Friday, August 28, 2015
EquiJuri: Horses for Sale
Please click the following link to check some new comers and stay tuned for the new editions coming soon. Cheers.
EquiJuri: Horses for Sale: German Showjumping Horses 8 years Holsteiner Mare 8 y Holsteiner mare Stm 1.70 m, by Cassini II X Acorado x Corleone Placed in 140 cm ...
EquiJuri: Horses for Sale: German Showjumping Horses 8 years Holsteiner Mare 8 y Holsteiner mare Stm 1.70 m, by Cassini II X Acorado x Corleone Placed in 140 cm ...
Tuesday, August 11, 2015
Egypt Corporate Lawyers: [Swissquote] German Market Notably Lower Amid Yuan...
Egypt Corporate Lawyers: [Swissquote] German Market Notably Lower Amid Yuan...: German Market Notably Lower Amid Yuan Impact August 11, 2015 at 12:54 BERLIN (dpa-AFX) - The German market came under pressure on ...
[Swissquote] German Market Notably Lower Amid Yuan Impact
German Market Notably Lower Amid Yuan Impact
August 11, 2015 at 12:54
BERLIN (dpa-AFX) - The German market came under pressure on Tuesday, after China devalued yuan by the most in two decades to cushion its exports as the economy shows no solid signs of revival after the volatility in the stock market.
The bank set the value of yuan at 6.2298 a dollar, 1.9 percent lower than Monday's official fixing rate. This was the biggest one-day loss since 1994, when it unified official rate with market rates. Export stocks with exposure to China, mainly auto stocks and luxury goods, retreated in response to the move.
That said, investors also felt some relief after Greece early Tuesday reached an agreement with its creditors over the terms of the third bailout. There are minor details yet to be resolved.
The deal will likely unlock around 86 billion euros loans for Greece. The agreement has to be passed by parliament this week.
On the data front, German economic confidence deteriorated sharply to a nine-month low in August, survey data from the Mannheim-based Centre for European Economic Research or ZEW revealed.
The economic confidence index dropped unexpectedly by 4.7 points to 25 in August, the lowest score since November 2014. It was expected to rise to 31.9.
The Euro Stoxx 50 index of eurozone bluechip stocks lost around 1 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was losing 0.78 percent.
The DAX index declined 1.7 percent.
Daimler and BMW declined 4 percent, while Volkswagen dropped 3.4 percent. Tire maker Continental lost 3.4 percent.
Manz declined more than 5 percent after reporting first-half results.
Deutsche Bank and Commerzbank were in negative territory.
Bucking the trend, Lufthansa and Lanxess made moderate gains.
Other markets in the region also fell.
The Asian stocks fell broadly as investors mulled the impact of China's abrupt devaluation of its currency on the global currency markets and the major economies, including the U.S., Europe and Japan.
In the U.S., futures point to a lower open on Wall Street. In the previous session, the Dow climbed 1.4 percent to end a seven-day losing streak, the tech-heavy Nasdaq gained 1.2 percent and the S&P 500 advanced 1.3 percent.
Crude for September delivery fell $0.36 to $44.60 per barrel, while December gold rose $8.9 to $1113.0 a troy ounce.
Copyright RTT News/dpa-AFX
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[Swissquote] Greece Secures Third Bailout Deal
Greece Secures Third Bailout Deal
August 11, 2015 at 12:38
BRUSSELS (dpa-AFX) - Greece reached an agreement with its creditors over the terms of the third bailout which would help nation stay afloat.
After intensive talks, external creditors namely the European Central Bank, the European Commission, the International Monetary Fund and the European Stability Mechanism finally wrapped up talks early Tuesday sealing a deal.
This would likely unlock around EUR 86 billion loans for Greece. The agreement has to be passed by the Greek parliament ahead of the meeting of Eurozone finance ministers on Friday.
It would help Athens to repay EUR 3.2 billion debt to the ECB, due on August 20.
There are minor details yet to be resolved, Finance Ministry spokesman Theodoros Mihopoulos said.
The key points of the deal were primary surplus targets and how to operate a new independent privatization fund. The agreement would also outline how to deal with its non-performing loans.
The primary deficit is expected to be 0.25 percent of GDP this year, but would turn to a surplus of 0.5 percent the next year.
Newspaper Kathimerini reported the draft deal includes 35 prior actions to be taken by Greece before the release of funds. It includes phasing out early retirement, a review of the social welfare system, changes in taxation of shipping firms and reform of the favorable tax treatments for the islands.
The Greek economic situation has strongly deteriorated over the last 8 months, making fiscal consolidation still quite a challenge in a country that is tired of austerity, Peter Vanden Houte, an ING Bank NV economist, said.
Copyright RTT News/dpa-AFX
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Sunday, August 2, 2015
[Swissquote] Goldman Sachs Reportedly Agrees To Pay $270 Mln To Settle MBS Lawsuit
Goldman Sachs Reportedly Agrees To Pay $270 Mln To Settle MBS Lawsuit
August 2, 2015 at 00:40
NEW YORK CITY (dpa-AFX) - Goldman Sachs Group Inc. (GS) has agreed to pay around $270 million to settle a lawsuit by investors who claimed the bank misled them about the safety of billions of dollars worth of residential mortgage-backed securities, Bloomberg reported citing people familiar with the matter.
