Thursday 24th July 2014
slib33
WEDNESDAY TICKER: JULY 23RD 2014 - According to a local press reports, the Mobileye initial public offering on Wall Street will be valued at approximately $3.8bn. The original prospectus was for a valuation between $3.5-5bn, making the actual valuation at the lower end of estimates. The Israeli company will offer 8.325m shares at a price of $17-19 per share. The offering will most likely take place in two weeks, when the stock will be traded under the ticker MBLY on the New York Stock Exchange. Mobileye was founded in 1999 and has developed a camera-based system to mount on vehicles in order to aid in collision prevention - Rubicon Minerals Corporation has closed its previously announced bought deal financing of 7,060,000 flow-through common shares of the Company at a price of C$1.70 per Flow-Through Share for aggregate gross proceeds to the Company of C$12m. The Offering was conducted by a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets, and included National Bank Financial Inc. and Canaccord Genuity Corp. The gross proceeds from the offering will be used to incur eligible Canadian Exploration Expenses - BNP Paribas 2nd Quarter 2014 Results will be available on Thursday 31 July 2014 from 6.00 am (London time). A live webcast in English with synchronised slides of the analysts conference call hosted by Lars Machenil, chief financial officer, will be available on the bank’s website starting at 1.00 pm (London time) - After six years of severe recession that led to a cumulative loss of 1.1m jobs, the Greek labour market has started to show signs of recovery says National Bank of Greece. More than two thirds of employment losses in the private sector (730,000 jobs) are due to the closure of about 220,000 micro and small firms (30% of the existing micro and small enterprise population) together with layoffs in this segment. NBG Research’s composite indicator of employment trends, that combines information from forward-looking and coincident indicators, points to an employment growth of +0.6% y-o-y in Q3:2014 (or +20,000 jobs) and +0.9% y-o-y (or +32,000 jobs) in Q4:2014 compared to the same period of 2013 - Trading Technologies International, Inc. (TT), a provider of high-performance professional trading software, says Robbie McDonnell has been transferred to EVP Global Sales from VP/Managing Director of Asia/Pacific. McDonnell will relocate from Sydney to TT’s headquarters in Chicago, where he will report directly to CEO Rick Lane and be responsible for leading TT’s worldwide sales operation - Eze Software Group, a provider of global investment technology, has expanded its Regulatory Filings Manager service to support Alternative Investment Fund Managers Directive (AIFMD) Annex IV filings. Clients can now leverage the robust functionality of this enterprise reporting solution to generate necessary reports in accordance with the compliance deadlines of AIFMD. Proposed by European Securities and Markets Authority (ESMA) last year, AIFMD requires that alternative investment funds meet specific risk management standards for better monitoring, measuring, and reporting. Funds need to provide supervisory authorities with detailed investment data on a quarterly or bi-annual basis for increased transparency into funds’ activity. “Our AIFMD solution is a natural extension of all that we have learned in helping our clients file Form PF and CPO-PQR,” explains Michael Hutner, senior managing director and co-head of global sales for Eze Software Group - Cordea Savills, the international property investment management company, has purchased three canal side office buildings in Camden, North London for a total of £14.07m on behalf a corporate pension fund client. The complex is on the former site of the Camden Brewery and comprises three buildings. Elephant House and The Cooper’s Building are Grade II-listed and let to Viacom for over 8 years. The Lock Building is let to a Charity, which offers the potential for redevelopment in the short term as there are mutual break options in 2015. Cordea Savills’ were represented by Fineman Ross and CBRE acted for the vendor, Derwent London -
Middle East and Africa Regulation

In 2013, a number of concerns were raised about the integrity of foreign exchange (FX) rate benchmarks. These concerns stemmed particularly from the incentives for potential market malpractice linked to the structure of trading around the benchmark fixings. As a result, the FSB Plenary formed a working group chaired by Guy Debelle of the Reserve Bank of Australia and Paul Fisher of the Bank of England to focus on foreign exchange benchmarks. The group was given a mandate to undertake analysis of the FX market structure and incentives that may promote particular types of trading activity around the benchmark fixings. The group was tasked to propose possible remedies to address these adverse incentives as well as to examine whether there is a need and scope to improve the construction of the benchmarks themselves.

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The positive outlook for global economic growth has increased in the last year among Middle East intermediaries, according to the latest poll, carried out by Invesco Asset Management, however their biggest concern for global financial markets is emerging market monetary tightening. 

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Monday, 02 September 2013

DIFC reports 7% business uptick

The number of companies operating in the Dubai International Financial Centre is on the rise again. The DIFC reports a 7% uptick in registrations reflecting a return to confidence in the emirate follow a number of fallow years.

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The International Monetary Fund says the near-term outlook for Sub-Saharan Africa remains broadly positive, with growth projected to accelerate to around 5.5% in 2013-14, following a year of strong growth in 2012. In its May 2013 Regional Economic Outlook, Building Momentum in a Multi-Speed World, the IMF says that these favourable prospects partly reflect the gradually improving outlook for the global economy, while locally, investment in export-oriented sectors is an important driver of growth for the future.

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EFG Hermes and QInvest have terminated their joint venture proposal after the Egyptian Financial Supervisory Authority (EFSA) failed to approve the deal.

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Wednesday, 24 April 2013

G20 meeting outcome: the PBOC view

The People's Bank of China has issued its summary of the G20 meeting attended by the world's central bank governors and finance ministers. China was represented by Governor Zhou Xiaochuan and Finance Minister Lou Jiwei.

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The Board of the International Organization of Securities Commissions (IOSCO) published today a final report on Technological Challenges to Effective Market Surveillance: Issues and Regulatory Tools, which makes recommendations to help market authorities address the technological challenges facing effective market surveillance.

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The latest survey of investors in the Middle East and North Africa (MENA) region finds that lower political risk and improved market liquidity remain priorities for investors.  The survey of 90 institutional investors across 12 countries in the MENA region highlights continuing concerns over political uncertainty. Investors are also keen to see continuing market liberalisation.

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