Monday 30th May 2016
NEWS TICKER, FRIDAY MAY 27TH: BGEO Group plc, the London listed holding company of JSC Bank of Georgia, has this morning announced that Bank of Georgia, Georgia’s leading bank, and the European Bank for Reconstruction and Development (EBRD) have signed a GEL220m (approximately £70m) loan agreement with a maturity of five years. EBRD obtained the local currency funds through a private placement of GEL-dominated bonds arranged by Galt &Taggart, a wholly owned subsidiary of BGEO. This is the largest and the longest maturity local currency loan granted to a Georgian bank, which will allow Bank of Georgia to issue longer-term local currency loans, providing essential support for micro, small and medium sized enterprises to converge to DCFTA requirements, as well as underserved women entrepreneurs. “We are keen to develop financial products and lending practices, to service specifically women-led SMEs, which will ultimately increase their involvement in developing Georgia’s private sector”, says Irakli Gilauri, CEO of BGEO Group - The UK’s CBI has responded to analysis from the Treasury showing that a vote to leave the European Union could negatively impact UK pensions. Rain Newton-Smith, CBI Economics Director, says that: “All pension schemes benefit when funds can be invested across a stable, growing economy, to best support people in their retirement years. Any financial market turmoil caused by a Brexit is likely to have a negative effect on household wealth, the value of funds and damage pensions here at home, especially for those looking to retire within the next few years. The sheer weight of credible evidence points towards a serious economic shock if the UK were to leave the EU, meaning a hit to the value of our private pensions, jobs and prosperity.” - EPFR Global reports that Nine weeks into the second quarter mutual fund investors remain underwhelmed by their choices as they seek to navigate a global economy characterized by political uncertainty in Europe, lacklustre corporate profits and the prospect of another interest rate hike in the US, economic stress in major emerging markets and Japan's experiment with negative interest rates. During the week ending May 25 all nine of the major EPFR Global-tracked Emerging and Developed Markets Equity Fund groups posted outflows, as did Global, High Yield, Asia-Pacific and Emerging Markets Bond Funds, seven of the 11 major Sector Fund groups and three out of every five Country Equity Fund groups. Alternative Funds look to have taken in over $1bn for the fifth time in the past 14 weeks. Overall, EPFR Global-tracked Bond Funds added $2.6 billion to their year-to-date tally while another $9.1bn flowed out of Equity Funds. Some $12bn was absorbed by Money Market Funds with US funds attracting the bulk of the fresh money. EPFR Global-tracked Emerging Markets Equity Funds remained under pressure from many directions. China's economic data and policy shifts continue to paint a mixed picture for growth in the world's second largest economy, the US Federal Reserve is talking up the prospects of a second rate hike this summer, Europe's recovery appears to be running out of stream and the recent recovery in commodities prices is being viewed with scepticism in many quarters. All four of the major groups recorded outflows during the week ending May 25, with the diversified Global Emerging Markets (GEM) Equity Funds seeing the biggest outflows in cash terms and EMEA Equity Funds in flows as a percentage of AUM terms. Latin America Equity Funds extended their longest outflow streak since late 3Q15 as investors who bought into the prospect of political and economic change in Brazil confront the messy reality. However, year to date Brazil has been the top emerging market for all EPFR Global-tracked Equity Funds as managers bet that the impeachment proceedings against President Dilma Rousseff will open the door to more centrist economic policymaking says the funds data maven. Among the EMEA markets, the firm reports that GEM managers are showing more optimism than investors. EMEA Equity Funds have now posted outflows for five straight weeks and investors have pulled over $300m out of Russia and South Africa Equity Funds so far this month, though GEM allocations for both South Africa and Russia climbed coming into this month. The latest allocations data indicates less optimism about China despite is still impressive official numbers - annual GDP was running at 6.7% in 1Q16 - and the edge the recent slide in the renminbi should give Chinese exporters. GDP growth in Emerging Asia's second largest market, India, is even higher. Elsewhere, India Equity Funds have struggled to attract fresh money as investors wait to for domestic business investment and the government's reform agenda to kick into higher gears says EPFR Global – According to New Zealand press reports, stock exchange operator, NZX, will initiate confidential enquiries into listed companies that experience large, unexplained share price movements, to determine whether they may be holding undisclosed "material" information even while remaining in compliance with the market's Listing Rules that require disclosure of material information at certain trigger points. In an announcement this morning, NZX also warned investors not to assume that a listed entity's Listing Rules compliance statements meant they did not have material information in their possession which would potentially require eventual disclosure - Asian stocks were modestly higher today, largely on the back of increasingly softening sentiment from the US Federal Reserve. Most people think there will be one rate hike this year, but likely it will be in July rather than June. Either way, it will be one and not two or three. Fed chair Janet Yellen is scheduled to talk about interest rates at an event at Harvard University today and the expectation is that a softer approach for the rest of this year will be writ large; a good signal of intent will follow today’s quarterly growth stats. The presidential election will encourage caution; continued market volatility will encourage caution and mixed manufacturing data will encourage caution. Japan’s benchmark Nikkei 225 index added 0.4% to touch 16,834.84 and Hong Kong’s Hang Seng rose 0.9% to 20,576.52. The Shanghai Composite Index gained 0.3% to 2,829.67. The Straits Times Index (STI) ended 6.65 points or 0.24% higher to 2773.31, taking the year-to-date performance to -3.80%. The top active stocks today were SingTel, which gained 1.05%, DBS, which gained 0.07%, UOB, which gained0.11%, Keppel Corp, which gained2.47% and Ascendas REIT, which closed unchanged. The FTSE ST Mid Cap Index gained 0.27%, while the FTSE ST Small Cap Index rose 0.30% - The European Bank for Reconstruction and Development (EBRD) says it is taking the first step towards developing a green financial system in Kazakhstan in partnership with the Astana International Financial Centre (AIFC) Authority. EBRD President Sir Suma Chakrabarti and AIFC Governor Kairat Kelimbetov signed an agreement today on the sidelines of the Foreign Investors Council’s plenary session to commission a scoping study for the development of a green financing system in Kazakhstan. The study, scheduled to be completed in 2017, will assess the demand for green investments, identify gaps in current regulations, and make recommendations for the introduction of green financing standards and for the development of the green bonds market and carbon market services. The development of a green financing system would be consistent with the COP21 Paris Agreement, aligning financing flows with a pathway towards low greenhouse gas emissions and climate resilient development. The AIFC Authority was put in place earlier this year and is tasked with developing an international financial centre in Astana. In March, the AIFC Authority, TheCityUK and the EBRD signed a Memorandum of Understanding to support the establishment of the financial centre and to encourage and improve opportunities for the financial and related professional services industries – Turkey’s Yuksel has issued notice to holders of $200m senior notes due 2015 (ISIN XS0558618384), and filed with the Luxembourg Stock Exchange, that the company has agreed a term sheet with the ad-hoc committee of noteholders and its advisors to implement a restructuring of the notes and is currently finalising the required scheme documentation with the Committee. Once agreed, the Company will apply to the English High Court for leave to convene a meeting of note creditors to vote on the scheme proposals as soon as reasonably practicable when the High Court reconvenes after vacation in June 2016 - Following the agreement in principle of the May 24th Eurogroup for the release of the next loan tranche to Greece, domestic authorities have intensified their efforts for the completion of all pending issues reports EFG Eurobank in Athens. According to Greece’s Minister of Finance Euclid Tsakalotos, on the fulfilment of all pending issues, €7.5bn will be disbursed in mid-June, of which €1.8bn will be channeled to clear state arrears – This weekend is the second UK May Bank Holiday. FTSE Global Markets will reopen on Tuesday, May 31st at 9.00 am. We wish our readers and clients a sunny, restful, safe and exceedingly happy holiday.

