DJI 15,761 +1.08% | S&P 1,770 +1.34% | NASDAQ 3,919 +1.6% | EGX30 6,356 -0.93% EGYPT/OIL - Egypt’s West Nile Delta Project ‘Still Looks Economic,’ BP Says..“We want to go forward with the project and the gas price can be acceptable if we can keep the capital cost down, so no change of direction there,” BP CEO Bob Dudley tells reporters in Abu Dhabi. BP is in “constant contact with the government,” Dudley says; “They are trying very very hard” to pay foreign companies for fuel supplied; “with tourism down, there is very good reason why this is difficult” EGYPT STIMULUS - Egypt to Implement 2nd Stimulus Plan by Year-End: Al Ma..Size of investment by govt yet to be determined, Cairo-based newspaper reports, citing Finance Minister Ahmed Galal. Investment will require change in FY 2013/2014 budget; won’t impact 10% budget deficit target: Al Mal HRHO - said it’s working on an “extensive pipeline” of deals in the oil-rich Gulf Cooperation Council as financial markets recover. Mandates include helping Abu Dhabi-based companies seeking to raise funds or offer exits to investors through private placements, Seif Fikry, chief executive office for the lower GCC, which excludes Saudi Arabia, said in an interview. Other potential deals include mergers in the region, he said from Dubai, declining to provide the names of companies. “We have quite an extensive pipeline,” he said. “People started realizing that valuations are not as bad as they used to be, and people who have bought assets at much higher levels are happy to feel that things are picking up. This is the primary phase of an economic recovery.” EGYPT/MSCI - Egypt was glaringly absent from MSCIs latest review of equity indices--a surprise, given the index compiler warned in June that it might lose its emerging market rank due to political and economic turmoil. MSCI back then said it may be forced to launch a public consultation on a potential exclusion of Egypt from its emerging markets index if the country’s forex situation worsened, resulting in the inability of international investors to repatriate their funds. (BBG)
Posted on: Mon, 11 Nov 2013 07:14:07 +0000
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