able to read the Iranian president’s tweets, he probably did not expect a response. To the surprise of many in the West, Mr Rouhani quickly shot back a friendly missive that access to global information for Iranians “is their #right”.
Such gestures of welcome alongside the recent lifting of economic sanctions on the country have sparked hopes among Western telecoms, technology and media groups that one of the only new markets in the Middle East is finally open for business.
Sir Martin Sorrell, chief executive of WPP, which was one of the first Western companies to test the water in the post-sanction Iranian economy, called Iran the “last great untapped market”."
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Oil falls to lowest level since before Algiers agreement
Oil falls to lowest level since before Algiers agreement:
"Oil prices have fallen to their lowest level since Opec pledged to cut production in Algiers in September, as doubts grow about Opec’s ability to follow through with its plan.
Brent crude, the international benchmark, reached a 12-month high of over $53 per barrel after Russia said it would support the 14-member cartel’s plans to cut production to drive up prices.
However, the black stuff has lost almost all its gains in recent weeks as the difficulties of reaching a real agreement become clear. Official data showing the first increase in US crude production since March this week piled further pressure on the price.
"
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"Oil prices have fallen to their lowest level since Opec pledged to cut production in Algiers in September, as doubts grow about Opec’s ability to follow through with its plan.
Brent crude, the international benchmark, reached a 12-month high of over $53 per barrel after Russia said it would support the 14-member cartel’s plans to cut production to drive up prices.
However, the black stuff has lost almost all its gains in recent weeks as the difficulties of reaching a real agreement become clear. Official data showing the first increase in US crude production since March this week piled further pressure on the price.
"
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MIDEAST STOCKS-Gulf falls as Saudi outperforms; investment steps boost Egypt | Reuters
MIDEAST STOCKS-Gulf falls as Saudi outperforms; investment steps boost Egypt | Reuters:
"Gulf stock markets fell on Wednesday after drops in global bourses and oil prices, but banking shares limited the decline in Saudi Arabia. Egypt's blue chip index rose after the government approved steps designed to boost investment.
In the nine days through Monday, the Saudi index rocketed 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system.
On Tuesday, the index pulled back slightly, and it fell a further 0.1 percent on Wednesday. The banking sector edged up 0.04 percent, suggesting positive sentiment due to the bond issue has not yet faded."
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"Gulf stock markets fell on Wednesday after drops in global bourses and oil prices, but banking shares limited the decline in Saudi Arabia. Egypt's blue chip index rose after the government approved steps designed to boost investment.
In the nine days through Monday, the Saudi index rocketed 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system.
On Tuesday, the index pulled back slightly, and it fell a further 0.1 percent on Wednesday. The banking sector edged up 0.04 percent, suggesting positive sentiment due to the bond issue has not yet faded."
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Vision for a merged Ipic and Mubadala takes shape | The National
Vision for a merged Ipic and Mubadala takes shape | The National:
"The Minister of Energy, Suhail Al Mazrouei, yesterday said he sees big growth opportunities, especially for petrochemicals, in the merger of Mubadala Development Co and International Petroleum Investment Co (Ipic).
"The merger will create an opportunity for us to consolidate our efforts and to forge partnerships that would be capable of enhancing global competitiveness and opening new markets for us and our companies," said Mr Al Mazrouei, who is also the managing director of Ipic and one of the triumvirate steering the merger through, with Mubadala Development’s chief executive, Khaldoon Al Mubarak, under chairman Sheikh Mansour bin Zayed Al Nahyan.
On the merger, the minister said: "Teams are working day and night and we hope we would be able to make the announcement by the end of the year.""
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"The Minister of Energy, Suhail Al Mazrouei, yesterday said he sees big growth opportunities, especially for petrochemicals, in the merger of Mubadala Development Co and International Petroleum Investment Co (Ipic).
"The merger will create an opportunity for us to consolidate our efforts and to forge partnerships that would be capable of enhancing global competitiveness and opening new markets for us and our companies," said Mr Al Mazrouei, who is also the managing director of Ipic and one of the triumvirate steering the merger through, with Mubadala Development’s chief executive, Khaldoon Al Mubarak, under chairman Sheikh Mansour bin Zayed Al Nahyan.
On the merger, the minister said: "Teams are working day and night and we hope we would be able to make the announcement by the end of the year.""
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MIDEAST STOCKS-Most of Gulf falls with global trend but Saudi firm | Reuters
MIDEAST STOCKS-Most of Gulf falls with global trend but Saudi firm | Reuters:
"Most Gulf stock markets rose early on Wednesday after drops in global bourses and oil prices, but banking shares continued to support Saudi Arabia.
In the nine days through Monday, the Saudi index added 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system.
On Tuesday, the index pulled back slightly, but in the first half-hour of trade on Wednesday it edged up 0.2 percent as the banking sector climbed 0.3 percent, suggesting positive sentiment due to the bond issue has not yet faded."
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"Most Gulf stock markets rose early on Wednesday after drops in global bourses and oil prices, but banking shares continued to support Saudi Arabia.
In the nine days through Monday, the Saudi index added 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system.
On Tuesday, the index pulled back slightly, but in the first half-hour of trade on Wednesday it edged up 0.2 percent as the banking sector climbed 0.3 percent, suggesting positive sentiment due to the bond issue has not yet faded."
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