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Terms & Conditions http://www.ftseglobalmarkets.com/

Copyright/Disclaimer Clauses/Terms and Conditions of Usage

These are the terms and conditions of service of the www.ftseglobalmarkets.com website, which is fully owned and operated by Berlinguer Ltd. These terms contain important information regarding the use of this site. Please read these terms carefully. By accessing this site you agree to be bound by these terms, as amended from time to time, regardless of whether you are registered as a user. It is your responsibility to understand and accept these terms. If you have any queries about these terms and conditions, please email: webmaster@berlinguer.com

This site, www.ftseglobalmarkets.com is owned and operated by Berlinguer Ltd. From time to time this website, in whole or part, may be supported by sponsor organisations and advertisers and their names appear on the website and whose websites may be accessible by internet links from this website. Some areas of the site are available to registered users only or visitors who have gone through the registration process.
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Opinions expressed by authors of articles contained in www.ftseglobalmarkets.com and its component parts, do not necessarily agree with those held by the Owners, Directors, Managers, Editors and/or Publishers who disclaim any intent to make securities or securities markets recommendations or any recommendations about investments, or any comments on companies, company boards, subsidiaries of companies or joint ventures which may affect investment decisions by them or by third parties. Equally, any advice or commentary received via the website, which is either sourced directly from Berlinguer Ltd or via a third party, or information provided by a third party via the Berlinguer Ltd web and print services, should not be relied upon for personal, medical, legal or financial decisions and gain.