The agreement hasn't been signed yet and is expected to be disclosed as soon as Monday, the report said.
Pension funds led by NECA-IBEW Health & Welfare Fund of Illinois reportedly said the bank gave investors misleading information about the appraisals and credit quality of home loans underlying the securities. The prices soon collapsed amid the 2008 financial crisis, the investors said.
In mid-July, Goldman Sachs said that during the second-quarter, it recorded $1.45 billion in net provisions for mortgage-related litigation and regulatory matter.
Copyright RTT News/dpa-AFX
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[Swissquote] Bitcoin: Giappone, arrestato Karpeles numero uno di mt.gox
Bitcoin: Giappone, arrestato Karpeles numero uno di mt.gox
August 1, 2015 at 13:36
TOKYO (awp/ats/ans) - La polizia giapponese ha arrestato Mark Karpeles, numero uno di Mt.Gox, la piattaforma fallita di bitcoin, per il sospetto di aver gonfiato i suoi conti facendo leva sul presunto attacco hacker che ha gravemente danneggiato la reputazione della moneta virtuale online.
Secondo le accuse, Karpeles, 30 anni, avrebbe avuto l'accesso non autorizzato per ben due volte alla piattaforma a febbraio 2013 al fine di aumentare il saldo del suo conto in dollari per un totale di 1 milione. La polizia, secondo i media nipponici, continua a indagare per verificare se il cittadino di origine francese abbia illecitamente gonfiato il suo conto di bitcoin.
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Thursday, July 16, 2015
Wednesday, June 3, 2015
Egypt Corporate Lawyers: Lovely Egyptian Dance Music, enjoy fellow lawyers...
Egypt Corporate Lawyers: Lovely Egyptian Dance Music, enjoy fellow lawyers...: https://soundcloud.com/sooparlox/sets/semsesizer#utm_campaign=bulk&utm_content=playlist_notification&utm_medium=notification&ut...
Tuesday, June 2, 2015
Egypt Corporate Lawyers: Egypt's new investment law awaits Supreme Constitu...
Egypt Corporate Lawyers: Egypt's new investment law awaits Supreme Constitu...: Naeem Analysis Egypt's New Investment Law Egypt Ÿ 2 June 2015 Egypt's new investment law awaits Supreme Consti...
Egypt's new investment law awaits Supreme Constitutional Court ruling
Egypt's New Investment Law
Egypt's new investment law awaits Supreme Constitutional Court ruling
The new investment law was ratified by the President and the cabinet back in March 2015. The law consists of a bundle of legislative amendments to stimulate investments in Egypt; including protection of state contracts from 3rd party law suits. However, we await implications of an impending ruling by the Supreme Constitutional Court (SCC) on challenges filed against the new law itself.
Our take –
► An SCC ruling approving of the law should send positive signals to the investor community, in our opinion
► Latest indications seem to suggest that final rulings on ongoing court cases lying at the Administrative court are being adjourned, awaiting the SCC ruling on the approval of the law no. 32. In addition, Egypt's State Commissioner's Authority recently recommended suspending the Sahl Hasheesh court case (related to Egyptian for Tourism Resorts), till a final verdict is announced in the appeal against the new investment law barring 3rd party law suits
► However, we are yet to confirm the exact implications on ongoing court cases pertaining to some of the companies under our coverage universe
► Based on previous indications, the new law should be applicable on cases filed before the issuance of this law, unless there is a final judgment issued by court. We infer that the latest draft that was approved by the cabinet, includes the same clause, indirectly stating that the law would not apply for cases wherein there has been a judgment passed by the concerned court (implying applicability of the law otherwise)
► Companies under our coverage that could be impacted positively if the law gets finally approved by the SCC – positive on Talaat Moustafa Group Holding (TMGH)'s Madinaty case, Egyptian for Tourism Resorts (EGTS)'s Sahl Hasheesh case, Centamin (CEY)'s Sukari mine court case and Arab Cotton Ginning (ACGC) privatisation annulment case
Highlights of what we had inferred from the previous statements pertaining to the law; specific to implications on contracts signed between the government and investors –
► Grievance committee to be set up for considering grievances against administrative decisions and, appeal law suits are not accepted before grievance procedures are undertaken by this committee
► With respect to the effectiveness of the contracts made between the state and the investor – the investor has the right to establish, manage, finance and liquidate an asset, without any restriction
► The state is committed to the contracts concluded with investors. Investments based on cheat, fraud or corruption would not enjoy incentives and privileges granted by virtue of the investment law, and this cheat, fraud or corruption has to be proven by a judicial ruling from a concerned court
► A ministerial committee for investment dispute resolution to be established to consider petitions, complaints or disputes with administrative bodies
► Another ministerial committee to be set up for settlement of disputes related to investment contracts in which the state or any public entity is a party