The information, software, products and services included in or available through www.ftseglobalmarkets.com and its component products may include inaccuracies or typographical errors. Changes are periodically made to the service and to the information contained therein. Berlinguer Ltd accepts no liability if as a result of errors in production or transmission accidentally change the sense or purpose of the articles, editorial content, news stories, database, terms and conditions of use, or explanatory content in any of the sections with the overall on-line www.ftseglobalmarkets.com product offering. Berlinguer Ltd also accepts no responsibility for the consequences of any action undertaken by a user of the whole or part of the service as a result of errors in the transmission of the service or the content of the service at any time.

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In these terms and conditions, references to 'you' mean the subscriber organisation or user organisation, either as individual subscribers or users; or as group subscribers or users. A user or subscriber is defined as an individual to whom a User ID and password is issued by Berlinguer Ltd. A reference to 'us' refers only to Berlinguer Ltd.

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www.ftseglobalmarkets.com is made up of various product sites operated by the Berlinguer Ltd. The 'Service' is the Internet service known as www.ftseglobalmarkets.com, consisting of news, data, analysis and other relevant industry related content. Content in the service is sourced from a number of Berlinguer Ltd products, articles and features from professional contributors and also includes an historical archive dating back to July 2003.

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If a particular product within www.ftseglobalmarkets.com, or any product or service offered on any Berlinguer website, requires you to open an account, you must complete the appropriate registration process. This registration process can be completed either through an official written contract or by other mutually agreed means, by providing us with current complete and accurate information as prompted by the applicable registration form. You will then choose a password and a user name. You are entirely responsible for maintaining the confidentiality of your password and account. Furthermore, you are entirely responsible for any and all activities that occur under your account.

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Your user ID and password is for your own personal use and should not be disclosed to anyone else without prior written agreement by an appropriate representative of the Berlinguer Ltd.

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Unless otherwise specified in your individual subscription contract the use of this service and any of its content is for your personal and non-commercial use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, licence, create derivative works from, transfer, or sell any information, software or services obtained from this site without the advance, express permission of Berlinguer Ltd.

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(f) Links to Third Party Sites

The www.ftseglobalmarkets.com service may contain links to third party web sites. These third party sites are not under the control of Berlinguer Ltd and Berlinguer Ltd is not responsible for the contents of any such site including, without limitation, any link contained therein.

Berlinguer Ltd is providing these links to you only as a convenience and as an addition to the subscription service, and the inclusion of any link does not imply endorsement by Berlinguer Ltd or any association with its operators. You are responsible for viewing and abiding by the privacy statements and terms of use posted on those sites.

Any dealings with third parties - including Advertisers - included within the www.ftseglobalmarkets.com site, or participation in any promotions, including the delivery and the payment of goods and services, and any other terms, conditions, warranties or representations associated with such dealings or promotions, are solely between you and the other third party or advertiser. Berlinguer Ltd shall not be liable or responsible for any part of any such dealings or promotions; and accepts no liability for any purchasing decisions made as a result of the inclusion of the third party within the www.ftseglobalmarkets.comservice.

(g) Software and content available through the website

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Any software that you download from the www.ftseglobalmarkets.com website is used at your own risk. The Berlinguer Ltd excludes all express or implied warranties concerning such software.

Berlinguer Ltd reserves the right to include technological measures within the service to protect the content or, from time to time, to measure and audit usage of the whole or part of the www.ftseglobalmarkets.comweb service. You may not remove or alter such measures. Berlinguer Ltd will introduce these measures at its own discretion and without prior notice to subscribers and users of the service.

 

All content on www.ftseglobalmarkets.com  and / or a page created, operated or otherwise by Berlinguer Limited via a third party social media site, network, application and or service ("Social Media Page") may contain bulletin boards, email services, discussion groups, messaging systems, including instant messaging facilities, and other public areas that allow interactivity between users and/or feedback to be provided to us ("Interactive Areas"). Berlinguer Ltd do not control and are not responsible for the information and / or materials posted to Interactive Areas by you or any third party ("Posted Material") and as a result, cannot guarantee the veracity or accuracy of any Posted Material. All use of the Interactive Areas is at your risk and you should not rely on Posted Materials in any way. 

You hereby grant Berlinguer Ltd, and, if you are a subscriber, agree to procure the grant to Berlinguer Ltd by all licensed users under your subscription of, a non exclusive, perpetual, royalty free licence to use, reproduce, modify and / or sub-license all or part of your Posted Material , including to sub-license group companies or third parties to use the same. Berlinguer Ltd may without notice to you or any third party delete, move or edit any Posted Material or part of it.

To the extent permitted under applicable law, you hereby waive, and if you are a subscriber, agree to procure the waiver by all licensed users under your subscription of, all moral rights or rights of a similar nature in any jurisdiction in any Posted material. 

You are responsible for the content of your Posted Material and you may not within the Interactive Areas or otherwise in relation to a service or www.ftseglobalmarkets.com (including, without limitation, any email service), post, publish, link to, upload, download, send, distribute, use or re-use any information of material:

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ii) obtained in breach of confidence or which contains confidential information or infringes any Intellectual Property rights or rights of privacy or other rights of any third party;

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v) which constitutes or contains a virus or other harmful component or malware.

Without prejudice to the above, you may not:

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ii) use any Interactive Area to impersonate any person, company, group or entity or misrepresent a relationship to or with any of the same;

iii) disguise the origin of any message posted in any Interactive Area; nor

iv) collect, store, disclose or otherwise process any personal data in relation to your use of any Interactive Area without the knowledge of the relevant individual or in breach of applicable data protection laws. 

You must comply with any additional rules which may, from time to time, be issued by Berlinguer Ltd at particular sections of the Interactive Area and such rules shall be deemed incorporated into these terms.

By accessing the Interactive Areas, you agree to indemnify and hold Berlinguer Ltd harmless against all claims, damages, costs and expenses (including legal and other professional fees) which we may incur as a result of any of your Posted Material.

We reserve the right to remove Posted Material at any time, for any reason, and without notice, including without limitation for any failure to comply with the provisions of this clause. If any Posted Material fails to comply with the provisions of this clause, we reserve the right to prevent you from accessing the Interactive Areas.

Berlinguer Ltd employees or representatives may also submit Posted Material to the Interactive Areas. In doing so, such employees or representatives shall act in a personal capacity and any views they might express shall not be considered the views of Berlinguer Ltd nor the views of a financial or professional advisor.

Where the above clauses apply to a Social Media Page, such clauses shall be subject to the terms and conditions of use of the third party site, application and / or service on which such Social Media page appears.  

(h) Liability

In no circumstance, including but not limited to negligence, shall Berlinguer Ltd be liable to any party for any direct, incidental, special, consequential, indirect or punitive damages, nor any loss of profit or business that results from the use of, or the inability to use, the content or the service, even if the Berlinguer Ltd, or a Berlinguer Ltd representative has been advised of the possibility of such damage.

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To the extent permissible by law, Berlinguer Ltd does not warrant that access to the service will be available at all times, or that the service or the server that makes it available are free of viruses or other harmful components. You and not the Berlinguer Ltd assume the entire cost of all necessary servicing, repair or corrections to your hardware, software or information, whether or not caused by any such virus or component.

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To the extent permissible by law the service and its content are provided without warranty of any kind, whether express or implied, including but not limited to any implied warranty of satisfactory quality or fitness for any particular purpose, or of non-infringement of any third party's proprietary rights. While the Berlinguer Ltd endeavours to keep the content accurate and up to date, the content is provided 'as is' without any warranty of any kind. Any content identified as provided by a third party if made available to us in good faith, but we accept no responsibility for the currency or accuracy of such content.

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Berlinguer Ltd reserves the right, in its sole discretion, to terminate your access to any or all parts of the www.ftseglobalmarkets.com web-service and any or all related services provided by the Berlinguer Ltd or any portion thereof at any time, without notice.

Berlinguer Ltd may also terminate or suspend your access to the website for inactivity, which is defined as failing to log into a particular service for an extended period of time, as determined by the Berlinguer Ltd.

(l) General

These terms and conditions are pertinent to you and your organisation and may not be assigned to any other party. Berlinguer Ltd reserves the right to add or vary these terms and conditions at any time. English law and United States and the general conventions of International law will govern these terms and conditions.

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